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Spending Seigniorage : Do Central Banks Have a Governance Problem?
Ize, Alain - 2006
This paper reviews how central banks allocate seigniorage, based on systematic crosscountry comparisons of their …
Persistent link: https://www.econbiz.de/10014399991
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China's monetary policy communication : frameworks, impact, and recommendations
McMahon, Michael; Schipke, Alfred; Li, Xiang - 2018
Financial markets are eager for any signal of monetary policy from the People's Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy. This paper discusses the country's unique...
Persistent link: https://www.econbiz.de/10011978360
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Cash use across countries and the demand for central bank digital currency
Tanai Khiaonarong; Humphrey, David B. - 2019
The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card-not better. Demand for digital currency will thus be weak...
Persistent link: https://www.econbiz.de/10012009449
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Smuggling, Currency Substitution and Unofficial Dollarization : A Crime-Theoretic Approach
Mourmouras, Alex - 2000
progressive dollarization. The paper also analyzes the impact of dollarization on the ability of governments to earn seigniorage …
Persistent link: https://www.econbiz.de/10014403804
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The Political Economy of Seigniorage
Aisen, Ari - 2005
While most economists agree that seigniorage is one way governments finance deficits, there is less agreement about the … political, institutional, and economic reasons for relying on it. This paper investigates the main determinants of seigniorage … to higher seigniorage, especially in developing, less democratic, and socially polarized countries, with high inflation …
Persistent link: https://www.econbiz.de/10014404210
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Welfare Costs of Inflation, Seigniorage, and Financial innovation
De Gregorio, Jose - 1991
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.”...
Persistent link: https://www.econbiz.de/10014396149
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Seigniorage in the EC : The Implications of the EMS and Financial Market Integration
International Monetary Fund - 1989
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 … different measures of seigniorage yield similar results regarding the change, but differ regarding the level …
Persistent link: https://www.econbiz.de/10014396444
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Pledged collateral market's role in transmission to short-term market rates
Kumar, Manmohan S.; Goel, Rohit - 2019
In global financial centers, short-term market rates are effectively determined in the pledged collateral market, where banks and other financial institutions exchange collateral (such as bonds and equities) for money. Furthermore, the use of long-dated securities as collateral for short...
Persistent link: https://www.econbiz.de/10012021913
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Do old habits die hard? : central banks and the Bretton Woods gold puzzle
Monnet, Eric; Puy, Damien - 2019
Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves,...
Persistent link: https://www.econbiz.de/10012102163
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What happens if central banks misdiagnose a slowdown in potential output growth?
Bakker, Bas B. - 2019
In the last few decades, real GDP growth and investment in advanced countries have declined in tandem. This slowdown was not the result of weak demand (there has been no shift along the Okun curve), but of a decline in potential output growth (which has shifted the Okun curve to the left). We...
Persistent link: https://www.econbiz.de/10012103759