-issued bank notes (national bank notes) and central bank-issued bank notes (Federal Reserve notes) were simultaneously in … Federal Reserve notes were not issued to be a superior currency to national bank notes. Rather, they were issued to enable the … eventually eliminate national bank notes was that they were potentially a source of bank reserves. As such, they could have …

In 1683 the Bank of Amsterdam introduced a form of fiat money that successfully competed with the coinage of the time … 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 …

In 1683 the Bank of Amsterdam introduced a form of fiat money that successfully competed with the coinage of the time … 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 …

money. However, there are limits. How negative can central bank equity be before fiat money loses credibility? We address … this question using a global games approach motivated by the fall of the Bank of Amsterdam (1609–1820). We solve for the … fiscal support and central bank capital in sustaining trust in fiat money …

Central banks have been considering the introduction of central bank digital currencies (CBDCs). The theoretical … financial stability. To provide empirical evidence on this debate, we study the effects of the arrival of a new central-bank … issued currency on commercial banks in a historical setup. We use the opening of the Bank of Canada in 1935 as a natural …