costs of global CBDCs are associated with currency substitution, sudden currency depreciations, and lower seigniorage. At …

seigniorage by issuing fiat money in echange for real resources. One insightful result is that , with contemporaneous perceptionof … solution for maximal seigniorage is the reputatoinal equilibrium. More generally , the analysis shows that the objective of … maximal seigniorage produces an equilibrium inflation rate equal either to a generalization of the Friedman elasticity …

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 …

. Monopoly over seigniorage is a source of political power and a valuable lifeline when sovereignty is threatened. Moreover a …

command over real resources through its ability to issue fiat money. They are (1) seigniorage (the change in the monetary base …

model to stress that dollarization implies the loss of independent monetary policy and of seigniorage, yet the significance … seigniorage loss or using Mundellian optimal currency area criteria. However, outcomes are rather different if credibility is … absent and dollarization can serve as a commitment device: the welfare impact of dollarization is ambiguous, and seigniorage …

The European Monetary Union (EMU) will involve socialization of the existing seigniorage wealth of the national central … will suffer per capita wealth losses of between 406 and 182 ecus. This paper quantifies the gains and losses in seigniorage …