A Financial History of the Netherlands

This book brings together the results of fresh scholarly research to present a unique overview of the financial history of the Netherlands from the sixteenth century to the present day. The Netherlands has always occupied a role in international finance way out of proportion with its geographical size. Since the eighteenth century, the country has been one of the largest exporters of capital in the world. In addition, several important financial innovations were pioneered in the Netherlands, such as a funded public debt, the famous Amsterdam Wisselbank, large public limited companies with transferable shares, and securitized international loans. The book shows the evolution of the Dutch financial system during nearly four and a half centuries, detailing the close interrelationship between currency policy, public finance, and banking.

List of figures

x

(2)

List of tables

xii

1 Introduction

1

(10)

MARJOLEIN 'T HART

JOOST JONKER

JAN LUITEN VAN ZANDEN

2 The merits of a financial revolution: public finance, 1550-1700

11

(26)

MARJOLEIN 'T HART

2.1 Introduction

11

(1)

2.2 The centralisation of finances under the Habsburgs

12

(2)

2.3 Early fiscal structures during the Revolt

14

(2)

2.4 The burden of war in the republican expenses

16

(1)

2.5 The safety-valve of the public debt

17

(5)

2.6 The limited fiscal instruments of the central state

22

(5)

2.7 General patterns in taxation

27

(2)

2.8 The varying burden of taxation in the provinces

29

(5)

2.9 The financial success of the Dutch Republic

34

(3)

3 Linking the fortunes: currency and banking, 1550-1800

37

(27)

PIT DEHING

MARJOLEIN 'T HART

3.1 Introduction

37

(1)

3.2 The Revolt and its consequences for mint and currency

38

(2)

3.3 Reforms and improvements in the currency system

40

(2)

3.4 Money changers, cashiers and pawnbrokers

42

(3)

3.5 The Bank of Amsterdam

45

(6)

3.6 Characteristics of the Amsterdam capital market

51

(2)

3.7 The Amsterdam bourse and the trade in securities

53

(3)

3.8 Capital flows and foreign assets

56

(2)

3.9 Crises and weaknesses

58

(3)

3.10 Conclusion

61

(3)

4 From fragmentation to unification: public finance, 1700-1914

64

(30)

WANTJE FRITSCHY

RENE VAN DER VOORT

4.1 Introduction

64

(2)

4.2 Quantitative developments

66

(4)

4.3 Public expenditure in the eighteenth century: wars and debts

70

(3)

4.4 Public expenditure in patriot ideology and during the Batavian Revolution

73

(2)

4.5 National expenditure and debts from 1815 to 1850

75

(3)

4.6 Public revenues: the heritage of the eighteenth century

78

(3)

4.7 Taxation during the Batavian Revolution

81

(2)

4.8 Taxation in the Netherlands up to 1850

83

(2)

4.9 Public expenditure during the heyday of liberalism

85

(2)

4.10 Public revenue between 1844 and 1914

87

(3)

4.11 Public finance, institutional change, economic development and capital export

90

(4)

5 The alternative road to modernity: banking and currency, 1814-1914

94

(30)

JOOST JONKER

5.1 Introduction

94

(1)

5.2 Cleaning up the circulation, 1814-1850

95

(2)

5.3 Managing the currency, 1850-1914

97

(1)

5.4 The early pattern of banking, 1814-1860

98

(10)

5.5 Structural changes, 1860-1890

108

(2)

5.6 New horizons, 1890-1914

110

(12)

5.7 Conclusion

122

(2)

6 Old rules, new conditions, 1914-1940

124

(28)

JAN LUITEN VAN ZANDEN

6.1 The development of the banking system: from `revolution' to stagnation

124

(11)

6.2 Government finances: the golden rule of accumulation in practice

135

(6)

6.3 Monetary policy and the development of the Central Bank

141

(10)

6.4 Old rules, new conditions, 1914-1940

151

(1)

7 Towards a new maturity, 1940-1990

152

(43)

JAAP BARENDREGT

HANS VISSER

7.1 Introduction

152

(1)

7.2 War and peace

152

(7)

7.3 Public finance

159

(8)

7.4 The financial sector

167

(6)

7.5 Increase of scale in banking

173

(11)

7.6 Functions and development of the Nederlandsche Bank

184

(9)

7.7 Summary

193

(2)

8 Conclusion

195

(6)

MARJOLEIN 'T HART

JOOST JONKER

JAN LUITEN VAN ZANDEN

8.1 Provincial primacy, 1570-1800

196

(1)

8.2 The coming of the nation-state, 1800-1914

197

(1)

8.3 From nation-state to wider monetary integration, 1914-

198

(3)

Glossary

201

(3)

Bibliography

204

(19)

Index

223

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A Financial History of the Netherlands

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Table of Contents

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