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Abreast of the Times: A Course of Sermons On Social Subjects Organized by the London Branch of the Christian Social Union, and Preached in the Church and Martyr, Lombard Street, During Lent, Paperback – Aug by Christian Social Union (Author) See . Walter Bagehot’s Lombard Street, published in in the wake of a devastating London bank collapse, explained in clear and straightforward terms why central banks must serve as the lender of last resort to ensure liquidity in a faltering credit t’s book set down the principles that helped define the role of modern central banks, particularly in times of crisis — but the. 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 , panic spread across London, Liverpool, Manchester, Norwich, Derby and Bristol. Lender of last resortCited by: Lombard Street: A Description of the Money Market by Walter Bagehot Buy the Book: Print | eBook First published in , Walter Bagehot describes the intricacies of the money market and, more importantly, the necessary response when managing a financial crisis.
You can write a book review and share your experiences. Other readers will always be interested in your opinion of the books you've read. Whether you've loved the book or not, if you give your honest and detailed thoughts then people will find new books that are right for them. l. of it will be lent by the Banking Department, and 2,, l. will be kept in the till. In consequence, that 2,, l. is all which is really held in actual cash as against the liabilities of the depositing banks. If Lombard Street were on a sudden thrown into liquidation, and made to pay as much as it could on the spot, that 2,, A Lent in London: a course of sermons on social subjects, organized by the London Branch of the Christian Social Union, and preached in the churches of St. Edmund, Lombard Street, and St. Mary-le-Strand during Lent, Lombard Street has its origins in one of the main Roman roads of Londinium It later formed a plot of land granted by Edward 1st() to goldsmiths from the part of northern Italy known as Lombardy (larger than the modern Lombardy region). This area marks the birth of modern banking in the City of London..
Get this from a library! Lombard Street in Lent: a course of sermons on social subjects organized by the London Branch of the Christian Social Union, and preached in the Church of St. Edmund, King and Martyr, Lombard Street, during Lent, ; with a preface by the Bishop of Durham.. [Christian Social Union (Great Britain). London Branch.;]. Walter Bagehot's Lombard Street, published in in the wake of a devastating London bank collapse, explained in clear and straightforward terms why central banks must serve as the lender of last resort to ensure liquidity in a faltering credit t's book set down the principles that helped define the role of modern central banks, particularly in times of cri/5(15). Finally accepting political failure, Bagehot turned his attention instead to economics, starting with Lombard Street in But this venture was cut short by his premature death in , yielding only a collection of essays Economic Studies () published posthumously by his friends. Thus Bagehot never managed to win a place in the pantheon. "CENTRAL BANKERS AND FOREIGN MINISTERS SUCH AS ALAN GREENSPAN AND ROBERT RUBIN IN THE U.S. ALONG WITH LEADING I.M.F. OFFICIALS SHOULD EACH SLEEP WITH A COPY UNDER [THEIR] BEDS" (CHARLES KINDLEBERGER): WALTER BAGEHOT'S LOMBARD STREET. BAGEHOT, Walter. Lombard Street: A Description of the Money Market. New York: Scribner, .