Lombard Street: A Description of the Money Market

Summary

"Lombard Street: A Description of the Money Market" by Walter Bagehot is a financial work published in 1873. Written in response to a devastating banking collapse that triggered panic across Britain, the book explains international finance and banking in clear language. Bagehot outlines crucial principles for how central banks should respond during credit crises, offering guidance on lending practices that would protect the financial system while preventing widespread alarm among solvent institutions. (This is an automatically generated summary.)