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Giving Up the Swiss Franc: Some Consideration on Seigniorage Flows Under EMU
Fischer, Andreas M; Jordan, Thomas J.; Lack, Caeser P - C.E.P.R. Discussion Papers - 2002
independent monetary policy. This Paper considers an additional factor in this debate, namely the decrease of seigniorage for … Switzerland joined EMU at that time, about half of the seigniorage stemming from the previous Swiss franc currency circulation … third largest contributor of seigniorage in absolute terms after Germany and Spain. In relative terms, the Swiss per capita …
Persistent link: https://www.econbiz.de/10005656321
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Central Banks: Powerful, Political and Unaccountable?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014
Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...
Persistent link: https://www.econbiz.de/10011084413
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Hyperinflation and Stabilization: Cagan Revisited
Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 1996
Using a variant of the Cagan model with rational expectations, this paper shows that expected stabilization can result in a budget deficit in excess of the maximum inflation tax. A cap on the deficit dampens inflation expectations and raises real balances, thus increasing the yield of the...
Persistent link: https://www.econbiz.de/10005792067
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The Political Economy of Capital Controls
Alesina, Alberto F; Grilli, Vittorio; Milesi-Ferretti, … - C.E.P.R. Discussion Papers - 1993
independent. By imposing capital controls these governments raise more seigniorage revenue and keep interest rates artificially …
Persistent link: https://www.econbiz.de/10005114361
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When bigger isn’t better: Bail outs and bank behaviour
Li, Han Hao; Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2011
The traditional theory of commercial banking explains maturity transformation and liquidity provision assuming no asymmetric information and no excess profits. It captures the possibility of bank runs and business cycle risk; but it ignores the moral hazard problems connected with risk-taking by...
Persistent link: https://www.econbiz.de/10009320408
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The EMU and the NAMU: What is the Case for North American Monetary Union?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 1999
in favour of either form of monetary union. Seigniorage considerations argue against unilateral adoption of the U …
Persistent link: https://www.econbiz.de/10005666942
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Financing Budget Deficits by Seigniorage and Implicit Taxation: The Cases of Spain and Portugal
Repullo, Rafael - C.E.P.R. Discussion Papers - 1991
This paper evaluates the contribution of seigniorage and implicit taxation of financial intermediation to the financing … mechanisms amount to an implicit tax on financial intermediation, whose revenue can be added to seigniorage. The paper sets out … justifies the measures of seigniorage and implicit taxation that are computed for the period 1980-1990. The results show that …
Persistent link: https://www.econbiz.de/10005791722
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Should Argentina Adopt The US Dollar?
Hughes Hallett, Andrew; Myrvin, Anthony - C.E.P.R. Discussion Papers - 2000
A popular suggestion among emerging or transition economies is to 'dollarize' or 'euro-ize'; that is to adopt the currency of a larger, richer neighbour in order to import the monetary discipline and financial stability of that neighbour. This paper examines the pros and cons of that suggestion...
Persistent link: https://www.econbiz.de/10005123613
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The Mystery of the Printing Press: Self-fulfilling debt crises and monetary sovereignty
Corsetti, Giancarlo; Dedola, Luca - C.E.P.R. Discussion Papers - 2013
Building on Calvo (1988), we develop a stochastic monetary economy in which government default may be driven by either self-fulfilling expectations or weak fundamentals, and explore conditions under which central banks can rule out the former. We analyze monetary backstops resting on the ability...
Persistent link: https://www.econbiz.de/10011084369
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Does Monetary Unification Lead to Excessive Debt Accumulation?
Beetsma, Roel; Bovenberg, A Lans - C.E.P.R. Discussion Papers - 1995
If discretionary monetary policy implies an inflation bias, monetary unification boosts the accumulation of public debt. The additional debt accumulation is welfare reducing only if governments are sufficiently myopic. In the presence of myopic governments, debt ceilings play a useful role in...
Persistent link: https://www.econbiz.de/10005662146