The Bank of Amsterdam and the Leap to Central Bank Money

@article{Quinn2007TheBO,
  title={The Bank of Amsterdam and the Leap to Central Bank Money},
  author={Stephen F. Quinn and William Roberds},
  journal={The American Economic Review},
  year={2007},
  volume={97},
  pages={262-265}
}
Central bank money is the foundation of modern monetary and payment systems. Central bank money defines a unit of account. The price at which this money trades determines “monetary policy.” And most payment systems require the transfer of central bank funds before a transaction is legally final or “settled.” Despite its current ubiquity, the origins of central bank money have remained obscure, and the present-day system involves a remarkable conceptual leap from earlier coin-based systems. In… 

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