The Bank of Amsterdam through the lens of monetary competition

Stephen Quinn and William Roberds

No 2012-14, FRB Atlanta Working Paper from Federal Reserve Bank of Atlanta

Abstract: In 1683 the Bank of Amsterdam introduced a form of fiat money that successfully competed with the coinage of the time. We argue that the principal motive for this monetary innovation was the uncertain value of coins circulating within the Dutch Republic. The Bank's fiat money regime persisted until the downfall of the Dutch Republic in 1795 and incorporated modern features such as gross settlement of financial obligations, open market operations, central bank repurchase agreements (the equivalent thereof), and emergency liquidity facilities.

Date: 2012
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Related works:
Chapter: The Bank of Amsterdam Through the Lens of Monetary Competition (2014)
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