Bagehot

The role of lender of last resort was classically defined by Walter Bagehot.

最后贷款人角色的经典定义是由沃尔特•白芝浩（Walter Bagehot）所下的。

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As prices no longer give good signals, no one could really apply the Bagehot doctrine.

由于价格不再给出有效信号，没有人能真正应用白芝浩的学说。

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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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Obvious lies; a demonstrable lack of concern for the general welfare; practical truth provable to all men-Walter Bagehot.

明显的谎言；明显的对普通福利的关心；实际的真相可被所有人而言查明-沃尔特·白芝浩。

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Walter Bagehot called its policies "so reckless one would think a child would have lent better".

沃尔特白芝浩称其政策“过于轻率，人们会觉得小孩来放贷也会比这做得好”。

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Bagehot mentions this distillatory effect in order tentatively to advance an unfashionable view.

巴杰特说起这种蒸馏效应，旨在试探性地发展一个并不受欢迎的观点。

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Under her the Conservatives shrank from a national force to a party of the rich south ( see Bagehot).

在她的领导下，保守党从一个全国性的政党沦落为南方富人阶层的政党（见“白芝浩”专栏）；

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