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Working Paper

The Relevance of the Bank of Amsterdam Today : Its Implications for a New Monetary System

페이스북
커버이미지
  • 저자 좌승희(左承喜)
  • 발행일 1989/04/01
  • 시리즈 번호 8915
원문보기
요약 This paper analyzes the institutional characteristics of the
Bank of Amsterdam cited in the Wealth of Nations by Adam
Smith and discusses their modern relevance. It is argued that
the Bank exemplified a legal restrictions theory of money, was a
100 percent reserve system, and had market price convertibility
built into the payment system.

Most interesting among these was market-price
convertibility. The cost of withdrawing reserve gold or silver
was set by market forces to be equal to the market price of
gold or silver. The paper argues that this system is necessary
in order to avoid bank runs whether the monetary regime has a
commodity or fiat standard. It is further argued that this system
should be viewed as a forerunner of similar systems now being
proposed, especially by proponents of the new monetary
economics.
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