An economic explanation of the early Bank of Amsterdam, debasement, bills of exchange, and the emergence of the first central bank
The Bank of Amsterdam, founded in 1609, was the first public bank to offer accounts not directly convertible to coin. As such, it can be described as the first true central bank. The debut of central bank money did not result from any conscious policy decision, however, but instead arose almost by accident, in response to the chaotic monetary conditions during the early years of the Dutch Republic. This paper examines the history of this momentous development from the perspective of modern monetary theory.
|Date of creation:||2006|
|Date of revision:|
|Contact details of provider:|| Postal: 1000 Peachtree St., N.E., Atlanta, Georgia 30309|
Web page: http://www.frbatlanta.org/
More information through EDIRC
|Order Information:|| Email: |
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Redish, Angela, 1990. "The Evolution of the Gold Standard in England," The Journal of Economic History, Cambridge University Press, vol. 50(04), pages 789-805, December.
- Stephen F. Quinn & William Roberds, 2005.
"The big problem of large bills: the Bank of Amsterdam and the origins of central banking,"
FRB Atlanta Working Paper
2005-16, Federal Reserve Bank of Atlanta.
- William Roberds & Stephen Quinn, 2005. "The Big Problem of Large Bills: The Bank of Amsterdam and the Origins of Central Banking," 2005 Meeting Papers 318, Society for Economic Dynamics.
- Sussman, Nathan & Zeira, Joseph, 2002.
"Commodity Money Inflation: Theory and Evidence from France in 1350-1436,"
Working Paper Series
rwp02-008, Harvard University, John F. Kennedy School of Government.
- Sussman, Nathan & Zeira, Joseph, 2003. "Commodity money inflation: theory and evidence from France in 1350-1436," Journal of Monetary Economics, Elsevier, vol. 50(8), pages 1769-1793, November.
- Sargent, Thomas J & Velde, Francois R, 1999.
"The Big Problem of Small Change,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 31(2), pages 137-61, May.
- Neal, Larry, 2000. "How it all began: the monetary and financial architecture of Europe during the first global capital markets, 1648 1815," Financial History Review, Cambridge University Press, vol. 7(02), pages 117-140, October.
When requesting a correction, please mention this item's handle: RePEc:fip:fedawp:2006-13. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Elaine Clokey)
If references are entirely missing, you can add them using this form.