Seigniorage On the Revenue from the Creation of Money
This book analyzes the revenues from the creation of currency by a central government. Adopting an institutional perspective, it develops a general theory of seigniorage by identifying three monetary regimes in economic history and the history of economic
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Seigniorage On the Revenue from the Creation of Money
Seigniorage
Jens Reich
Seigniorage On the Revenue from the Creation of Money
Jens Reich Goethe University Frankfurt Frankfurt am Main, Germany
ISBN 978-3-319-63123-3 ISBN 978-3-319-63124-0 DOI 10.1007/978-3-319-63124-0
(eBook)
Library of Congress Control Number: 2017948027 © Springer International Publishing AG 2017 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
The manuscript for this book was written during my time as a research and teaching assistant at the University of Frankfurt, as a policy officer in the Financial Market Analysis and Financial Economics Section at the Federal Financial Supervisory Authority of Germany in Bonn, and as an economist in the Macroprudential Policy Department of the Deutsche Bundesbank in Frankfurt. This is an abbreviated version of my doctoral thesis, which was supervised by Bertram Schefold, of the Department of Economics at the University of Frankfurt.1 While my work benefited from working in these official German institutions, the views and opinions expressed are mine in my private capacity and do not necessarily reflect the views of the Federal Financial Supervisory Authority or of the Deutsche Bundesbank. This research project was directed to the existence of open and unanswered questions and the sometimes heterogeneous and unsatisfactory answers given to them. Even within mainstream economics, there is no consensus on how revenues or optimal seigniorage should be determined. There is no consensus on key issues such as an optimal inflation target. Practical central banking is in several respects at odds with the theory of seignio
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