Download or read book Spending Seigniorage written by Mr.Alain Ize and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-03-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews how central banks allocate seigniorage, based on systematic crosscountry comparisons of their financial accounts. Central banks are classified as weak or strong, depending upon their structural profitability. Weak central banks typically (although not exclusively) operate in smaller and less wealthy countries, lack independence from their governments, and are burdened by compulsory transfers and low capital. Their operating expenditures, nonperforming assets, international reserve carrying costs, and international reserve accumulation needs are high. Governance appears to be a potential concern in many central banks, both weak and strong, with operating expenditures often adjusting upward for high profitability and capital accumulation adjusting downward for low profitability. The main policy implications are briefly reviewed.

Download or read book Spending Seigniorage written by Alain Ize and published by International Monetary Fund. This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews how central banks allocate seigniorage, based on systematic crosscountry comparisons of their financial accounts. Central banks are classified as weak or strong, depending upon their structural profitability. Weak central banks typically (although not exclusively) operate in smaller and less wealthy countries, lack independence from their governments, and are burdened by compulsory transfers and low capital. Their operating expenditures, nonperforming assets, international reserve carrying costs, and international reserve accumulation needs are high. Governance appears to be a potential concern in many central banks, both weak and strong, with operating expenditures often adjusting upward for high profitability and capital accumulation adjusting downward for low profitability. The main policy implications are briefly reviewed.

Download or read book Welfare Costs of Inflation Seigniorage and Financial innovation written by Mr.Jose De Gregorio and published by International Monetary Fund. This book was released on 1991-01-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.” Results indicate that financial innovation raises welfare in low inflation economies while reducing it in high inflation economies, due to the offsetting indirect effect of higher inflation to finance the budget.

Download or read book Seigniorage written by Jens Reich and published by Springer. This book was released on 2017-09-10 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the revenues from the creation of currency by a central government. Adopting an institutional perspective, it develops a general theory of seigniorage by identifying three monetary regimes in economic history and the history of economic thought: a commodity currency, a fiat currency and a credit currency regime. As such it provides a modern analytical framework to analyze the nature of revenues from the creation of currency and their optimal height, whether currency is issued by means of minting coins, by printing and spending paper notes, by crediting private entities, or combinations thereof. The results of this analysis stretch beyond the immediate topic. The book establishes a relationship between the theory of seigniorage and government debt, the theory of the interest rate, the optimal rate of inflation, or the effectiveness and inflationary limits of outright monetary transactions.

Download or read book IMF Working Papers written by Alain Ize and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Seigniorage An argument for a national currency written by Franziska Schobert and published by . This book was released on 2002 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Glossary of Terms Used in the Federal Budget Process and Related Accounting Economic and Tax Terms written by and published by . This book was released on 1981 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Glossary of Terms Used in the Federal Budget Process written by and published by . This book was released on 1993 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Macroeconomics written by Errol D'Souza and published by Pearson Education India. This book was released on 2009-05 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: Errol D'Souza's Macroeconomics helps students realize the connections between theoretical frameworks and the actual behaviour of the economy; enables instructors to teach macroeconomics concepts within the context of both the Indian and global economy; and provides policymakers with material from current research in macroeconomics. The focus of the book rests on the analysis of macroeconomic thought in terms of the intuition and underlying logic that forms its basis. This book has been designed to help readers think independently about real-world situations, by helping them master the basic technical tools that enable them to do this. At a conceptual level, the book focuses on the most current and relevant issues, while also understanding the fluidity of the subject.

Download or read book Seigniorage written by Willem H. Buiter and published by . This book was released on 2007 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments through the ages have appropriated real resources through the monopoly of the 'coinage'. In modern fiat money economies, the monopoly of the issue of legal tender is generally assigned to an agency of the state, the Central Bank, which may have varying degrees of operational and target independence from the government of the day. In this paper I analyse four different but related concepts, each of which highlights some aspect of the way in which the state acquires command over real resources through its ability to issue fiat money. They are (1) seigniorage (the change in the monetary base), (2) Central Bank revenue (the interest bill saved by the authorities on the outstanding stock of base money liabilities), (3) the inflation tax (the reduction in the real value of the stock of base money due to inflation and (4) the operating profits of the central bank, or the taxes paid by the Central Bank to the Treasury. To understand the relationship between these four concepts, an explicitly intertemporal approach is required, which focuses on the present discounted value of the current and future resource transfers between the private sector and the state. Furthermore, when the Central Bank is operationally independent, it is essential to decompose the familiar consolidated 'government budget constraint' and consolidated 'government intertemporal budget constraint' into the separate accounts and budget constraints of the Central Bank and the Treasury. Only by doing this can we appreciate the financial constraints on the Central Bank's ability to pursue and achieve an inflation target, and the importance of cooperation and coordination between the Treasury and the Central Bank when faced with financial sector crises involving the need for long-term recapitalisation or when confronted with the need to mimick Milton Friedman's helicopter drop of money in an economy faced with a liquidity trap.

