对外贸易中的铸币税及其经济效应

铸币税是指发行货币所得到的收益,既包括中央银行发行的基础货币,也包括商业银行发行的存款.中央银行征收铸币税的能力随着货币乘数增加而减弱,而商业银行的征收能力则随货币乘数的增加而增加.铸币税可以分解为通货膨胀税和扣除净出口部分的经济增长税两部分,外汇储备本质上是货币当局向本国人们征收的铸币税.     

铸币税:基于不同视角的理解

本文讨论了不同货币体系下铸币税对政府和中央银行的含义,同时也讨论了铸币税对收入再分配和政府宏观经济政策的意义。本文着重指出,铸币税收入与通货膨胀税是存在差异的。在对我国中央银行资产负债表进行分析的基础上,本文还估算了2003年我国政府从货币发行中获得的铸币税收入的规模。     

铸币税：基于不同视角的理解

本文讨论了不同货币体系下铸币税对政府和中央银行的含义。同时也讨论了铸币税对收入再分配和政府宏观经济政策的意义。本文着重指出。铸币税收入与通货膨胀税是存在差异的。在对我国中央银行资产负债表进行分析的基础上，本文还估算了2003年我国政府从货币发行中获得的铸币税收入的规模。     

浅析电子货币的发展对央行铸币税收入的影响

电子货币作为小额交易的支付工具的广泛使用,有可能会取代央行发行的通货,使央行由发行无息负债所换取的利息性资产收益,即一般所称的铸币税收入(seigniorage revenues)大幅减少,从而影响央行运作的独立性。巴塞尔委员会曾对十国集团成员国电子货币发展对中央银行铸币税收入有可能产生的影响进行过研究,笔者认为:由于货币构成的差异和货币面额构成的差异,电子货币的发展对我国中央银行铸币税收入的影响更大。     

关于国际铸币税收益的探讨

国际铸币税收益是国际储备货币发行国凭借本国特殊的货币地位而获得的一种收益,它是从国内铸币税派生出来的,并且是与国内铸币税性质相似的一种收益。美国作为当今世界最主要的国际储备货币———美元的发行国,获得了巨额的流量和存量意义的国际铸币税收益。国际铸币税收益一方面反映了现行国际货币制度利益分配的严重失衡,另一方面也说明我国应该坚定不移地推进人民币的国际化。     

竞争性货币与铸币税

铸币税是指货币发行者从发行货币而得到的收入,本文从使用共同货币的成本出发,从货币使用的成本和收益的角度分析了铸币税的存在和度量,在此基础上,将货币视为适用格雷欣法则,最后引入了哈耶克的竞争性货币,从铸币税的角度分析了通货膨胀的治理.     

关于铸币税的理论研究进展

所谓铸币税(seigniorage)指的是货币发行当局通过发行货币而取得的收入,从本质上说,它不是税收,而是因为拥有货币发行垄断权而取得的一种收益。这种收益几乎是无     

财政赤字货币化、央行铸币税与经济增长

铸币税是政府发行货币所取得的收入。现阶段我国政府可以通过增加铸币税来弥补财政赤字 ,摆脱通货紧宿 ,减少税收扭曲 ,促进经济发展     

中国铸币税的规模与因素分析

铸币税是指一国货币当局在货币创造过程中获取的净收入。处于经济转轨中的中国,经济增长、通货膨胀、货币化①进程以及货币流通速度的变化都是影响货币供给的重要因素。文章在理论上简单论述了影响我国铸币税的结构因素后,根据我国的相关数据,对我国铸币税的规模和结构进行了实证分析。     

铸币税的国际延伸:逆转风险与人民币强势战略

铸币税是货币当局发行货币所获得的收益，其外延可以扩展到通货膨胀收入乃至货币政策效果。货币国际化的可逆转性决定了铸币税区域延伸存在着逆转风险，并蕴涵着货币市场风险乃至金融经济波动风险。货币国际化的逆转概率取决于对该货币的稳定预期。人民币目前还不具备强势货币内质，但它承担起了稳定亚洲金融与经济的职责。中国人民银行应把提高人民币的国际竞争力作为切入点，在人民币国际化已成定局的大背景中推行审慎的人民币强势战略，以期规避人民币国际化的逆转风险。     

Government Bond Seigniorage

Recent studies have indicated that government bonds are an imperfect substitute for money in providing transaction services. Based on these studies, this article develops a theoretical framework showing that, as with money seigniorage, the government can gain an interest benefit from issuing government bonds. The article terms this interest benefit as ‘government bond seigniorage’. Further, the article estimates government bond seigniorage in comparison with money seigniorage for five countries (Australia, Canada, France, Italy and the United States) during the period 1959–2001. It is found that government bond seigniorage accounts for a larger percentage of Gross Domestic Product than money seigniorage, but also experiences greater fluctuations for all sample countries.     

Seigniorage Wealth and Redistribution in Central and Eastern European Countries

The analysis presented in this article focuses on seigniorage revenues in five Central and Eastern European Countries: Bulgaria, the Czech Republic, Hungary, Poland and Romania. A comprehensive discrete period accounting framework for measuring the sources and uses of seigniorage in the 1990s is presented. The framework is based upon the gross concept of seigniorage that defines seigniorage in the broadest possible sense as the sum of revenues resulting from the monopoly power to issue money. Legal, institutional and operational details which are relevant for the creation of base money in a country are taken into account. The article reveals similarities and differences in seigniorage wealth between the countries under scrutiny, evaluates the magnitude of seigniorage and shows that accession to the European Monetary Union will create significant once-and-for-all gains of seigniorage wealth for the countries resulting from redistributing seigniorage wealth.     

