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Central Bank Digital Currencies and the Emerging Markets : The Currency Substitution Challenge
Edwards, Sebastian - 2023
costs of global CBDCs are associated with currency substitution, sudden currency depreciations, and lower seigniorage. At …
Persistent link: https://www.econbiz.de/10014351704
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Can the Central Bank Alleviate Fiscal Burdens?
Reis, Ricardo - 2017
Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This paper inspects the ability of the central bank to alleviate the fiscal...
Persistent link: https://www.econbiz.de/10012966585
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The Mystique Surrounding the Central Bank's Balance Sheet, Applied to the European Crisis
Reis, Ricardo - 2013
In spite of the mystique behind a central bank's balance sheet, its resource constraint bounds the dividends it can distribute by the present value of seignorage, which is a modest share of GDP. Moreover, the statutes of the Federal Reserve or the ECB make it difficult for it to redistribute...
Persistent link: https://www.econbiz.de/10013087884
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Different Types of Central Bank Insolvency and the Central Role of Seignorage
Reis, Ricardo - 2015
A central bank is insolvent if its plans imply a Ponzi scheme on reserves so the price level becomes infinity. If the central bank enjoys fiscal support, in the form of a dividend rule that pays out net income every period, including when it is negative, it can never become insolvent...
Persistent link: https://www.econbiz.de/10013021867
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Seigniorage
Buiter, Willem H. - 2007
command over real resources through its ability to issue fiat money. They are (1) seigniorage (the change in the monetary base …
Persistent link: https://www.econbiz.de/10012777609
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Seigniorage in Europe
Grilli, Vittorio - 2021
In this paper, based on the experience of ten European countries, we study the relevance of seigniorage revenues in the … consistent seigniorage policy, for others seigniorage appears to have been an important component of their financing policies …
Persistent link: https://www.econbiz.de/10013248704
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Dynamic Seigniorage Theory : an Exploration
Obstfeld, Maurice - 2008
This paper shows that the optimal extraction of seigniorage implies a strong tendency for inflation to fall over time …
Persistent link: https://www.econbiz.de/10012774830
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Shotgun Wedding : Fiscal and Monetary Policy
Bassetto, Marco; Sargent, Thomas J. - 2022
This paper describes interactions between monetary and fiscal policies that affect equilibrium price levels and interest rates by critically surveying theories about (a) optimal anticipated inflation, (b) optimal unanticipated inflation, and (c) conditions that secure a "nominal anchor'' in the...
Persistent link: https://www.econbiz.de/10013324140
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Seigniorage, Operating Rules and the High Inflation Trap
Bruno, Michael; Fischer, Stanley - 2021
A given amount of seigniorage revenue can be collected at either a high or a low rate of inflation. Thus there ray be …
Persistent link: https://www.econbiz.de/10013248562
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Seigniorage and Fixed Exchange Rates : An Optimal Inflation Tax Analysis
Fischer, Stanley - 2021
determination of the revenue received from seigniorage. If the country goes further and uses a foreign money, it loses all … seigniorage. This paper uses an optimal inflation tax approach to analyze the consequences for optimal rates of income taxation … and welfare of the alternative exchange rate and monetary arrangements. From the viewpoint of seigniorage, a system in …
Persistent link: https://www.econbiz.de/10013215367