Nick Klagge's Reviews > Lombard Street: A Description of the Money Market

Lombard Street by Walter Bagehot
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really liked it
bookshelves: economics

An incredibly modern book, though written in the 19th century. Bagehot is often cited for his dictum that in a crisis, the central bank should lend freely, at a penalty rate. I am not sure whether someone not interested in the history of central banking would agree, but I found the book quite lively and the descriptions of the 19th-century financial world colorful and engaging. Bagehot's understanding of contagion, liquidity, and the role of the central bank in a crisis is remarkable. Oddly enough, I think someone interested in understanding the crisis of 2008 could do much worse than to read "Lombard Street."
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Reading Progress

January 30, 2013 – Started Reading
January 30, 2013 – Shelved as: economics
January 30, 2013 – Shelved
February 28, 2013 – Finished Reading

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