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Turning Bagehot on His Head: Lending at Penalty Rates When Banks Can Become Insolvent

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  • FABIO CASTIGLIONESI
  • WOLF WAGNER

Abstract

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Suggested Citation

  • Fabio Castiglionesi & Wolf Wagner, 2012. "Turning Bagehot on His Head: Lending at Penalty Rates When Banks Can Become Insolvent," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(1), pages 201-219, February.
    • Handle: RePEc:mcb:jmoncb:v:44:y:2012:i:1:p:201-219
    DOI: j.1538-4616.2011.00473.x
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    Citations

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    Cited by:

    1. Huberto M. Ennis, 2016. "Models of Discount Window Lending: A Review," Economic Quarterly, Federal Reserve Bank of Richmond, issue 1Q, pages 1-50.
    2. Eijffinger, Sylvester & Nijskens, Rob, 2011. "Complementing Bagehot: Illiquidity and insolvency resolution," CEPR Discussion Papers 8603, C.E.P.R. Discussion Papers.
    3. Ponce, Jorge & Rennert, Marc, 2015. "Systemic banks and the lender of last resort," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 286-297.
    4. Clemens Jobst & Kilian Rieder, 2023. "Supervision without regulation: Discount limits at the Austro–Hungarian Bank, 1909–13," Economic History Review, Economic History Society, vol. 76(4), pages 1074-1109, November.
    5. Clemens Jobst & Kilian Rieder, 2016. "Principles, circumstances and constraints: the Nationalbank as lender of last resort from 1816 to 1931," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 140-162.
    6. Laurent Le Maux, 2021. "Bagehot for Central Bankers," Working Papers hal-03201509, HAL.
    7. Michael Diemer & Uwe Vollmer, 2015. "What makes banking crisis resolution difficult? Lessons from Japan and the Nordic Countries," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 5(2), pages 251-277, December.
    8. Eijffinger, Sylvester & Nijskens, Rob, 2012. "A dynamic analysis of bank bailouts and constructive ambiguity," CEPR Discussion Papers 8953, C.E.P.R. Discussion Papers.
    9. Gary B. Gorton & Guillermo L. Ordoñez, 2014. "How Central Banks End Crises," PIER Working Paper Archive 14-025, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    10. Nijskens, Rob, 2014. "A sheep in wolf’s clothing: Can a central bank appear tougher than it is?," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 94-103.
    11. Nicholas Garvin, 2019. "Emergency Liquidity Injections," RBA Research Discussion Papers rdp2019-10, Reserve Bank of Australia.
    12. Gary Gorton & Guillermo Ordoñez, 2020. "Fighting Crises with Secrecy," American Economic Journal: Macroeconomics, American Economic Association, vol. 12(4), pages 218-245, October.
    13. Metrick, Andrew, 2022. "Broad-Based Emergency Liquidity Programs," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 4(2), pages 86-178, April.
    14. Gary Gorton & Guillermo Ordoñez, 2016. "Fighting Crises," NBER Working Papers 22787, National Bureau of Economic Research, Inc.
    15. Laurent Le Maux, 2018. "Central banking and finance: the Bank of England and the Bank Act of 1844," Post-Print hal-02854521, HAL.

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