The Bank of Amsterdam and the Limits of Fiat Money

• 成果类型: Article
• 署名作者: Bolt, Wilko; Frost, Jon; Shin, Hyun Song; Wierts, Peter
• 署名单位: European Central Bank; De Nederlandsche Bank NV; Vrije Universiteit Amsterdam; Bank for International Settlements (BIS)
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/732524
• 发表日期: 2024
• 页码: 3919-3941
• 关键词: demand; media; MODEL

摘要

Central banks can operate with negative equity, and many have done so in history without undermining trust in fiat money. However, there are limits. How negative can central bank equity be before fiat money loses credibility? We address this question using a global game approach capital in sustaining trust in fiat money.