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Published in:
1996 | OriginalPaper | Chapter
Systemic Risk, Financial Innovations, and the Financial Safety Net
Author : Michel Aglietta
Published in: Money in Motion
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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Money does not manage itself. This was Bagehot’s contention, backed up by his large experience with the London money market. He drew operational conclusions and stated what is known to be the Classical theory of the lender-of-lastresort (LLR). It was the most articulate set of principles to guide LLR interventions in the nineteenth century.