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Lessons from early central banking for today

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  • Bindseil, Ulrich

Abstract

Contrary to popular belief, the history of central banking begins much earlier than 1800. Many current issues of central bank policy can be traced back to the public giro banks of the 15th century, and have been discussed in numerous essays at least since the 17th century. Are the same debates merely repeating themselves in new shapes? And, more importantly, what can we learn today from those first four centuries of central bank history and debates? This paper argues that despite the end of convertibility into precious metal of central bank money, relevant lessons can be derived from early central banking for today, and develops this around five concrete themes.

Suggested Citation

  • Bindseil, Ulrich, 2021. "Lessons from early central banking for today," IBF Paper Series 01-21, IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main.
    • Handle: RePEc:zbw:ibfpps:0121
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    References listed on IDEAS

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    1. Paul Tucker, 2014. "The lender of last resort and modern central banking: principles and reconstruction," BIS Papers chapters, in: Bank for International Settlements (ed.), Re-thinking the lender of last resort, volume 79, pages 10-42, Bank for International Settlements.
    2. Sinn, Hans-Werner, 2017. "The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs," OUP Catalogue, Oxford University Press, number 9780198791447.
    3. Stefano Ugolini, 2017. "The Evolution of Central Banking: Theory and History," Palgrave Studies in Economic History, Palgrave Macmillan, number 978-1-137-48525-0.
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    More about this item

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • N2 - Economic History - - Financial Markets and Institutions

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