What is bank’s liquidity risk? Do banks have to
take such a risk? Do banks which take this risk
diminish or increase the « security of publick
»(Smith, WN, Liberty Classics, p. 329)? The
answer to these questions divided the classical
and neo-classical economists. Cantillon, Hume,
Steuart, Smith , Thornton, Ricardo, Torrens,
Tooke, Bagehot, Kemmerer, Fisher, Hawtrey, Mints,
etc… did not have the same analysis. In my
opinion, it is useful that historians of economic
thought try to give some light on these controversies.
Jérôme de Boyer des Roches
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