Although the debate over private money issuance was lost as the Song government exercised its power to ban private production, the results of that monopoly were as expected: an eventual overissuance
of paper money, inflation, and economic instability during the later Song era.
Sabotaging the exclusive prerogative to issue the currency was done by devaluing it via massive overissuance
and by the inability to distinguish between the sovereign and counterfeit notes.
and counterfeiting by the British led to such dramatic increases in paper currency that by 1779, the value of a Continental dollar was 1/25th of its original value (giving rise to the phrase "not worth a continental").
I have referred elsewhere (Selgin 1988) to this competitive check against overissuance
of bank money as the "principle of adverse clearings.
Following current QC PM 09-01 guidance, if the eligibility worker uses these expenses as a deduction in the benefit calculation, a QC overissuance
variance will be cited.
In 2006 the Superior Court issued a writ of administrative mandamus related to the overpayment of cash aid and overissuance
of food stamps, wherein it attacked the County Welfare Department (CWD), declaring that "in violation of its obligations to assist [defendant] and act humanely, if not in bad faith, the CWD chose to pursue fraud instead of explaining to [defendant] how to report [her income properly].
That is, it is the combination of the overissuance
of benefits, the issuance of benefits to ineligible households, and the underissuance of benefits.
The analysis of historical episodes of hyperinflation typically concentrates on the impact on money demand from anticipated inflation arising from the overissuance
of fiat money.
The potential for overissuance
of bank notes could be limited by requiring the redemption of bank notes in specie.
An individual filing a new claim for unemployment compensation must disclose whether he or she owes an uncollected overissuance
of food stamp coupons.
As previously reported, the Company recorded a special charge in the amount of $201,000 during the third quarter of 2002 in connection with overissuance
of common stock upon conversion of certain shares of preferred stock incorrectly issued.
Such massive overissuance
raised concerns about the effectiveness of PBOC's control over the newly emerged stock market.