| 词汇 | example_english_seigniorage |
| 释义 | Examples of seigniorageThese examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. This is in considerable contrast with a common image in other regions that authorities gained profits from seigniorage. A larger or more patient government considers at a greater extent the aggregate externality of issuing money, and hence must offset the seigniorage benefits. Therefore, for a given price, the impatient government maximizes seigniorage by issuing money as rapidly as possible. Any seigniorage revenues s are assumed to be redistributed to young consumers in the form of a lump-sum transfer. For instance, a larger government coalition internalizes at a greater extent the aggregate externality of issuing money, and hence enjoys less seigniorage. In equation (13), an increase in causes a decrease in the seigniorage benefits. A currency board would be the next desirable choice because seigniorage is retained, but national control of monetary policy is effectively surrendered. To achieve credibility, the government must offset the benefits of seigniorage by internalizing some of the aggregate externalities generated by the issue of fiat money. Further, the less patient government extracts more resources via seigniorage, and therefore yields the more inflationary transition to fiat money regime. More precisely, such a seigniorage transfer promotes irreversible but productive investment, so that it may mitigate the welfare cost of holding money due to inflation. Agents pay a seigniorage tax on foreign currency of 4% in our experiments. 28. This drives down the equilibrium money stock to the level where the liquidity effect net of the price effect is matched by the seigniorage effect. This paper develops a dynamic model of seigniorage in which economies' equilibrium paths reflect the ongoing strategic interaction between an optimizing government and a rational public. Further, the equilibrium level of money stock is lower than the one in the fixedprice case, which maximizes frequency of trade (or liquidity effect) and seigniorage. What is true is that government assets always equal the present value of future public spending, and so, there is never a need to supplement the budget with seigniorage revenue. These policy consequences, local and global, are crucially due to a seigniorage transfer to young consumers who make irreversible but productive investments in the context of incomplete markets. In that case, inflation declines to zero over time as the government builds up a large enough asset stock to finance public spending out of interest receipts alone, without seigniorage. Some government-caused inflation is not motivated by seigniorage needs, official preferences change over time, and measured inflation is subject to serially correlated shocks beyond government control. Government purchases are financed by currency and bond seigniorage, by lump-sum taxes that are not part of the social security system, and by taxes on social security benefits. Secondly, it is a source of revenue, because of the seigniorage that results from issuing a currency whose value exceeds the cost of production. From the Hansard archive Example from the Hansard archive. Contains Parliamentary information licensed under the Open Parliament Licence v3.0 But it has its own silver-coinage and retains the seigniorage upon it. From the Hansard archive Example from the Hansard archive. Contains Parliamentary information licensed under the Open Parliament Licence v3.0 Savings in seigniorage will accrue and, as the euro becomes a rival currency of exchange to the dollar, such rivalry will, of itself, promote beneficial currency competition. From the Hansard archive Example from the Hansard archive. Contains Parliamentary information licensed under the Open Parliament Licence v3.0 The act abolished the seigniorage fee on coining gold and substituted silver for any still existing fractional currency. From Wikipedia This example is from Wikipedia and may be reused under a CC BY-SA license. Seigniorage is earned by selling the coins above the melt value in exchange for guaranteeing the weight of the coin. From Wikipedia This example is from Wikipedia and may be reused under a CC BY-SA license. Banks or governments relying heavily on seigniorage and fractional reserve sources of revenue can find it counterproductive. From Wikipedia This example is from Wikipedia and may be reused under a CC BY-SA license. These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. |
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