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Seigniorage
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Download or read book Seigniorage written by Jens Reich and published by Springer. This book was released on 2017-09-10 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the revenues from the creation of currency by a central government. Adopting an institutional perspective, it develops a general theory of seigniorage by identifying three monetary regimes in economic history and the history of economic thought: a commodity currency, a fiat currency and a credit currency regime. As such it provides a modern analytical framework to analyze the nature of revenues from the creation of currency and their optimal height, whether currency is issued by means of minting coins, by printing and spending paper notes, by crediting private entities, or combinations thereof. The results of this analysis stretch beyond the immediate topic. The book establishes a relationship between the theory of seigniorage and government debt, the theory of the interest rate, the optimal rate of inflation, or the effectiveness and inflationary limits of outright monetary transactions.
Book Synopsis Seigniorage in the EC by : International Monetary Fund
Download or read book Seigniorage in the EC written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-01-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper measures the effects of the integration of European financial markets and lower inflation in the EMS on the revenue from seigniorage for the EC member countries with particular focus on the high inflation countries. Assuming that by 1992 all EC members participate fully in the EMS and reserve requirements are unified, the revenue from seigniorage will be reduced by about 2 percentage points of GDP in Greece and Portugal and 0.5-0.8 percentage points in Italy and Spain. Two different measures of seigniorage yield similar results regarding the change, but differ regarding the level.
Book Synopsis Seigniorage: An argument for a national currency? by : Franziska Schobert
Download or read book Seigniorage: An argument for a national currency? written by Franziska Schobert and published by . This book was released on 2002 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Report Upon Coinage and Seigniorage by : James Brooks
Download or read book Report Upon Coinage and Seigniorage written by James Brooks and published by . This book was released on 1852 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Money Demand and Seigniorage-maximizing Inflation by : William Russell Easterly
Download or read book Money Demand and Seigniorage-maximizing Inflation written by William Russell Easterly and published by World Bank Publications. This book was released on 1992 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The elasticity of substitution in transactions between money and bonds is a crucial determinant of the seigniorage- maximizing inflation rate and of whether the semi- elasticity of money demand with inflation increases with inflation.
Book Synopsis Welfare Costs of Inflation, Seigniorage, and Financial innovation by : Mr.Jose De Gregorio
Download or read book Welfare Costs of Inflation, Seigniorage, and Financial innovation written by Mr.Jose De Gregorio and published by International Monetary Fund. This book was released on 1991-01-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the welfare effects of mitigating the costs of inflation. In a simple model where money reduces transaction costs, a fall in the costs of inflation is equivalent to financial innovation. This can be caused by paying interest on deposits, indexing money, or “dollarizing.” Results indicate that financial innovation raises welfare in low inflation economies while reducing it in high inflation economies, due to the offsetting indirect effect of higher inflation to finance the budget.
Book Synopsis Macroeconomics by : N. Gregory Mankiw
Download or read book Macroeconomics written by N. Gregory Mankiw and published by Macmillan. This book was released on 2003 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fifth edition of the #1 bestselling intermediate macroeconomics text, with coverage based on the most recent data available, plus new student media resources.
Download or read book Seigniorage written by Willem H. Buiter and published by . This book was released on 2007 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments through the ages have appropriated real resources through the monopoly of the 'coinage'. In modern fiat money economies, the monopoly of the issue of legal tender is generally assigned to an agency of the state, the Central Bank, which may have varying degrees of operational and target independence from the government of the day. In this paper I analyse four different but related concepts, each of which highlights some aspect of the way in which the state acquires command over real resources through its ability to issue fiat money. They are (1) seigniorage (the change in the monetary base), (2) Central Bank revenue (the interest bill saved by the authorities on the outstanding stock of base money liabilities), (3) the inflation tax (the reduction in the real value of the stock of base money due to inflation and (4) the operating profits of the central bank, or the taxes paid by the Central Bank to the Treasury. To understand the relationship between these four concepts, an explicitly intertemporal approach is required, which focuses on the present discounted value of the current and future resource transfers between the private sector and the state. Furthermore, when the Central Bank is operationally independent, it is essential to decompose the familiar consolidated 'government budget constraint' and consolidated 'government intertemporal budget constraint' into the separate accounts and budget constraints of the Central Bank and the Treasury. Only by doing this can we appreciate the financial constraints on the Central Bank's ability to pursue and achieve an inflation target, and the importance of cooperation and coordination between the Treasury and the Central Bank when faced with financial sector crises involving the need for long-term recapitalisation or when confronted with the need to mimick Milton Friedman's helicopter drop of money in an economy faced with a liquidity trap.
