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.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
Banca Monte dei Paschi di Siena. (2017, October 1). History. https://www.gruppomps.it/en/about-us/history.html (accessed December 1, 2017).
- 2.
Joh. Berenberg, Gossler & Co. KG. Founded 1590 – Berenberg is the second oldest bank in the world. https://www.berenberg.de/en/berenberg/ (accessed December 1, 2017).
- 3.
C. Hoare & Co. About Us. https://www.hoaresbank.co.uk/about-us (accessed December 1, 2017).
- 4.
Sveriges Riksbank. (2011, September 30). The Riksbank’s Banknote History – Tumba Bruk Museum. http://archive.riksbank.se/en/The-Riksbank/History/The-Riksbanks-banknote-history-Tumba-Bruk-museum/index.html (accessed November 19, 2016).
- 5.
Sveriges Riksbank. (2011, September 30). Towards Central Banking. http://archive.riksbank.se/en/The-Riksbank/History/Money-and-power-thehistory-of-Sveriges-Riksbank/Towards-central-banking/index.html (accessed November 19, 2016).
- 6.
The National Archives, United Kingdom. Bank of England Act 1694. http://www.legislation.gov.uk/aep/WillandMar/5-6/20/introduction (accessed November 24, 2017).
- 7.
The National Archives, United Kingdom. Bank Charter Act 1844. https://www.legislation.gov.uk/ukpga/1844/32/pdfs/ukpga_18440032_en.pdf (accessed November 24, 2017).
- 8.
Schifferes, S. (2007, September 3). Financial Crises: Lessons from History. BBC News. http://news.bbc.co.uk/2/mobile/business/6958091.stm (accessed November 25, 2017).
- 9.
Banco de España. From the Banco de San Carlos to the Banco de España. https://www.bde.es/bde/en/secciones/sobreelbanco/historiabanco/Del_Banco_de_San/ (accessed December 2, 2017).
- 10.
Napoleon would not become the emperor until 1804.
- 11.
Banque de France. 1800 Creation of the Banque de France. https://www.banque-france.fr/en/banque-de-france/history/themilestones/1800-creation-of-the-banque-de-france.html (accessed December 4, 2017).
- 12.
Banque de France. 1808–1936 Extension of the Right of Note Issue Development of the Branch Network and Diversification. https://www.banque-france.fr/en/banque-de-france/history/the-milestones/1808-1936-extension-of-the-right-of-note-issue-development-of-thebranch-network-and-diversification.html (accessed December 4, 2017).
- 13.
Danmarks Nationalbank. Historical Snapshots. http://www.nationalbanken.dk/dnuk/hist.nsf/Hist!readForm (accessed January 14, 2018).
Author information
Authors and Affiliations
Copyright information
© 2018 The Author(s)
About this chapter
Cite this chapter
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
Download citation
DOI: https://doi.org/10.1057/978-1-137-58912-5_1
Published:
Publisher Name: Palgrave Macmillan, New York
Print ISBN: 978-1-137-58911-8
Online ISBN: 978-1-137-58912-5
eBook Packages: Economics and FinanceEconomics and Finance (R0)