阿姆斯特丹银行与法定货币的极限

中文摘要

中央银行可以在负权益下运营，历史上许多央行曾如此运作，却未损害对法定货币的信任。然而，这种做法存在极限。在法定货币失去可信度之前，中央银行权益可以为多少负值？我们采用全局博弈方法探讨这一问题，该方法受阿姆斯特丹银行（1609–1820）的衰亡所启发。我们求解出负权益与资产非流动性使法定货币一文不值的唯一临界点。我们据此得出了关于财政支持与央行资本在维持对法定货币信任中作用的启示。

Abstract

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 motivated by the fall of the Bank of Amsterdam (1609–1820). We solve for the unique break point where negative equity and asset illiquidity render fiat money worthless. We draw lessons on the role of fiscal support and central bank capital in sustaining trust in fiat money.