Spending Seigniorage
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Spending Seigniorage
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Author : Mr.Alain Ize
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2006-03-01
Spending Seigniorage written by Mr.Alain Ize and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03-01 with Business & Economics categories.
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.
Welfare Costs Of Inflation Seigniorage And Financial Innovation
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Author : Mr.Jose De Gregorio
language : en
Publisher: International Monetary Fund
Release Date : 1991-01-01
Welfare Costs Of Inflation Seigniorage And Financial Innovation written by Mr.Jose De Gregorio and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-01-01 with Business & Economics categories.
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.
Imf Working Papers
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Author : Alain Ize
language : en
Publisher:
Release Date : 2006
Imf Working Papers written by Alain Ize and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Electronic books categories.
Spending Seigniorage
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Author : Alain Ize
language : en
Publisher: International Monetary Fund
Release Date : 2006
Spending Seigniorage written by Alain Ize and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Banks and banking, Central categories.
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.
Seigniorage
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Author : Jens Reich
language : en
Publisher: Springer
Release Date : 2017-09-10
Seigniorage written by Jens Reich and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-10 with Business & Economics categories.
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.
Singular Budget Line And Seigniorage
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Author : Hak Choi
language : en
Publisher:
Release Date : 2018
Singular Budget Line And Seigniorage written by Hak Choi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This paper has two purposes. First, it proves that printing money is more detrimental than taxation. Second, it proves that when money is one of the variables in household consumption decision, the resulting budget function is a constant, and the budget line is called singular. Singular indifference curve and budget line destroy any hope for optimization.
Seigniorage
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Author : Willem H. Buiter
language : en
Publisher:
Release Date : 2007
Seigniorage written by Willem H. Buiter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Banks and banking categories.
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.
Seigniorage Taxation And Weak Government
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Author : Tahir Andrabi
language : en
Publisher:
Release Date : 1998
Seigniorage Taxation And Weak Government written by Tahir Andrabi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
We examined a setting where decision making about financing a given amount of government spending is decentralized. Seigniorage is the residual tax that passively adjusts to meet the budget constraint. We place this budget making process in a repeated game setting and characterize the cooperative tax-seigniorage function. Three main results are 1) Seigniorage and transitory changes in output are positively correlated. This result holds after controlling for changes in government spending. 2) A positive (negative) covariation between current period government spending and transitory output strengthens (weakens) the positive relationship between seigniorage and transitory output. 3) Seigniorage is negatively correlated with trend output growth. Time series empirical tests using annual data for 20 OECD countries support the first two results. A test using cross-section data on 75 countries confirms the third hypothesis.
Seigniorage An Argument For A National Currency
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Author : Franziska Schobert
language : en
Publisher:
Release Date : 2002
Seigniorage An Argument For A National Currency written by Franziska Schobert and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Can Public Spending Cuts Be Inflationary
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Author : Willem H. Buiter
language : en
Publisher:
Release Date : 1988
Can Public Spending Cuts Be Inflationary written by Willem H. Buiter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Expenditures, Public categories.