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Financial Instability and International-Lender-of-Last-Resort Theory from the Gold Standard to the Dollar System

Author

Listed:
  • Emmanuel Carré

    (UBS - Université de Bretagne Sud)

  • Laurent Le Maux

Abstract

We identify two approaches to financial crises in the history of political economy, namely, the exogenous approach whereby financial crises are sudden events, and the endogenous approach whereby they arise from a long process. In focusing on the endogenous approach, we study the contributions by Thomas Tooke, Ralph Hawtrey, Hyman Minsky and Charles Kindleberger to the lender-of-last-resort theory, especially in international contexts, under the gold standard and the dollar system. The function of the lender of last resort broadens institutionally (depending on the type of securities and on the institutions issuing or holding them) and internationally (depending on jurisdiction and on the type of institutions ultimately requiring international liquidity).

Suggested Citation

  • Emmanuel Carré & Laurent Le Maux, 2022. "Financial Instability and International-Lender-of-Last-Resort Theory from the Gold Standard to the Dollar System," Post-Print hal-03855684, HAL.
    • Handle: RePEc:hal:journl:hal-03855684
    DOI: 10.1515/jbwg-2022-0012
    as

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    JEL classification:

    • B - Schools of Economic Thought and Methodology
    • E - Macroeconomics and Monetary Economics
    • F - International Economics
    • G - Financial Economics

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