Lombard Street

Lombard Street: A Description Of The Money Market is a non-fiction book written by Walter Bagehot, which provides a comprehensive analysis of the financial system in London during the mid-19th century. The book was first published in 1873 and has since become a classic in the field of economics, providing a detailed description of the workings of the money market and the role of the Bank of England in regulating it.Bagehot's book is divided into several chapters, each of which covers a different aspect of the financial system. He begins by discussing the role of banks in the economy and how they create credit. He then goes on to describe the various types of financial instruments that are traded in the money market, such as bills of exchange and government securities.One of the key themes of the book is the importance of the Bank of England in regulating the money market. Bagehot argues that the Bank of England serves as the lender of last resort, providing liquidity to banks during times of financial crisis. He also discusses the role of the Bank in setting interest rates and managing the supply of money in the economy.Throughout the book, Bagehot provides detailed examples and case studies to illustrate his points. He also offers his own opinions and recommendations for how the financial system could be improved. Overall, Lombard Street: A Description Of The Money Market is an important work that provides valuable insights into the workings of the financial system during the Victorian era.With so many advantages over all competitors, it is quite natural that the Bank of England should have far outstripped them all. Inevitably it became the bank in London; all the other bankers grouped themselves round it, and lodged their reserve with it. Thus our one reserve system of banking was not deliberately founded upon definite reasons; it was the gradual consequence of many singular events, and of an accumulation of legal privileges on a single bank which has now been altered, and which no one would now defend.This scarce antiquarian book is a facsimile reprint of the old original and may contain some imperfections such as library marks and notations. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions, that are true to their original work.