Direct finance in the Dutch Golden Age†
分析了17世纪阿姆斯特丹私人信贷运作，解释为何没有存款银行；金融体系高度分割，商业利润下降和利差收窄限制了存款业务，商人通过短期贷款滚动获得融资。
This article analyses private credit operations in Amsterdam in the seventeenth century to explain the absence of deposit banks. The financial system was highly segmented and a combination of declining business margins and narrow interest rate spreads cut the scope for deposit taking. Moreover, merchants had easy access to credit in the form of short‐term loans which could be easily rolled over, or replaced at will. This technique worked well because a market developed providing key functions to control risk and price loans accordingly.