The New Lombard Street
How the Fed Became the Dealer of Last Resort
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- اطلاعات
- نقد و بررسی
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نقد و بررسی
October 1, 2010
Mehrling (economics, Barnard Coll.) analyzes the recent financial crisis, focusing specifically on the role of the Federal Reserve. "Lombard Street" in the title is a reference to an 1873 work in which Walter Bagehot, an early editor of theEconomist, theorizes that the central bank must act as a "lender of last resort" by creating a safety net for private banks. Mehrling expands upon Bagehot's analysis to conclude that the central bank must also act as a "dealer of last resort," stepping in to assist the private securities market when it fails to function properly. The distinction relies heavily upon complex macroeconomic and finance theories, making the book's finer points inaccessible to those without a strong foundation in economics or finance. VERDICT Readers who are not well versed in these areas and seek to deepen their understanding of the financial crisis would be better served by Joseph E. Stiglitz's Freefall: America, Free Markets, and the Sinking of the World Economy. Mehrling's book is recommended only for readers in graduate business or economics programs.--Jennifer Michaelson, Cleveland
Copyright 2010 Library Journal, LLC Used with permission.
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