铸币收入

财政赤字、铸币收入与通货膨胀

On the Relationship of Financial Deficit , Seigniorage and Inflation

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。

Income by seigniorage is one of the most important benefits in the process of the currency internationalizing .

货币国际化扩张中的政策行为&基于最优铸币收入的动态分析

Monetary Policies During the Process of Currency Internationalizing : A Dynamic Analysis on the Optimal Path of the Income by Seigniorage

在面临通货膨胀威胁时，必须适当放慢货币供应速度，减少铸币收入。

Facing the threat of inflation , we should slow down the speed of money supply appropriately , reducing the seigniorage .

作为第二财政的金融业，发挥着提供铸币收入、平衡预算赤字、替代财政投资、平衡地区差距、替代财政补贴等多项财政功能。

China 's financial sector performed the functions of providing Seigniorage , balancing the budget deficit , substituting government investment , balancing the regional economic disparity , substituting fiscal subsidies etc.

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。

Under inflation , as the real purchasing power of money declines , the government 's real seigniorage revenues is less than its nominal .

虚拟货币的发行主体是各个企业而不是中央银行，这不但会冲击中央银行的货币发行地位，还会影响央行的铸币税收入。

The issuer of virtual currency is all kinds of enterprises . For central bank , it will not only impact the authority to issue currency , but also the seigniorage .

本国货币国际化可以带来铸币税收入、降低汇率风险和提高国际影响力等诸多利益。

The internationalization of country monetary can bring a great deal of interests , such as the coin tax income , the reduction of exchange rate risk and the raising international influence power .

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。

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 .

在正常时期，央行业务总体上是盈利的，主要来自铸币税收入流通中的纸币和硬币与各央行针对这些债务留存的固定收益证券的回报率之间的收益差。

Central banking is broadly profitable in normal times , largely due to seignorage income the yield differential between notes and coins in circulation and the returns received from the fixed-income securities every central bank retains against these liabilities .

一国货币国际化可为该货币发行国带来增加铸币税收入、降低汇率风险、扩大国际影响等好处，同时也使该国遭受国际经济与金融动荡冲击的可能性加大。

Currency internationalization in a country can bring the following advantages to the country that issues the currency : increasing the income of coin tax , decreasing the risk of the fluctuating exchange rate , and extending international influence .

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。

Seigniorage , as an important resource of government revenue , has a close contact with inflation tax , and is an inducement of financial risk .

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。

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 .