Lombard Street
A Description of the Money Market

Lombard Street: A Description of the Money Market by Walter Bagehot (1873, reprinted by Project Gutenberg). This is the original book about bank runs, financial crises, and the role of a central bank. This is on Ben Bernanke's short-list of recommended books, and he quotes Bagehot often. Bagehot infl......more

In a crisis lend freely and against good collateral at a high rate of interest. Straight from the 1870s but as valid today as back then, this is Bagehot's recommendation to central bankers all around the world. They are the financial system's last reserve and through that special status bear respons......more

Sin duda, un buen manual de política del Banco Central(como reserva única del país) para hacer frente a los pánicos bancarios. Me encanta cuando menciona su ideal de sistema bancario: un sistema "natural" que claramente hace referencia al concepto de Hayek de orden espontáneo.......more

Lombard Street is a much-needed, jargon-free treatise for those thinking about the viability of the cryptos, defi, and the like. While the messages here do not rule out a decentralized financial system without a lender of last resort or a centralized policymaker/rule-setter, the book will provoke ma......more

I thought this was a very interesting book on the history of the money markets and the Bank of England and the need for a lender of last resort in financial markets. I was a little worried that the book would be overly dry or written in a style that I wouldn't understand because it is from the late......more