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  1. The bank of England as lender of last resort
    new historical evidence from daily transactional data
    Author: Anson, Mike; Bholat, David; Kang, Miao; Thomas, Ryland
    Published: November 2017
    Publisher:  Bank of England, London

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 691
    Subjects: Bank of England; lender of last resort; financial crises; financial history; central banking
    Scope: 1 Online-Ressource (circa 81 Seiten), Illustrationen
  2. The Bank of England as lender of last resort
    new historical evidence from daily transactional data
    Author: Anson, Mike; Bhola, David; Kang, Miao; Thomas, Ryland
    Published: [2017]
    Publisher:  EABH, [Frankfurt am Main]

    We use daily transactional ledger data from the Bank of England's Archive to test whether and to what extent the Bank of England during the mid-nineteenth century adhered to Walter Bagehot's rule that a central bank in a financial crisis should lend... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 442 (2017,3)
    Inter-library loan:
    No inter-library loan

     

    We use daily transactional ledger data from the Bank of England's Archive to test whether and to what extent the Bank of England during the mid-nineteenth century adhered to Walter Bagehot's rule that a central bank in a financial crisis should lend cash freely at a high interest rate in exchange for "good" securities. The archival data we use provides granular, loan-level insight on the price and quantity of credit, and information on its distribution to particular counterparties. We find that the Bank's behaviour during this period broadly conforms to Bagehot's rule, though with variation across the crises of 1847, 1857 and 1866. Using a new, higher frequency series on the Bank's balance sheet, we find that the Bank did lend freely, with the number of discounts and advances increasing during crises. These loans were typically granted at a rate above pre-crisis levels and, in 1857 and 1866, typically at a spread above Bank Rate, though we also find some instances in the daily discount ledgers where individual loans were made below Bank rate in 1847. Another set of customer ledgers shows that the securities the Bank purchased were debts owed by a geographically and industrially diverse set of debtors. And using new data on the Bank's income and dividends, we find the Bank and its shareholders profited from lender of last resort operations. We conclude our paper by relating our findings to contemporary debates including those regarding the provision of emergency liquidity to shadow banks.

     
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    Volltext (kostenfrei)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/171322
    Series: eabh papers ; no. 17, 03 (November 2017)
    Scope: 1 Online-Ressource (circa 82 Seiten), Illustrationen
  3. Credit growth, the yield curve and financial crisis prediction
    evidence from a machine learning approach
    Author: Bluwstein, Kristina; Buckmann, Marcus; Joseph, Andreas; Kang, Miao; Kapadia, Sujit; Şimşek, Özgür
    Published: January 2020
    Publisher:  Bank of England, London

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 443
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 848
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  4. The Bank of England and central bank credit rationing during the crisis of 1847
    frosted glass or raised eyebrows?
    Author: Anson, Mike; Bholat, David; Kang, Miao; Rieder, Kilian; Thomas, Ryland
    Published: April 2019
    Publisher:  Bank of England, London

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 443
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 794
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen