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Sami noted that the government has agreed to exempt bonus shares, only taxing monetary stock dividends and capital gains earned at the end of each year by 10%.
In August 2013 the monetary stock of Armenia grew by 1% to 1.426 trillion AMD by 1 Sept 2013 (up 15% versus
To maintain interest rate stability, the monetary stock would have to grow at a constant rate given by the needs of the domestic economic stability (reliant, for the most part, on automatic government action whose surpluses or deficits would increase or decrease depending on the current state of business activity).
If any amount of money, X, will suffice for necessary transactions, and there is an accretion to this stock, Y, so that the monetary stock is now X+Y, where Y>0 and thus X+Y>X, then, clearly, there is now more gold money in existence than is optimal, according to both Mises and Rothbard.
-- Bank of Japan to release monetary stock for January.
In other words, the monetary stock of gold should be less than unit-elastic with respect to the price level.