Download or read book Spending Seigniorage written by Alain Ize and published by International Monetary Fund. This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews how central banks allocate seigniorage, based on systematic crosscountry comparisons of their financial accounts. Central banks are classified as weak or strong, depending upon their structural profitability. Weak central banks typically (although not exclusively) operate in smaller and less wealthy countries, lack independence from their governments, and are burdened by compulsory transfers and low capital. Their operating expenditures, nonperforming assets, international reserve carrying costs, and international reserve accumulation needs are high. Governance appears to be a potential concern in many central banks, both weak and strong, with operating expenditures often adjusting upward for high profitability and capital accumulation adjusting downward for low profitability. The main policy implications are briefly reviewed.
Book Synopsis Seigniorage, Optimal Taxation, and Time Consistency by : Berthold Herrendorf
Download or read book Seigniorage, Optimal Taxation, and Time Consistency written by Berthold Herrendorf and published by . This book was released on 1994 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9781589061897 Total Pages :50 pages Book Rating :4.0/5 (618 download)
Book Synopsis Economic Policy in a Highly Dollarized Economy by : International Monetary Fund
Download or read book Economic Policy in a Highly Dollarized Economy written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-09-30 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the challenges and issues facing policymakers in highly dollarized economies. Focusing on Cambodia, which achieved almost complete dollarization during 1991-95, the authors review recent developments in the literature on dollarization and examine the costs and benefits of dollarization in Cambodia, including the ensuing macroeconomic policy implications. They carry out an econometric estimation of cash foreign currency circulation in Cambodia in order to gauge the degree of dollarization. In addition to this analysis, the authors present a short description of Cambodia’s economic, financial, and structural background.
Book Synopsis Financial Repression, Inflation and Seigniorage by : Bas van Aarle
Download or read book Financial Repression, Inflation and Seigniorage written by Bas van Aarle and published by . This book was released on 1996 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation and Seigniorage in Argentina by : Miguel Alberto Kiguel
Download or read book Inflation and Seigniorage in Argentina written by Miguel Alberto Kiguel and published by . This book was released on 1989 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Argentina, increases in inflation appear to be closely linked to government attempts to increase seigniorage (government revenues from issuing money). The implication? Any serious stabilization effort requires finding an alternative source of revenue to replace the inflation tax.
Book Synopsis Seigniorage in Europe by : Vittorio Grilli
Download or read book Seigniorage in Europe written by Vittorio Grilli and published by . This book was released on 1988 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, based on the experience of ten European countries, we study the relevance of seigniorage revenues in the recent past, and we speculate about their importance in the near future. We find that the members of the European community differ widely in the way they manage monetary policies. While for some of the European countries we could not identify any consistent seigniorage policy, for others seigniorage appears to have been an important component of their financing policies. This lack of consensus about the role of monetary policies is a potential source of conflict in designing common exchange rate policies. A formal analysis of the current status of the finances of the governments of the ten European countries also revealed that several of them are now following budget policies that are potentially incompatible with their long run solvency. This also represents a major obstacle toward monetary unification on exchange rate stability. Member countries will be faced with quite different needs for revenues and eliminating a (politically) flexible instrument like siegniorage may result in an unstable situation.
Book Synopsis Seigniorage, Sovereign Debt, and Reputation by : John Bronston Van Huyck
Download or read book Seigniorage, Sovereign Debt, and Reputation written by John Bronston Van Huyck and published by . This book was released on 1986 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Seigniorage and Political Instability by : Alex Cukierman
Download or read book Seigniorage and Political Instability written by Alex Cukierman and published by . This book was released on 1990 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of seignorage relative to other sources of government revenue differs markedly across countries. The main theoretical implication of this paper is that countries with more unstable and polarized political systems rely more heavily on seignorage. This result is obtained within the context of a political model of tax reform. The model implies that the more unstable and polarized the political system, the more inefficient is the equilibrium tax structure (in the sense that tax collection is more costly to administer), and the higher therefore, the reliance on seignorage. This prediction of the model is tested on cross-section data for 79 countries. It is found that, after controlling for other variables, political instability significantly contributes to explain the fraction of government revenue derived from seignorage. This finding is very robust. We also find that seignorage is positively related to political polarization, even though here the evidence is weaker because of difficulties in measuring polarization.
Book Synopsis Fiscal Deficits, Seigniorage and External Debt by : George S. Alogoskoufis
Download or read book Fiscal Deficits, Seigniorage and External Debt written by George S. Alogoskoufis and published by . This book was released on 1990 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
