|
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] |
