Using an extended tax-smoothing model, it empirically studies the relationship between seigniorage and tax-smoothing criteria in China, which denies the tax-smoothing hypothesis. 利用扩展的税收平滑模型,对我国政府的铸币税融资是否满足税收平滑假设进行了实证研究,发现结论是否定的。
Seigniorage is really a tax on holders of money and government debt which is paid via inflation. 铸币税实际上是通过通胀对货币和国债持有人征收的税收。
The history of "seigniorage" goes back to the debasement of the coinage under the Roman emperors. 铸币税的历史可以追溯至罗马帝国时期钱币的重铸。
Seigniorage, as an important resource of government revenue, has a close contact with inflation tax, and is an inducement of financial risk. 铸币税作为政府收入的重要来源与通货膨胀税有着紧密联系,是金融风险的诱因之一。
The core currency system harvests seigniorage profit by issuing international trade dollars, exports inflation without restrictions and fees from outer currency countries for their trade security concern. 核心货币国家收取铸币收益、通货膨胀税和来自外围货币国家的贸易保险费用。
When RMB performs the functions of international currency, it will not only assume the obligation of international currency, but also get "seigniorage" revenue of the international currency. 人民币履行国际货币职能,也承担国际货币的义务,同时也可以获得国际货币“铸币税”的收益。
Thus the fund enjoys the seigniorage of the currency notes. 外汇基金则享有铸币收益。
Generally speaking, fiscal policy can affect inflation through seigniorage effect and wealth effect. 财政政策一般可以通过铸币税效应和财富效应影响通货膨胀。
Seigniorage is not a kind of tax but an income from casting coins. 铸币税不是一种税,而是指铸造货币所获得的收入;
In this way, studying the relationship of seigniorage and the financial crisis has a realistic great meaning. 这样,就使得对于铸币税与金融危机关系的研究具有重要的现实意义。
Income by seigniorage is one of the most important benefits in the process of the currency internationalizing. 货币国际化为其政策主体带来的重要收益之一就是铸币收入。
Under inflation, as the real purchasing power of money declines, the government's real seigniorage revenues is less than its nominal. 在通货膨胀情况下,货币的实际购买力下降,政府的实际铸币税收入小于其名义铸币税收入。
A Study of International Seigniorage of the US Dollar 美元的国际铸币税问题研究
If the economic growth and monetization were included in our model the tax rate of seigniorage would be the sum of the contribution rate of growth, the rate of monetization and the nominal rate. 如果考虑经济增长和货币化过程,铸币税的税率等于经济增长贡献率、货币化速度、和名义利率的加总。
This paper concentrates on the deduction of the taxation mechanism of seigniorage through a perspective of money creation. Government revenue collected from seigniorage equal to the product of the money base stock and the nominal rate in an economy without growth and monetization. 本文的重点是从货币创造的角度推导出铸币税的征收机制,在不存在经济增长和货币深化的经济中,铸币税收入等于基础货币存量乘以名义利率。
The most direct monetary internationalization benefit is the Seigniorage, which means the international currency issuing country can get real wealth equivalent to the nominal value of currency from other countries. 一国货币国际化最直接的收益是国际铸币税收益,它使发行国可以凭借货币的发行成本堂而皇之地自他国获取与货币票面价值相当的财富。
A Research on Seigniorage of Renminbi 人民币铸币税研究
RMB's internationalization can benefit China the seigniorage, reduce the risk of the exchange rate, offer the convenience for district trade, finance the deficit and promote RMB's position in the international currency system. 人民币国际化除获得铸币税外,还可获得降低汇率风险,为我国区域贸易提供便利、为国际收支的赤字融资、提升人民币在国际货币体系中的地位、获得灵活性优势和收入优势等潜在收益。
An Analysis of the Seigniorage Revenues in the Monetization of Financial Deficit& Beginning with the general implication of seigniorage 财政赤字货币化过程中铸币税收益问题分析&从铸币税的一般涵义谈起
The positive research draws a general conclusion on the constitutional factors and distribution structure, and finds some new character of the constitutional factors and distribution structure of Chinese Seigniorage. Finally, the positive verifies the relationship between the scale of mint tax and macroeconomic variable. 实证研究基本阐明了我国铸币税构成因素和分配结构,同时也得出了我国铸币税构成因素、分配结构的一些新的特点,并证实我国铸币税规模与宏观经济变量之间的关系。
Apart from the Seigniorage benefit, the international currency also could bring many other indirect benefits. 除了国际铸币税收益,人民币成为国际货币还可以带来其他许多间接收益。
Under the modern economic system, seigniorage refers to the profit gained from the Central Bank's money issuing. 现代经济制度下,铸币税是指中央银行的货币发行所获得的利润。
The debate about seigniorage is always connected with the monetization of financial deficit. 铸币税问题的讨论一般是同财政赤字货币化问题相联系的。
For the traditional definition of the seigniorage, the excise base of it is the money base. 对于传统意义的铸币税,其税基是基础货币存量;
Seigniorage has both positive and negative impacts on the economy. 铸币税对一国经济有利有弊。
Through a cost-benefit analysis of international seigniorage and international seigniorage income of the US dollar, it is indicated that international seigniorage of the dollar has brought about tremendous economic benefit to the US. 通过对美元的国际铸币税及国际铸币税收益的一个成本收益分析,可以看出,美元的国际铸币税给美国带来了巨大的经济利益。
Quantitative analysis RMB internationalization seigniorage revenue which can be measured. We select China neighboring countries as a sample to estimate the yuan international seigniorage income. 定量分析人民币国际化可计量的铸币税收益,选取中国周边国家为样本,估算人民币在周边国家和地区国际化后的铸币税收益。
During the process of studying seigniorage, the author has observed the monetization phenomenon of global economy, and discovered that seigniorage has different function and influence on the monetization course in different countries. 在研究铸币税的同时,笔者同时发现世界经济的货币化现象,以及铸币税对不同国家的货币化进程有着不同的作用和影响。
The RMB internationalization is our inevitable choice, it not only will bring the direct seigniorage revenue, also bring a lot of indirect benefits. 实现人民币国际化是我们必然的选择,不仅能为我国带来最直接的铸币税收益,还带来了很多其他间接收益。
Besides, the use of credit cards will also reduce the seigniorage revenues of central banks, weaken the effects of monetary policy tools and raise the liquidity risk and credit risk in financial system. 此外,信用卡的使用还将减少中央银行的铸币税收入,削弱再贴现政策、法定准备金政策、公开市场操作等货币政策工具的效力,增大金融系统的流动性风险和信誉风险。