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The New Lombard Street - How the Fed Became the Dealer of Last Resort (Anglais) Relié – 10 décembre 2010

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The New Lombard Street Presents the innovative principles needed to address the instability of the markets and to rebuild our financial system. This book traces the evolution of ideas and institutions in the American banking system since the establishment of the Federal Reserve in 1913. It explains how the Fed took classic central banking wisdom from Britain and Europe. Full description

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Format: Relié Achat vérifié
Excellent livre, clairement et élégamment écrit. La thèse centrale du livre est profondément juste et contraste avec les dénis successifs de la pensée académique standard concernant la question de la liquidité ultime (la monnaie légale).
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Commentaires client les plus utiles sur (beta) HASH(0x98d72d38) étoiles sur 5 13 commentaires
27 internautes sur 28 ont trouvé ce commentaire utile 
HASH(0x98ccc3c0) étoiles sur 5 Fascinating history and economics, with actionable advice 2 décembre 2010
Par Aaron C. Brown - Publié sur
Format: Relié
There are not very many useful and readable books about banking. The trouble is when it is explained in simple terms, it seems far too trivial to matter. When it is explained in mind-numbing technical detail, it seems too complex to understand. In 1873 Economist editor Walter Bagehot broke the mold with Lombard Street. Reacting to the financial panic caused by the failure of Overend, Gurney and Company, the book explained the money markets in ways that actually made sense, and in graceful prose as well. It cemented in the public mind the idea that the central bank should act as "lender of last resort":

"The holders of the cash reserve must be ready not only to keep it for their own liabilities, but to advance it most freely for the liabilities of others. They must lend to merchants, to minor bankers, to 'this man and that man,' whenever the security is good."

In The New Lombard Street, Perry Mehrling continues the tradition of simple and accurate explanations, based on rigorous historical research and economic reasoning, but without jargon to muddy the waters that they might appear deep. In the aftermath of our own panic, with confusion and controversy surrounding the role of central banks, this book is likely to clarify in the public mind exactly what the Fed is, and what it should be:

"From a long historical point of view, the central lesson of the crisis is that the American system requires the Fed's support as dealer of last resort, not just in the money market. . .but also in the capital market, and not just for Treasury securities. . ., but also for private securities."

This surprising, but eminently rational, conclusion follows the natural evolution of our financial system and is a prescription for the future. It serves as welcome contrast to confused discussions based on 19th century economic reality, nostalgic calls for strong and independent Fed chairs like Paul Volker and William McChesney Martin and populist appeals to abolish the Fed or restrict it to regulating bank interest rates.

However, this book is not primarily a policy argument. It lays out the principles of the modern banking system and traces their history. The writing is stylish and clear. The ideas are simple and compelling, in contrast to the blizzard of confusing jargon you get in newspaper editorial pages and journal articles. Anyone with any interest in money should read this short, path-breaking work.
10 internautes sur 11 ont trouvé ce commentaire utile 
HASH(0x98ccc48c) étoiles sur 5 Give all central bankers a copy of this book 14 octobre 2013
Par Arnold Wentzel - Publié sur
Format: Relié
Perry Mehrling really helps you to understand the "plumbing" of the financial system - he combines insights from history and how financial markets really work into a set of insights that will enable you to grasp events leading to the financial crisis. In the tradition of Bagehot, his starting point is not some elegant economic theory of how the world should be, but rather how the financial markets actually work. He shows that this neglect of reality has led to the crisis and the theories that prevented us from seeing it coming.

It is a thin book and very readable if you have some background in economics, and I think the intended audience is economists and financial practitioners/theorists. Without some very basic background in economic theories (general equilibrium, term structure of interest rates, interest rate parity, and a bit of basic balance sheet accounting) the significance of some of his ideas may not always be recognised though. Also, to bear in mind is that it describes the US system specifically, which, even if not true of all national central banks now, does suggest the shape of things to come.

Overall, it is a book worth reading if your interest or your job involves understanding the financial system. Those who find it difficult at places may want to look up his interesting lectures on Coursera that go into more detail or his Money View blog.
9 internautes sur 10 ont trouvé ce commentaire utile 
HASH(0x98ccc8c4) étoiles sur 5 A great book for classes devoted to monetary policy in the real world 12 septembre 2011
Par Scott E. Pardee - Publié sur
Format: Relié Achat vérifié
Like many other professors who teach undergraduate courses in monetary theory (after the standard money and banking courses) I've been frustrated with where the field has headed. Sure, we can rake over the coals of monetarists versus Keynesians, and students should know the nature of the fires that created those coals. But those theories have been coopted by politicans for their own purposes. And, sure, the students should be exposed to the advanced econometric models (such as the DSGE), which are very elegant. But none of them forecasted the collapse of the financial sector in 2007-2008. So we should deal with monetary theory as it applies to modern central banking. Mehrling's insight is that the Fed is now the dealer of last resort, rather than just the lender of last resort. He walks the student through all the theories, so that a professor who want to have students focus on one or another can delve more deeply (I'm assigning addtional readings in Bagehot, Hawtrey, Wicksell, and Minsky, and even on DSGE)). But in the end Mehrling provides a firm understanding of where the Fed and other central banks are right now, trying to create rational monetary policy in a world of fiscal policy failures.
6 internautes sur 7 ont trouvé ce commentaire utile 
HASH(0x98ccc8ac) étoiles sur 5 Great Insight 21 mars 2011
Par Brent - Publié sur
Format: Relié
This book gives a great history lesson that connects 19th century British banking with the financial world of today. The author offers a financial criticism in light of the recent recession. Overall the book was very interesting and written in a way that allows most people to understand the complicated subject of finance.
2 internautes sur 2 ont trouvé ce commentaire utile 
HASH(0x98cccd74) étoiles sur 5 Insightful and concise 18 mai 2013
Par Customer - Publié sur
Format: Relié Achat vérifié
This book packs a good punch in a relatively short read. It provides good detail on the actual mechanics behind modern central banking and interbank activity. I think that many of us are befuddled somewhat about the debates on QE, capital ratios, etc. This book will help shed some light on what is going on behind the scenes and what it might mean for the financial system.
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