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Lombard Street: A Description of the Money Market |  |
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Lombard Street: A Description of the Money Market | |
First published in 1873, this classic book is a timeless excursion through Lombard Street, the original district of finance and the birthplace of the money market. Written by esteemed British economist and historian Walter Bagehot, it delivers observations, insights, and truths that ring as true today as they did more than a century ago.
Acclaim for Lombard Street.
"Walter Bagehot was a great economist and a great writer—though there is a question as to which was the greater. Lombard Street, first published in 1873, is more than ever timely in the age of Asian financial flu, Long-Term Capital Management, problems in Russia, Brazil, and on the horizon elsewhere. Central bankers and finance ministers such as Alan Greenspan and Robert Rubin in the U.S., along with leading IMF officials should each sleep with a copy under his or her pillow."—Charles P. Kindleberger author of Manias, Panics and Crashes
"The briefest and truest way of describing Lombard Street is to say that it is by far the greatest combination of economical power and economical delicacy that the world has ever seen."—Walter Bagehot
The English precursor to Wall Street, London's Lombard Street is the original district of finance and the birthplace of the money market. Fast-paced and highly-charged, it is a hotbed of financial activity whose impact is felt not just nationally, but globally. Though similar in many ways to its American counterpart, this "unequalled fund of floating money" nevertheless possesses a character all its own, the essence of which was brilliantly captured more than a century ago in Lombard Street.
The chef d'oeuvre of Walter Bagehot, Lombard Street began as a series of articles the esteemed essayist and financial advisor had written for the Economist during the 1850s. First published in book form in 1873, it is a vivid description of the money market that seamlessly brings together theoretical analyses, historical anecdotes, and incisive commentary on sociology, politics, and the Street's various personalities.
Sharing his invaluable insights and unique observations, Bagehot touches on everything from the mechanics of deposit banking within a fractional reserve system to the nature of foreign deposits in Britain. Along with a clear explanation of why economic growth and rising living standards are dependent upon a well-managed financial system, he offers straightforward guidelines for the function of lender-of-last resort; a penetrating look at the consequences of uncontrolled credit and speculation; and an in-depth examination of the role of the exchequer in the money market that includes a stimulating analysis of the interaction between the government's fiscal operations and the functioning of the Bank of England, the commercial banks, and the money market. Perhaps most importantly, Lombard Street features Bagehot's prescription for crisis management, which after nearly 150 years, remains the formula of choice for containing—and curtailing—financial crises.
Filled with descriptions of Lombard Street that still ring true today, this jewel of a book has withstood the test of time to become a true investment classic—one that will appeal as much to the readers of today as it did to those of years ago.
作者简介 Walter Bagehot (1826-77) is one of the most celebrated finance writers ever. One of the most lucid and discerning critics of his time, Bagehot was editor of the highly regarded Economist. Widely acknowledged as an expert on banking and finance, he was frequently consulted by Parliament.
编辑推荐 Amazon.co.uk Review
People panicked during a credit crunch or economic downturn on London's Lombard Street of the 1800s just as they do on Wall Street today. That's just one reason this reprint of a classic book by famed 19th-century economist Walter Bagehot offers lessons even now. First published in 1873, the book is a compilation of 11 essays that Bagehot wrote as the editor of The Economist and includes his advice to banks for dealing with financial crisis "we must keep a great store of ready money always available, and advance out of it very freely in periods of panic, and in times of incipient alarm. Any notion that money is not to be had, or that it may not be had at any price, only raises alarm to panic and enhances panic to madness."
With the U.S. savings-and-loans crisis and the Asian economic meltdown of the 1990s, Bagehot's words still ring as timely, even with dated references to British politics of the time. For example, he proposed allowing unstable banks to collapse and advocated for creating an independent finance professional to run the nation's central bank. Lombard Street, named after London's financial district and the birthplace of the money market, will be an eye-opener for students and others interested in the history and workings of financial systems. --Dan Ring, Amazon.com
Financial Times, 4th December 1999
- " It is most welcome,..., that Walter Bagehot's Lombard Street has been republished by John Wiley. as part of its excellent series of investment classics."
Money Matters (The Defence Finance Journal), July 2001
"makes very interesting reading...I do recommend this to anyone"
Review
"...classic account of the money market...makes vivid reading" (Spectator Business, November 2008)
