that is sufficiently in excess of its income from seignorage
and bond interest so that its reserves rise without limit (Hall and Reis, 2015: 3, 10-1, cf.
including cost and conceyance of material, loading and unloading , Seignorage
Charges and all Taxs etc.
If politicians do not set any new limits, there is a danger that the ECB Council, in which the Bundesbank is constantly out-voted, will gamble away all of the EU countries' seignorage
wealth resulting from the power to print legal tender worth several trillion euros on bail-out initiatives.
Si fumes arive e tiel est le lignage; N'i ad un de nus tuz ki ne seit de parage, E parmi tut ijoe sur eus oi seignorage
E si sui joveignur d[e] els tuz par eage.
Moreover, the integration of capital markets provided by a monetary union reduces risk premia, lowers the demand for international reserves and, consequently, generates a seignorage
gain for countries in the area.
Also, for countries that, for good or ill, rely in an important way on seignorage
revenue can be obtained by a paper currency interest rate below the target rate, regardless of the inflation rate in the electronic unit of account.
Steady States in the OLG Model with Seignorage
and Long-Lived Agents.
is the ability of a nation whose currency acts as the world's reserve currency to extort financial rents from the rest of the world via running persistent trade deficits and devaluing its currency over time.
These resources are classified as debt, other capital receipts, foreign aid and other unilateral grants, non-tax revenue including resource rents, seignorage
, and taxes.
Los historiadores economicos han senalado que los agents tienen incentivos para llevar moneda de antiguo cuno a la ceca "so long as their face value before deduction of seignorage
was less than the price in newly minted coin which the Mint paid to a tender or their weight in fine silver" (25).
Alternatively, participants in the market for foreign exchange during World War II might have remembered Germany's extreme use of seignorage
to help pay reparations after World War I.
The issuers of international currency enjoy the privilege to extract seignorage
revenue from printing the currency like the national central banks do.