Pub Date : 2019-12-12DOI: 10.1093/oso/9780198849995.003.0006
U. Bindseil
The recent central banking literature often argues that the LOLR function would be the key feature defining a ‘modern’ central bank. This chapter argues that this view may appear too radical (despite the enormous benefits of the LOLR) as the appearance of the LOLR does not change the nature of central banking (which is primarily associated with the issuance of central bank money). After providing an overview of the roles of central banks for financial stability, the chapter focuses on one early LOLR episode, namely the measures of the Hamburger Bank, Bank of Amsterdam and Bank of England in the European debt crisis of 1763. It is shown that in particular the Hamburger Bank acted as systemic lender of last resort, comparable to what modern central banks did in 2008.
{"title":"Lender of Last Resort","authors":"U. Bindseil","doi":"10.1093/oso/9780198849995.003.0006","DOIUrl":"https://doi.org/10.1093/oso/9780198849995.003.0006","url":null,"abstract":"The recent central banking literature often argues that the LOLR function would be the key feature defining a ‘modern’ central bank. This chapter argues that this view may appear too radical (despite the enormous benefits of the LOLR) as the appearance of the LOLR does not change the nature of central banking (which is primarily associated with the issuance of central bank money). After providing an overview of the roles of central banks for financial stability, the chapter focuses on one early LOLR episode, namely the measures of the Hamburger Bank, Bank of Amsterdam and Bank of England in the European debt crisis of 1763. It is shown that in particular the Hamburger Bank acted as systemic lender of last resort, comparable to what modern central banks did in 2008.","PeriodicalId":318822,"journal":{"name":"Central Banking before 1800","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131514889","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-12-12DOI: 10.1093/oso/9780198849995.003.0001
U. Bindseil
The Introduction describes the main themes and objectives of the book and provides an overview of its content. First, the current dominant view on the origins of central banking is recalled and challenged, and it is outlined what alternative view this book will propose, namely that central banking dates back to before 1800 and that a number of European continental institutions played a major role in its development. Then an overview of the chapters of the book is provided: Chapter 1 restating the currently dominant view on the origins of central banking; Chapter 2 on money issuance; Chapter 3 on the relation with the government; Chapter 4 on lending to the private sector; Chapter 5 on the lender-of-last resort; Chapter 6 on the overall balance sheet of early central banks; and Chapter 7 restating the rehabilitation of early central banking; The annex schematically reviews a total of 25 central banks operating before 1800.
{"title":"Introduction and Overview","authors":"U. Bindseil","doi":"10.1093/oso/9780198849995.003.0001","DOIUrl":"https://doi.org/10.1093/oso/9780198849995.003.0001","url":null,"abstract":"The Introduction describes the main themes and objectives of the book and provides an overview of its content. First, the current dominant view on the origins of central banking is recalled and challenged, and it is outlined what alternative view this book will propose, namely that central banking dates back to before 1800 and that a number of European continental institutions played a major role in its development. Then an overview of the chapters of the book is provided: Chapter 1 restating the currently dominant view on the origins of central banking; Chapter 2 on money issuance; Chapter 3 on the relation with the government; Chapter 4 on lending to the private sector; Chapter 5 on the lender-of-last resort; Chapter 6 on the overall balance sheet of early central banks; and Chapter 7 restating the rehabilitation of early central banking; The annex schematically reviews a total of 25 central banks operating before 1800.","PeriodicalId":318822,"journal":{"name":"Central Banking before 1800","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126767547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-12-12DOI: 10.1093/oso/9780198849995.003.0008
U. Bindseil
This chapter returns to the question who invented what in central banking. The review confirms broader and earlier origins of central banking, with particularly the early banks in Barcelona, Genoa, Naples, Venice, Amsterdam, and Hamburg having all made major contributions and actually having developed all central bank operations that would prevail until the early twentieth century (except discounting trade bills). The Bank of England invented the private ownership model based on a joint stock company, which became the template for most central bank creations in the eighteenth and nineteenth centuries, but has been considered outdated since the mid twentieth century. Moreover, it had the largest balance sheet amongst all central banks in the eighteenth century. The chapter ends with a list of 15 major current central bank topics which all can be traced back to before 1800, showing how relevant the study of early central banking remains.
{"title":"Rehabilitation","authors":"U. Bindseil","doi":"10.1093/oso/9780198849995.003.0008","DOIUrl":"https://doi.org/10.1093/oso/9780198849995.003.0008","url":null,"abstract":"This chapter returns to the question who invented what in central banking. The review confirms broader and earlier origins of central banking, with particularly the early banks in Barcelona, Genoa, Naples, Venice, Amsterdam, and Hamburg having all made major contributions and actually having developed all central bank operations that would prevail until the early twentieth century (except discounting trade bills). The Bank of England invented the private ownership model based on a joint stock company, which became the template for most central bank creations in the eighteenth and nineteenth centuries, but has been considered outdated since the mid twentieth century. Moreover, it had the largest balance sheet amongst all central banks in the eighteenth century. The chapter ends with a list of 15 major current central bank topics which all can be traced back to before 1800, showing how relevant the study of early central banking remains.","PeriodicalId":318822,"journal":{"name":"Central Banking before 1800","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129042680","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：