Abstract
The hallmark in the development of ‘the Art of Central Banking’ over the last two hundred years has been the evolution of the concept of a lender of last resort. The expression comes from the French dernier ressort, and centers on the last legal jurisdiction to which a petitioner can take an appeal. The term now has become thoroughly anglicized, and in central-banking English places the emphasis on the responsibilities of the lender rather than the rights of the borrower or petitioner.
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The Domestic Lender of Last Resort
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Kindleberger, C.P., Aliber, R.Z. (2005). The Domestic Lender of Last Resort. In: Manias, Panics and Crashes. Palgrave Macmillan, London. https://doi.org/10.1057/9780230628045_11
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DOI: https://doi.org/10.1057/9780230628045_11
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