Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/70760
Authors: 
Quinn, Stephen
Roberds, William
Year of Publication: 
2012
Series/Report no.: 
Working Paper, Federal Reserve Bank of Atlanta 2012-14
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.
Subjects: 
fiat money
central bank
monetary competition
JEL: 
E42
E58
N14
Document Type: 
Working Paper

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