Lender of Last Resort: What Have We Learned Since Bagehot?

The maintenance of financial stability is facilitated by well-designed safety-net arrangements aimed at limiting the risk of disruption in the financial system (crisis prevention) and the consequences of disruption if it arises (crisis management). An important element of crisis management is the lender of last resort (LOLR) function. This article reviews the main ideas on LOLR reflected in the academic literature, going back to Henry Thornton almost 200 years ago.     

Analysing Service Quality in the Hospitality Industry Using the SERVQUAL Model

This study reports an application in the hospitality industry of the SERVQUAL model developed by Parasuraman, Zeithaml and Berry. Although originally developed for application within the financial services sector, the model is designed to measure those components of service that generate satisfaction within five dimensions. This study identified the existence of gaps between clients' and management perceptions of attributes of the hotel, and between client expectation and perception of the services offered. It is argued that the existence of these gaps is a source of dissatisfaction with services provided. Factor analysis identified five dimensions explaining 78 per cent of variance, but these differed from the SERVQUA L model.