Quinn, Stephen; Roberds, William - In: Journal of Monetary Economics 66 (2014) C, pp. 1-12
A fiat money system was introduced in the seventeenth century by a prominent public bank of the time, the Bank of … Amsterdam. Employing data from the bank׳s archives, we show that bank money became a more attractive transactions medium …. Balances not matched by a redemption right became fiat. This change also stabilized the value of bank money as a unit of …