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Seigniorage

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  • Taxation of financial intermediation receives surprisingly little ana- lytical attention, despite its practical importance both for national budgets and for the efficient functioning of the financial system. This volume is an attempt to provide a coherent overview of the policy issues involved.

    pdf461p layon_5 28-03-2013 40 8   Download

  • Our Bayesian approach estimates a time-varying exposure from banks’ gains and losses on their interest-rate derivative positions. This approach builds on early work by Gorton and Rosen (1995) who did not have data on market values, because few banks reported them before the adoption of fair value accounting in the mid 1990s. Instead, Gorton and Rosen use data on "replacement costs" from the Call Reports, which refers to the value of derivatives that are assets to the bank (not netting out the liabilities).

    pdf39p taisaovanchuavo 23-01-2013 35 4   Download

  • Lecture 11: Money and Inflation - II. After studying this chapter you will be able to understand: the stock of assets used for transactions; serves as a medium of exchange, store of value, and unit of account; Commodity money has intrinsic value, fiat money does not; Central bank controls money supply; seigniorage; fischer effect; money demand and the nominal interest rate; inflation.

    ppt22p larachdumlanat124 28-11-2020 5 0   Download

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