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 …

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 …

reduction in the rate of economic growth if it is financed with an increase in the seigniorage tax rate. Raising the seigniorage … the required seigniorage tax rate alternative would. Switching from seigniorage to income taxation as a source of … increase in the government spending requirements is by means of a marginal increase in the seigniorage tax rate. Finally, under …