Lombard Street: A Description of the Money Market

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9780471345367: Lombard Street: A Description of the Money Market

Lombard Street began as a series of articles the esteemed essayist and financial advisor, Walter Bagehot had written for The Economist during the 1850s. First published in book form in 1873, it is a vivid description of the money market that seamlessly brings together theoretical analyses, historical anecdotes, and incisive commentary on sociology, politics, and the Street's various personalities.

Sharing his invaluable insights and unique observations, Bagehot touches on everything from the mechanics of deposit banking within a fractional reserve system to the nature of foreign deposits in Britain. Along with a clear explanation of why economic growth and rising living standards are dependent upon a well-managed financial system, he offers straightforward guidelines for the function of lender-of-last resort; a penetrating look at the consequences of uncontrolled credit and speculation; and an in-depth examination of the exchequer in the money market that includes a stimulating analysis of the interaction between the government's fiscal operations and the functioning of the Bank of England, the commercial banks, and the money market. Perhaps most importantly, Lombard Street features Bagehot's prescription for crisis management, which after nearly 150 years, remains the formula of choice for containing-and curtailing-financial crises.

Filled with descriptions of Lombard Street that still ring true today, this jewel of a book has withstood the test of time to become a true investment classic-one that will appeal as much to the readers of today as it did to those of years ago.

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Review:

People panicked during a credit crunch or economic downturn on London's Lombard Street of the 1800s just as they do on Wall Street today. That's only one reason this reprint of the classic book by famed 19th-century economist Walter Bagehot offers lessons even now. First published in 1873, the book is a compilation of 11 essays that Bagehot wrote as the editor of The Economist, and includes his advice to banks for dealing with financial crises: "We must keep a great store of ready money always available, and advance out of it very freely in periods of panic, and in times of incipient alarm. Any notion that money is not to be had, or that it may not be had at any price, only raises alarm to panic and enhances panic to madness."

In terms of the U.S. savings-and-loan crisis and the Asian economic meltdown of the 1990s, Bagehot's words still ring as timely, even with the dated references to British politics of the time. For example, he proposed allowing unstable banks to collapse and advocated creating an independent finance professional to run the nation's central bank. Lombard Street, named after London's financial district and the birthplace of the money market, will be an eye opener for students and others interested in the history and workings of financial systems. --Dan Ring

Book Description:

Published originally in 1873, this work is a masterpiece of economics, described by J. M. Keynes as 'an undying classic'. It explains the world of banking and finance, particularly financial crisis management. The ideas remain relevant today, especially in view of the global financial crisis that started in 2007.

Le informazioni nella sezione "Su questo libro" possono far riferimento a edizioni diverse di questo titolo.

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Walter Bagehot
Editore: John Wiley and Sons
ISBN 10: 0471345369 ISBN 13: 9780471345367
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Descrizione libro John Wiley and Sons. Condizione libro: New. Brand New. Codice libro della libreria 0471345369

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Walter Bagehot
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ISBN 10: 0471345369 ISBN 13: 9780471345367
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Descrizione libro John Wiley and Sons Ltd, United States, 1999. Paperback. Condizione libro: New. 1. Auflage. Language: English . Brand New Book. Lombard Street began as a series of articles the esteemed essayist and financial advisor, Walter Bagehot had written for The Economist during the 1850s. First published in book form in 1873, it is a vivid description of the money market that seamlessly brings together theoretical analyses, historical anecdotes, and incisive commentary on sociology, politics, and the Street s various personalities. Sharing his invaluable insights and unique observations, Bagehot touches on everything from the mechanics of deposit banking within a fractional reserve system to the nature of foreign deposits in Britain. Along with a clear explanation of why economic growth and rising living standards are dependent upon a well-managed financial system, he offers straightforward guidelines for the function of lender-of-last resort; a penetrating look at the consequences of uncontrolled credit and speculation; and an in-depth examination of the exchequer in the money market that includes a stimulating analysis of the interaction between the government s fiscal operations and the functioning of the Bank of England, the commercial banks, and the money market. Perhaps most importantly, Lombard Street features Bagehot s prescription for crisis management, which after nearly 150 years, remains the formula of choice for containing-and curtailing-financial crises. Filled with descriptions of Lombard Street that still ring true today, this jewel of a book has withstood the test of time to become a true investment classic-one that will appeal as much to the readers of today as it did to those of years ago. Codice libro della libreria AAH9780471345367

