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- W2113670307 abstract "The early Dutch Republic experienced a monetary problem called incremental debasement, for mints repeatedly reduced the precious metal content of coins by small amounts. Adam Smith termed this the “small-state” problem because small, open economies often made substantial use of foreign coins, so debased foreign mints flowed into ports like Amsterdam. Around 1600, The Dutch Republic was awash in foreign coins and these were widely used as media of exchange. The fragmented nature of minting authority within the Dutch Republic meant that debasement had a domestic component as well. Whether foreign or domestic, a debasement led to uncertainty in the value of payments, creating transaction costs that hampered commerce." @default.
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- W2113670307 date "2009-03-16" @default.
- W2113670307 modified "2023-10-18" @default.
- W2113670307 title "An economic explanation of the early Bank of Amsterdam, debasement, bills of exchange and the emergence of the first central bank" @default.
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- W2113670307 doi "https://doi.org/10.1017/cbo9780511757419.003" @default.
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