EAN: 9783319106168

EVOLUTION OF CENTRAL BANKING? - ROLAND UITTENBO...

The book analyses the establishment of De Nederlandsche Bank and its early development as a
case study to test competing theories on the historical development of central banking. It is
shown that the establishment of DNB can be explained by both the fiscal theory and the
financial stability theory. Later development makes clear that the financial stability role of
DNB prevailed. DNB´s bank notes were not forced onto the public and competition was fierce. A
prudent and independent stance was necessary to be able to play its intended role. This meant
that DNB played a modest role in the Amsterdam money market until 1852. By 1852 it had
established itself to become the central bank. By then its bank notes had become generally
accepted and it could start to operate as a reserve bank. Also the market context had changed
dramatically  its competitors had been driven out of the market and several credit institutions
had become customers of DNB.On the occasion of the Nederlandsche Bank's 200th Anniversary  it
is good to have a new  and an extremely good  history of its founding and first fifty years of
operation. The only previous account of this period of the DNB's history was legalistic and did
not sufficiently place the Bank´s development in its wider context. Uittenbogaard's book
provides a much broader  and better  story of the personnel  economics  and finance of the DNB
at this juncture. - Charles Goodhart  LSE.

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