Cash-in-advance constraint,optimal monetary policy,and human capital accumulation

This paper investigates optimal monetary policy in an overlapping-generations model with endogenous growth fueled by the accumulation of human capital and under a cash-in-advance constraint. We consider the case where the government finances public education fully by seigniorage. Three main results are obtained. First, there exists an optimal money growth rate that maximizes the economic growth rate along the steady growth path. Second, on this path, the Laffer curve of seigniorage takes the maximum. Finally, the money growth rate for maximizing seigniorage along the steady growth path, which also leads to maximization of the economic growth rate, is lower than that for maximizing seigniorage in the present period.     

Can growth-enhanced monetary policy improve welfare when people seek social status?

This paper examines the growth and welfare effects from an increase in the rate of money supply in an Ak type growth model with a relative wealth-enhanced social status motive, production externalities, and liquidity constraints. When only consumption is constrained by liquidity, fast money supply can hasten output growth unless seigniorage revenue is wasted and production externalities do not exist. We find that even though money growth normally promotes economic growth, it does not improve welfare when capital stock is over-accumulated. In general, an optimal monetary policy minimizes seigniorage. Our results also conclude that the optimal monetary policy rarely follows the Friedman rule.     

SEIGNIORAGE, DOMESTIC DEBT, AND FINANCIAL REFORM IN CHINA

This paper describes the institutional features of China's hybrid economy that have allowed the government to earn high levels of seigniorage. It quantifies both the financial benefits and implicit costs to the government of extracting seigniorage from the economy. The analysis, which is based on the inside/outside money model of Gurley and Shaw (1960), indicates that seigniorage earnings in the period 1987—1994 were large, but were earned at the cost of a rising implicit government debt and potential future inflation. The paper also outlines how the Chinese government's ability to earn seigniorage in the future may decline as the economy becomes fully monetized and as reform alters the economy's unique institutional structure.     

Policy Rules and Monetarist Arithmetic

This note demonstrates the existence of an important equilibrium path overlooked in the literature on monetarist arithmetic. Pleasant monetarist arithmetic is possible when the interest‐elasticity of money demand exceeds unity. In this case, tight money may lead to a transitory increase in seigniorage, the retirement of government debt, and lower inflation in both the short run and the long run. The set of equilibrium paths is sensitive, however, to the form of the policy rule. Pleasant monetarist arithmetic is not an equilibrium if the policy rule fixes the share of the fiscal deficit financed by seigniorage. Both pleasant monetarist arithmetic and the tight‐money paradox are equilibrium paths when the government's commitment to low money growth is conditional on inflation remaining below its previous level.     

Seigniorage and public good in an OLG model with cash-in-advance constraints

This paper is a contribution to the theory of the optimal monetary policy in overlapping generations models with a cash-in-advance constraint applying on old age consumption purchases. We are particularly interested in the study of seigniorage when the latter is used to finance public goods valued by consumers. Assuming that a public good enters the utility function and the existence of cash-in-advance constraints, we find a Laffer curve of seigniorage at steady-state. We also analyze the dynamic optimal monetary policy when the government maximizes an intertemporal social welfare function and can only resort to seigniorage to finance the purchases of the public good. We show that the optimal rate of money growth may be strictly higher than the one which maximizes steady-state seigniorage: the optimal amount of seigniorage may lie on the decreasing part of the Laffer curve of seigniorage. We finally suppose that the government can use lump-sum taxes in addition to seigniorage. Then, the Friedman rule prevails and public expenditures are only financed through lump-sum taxes.     

Hyperinflation in Zimbabwe: money demand,seigniorage and aid shocks

Zimbabwe experienced record hyperinflation of 80 billion per cent per month in 2008. This article uses new data from Zimbabwe to investigate money demand under hyperinflation using an autoregressive distributed-lag model for the period 1980–2008. The results produce plausible convergence rates and long-run elasticities, indicating that real-money balances are cointegrated with the inflation rate and signifying an equilibrium relationship between the two series. Evidence is also presented suggesting prices were driven by increases in the money supply rather than by changes in price setting behaviour. The article uses the estimated elasticity on the inflation variable to calculate the maximum level of seigniorage revenue that could be raised in the economy. Actual seigniorage levels increased dramatically after 2000, with inflation eventually exceeding the rate required to maximize this revenue stream. This is discussed in relation to international financing constraints and the collapse of the domestic tax base.     

International Transmission of Monetary Shocks and the Non‐neutrality of International Money

Monetary shocks and how they are transmitted internationally are investigated in this paper. The paper shows that where a national currency is used as an international medium of exchange, the international money is non‐neutral. In particular, an increase in the supply of the international money leads to a transfer of real resources to the international money‐issuing country from its trading partner. It also induces an expansion of the nontradable sector in the international money‐issuing country, and an expansion of the tradable sector in its trading partner. The real impact of a monetary shock is greater under a fixed exchange rate system than under a flexible exchange rate system.