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Lombard Street, A Description Of The Money Market
''Lombard Street: A Description of the Money Market'' (1873) is a book by Walter Bagehot. Bagehot was one of the first writers to describe and explain the world of international and corporate finance, banking, and money in understandable language. The book was initially printed in Great Britain by Henry S. King & Co. in 1873. Overview The book was in part a reaction to the financial collapse of Overend, Gurney and Company, a wholesale discount bank located at 65 Lombard Street, London, from which the book draws its title. When this bank suspended payments on 10 May 1866, panic spread across London, Liverpool, Manchester, Norwich, Derby and Bristol. Lender of last resort ''Lombard Street'' is known for its analysis of the Bank of England's response to the Overend-Gurney crisis. Bagehot's advice (sometimes referred to as "Bagehot's dictum") for the lender of last resort during a credit crunch is summarized by Charles Goodhart as follows: *Lend freely. *At a high rate of interest. *O ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Walter Bagehot
Walter Bagehot ( ; 3 February 1826 – 24 March 1877) was an English journalist, businessman, and essayist, who wrote extensively about government, economics, literature and race. He is known for co-founding the ''National Review'' in 1855, and for his works '' The English Constitution'' and '' Lombard Street: A Description of the Money Market'' (1873). Life Bagehot was born in Langport, Somerset, England, on 3 February 1826. His father, Thomas Watson Bagehot, was managing director and vice-chairman of Stuckey's Bank. He attended University College London (UCL), where he studied mathematics and, in 1848, earned a master's degree in moral philosophy. Bagehot was called to the bar by Lincoln's Inn, but preferred to join his father in 1852 in his family's shipping and banking business. In 1858, Bagehot married Elizabeth (Eliza) Wilson (1832–1921), whose father, James Wilson, was the founder and owner of ''The Economist''. The couple were happily married until Bagehot's un ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Tucker (banker)
Sir Paul Tucker (born 24 March 1958) is a British economist, central banker, and author. He was formerly the Deputy Governor of the Bank of England, with responsibility for financial stability, and served on the Bank's Monetary Policy Committee from June 2002 until October 2013 and its interim and then full Financial Policy Committee from June 2011. In November 2012 he was turned down for the position of governor in favour of Mark Carney. In June 2013, Tucker announced that he would leave the Bank of England, and later that he would be moving to Harvard. He was knighted in the 2014 New Year Honours for services to central banking. His book, ''Unelected Power'', was published in May 2018. Early life Tucker was educated at Codsall High School, Wolverhampton, and graduated from Trinity College, Cambridge, where he studied maths and philosophy. Central Banking Career Tucker joined the Bank of England in 1980. From 1980 to 1989 Tucker worked in banking supervision; in corporate fin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1873 Books
Events January–March * January 1 ** Japan adopts the Gregorian calendar. ** The California Penal Code goes into effect. * January 17 – American Indian Wars: Modoc War: First Battle of the Stronghold – Modoc Indians defeat the United States Army. * February 11 – The Spanish Cortes deposes King Amadeus I, and proclaims the First Spanish Republic. * February 12 ** Emilio Castelar, the former foreign minister, becomes prime minister of the new Spanish Republic. ** The Coinage Act of 1873 in the United States is signed into law by President Ulysses S. Grant; coming into effect on April 1, it ends bimetallism in the U.S., and places the country on the gold standard. * February 20 ** The University of California opens its first medical school in San Francisco. ** British naval officer John Moresby discovers the site of Port Moresby, and claims the land for Britain. * March 3 – Censorship: The United States Congress enacts the Comstock Law, making it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Weekly Standard
''The Weekly Standard'' was an American neoconservative political magazine of news, analysis and commentary, published 48 times per year. Originally edited by founders Bill Kristol and Fred Barnes, the ''Standard'' had been described as a "redoubt of neoconservatism" and as "the neocon bible." Its founding publisher, News Corporation, debuted the title on September 18, 1995. In 2009, News Corporation sold the magazine to a subsidiary of the Anschutz Corporation. On December 14, 2018, its owners announced that the magazine was ceasing publication, with the last issue published on December 17. Sources attribute its demise to an increasing divergence between Kristol and other editors' shift towards anti-Trump positions, and the magazine's audience's shift towards Trumpism. Many of the magazine's articles were written by members of conservative think tanks located in Washington, including the American Enterprise Institute, the Ethics and Public Policy Center, the Foundation for Def ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internet Archive
