Abstract
The double-entry book-keeping system and the modern banking industry originated in present-day Italy, approximately around the same time the Chinese invented paper currency and long after standardized coinage was introduced in Lydia. Siena in Italy is home to the oldest continuously operating bank in the world; the second and the third oldest respectively are in Germany and the United Kingdom. While the Bank of Amsterdam is considered to be the forerunner of modern central banks, it was forced to close its doors in 1819. Sveriges Riksbank of Sweden, established in 1657, is the oldest central bank in the world. The Bank of England, whose charter was granted in 1694, is the second oldest. Spain and France followed with their own institutions nearly a century later.
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Notes
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Ray Chaudhuri, R. (2018). Introduction. In: Central Bank Independence, Regulations, and Monetary Policy. Palgrave Macmillan, New York. https://doi.org/10.1057/978-1-137-58912-5_1
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