http://www.unotheory.org/news_II_12 Newsletter 1-26-1 03-5984-3764 Fax 03-3991-1198 E-mail:[email protected] http://www.unotheory.org 1 de Boyer 1848 1857 1864 65 1870 LLR Lender of Last Resort BOE BdF FB Lender of Last Resort LLR BOE de Boyer 19 BOE 1 1 LLR 1844 de Boyer de Boyer A vs vs B C 19 1810 2 3 1844 1847 1857 1847 57 66 [1994]158 [1989]120 BOE BOE BOE BOE 2 [1999]28 3 2 M. Smith[2008] p.62 [2013] 3 LLR 1858 LLR LLR LLR 1873 Bagehot[1873]pp.45 46 56 1848 Bagehot[1848] BOE BOE 1870 de Boyer 1870 1870 1870 4 Diatkine and de Boyer[2008] British monetary orthodoxy in the 1870s, Oxford Economic Papers, 40(1). Henry Thornton and the development of classical monetary economics, Canadian Journal of Economics, Part B, 28(4). 3 5 6 “Two views of the lender of last resort: Thornton and Bagehot “, Cahiers d'économie Politique, n° 45. 4 de Boyer 7 8 de Boyer[2003] The theory of the foreign exchanges. synthesis 5 BOE BOE BOE LLR 9 The golden age of the quantity theory 6 BOE BOE BOE BOE 10 BOE LLR de Boyer et Solis[2003] LLR p.81 1 3 A. D. 2 6 7 1 2 3 BOE 2 de Boyer et Solis[2003] 10 BOE BOE BOE BOE BOE 11 Thornton[1802] 2 7 é 12 Baring(Observations on the establishment of the Bank of England & on the paper circulation of the country) pp.33, 47-8, 54 13 Thornton[1802]p.98. 14 Thornton[1802] p.138-9 1797 (1919 13 ) 15 1848 Capie, F.H. ed.History of banking , p.112 Boyer[1985] [1998] Endogenous money and shareholders' funds in the classical theory of banking 16 17 18 19 [1859] Tooke[1844], p.10 Fullarton[1844], p.76 8 20 21 Boyer(1985) Fullarton[1844], p.157 22 23 Fullarton[1844]p.130 1848, p.219 24 Fullarton[1844]pp.151 152 25 9 de Boyer FB vs FB FB FB 26 27 CB BOE FB BOE 1841 Q932 Q933 3 26 27 19 price-specie-flow mechanism de Boyer[2007] 10 28 FB credit-note Bailey[1840]p99 p.24 ( ) 1810 BOE 28 98 99 11 [2002] 151 30 29 ( 30 [2013] 12 [2002]108 160 ) FB FB BOE BOE BOE BOE BOE 31 1844 1847 BOE Fetter[1865]p.211 1857 de Boyer 32 Fetter[1865] p.250 Torrens “Lord Overstone on Metallic and Paper Currency” Torrens[1858] 31 32 FB Fetter[1865] p.250 13 1858 LLR (p.280) LLR LLR over-trading p.286 BOE BOE 33 ( ) 34 14 2 2 LLR BOE LLR 1848 1875 “The Currency Monopoly” Bagehot [1848] 15 LLR 35 1847 35 10 G.W. [1989]89 36 37 1865 1848 1865 16 1847 38 1857 6 2 6 The Economist 10 "The act of 1844 and the convertibility of the note" Bagehot [1857a] 1844 The Economist 5 1857 38 17 16 10 5 16 "The new mode of defending the act of 1844” Bagehot [1857b] The Economist 6 6 1844 BOE BOE ”The Money Market” Bagehot [1864-65] 1864 65 The Money Market 39 p.471 coarse 39 18 11 The Economist p.428 2 BOE 2 BOE BOE 40 p.447 475 expansive clause 41 1844 p.460 J. J. de Boyer BOE BOE BOE BOE 1857 BOE BOE BOE BOE BOE BOE BOE BOE p.435 BOE BOE BOE BOE p.437 de Boyer 40 41 1844 1848 1875 19 BOE Bagehot [1865] 1865 FB Coullet FB BdF BdF BdF BdF d’Eichthal de Boyer[2003] LLR Bagehot[1873] 42 20 “One bank of issue versus many in Germany” Bagehot [1874] The Economist 11 28 vs BOE BdF BOE BdF p.435 great principle Bagehot [1875] 1875 Q7979 43 44 ‘great’ 21 44 Q7980 (legal tender) (Q8040 (subsidiary currencies ) subsidiary notes) BOE Q8063 Q7980 Q7981 Q7999 Q8000 Q7983 loan (orthodox doctrine) exchange (Q8141) (Q8203) Q8207 BOE FB 45 LLR 46 de Boyer ) LLR LLR de Boyer LLR de Boyer de Boyer LLR 1864 65 ”The Money Market” 45 FB BOE 46 22 BOE ( 1875 LLR de Boyer LLR 1852 1848 2 BOE 47 LLR de Boyer de Boyer FB 48 BOE de Boyer de Boyer 47 48 BOE BOE BOE [2013] 23 The Economist BOE London X12-ARIMA 1844 Bagehot Bagehot[1873] [2013] The collected works of Walter Bagehot ― ― 24 . [2014] 19 282 [1994] [1989] [2002] [1999] Bailey, S. [1840] A defence of joint-stock banks and country issues, London, James Ridgway. Bagehot, W. [1848] “The Currency Monopoly”, The Prospective Review, 4(15), in The collected works of Walter Bagehot, vol.9, 235-271. [1857a] "The Act of 1844 and the Convertibility of the Note", The economist, May 16, in The collected works of Walter Bagehot, vol.9, 351-356. [1857b]"The new mode of defending the act of 1844”, The economist, June 6, in The collected works of Walter Bagehot, vol.9, 357-360. [1857c] "The Original Reason for the Act of 1844”, The economist, July 4, in The collected works of Walter Bagehot, vol.9, 361-364. [1864-5] ”The Money Market”, The economist, September 3 – January 28, in The collected works of Walter Bagehot, vol.9, 421-494. [1865] Enquête sur les principes et les faits généraux qui régissent la circulation monétaire et fiduciaire [1866] “Is it better that the banking reserve of a country should be kept in a single bank or be distributed between several banks?”, The economist, Aug. 25, (in The collected works of Walter Bagehot, vol.11 [1873] (1920)Lombard Street : a description of the money market, Dutton co. : [2011] BP [1874] “One bank of issue versus many in Germany”, The economist, Nov. 28, in The collected works of Walter Bagehot, vol.10, 430-438 [1875] Report from the Select Committee on Banks of Issue de Boyer, Jérôme [2003] La pensée monétaire : Histoire et analyse, Paris, Les Solos. http://basepub.dauphine.fr/handle/123456789/1946 [2007] “Causes and effects in the gold points mecanism: a criticism of Ricardo's criticism of Thornton”, European Journal of the History of Economic Thought, 14(1), 25-53. de Boyer, J. et Solis Rosales, R. [2003] “Les approches classiques du prêteur en dernier ressort : de Baring à Hawtrey”, Cahiers d'économie Politique,45, 79-100. Cassidy, M. [1998a] ”The development of John Fullarton's monetary theory", European Journal of the History of Economic Thought, 5(3), 509-535. [1998b] ”John Fullarton's 'Response to a proposal for a Bank of India'”, European Journal of the History of Economic Thought, 5(3), 480-508. Diatkine, S. and de Boyer, J. [2008] “British monetary orthodoxy in the 1870s: A victory for the Currency Principle”, European Journal of the History of Economic Thought, 15(2) , 181-209. Fetter, F. W. [1965] Development of British monetary orthodoxy, 1797-1875, Cambridge, Massachusetts, Harvard 25 University Press. Fullarton, J.[1836] Response to a Proposal for a Bank of India, (Cassidy [1998b] ) [1844](1845) On the regulation of currencies, 2nd ed, John Murray. Juglar, C. [1865] Enquête sur les principes et les faits généraux qui régissent la circulation monétaire et fiduciaire . [1868a] (2005)Du change et de la liberté d'émission, Adamant Media Corporation ( 9) [1868b] “Recension à propos de l'ouvrage de Léon WOLOWSKI : La Banque 'Angleterre et les Banques d'Ecosse”, Journal des économistes, juillet, pp140 146. ( 11) Laidler, D[2003] “Two views of the lender of last resort: Thornton and Bagehot “, Cahiers d'économie Politique, n° 45. Skaggs, N.T. [1991] "John Fullarton's Law of Reflux and Central Bank Policy", History of Political Economy, 23(3), 457-80. [1999] "Changing Views : Twentieth-Century Opinion on the Banking School-Currency School Controversy”, History of Political Economy, 31(2), 361-91. [2003]”Thomas Tooke, Henry Thornton, and the Development of British Monetary Orthodoxy”, Journal of the History of Economic Thought, 25(2). Smith, M. 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