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Central Banking before 1800 - A Rehabilitation (Hardcover)
Loot Price: R3,193
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Central Banking before 1800 - A Rehabilitation (Hardcover)
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Although central banking is today often presented as having emerged
in the nineteenth or even twentieth century, it has a long and
colourful history before 1800, from which important lessons for
today's debates can be drawn. While the core of central banking is
the issuance of money of the highest possible quality, central
banks have also varied considerably in terms of what form of money
they issued (deposits or banknotes), what asset mix they held
(precious metals, financial claims to the government, loans to
private debtors), who owned them (the public, or private
shareholders), and who benefitted from their power to provide
emergency loans. Central Banking Before 1800: A Rehabilitation
reviews 25 central banks that operated before 1800 to provide new
insights into the financial system in early modern times. Central
Banking Before 1800 rehabilitates pre-1800 central banking,
including the role of numerous other institutions, on the European
continent. It argues that issuing central bank money is a natural
monopoly, and therefore central banks were always based on public
charters regulating them and giving them a unique role in a
sovereign territorial entity. Many early central banks were not
only based on a public charter but were also publicly owned and
managed, and had well defined policy objectives. Central Banking
Before 1800 reviews these objectives and the financial operations
to show that many of today's controversies around central banking
date back to the period 1400-1800.
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