Download or read book Singular Budget Line and Seigniorage written by Hak Choi and published by . This book was released on 2018 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper has two purposes. First, it proves that printing money is more detrimental than taxation. Second, it proves that when money is one of the variables in household consumption decision, the resulting budget function is a constant, and the budget line is called singular. Singular indifference curve and budget line destroy any hope for optimization.

Download or read book Macroeconomics written by Wendy Carlin and published by Oxford University Press. This book was released on 2024-01-29 with total page 1019 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the cutting edge of the subject area, the authors bring the macroeconomics that researchers and policymakers use today into focus. By developing a coherent set of tractable models, the book enables students to explore and make sense of the pressing questions facing global economies.Carlin and Soskice connect students with contemporary research and policy in macroeconomics. The authors' 3-equation model - extended to include the financial system and with an integrated treatment of inequality - equips students with a method they can apply to the enduring challenges stirred by the financial crisis and the Great Recession.Key features* Engaged with the latest developments in macroeconomic research, policy, and debate, the authors make the cutting edge accessible to undergraduate readers* The theme of inequality is integrated throughout in modelling and applications, with incomplete contracts in labour and credit markets underpinning the presence of involuntary unemployment and credit constraints* The content distils business cycles into a 3-equation model of the demand side, the supply side, and the policy maker, providing a realistic and transparent model which students can deploy to address the questions that interest them* Open economy modelling for both flexible and fixed exchange rate regimes builds on the same foundations and handles oil and climate shocks, as well as the Eurozone crisis* Features thorough treatment of the financial system and how to integrate the financial and business cycles, including coverage on policy design and implementation for financial stability in the wake of the 2008-9 financial crisis and an exploration of hysteresis in the context of the Great Recession* Comprehensive coverage of monetary policy including the ample reserves regime and of fiscal policy and debt dynamics* Unified treatment of exogenous and endogenous growth models emphasizing the different mechanisms through which diminishing returns to capital can be offset, while Chapter 17 on the ICT revolution examines the implications of innovation and technological change on the future of work and inequality* Contains a chapter considering contemporary quantitative macroeconomics research - including the Heterogeneous Agent New Keynesian (HANK) model - exposing students to the tools that researchers currently use, as well as the benefits and limitations of these methods* End-of-chapter 'Checklist questions' enable students to assess their comprehension, while 'Problems' prompt students to apply independent critical thought* Also available as an e-book enhanced with access to The Macroeconomic Simulator, Animated Analytical Diagrams, and self-assessment activities enabling students to recap content and investigate how models work at their own paceDigital formats and resourcesThis title is available for students and institutions to purchase in a variety of formats and is supported by online resources.The e-book offers a mobile experience and convenient access along with self-assessment activities, multi-media content, and links that offer extra learning support. For more information visit:www.oxfordtextbooks.co.uk/ebooks/This title is supported by a range of online resource for students including multiple-choice-questions with instant feedback, interactive Animated Analytical Diagrams, access to The Macroeconomic Simulator, web appendices which develop chapters 1, 4, 7, and 18, In addition, lecturers can access PowerPoint slides to accompany each chapter and answers to the problems and questions set in the book.

Download or read book Handbook of Macroeconomics written by John B. Taylor and published by Elsevier. This book was released on 2016-11-12 with total page 2744 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Macroeconomics Volumes 2A and 2B surveys major advances in macroeconomic scholarship since the publication of Volume 1 (1999), carefully distinguishing between empirical, theoretical, methodological, and policy issues, including fiscal, monetary, and regulatory policies to deal with crises, unemployment, and economic growth. As this volume shows, macroeconomics has undergone a profound change since the publication of the last volume, due in no small part to the questions thrust into the spotlight by the worldwide financial crisis of 2008. With contributions from the world’s leading macroeconomists, its reevaluation of macroeconomic scholarship and assessment of its future constitute an investment worth making. Serves a double role as a textbook for macroeconomics courses and as a gateway for students to the latest research Acts as a one-of-a-kind resource as no major collections of macroeconomic essays have been published in the last decade Builds upon Volume 1 by using its section headings to illustrate just how far macroeconomic thought has evolved

Download or read book Handbook of Monetary and Fiscal Policy written by Alan A. Rabin and published by CRC Press. This book was released on 2001-12-19 with total page 1848 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the politics of economic policy, focusing on forecasting, inflation, interest rates, market expectations, financial crises, disruptions in global markets, and tax policy, as well as state and local government budgeting, financial management, and policy initiatives for development and growth.

