1873 AD
Bagehot, Lombard Street, and lender of last resort
Money, banking & finance · Banca central, liquidez y teoría financiera
In Lombard Street (1873), Walter Bagehot formulated influential principles for lender-of-last-resort lending: lend freely in a panic, at a high rate, and against good security. It was an analytical argument about the Bank of England’s function, not a law or an exact description of every historical intervention, which varied across nineteenth-century crises.
Precision, calendar, and review
- Start
- year · no uncertainty qualifier in this record
- Calendar and convention
- Historical-era years; the source calendar is not identified. No conversion of days is assumed.
- Year zero
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- Documentary review
- Date not recorded
Reading the date: point event.
Sources
- www.bankofengland.co.uk (opens in a new tab)
Source provenance and scope
- Publication date
- Pending verification
- Bibliographic date checked
- 2026-09-23
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