
Contents
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I. Introduction I. Introduction
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II. Common Themes II. Common Themes
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1. Origins 1. Origins
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2. Viability 2. Viability
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3. Tensions 3. Tensions
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4. Taxonomy 4. Taxonomy
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III. Ledger-Money Banks III. Ledger-Money Banks
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1. Genoa 1. Genoa
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(a) The Casa di San Giorgio (1404–1815) (a) The Casa di San Giorgio (1404–1815)
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(b) The First Banco di San Giorgio (1408) (b) The First Banco di San Giorgio (1408)
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(c) Interlude (1444–1530) (c) Interlude (1444–1530)
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(d) The second Banco di San Giorgio (1530) (d) The second Banco di San Giorgio (1530)
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2. Venice 2. Venice
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(a) Private banking in Venice (a) Private banking in Venice
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(b) Early proposals (b) Early proposals
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(c) The Banco di Rialto (1587–1638) (c) The Banco di Rialto (1587–1638)
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(d) The Banco del Giro (1619–1800) (d) The Banco del Giro (1619–1800)
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3. Naples 3. Naples
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4. Catalonia 4. Catalonia
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(a) Beginnings (a) Beginnings
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(b) The Taula de Canvi (1401) (b) The Taula de Canvi (1401)
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(c) The Banc de la Ciutat (1609) (c) The Banc de la Ciutat (1609)
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(d) Other municipal banks in Catalonia and Aragon (d) Other municipal banks in Catalonia and Aragon
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5. The Dutch Republic 5. The Dutch Republic
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(a) Amsterdam (1609–1820) (a) Amsterdam (1609–1820)
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(b) Other Dutch exchange banks (1616–1812) (b) Other Dutch exchange banks (1616–1812)
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6. German Banks 6. German Banks
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(a) Early German municipal banks (fifteenth–seventeenth centuries) (a) Early German municipal banks (fifteenth–seventeenth centuries)
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(b) Hamburg (1619–1875) (b) Hamburg (1619–1875)
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(c) Nuremberg (1621–1836) (c) Nuremberg (1621–1836)
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IV. Conclusion IV. Conclusion
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17 Early Public Banks I: Ledger-Money Banks
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Published:January 2016
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Abstract
This chapter explores the origins and development of models for a central bank by examining the history of the pre-Napoleonic-era public banks. Unlike central banks, some of these public banks were not owned by governments, and many did not function as ‘central banks’ in the sense of having a monopoly of control over a nation’s monetary base. They did share a common characteristic: the ability to create a privileged set of claims (ledger money or circulating notes) that could not easily be replicated by purely private institutions. Against these liabilities, the public banks held a range of assets including coins, bullions, private, dedicated tax revenues, and to varying extents, obligations of the sponsoring government. The legal features of the claims provided inducements for the public to hold them, both ‘carrots’ (freedom from attachment by creditors, for example) and ‘sticks’ (requirements for use of the bank’s claims to settle certain obligations).
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