Download or read book The Fiscal Theory of the Price Level written by John H. Cochrane and published by Princeton University Press. This book was released on 2023-01-17 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Inflation, in which all prices and wages in an economy rise, is mysterious. If a war breaks out in the Middle East, and the price of oil goes up, the mechanism is no great mystery-supply and demand often work pretty visibly. But if you ask the grocer why the price of bread is higher, he or she will blame the wholesaler, who will blame the baker, who will blame the wheat supplier, and so on. Perhaps the ultimate cause is a government printing more money, but there is really no way to know this for certain but to sit down in an office with statistics, armed with some decent economic theory. But current economic theory doesn't really explain why we haven't seen inflation for so long, and more and more economists think that current theory doesn't hold together, or provide much guidance for how central banks should behave if inflation does break out. Many also worry that central banks have much less power over the economy than they think they do, and much less understanding of the mechanism behind what power they do have. The Fiscal Theory of the Price Level is a comprehensive new approach to monetary policy. Economist John Cochrane argues that money has value because the government accepts it for tax payments. This insight, he argues, leads to a deep re-reading of monetary policy and institutions. Inflation comes when a government is unable to repay its debts, rather than from mismanagement of the split of debt between money and bonds. In the book, he will analyze institutional design, historical episodes, and compare fiscal theory to the Keynesian and new-Keynesian theory based on interest rate targets, and to monetarism. The book offers an overview and introduction to the range of contemporary monetary economics and history of thought as well as the fiscal theory"--

Download or read book The Economics of Adjustment and Growth written by Pierre-Richard Agénor and published by La Editorial, UPR. This book was released on 2004-09-30 with total page 794 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a systematic and coherent framework for understanding the interactions between the micro and macro dimensions of economic adjustment policies; that is, it explores short-run macroeconomic management and structural adjustment policies aimed at promoting economic growth. It emphasizes the importance of structural microeconomic characteristics in the transmission of policy shocks and the response of the economy to adjustment policies. It has particular relevance to the economics of developing countries. The book is directed to economists interested in an overview of the economics of reform; economists in international organizations, such as the UN, the IMF, and the World Bank, dealing with development; and economists in developing countries. It is also a text for advanced undergraduate students pursuing a degree in economic policy and management and students in political science and public policy.

Download or read book Explaining Civil War written by Syed Mansoob Murshed and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conflict is now identified as one of the most significant sources of development failure and thus of growing income divergence between nations. Dr. Murshed s book addresses the issues of weak institutions, conflict, and slow growth. It presents a synthesis of the existing theories, and provides many new insights. It will certainly be much consulted and read by academics, policy-makers and all those who are interested in the causes of conflict and post-conflict reconstruction. Branko Milanovic, The World Bank Masterfully integrating the logic of formal economic models, the insights of normative philosophy, and evidence from empirical analysis, Syed Mansoob Murshed explains civil wars. This is a brilliant, original work. Scott Gates, PRIO and Norwegian University of Science and Technology, Norway This masterly book succinctly surveys contemporary literature on the sources of conflict in developing countries as well as policies to secure a stable peace, including many insightful contributions by the author. The treatment of this important but controversial field is both informative and well balanced. It should be essential reading for all students and policy makers who believe that policy should be evidence-based. Frances Stewart, University of Oxford, UK Using the rational choice approach, Syed Mansoob Murshed analyses the motivations behind civil war and identifies growth and institutional failure as catalysts of the greed and grievance that characterise the onset and persistence of civil war. This book explores the pre-conditions for conflict in terms of growth failure and critically appraises the greed and grievance theories common to conflict literature. It is argued that various institutional mechanisms of restraint that can be labeled the social contract are crucial for violent conflict avoidance. The reasons underpinning the instability of treaties ending civil wars, post-conflict reconstruction issues, liberal peace theory, and how globalization and conflict relate are also examined. Explaining Civil War will be of interest to development economists and political scientists, as well as to students and researchers of political economy and conflict studies.