Walter Bagehot, the great English economist of the 19th century, argued that in times of crisis central banks should provide liquidity only at a penalty rate.

  • 19世纪伟大的英国经济学家沃尔特白居特(walter bagehot)曾主张,在出现危机时,央行应只按照惩罚性利率来提供流动性资金。

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