Lombard street: a description of the money market.
New York.
Scribner, Armstrong & Co., 1873.
First American edition.
8vo.
viii, 359pp, [5]. With two terminal leaves of publisher's advertisements. Original publisher's brown cloth, stamped in gilt and black. Rubbed and marked, upper board stained, loss to head and foot of dulled spine.
The first American edition of English businessman and journalist Walter Bagehot's (1826-1877) popular explanation of national and international money-markets, named for the historic street in London's banking district of the same name.
Inspired by the generational collapse of wholesale discount bank Overend, Gurney and Company in 1866, Bagehot's study endeavoured to provide an accurate insight into the world of banking, money-lending, and corporate finance, in clear and penetrable language. The work contains influential sections of financial analysis on the Bank of England's response which have been referred to as 'Bagehot's advice', or 'Bagehot's dictum', summarised by British central banker Paul Tucker as the following: 'to avert panic, central banks should lend early and freely (ie without limit), to solvent firms, against good collateral, and at 'high rates'.
£ 450.00
Antiquates Ref: 35030
Inspired by the generational collapse of wholesale discount bank Overend, Gurney and Company in 1866, Bagehot's study endeavoured to provide an accurate insight into the world of banking, money-lending, and corporate finance, in clear and penetrable language. The work contains influential sections of financial analysis on the Bank of England's response which have been referred to as 'Bagehot's advice', or 'Bagehot's dictum', summarised by British central banker Paul Tucker as the following: 'to avert panic, central banks should lend early and freely (ie without limit), to solvent firms, against good collateral, and at 'high rates'.