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Walter Bagehot
Editore: John Wiley and Sons Ltd, United States (1999)
ISBN 10: 0471345369 ISBN 13: 9780471345367
Nuovi Paperback Prima edizione Quantità: 1
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Descrizione libro John Wiley and Sons Ltd, United States, 1999. Paperback. Condizione libro: New. 1. Auflage. Language: English . Brand New Book. Lombard Street began as a series of articles the esteemed essayist and financial advisor, Walter Bagehot had written for The Economist during the 1850s. First published in book form in 1873, it is a vivid description of the money market that seamlessly brings together theoretical analyses, historical anecdotes, and incisive commentary on sociology, politics, and the Street s various personalities. Sharing his invaluable insights and unique observations, Bagehot touches on everything from the mechanics of deposit banking within a fractional reserve system to the nature of foreign deposits in Britain. Along with a clear explanation of why economic growth and rising living standards are dependent upon a well-managed financial system, he offers straightforward guidelines for the function of lender-of-last resort; a penetrating look at the consequences of uncontrolled credit and speculation; and an in-depth examination of the exchequer in the money market that includes a stimulating analysis of the interaction between the government s fiscal operations and the functioning of the Bank of England, the commercial banks, and the money market. Perhaps most importantly, Lombard Street features Bagehot s prescription for crisis management, which after nearly 150 years, remains the formula of choice for containing-and curtailing-financial crises. Filled with descriptions of Lombard Street that still ring true today, this jewel of a book has withstood the test of time to become a true investment classic-one that will appeal as much to the readers of today as it did to those of years ago. Codice libro della libreria AAH9780471345367

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Descrizione libro 1999. PAP. Condizione libro: New. New Book.Shipped from US within 10 to 14 business days. Established seller since 2000. Codice libro della libreria IB-9780471345367

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Descrizione libro Wiley, 1999. Paperback. Condizione libro: New. book. Codice libro della libreria M0471345369

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Walter Bagehot
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Descrizione libro John Wiley and Sons Ltd, United States, 1999. Paperback. Condizione libro: New. 1. Auflage. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. Lombard Street began as a series of articles the esteemed essayist and financial advisor, Walter Bagehot had written for The Economist during the 1850s. First published in book form in 1873, it is a vivid description of the money market that seamlessly brings together theoretical analyses, historical anecdotes, and incisive commentary on sociology, politics, and the Street s various personalities. Sharing his invaluable insights and unique observations, Bagehot touches on everything from the mechanics of deposit banking within a fractional reserve system to the nature of foreign deposits in Britain. Along with a clear explanation of why economic growth and rising living standards are dependent upon a well-managed financial system, he offers straightforward guidelines for the function of lender-of-last resort; a penetrating look at the consequences of uncontrolled credit and speculation; and an in-depth examination of the exchequer in the money market that includes a stimulating analysis of the interaction between the government s fiscal operations and the functioning of the Bank of England, the commercial banks, and the money market. Perhaps most importantly, Lombard Street features Bagehot s prescription for crisis management, which after nearly 150 years, remains the formula of choice for containing-and curtailing-financial crises. Filled with descriptions of Lombard Street that still ring true today, this jewel of a book has withstood the test of time to become a true investment classic-one that will appeal as much to the readers of today as it did to those of years ago. Codice libro della libreria BZV9780471345367

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Descrizione libro Wiley. Condizione libro: Brand New. FREE domestic ground shipping. Fast priority express available. Tracking service included. Ships from USA (United States of America). Codice libro della libreria 0471345369

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Descrizione libro John Wiley and#38; Sons, 1999. PAP. Condizione libro: New. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Codice libro della libreria FW-9780471345367

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Descrizione libro Paperback. Condizione libro: New. 1st. Paperback. Lombard Street began as a series of articles the esteemed essayist and financial advisor, Walter Bagehot had written for The Economist during the 1850s. First published in book form in 187.Shipping may be from multiple locations in the US or from the UK, depending on stock availability. 359 pages. 0.449. Codice libro della libreria 9780471345367

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