Leach, “After the Accord: Reminiscences on the Birth of the Modern Fed,” Federal Reserve Bank of Richmond Economic Quarterly$187, no.

Burgess, “Reflections on the Early Development of Open Market Policy,” Monthly Review, Federal Reserve Bank of New York (1964). Liaquat Ahamed, Lords of Finance: The Bankers Who Broke the World (London: Penguin Books, 2009), 474. Wilkerson, “Senator Robert Owen of Oklahoma and the Federal Reserve’s Formative Years,” Federal Reserve Bank of Kansas City Economic Review 3 (2013): 5–27. Jenkins, Life and Public Services of General Andrew Jackson (New York and Auburn: Miller, Orton and Mulligan, 1855), 248.Ĭhad R. Steve Schifferes, “Financial Crises: Lessons from History,” BBC News, September 3, 2007, (accessed October 30, 2013). This process is experimental and the keywords may be updated as the learning algorithm improves. These keywords were added by machine and not by the authors. The bank closed its doors as a result of providing large and risky loans to the local government of Amsterdam and the Dutch East India Company and committing other financial improprieties in 1819, just a few years after the creation of the Kingdom of the Netherlands in March of 1815.

This was a time when Europe was fractured into many small states whose currency typically traded at a discount, and the Bank of Amsterdam accepted deposits in these myriad currencies and credited the depositors in what was known as “bank money,” which traded at a premium. The Bank of Amsterdam performed some of the activities associated with modern central banks.

It was established in 1609 in Amsterdam when it was part of the Republic of the Seven United Provinces the United Provinces had formed when Netherlands had seceded from Spanish rule in the late sixteenth century. The Bank of Amsterdam (Amsterdamsche Wisselbank) is considered to be the forerunner of modern central banks.

The Federal Reserve by Robert L. Hetzel