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Das Papier untersucht die durch eine Europäische Währungsunion zu erwartenden Änderungen der Geldschöpfungsgewinne der Mitgliedsländer. Dazu werden die zwischen 1980 und 1995 erzielten einzelstaatlichen Geldschöpfungsgewinne nach dem monetären und dem Opportunitätskostenkonzept...
Persistent link: https://www.econbiz.de/10005464654
Das Papier untersucht die durch eine Europäische Währungsunion zu erwartenden Änderungen der Geldschöpfungsgewinne der Mitgliedsländer. Dazu werden die zwischen 1980 und 1995 erzielten einzelstaatlichen Geldschöpfungsgewinne nach dem monetären und dem Opportunitätskostenkonzept...
Persistent link: https://www.econbiz.de/10011526517
Persistent link: https://www.econbiz.de/10013416379
The present work estimates collected seigniorage levels in the Venezuelan economy from 1994Q1 to 2018Q2 and tries to … determine when and if a seigniorage-maximizing inflation rate occurred and this way provide a rational on the development of … hyperinflation in the country. Results suggest that the Venezuelan government acts as a seigniorage maximizer. The model predicts …
Persistent link: https://www.econbiz.de/10012906561
This paper explains in detail why proof platinum coin seigniorage would not be inflationary …
Persistent link: https://www.econbiz.de/10013121639
This paper presents an alternative presentation of Modern Monetary Theory (MMT). The main thesis of this paper is that when a nation has monetary sovereignty and fiat currency, government is quite flexible its methods in controlling price level through market mechanisms, as Warren Mosler - one...
Persistent link: https://www.econbiz.de/10012869400
Financial intermediaries issue the majority of liquid securities, and nonfinancial firms have become net savers, holding intermediaries' debt as cash. This paper shows that intermediaries' liquidity creation stimulates growth -- firms hold their debt for unhedgeable investment needs -- but also...
Persistent link: https://www.econbiz.de/10011968932
This article examines the misconceptions about modern money theory (MMT) put forward by . The author divides her critique into three categories. First, the Drumetz/Pfister article erroneously indicates that MMT focuses exclusively on the means-of-payment function of money, that it considers...
Persistent link: https://www.econbiz.de/10014433702
The paper makes a proposition that the chaotic functioning order of the operating factors of the economy as a system only results in a constraint. And further, argue that a persistent aggregate chaotic functioning becomes a complex constraint, creating more distortion in the performance of the...
Persistent link: https://www.econbiz.de/10013245009
The Monetary Policy Committee of the Bank of England’s reliance on faulty indicators has led to suboptimal policy decisions and masked what is actually happening in the economy. The introduction of quantitative easing (QE) in 2009 has made the money supply relevant again and made a discussion...
Persistent link: https://www.econbiz.de/10013225213