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In fact, at present the United States neither returns seigniorage revenues to countries using the dollar nor
Benjamin Eden, Vanderbilt University, "International Seigniorage Payments" Discussant: Chris Edmond, New York University
Fischer (1982) looked at the seigniorage loss costs of dollarization and the cost of giving up national autonomy in money creation.
Mints were often run with an eye more towards the production of seigniorage for their respective governments, than towards maintaining a stable monetary standard (de Vries and van der Woude 1997, 82).
If it is optimal to have a fixed exchange rate, it should still use its own money to avoid paying seigniorage to the foreign country.
Canadian economists Archibald Ritter and Nicholas Rowe explain how seigniorage affects Cuba: "For every dollar that stays in Cuba.
The corner ATM is, in effect, a reincarnation of the private mint; the "owner fee" is the seigniorage charged for stamping one's virtual gold into the circulating medium of the physical world.
High dollarisation ratios can be costly in that they result in a loss of seigniorage through the reduced demand for domestic money.
In addition to revenue losses and higher debt servicing costs, many of the emerging market economies in our core sample--particularly the group with a default history--had traditionally relied on revenue from seigniorage to finance a nontrivial fraction of their fiscal deficits.
Another study considers a model where countries with a more unstable and polarised political system have more inefficient tax structures and, thus, rely more heavily on seigniorage (Cukierman, Edwards and Tabellini, 1992).
Haslag looks internationally, across countries, to assess the typical reliance on seigniorage revenue.
Professor Haruki Niwa of Osaka Gakuin University caused a stir when he called on the government to exercise its right of seigniorage in the March 2002 issue of Shokun, but Sakakibara takes this a step further, moving the idea from the realm of possibility to that of practical implementation.
In advanced countries with well-developed systems of taxation, however, seigniorage is no longer a major source of revenue.
Finally, in Part III, they introduce fiscal policy to study how deficits, the national debt, open market operations and seigniorage affect the functioning of the economy.
Although seigniorage might seem to be quite small in terms of a national gross domestic product, it can be a major component of a developing nation's budget.
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