The Bank of Amsterdam and the Limits of Fiat Money
研究中央银行净资产为负时法定货币信任的极限，以阿姆斯特丹银行（1609-1820年）的倒闭为案例，用全局博弈方法求解负资产和资产流动性不足导致货币贬值的临界点，并讨论财政支持和央行资本对维持信任的作用。
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.