The Internet Archive is an American digital library with the stated mission of "universal access to all knowledge". It provides free public access to collections of digitized materials, including websites, software applications/games, music, movies/videos, moving images, and millions of books. In addition to its archiving function, the Archive is an activist organization, advocating a free and open Internet. , the Internet Archive holds over 35 million books and texts, 8.5 million movies, videos and TV shows, 894 thousand software programs, 14 million audio files, 4.4 million images, 2.4 million TV clips, 241 thousand concerts, and over 734 billion web pages in the Wayback Machine. The Internet Archive allows the public to upload and download digital material to its data cluster, but the bulk of its data is collected automatically by its web crawlers, which work to preserve as much of the public web as possible. Its web archiving, web archive, the Wayback Machine, contains hu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Gutenberg
Project Gutenberg (PG) is a Virtual volunteering, volunteer effort to digitize and archive cultural works, as well as to "encourage the creation and distribution of eBooks." It was founded in 1971 by American writer Michael S. Hart and is the oldest digital library. Most of the items in its collection are the full texts of books or individual stories in the public domain. All files can be accessed for free under an open format layout, available on almost any computer. , Project Gutenberg had reached 50,000 items in its collection of free eBooks. The releases are available in Text file, plain text as well as other formats, such as HTML, PDF, EPUB, Mobipocket, MOBI, and Plucker wherever possible. Most releases are in the English language, but many non-English works are also available. There are multiple affiliated projects that provide additional content, including region- and language-specific works. Project Gutenberg is closely affiliated with Distributed Proofreaders, an Inte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Run
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent; they keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a bank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lender Of Last Resort
A lender of last resort (LOLR) is the institution in a financial system that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market when other facilities or such sources have been exhausted. It is, in effect, a government guarantee to provide liquidity to financial institutions. Since the beginning of the 20th century, most central banks have been providers of lender of last resort facilities, and their functions usually also include ensuring liquidity in the financial market in general. The objective is to prevent economic disruption as a result of financial panics and bank runs spreading from one bank to the others due to a lack of liquidity in the first one. There are varying definitions of a lender of last resort, but a comprehensive one is that it is "the discretionary provision of liquidity to a financial institution (or the market as a whole) by the central bank in reaction ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Market
The money market is a component of the economy that provides short-term funds. The money market deals in short-term loans, generally for a period of a year or less. As short-term securities became a commodity, the money market became a component of the financial market for assets involved in short-term borrowing, lending, buying and selling with original maturities of one year or less. Trading in money markets is done over the counter and is wholesale. There are several money market instruments in most Western countries, including treasury bills, commercial paper, banker's acceptances, deposits, certificates of deposit, bills of exchange, repurchase agreements, federal funds, and short-lived mortgage- and asset-backed securities. The instruments bear differing maturities, currencies, credit risks, and structures. A market can be described as a money market if it is composed of highly liquid, short-term assets. Money market funds typically invest in government securities, ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking Panic
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent; they keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a bank m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Activities of central banks Functions of a central bank usually include: * Monetary policy: by setting the official interest rate and controlling the money supply; *Financial stability: acting as a government's banker and as the bankers' bank ("lender of last resort"); * Reserve management: managing a country's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Thornton (reformer)
Henry Thornton (10 March 1760 – 16 January 1815) was an English economist, banker, philanthropist and parliamentarian. Early life He was the son of John Thornton (1720–1790) of Clapham, London, who had been one of the early patrons of the evangelical movement in Britain. At the age of five, Henry attended the school of Mr Davis at Wandsworth Common, and later with Mr Roberts at Point Pleasant, Wandsworth. From 1778 he was employed in the counting house of his cousin Godfrey Thornton, two years later joining his father's company, where he later became a partner. Career In 1784 Thornton joined the banking firm of Down and Free of London, later becoming a partner of the company which became known as Down, Thornton and Free. It was under his direction that this became one of the largest banking firms in London, with regional offices in other British cities. In 1782 Henry Thornton had been urged to seek a seat in Parliament, and applied to contest one of the two seats for Hull ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
