Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/70660
Authors: 
Quinn, Stephen
Roberds, William
Year of Publication: 
2006
Series/Report no.: 
Working Paper, Federal Reserve Bank of Atlanta 2006-13
Abstract: 
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.
Subjects: 
money
central banks
coinage
debasement
JEL: 
E42
E52
N13
Document Type: 
Working Paper

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