The Classical Theory of Central Banking on Monetary Stability and Lending of Last Resort
考察了亨利·桑顿和银行学派创立的中央银行古典理论，探讨了货币稳定政策与最后贷款人政策如何通过利率协调，并挑战了白芝浩的学说。
Abstract For all that the debate over the principle of separation (or not) of monetary stability and financial stability policies gained in importance prior to the Great Recession, it remained “silent” on the policy of the central bank as the lender of last resort. The classical theory of central banking inaugurated by Henry Thornton and developed by the members of the banking school—Thomas Tooke, John Stuart Mill, and John Fullarton—openly addressed the function of lending in last resort. Tooke even proposed that monetary stability and financial stability policies should be coordinated by means of the interest rate so as to strengthen the action of the lender of last resort. The present article examines the theoretical arguments of the classical theory of central banking regarding the coordination of monetary stability policy, which aims at maintaining convertibility into gold specie, with lender-of-last-resort policy, which ultimately ensures financial stability. As a result, it is inferred that the classical theory of central banking contributed to a distinctive development of the theory of lending of last resort and retrospectively challenged Walter Bagehot's doctrine.