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| Author: | Baltensperger, Ernst Jordan, Thomas J. |
| Title: | Seigniorage, banking, and the optimal quantity of money |
| Journal: | Journal of Banking and Finance
1997 : JUN, VOL. 21:6, p. 781-796 |
| Index terms: | SEIGNIORAGE BANKING MONEY |
| Language: | eng |
| Abstract: | Seigniorage in an economy with incomplete competition in the banking sector is discussed. It is usual that the analysis neglects the existence of a banking sector and assumes that all money is central bank money. In this study the amount of total seigniorage and its division between the central bank and the banking sector are derived by using the opportunity cost concept of seigniorage. The impact of changes in inflation, reserve requirements, competition and technology on the division of seigniorage and on the welfare loss is analyzed. |
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