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Topic: Seniorage

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In the News (Tue 15 Dec 09)

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	Dolarización
		The seniorage is the possibility that the government finances itself or finances what it considers necessary via bills printing.
		The people can defend themselves against the seniorage by not using the local currency and using another, but just the people who have more information and resources could do that and the rest would remained unprotected.
		The seniorage could be considered as the monetary creation of the C.B and inflation tax is the inflation rate.
	html.rincondelvago.com /dolarizacion.html (5196 words)

	Monetary policy - Wikipedia, the free encyclopedia
		Interest rates, while now thought of as part of monetary authority, were not generally coordinated with the other forms of monetary policy.
		Monetary policy was seen as an executive decision, and was generally in the hands of the authority with seniorage, or the power to coin.
		With the advent of larger trading networks the ability to set the price between gold and silver, and the price of the local currency to foreign currencies.
	en.wikipedia.org /wiki/Monetary_theory (3395 words)

	COFFEELAND NEWS
		The delegation sought the reduction of seniorage value of timber felled from unredeemed land.
		The seniorage value of timber being felled from unredeemed land was revised upwardly by the Patel Govt.
		While this has been confirmed through independent sources in the State Cabinet and the State Secretariat including the Forest Minister's office, this newspaper is not aware of any other delegation accompanied by the district in-charge Minister either to any other minister or the Chief Minister.
	www.kodava.org /CoffeeLand/Oct2000/coffee101200.htm (3015 words)

	CardForum \| Discussion Group
		Essentially the government is running a $700 billion interest free loan balance with the rest of the economy.
		The interest it doesn't have to pay on that tab is the government's seniorage revenue.
		So eventually there'll be less currency in circulation and the government is getting less seniorage revenue.
	www.cardforum.com /forum.html?forum=1&topic=993&messagestart=-1 (273 words)

	IMF paper doubts India's growth sustainability
		An alternative approach to assessing Indian fiscal policy was adopted by the economists, Messrs Cashin, Olekalns and Sahay (1998), who used an intertemporal model to demonstrate that policy has been consistent with tax-smoothing behaviour.
		They also found, however, a significant bias toward deficit financing -- which has led to excessive government borrowing, as well as resorting to seniorage and financial repression -- and Government debt was estimated to be in excess of levels considered optimal or consistent with intertemporal solvency.
		On India's external sector, Messrs Cerra and Saxena (2000) estimated the causes of the 1991 balance of payments crisis and since then India has maintained a sustainable external position and a number of papers have looked at the factors behind the success.
	www.hinduonnet.com /businessline/2001/07/12/stories/01122001.htm (741 words)

	Will Jumbo Euro Notes Threaten the Greenback? (Site not responding. Last check: 2007-10-17)
		I said, ''Well, you know, there is something called 'seniorage' and these are collector's items, and people are going to take them out of circulation and it costs us maybe four cents to make them.
		There are other ways in which I think we all anticipate that we are going to start to lose the use of money and therefore some of those cost benefits to the United States and I am very focused on that.
		It may be that by better meeting the convenience and needs of those people, we can also at the same time improve, or at least protect, the seniorage income.
	commdocs.house.gov /committees/bank/hba51647.000/hba51647_0.HTM (5124 words)

	Economics Review
		A small fee, "seniorage," was charged to take the bulk metal, assay it and produce coins.
		They demanded that the government mint place notches on the edge of the coin (this is called reeding) so a clipped coin would show up on first glance.
		The Roman Empire did not conquer the world by being stupid, so then the coins collected by taxation (or seniorage) were melted and alloyed with a lessor or base metal.
	www.wsu.edu /~barbee/economic.html (3458 words)

	Sell the US Dollar (Site not responding. Last check: 2007-10-17)
		And the answer is quite simple: it is we ourselves that give it to the US, by storing our savings in the form of dollars and dollar actives.
		The scientific term for it is "seniorage" or "covering the chronic deficit of trade balance with the state's own currency which itself has no value of its own".
		a year (we are talking seniorage pure here, to say nothing of investments and loans).
	www.fuckthesystem.co.uk /00039 (1026 words)

	Robert's Stochastic thoughts (Site not responding. Last check: 2007-10-17)
		One aspect of this would be solving the problem of dynamic inconsistency due to desire for senioriage.
		If all money supply increases were of the form of such prizes there would be know seniorage.
		The transactions costs of people cashing in on their prizes are smaller than the costs of giving money proportional to money holdings (not everyone wins).
	rjwaldmann.blogspot.com /2003_04_27_rjwaldmann_archive.html (5741 words)

	Impact of Terror on Financial Institutions (Part 2) - International Summit on Democracy, Terrorism and Security
		Now the United States being the country which holds the dollar, which is the reserve currency of the world, actually has the seniorage over its money supply, which means that actually the US Treasury can borrow against the total amount of the money supply in circulation in the world.
		It did they not block the exit of the stock of dollars which still goes to fund the criminal economy, the Illegal economy and the terror economy across the world.
		And on top of that, I wont bore you, but the economic consequences of the Patriot Act is the shifting of the centre of the money laundering and funding in the United States to Europe.
	english.safe-democracy.org /keynotes/impact-of-terror-on-financial-institutions-part-2.html (1541 words)

	What Makes Panama's Economy Tick? Panama Info for Investors
		Panama has no central bank:, thus it is a perfect dollarized emerging economy.
		On the other hand, the absence of a central bank and of reserves implies a loss of income for the authorities or seniorage, there is neither a lender of last resort nor any tools to fend off, at least in the short term, the impact of external shocks.
		On balance, the system has served the country well and is an effective mechanism for development.
	www.fenixpanama.com /panama-economy.html (1211 words)

	Kodagu Front
		He has also urged the Government to provide some guarantee under Article 371 (I) of the Indian Constitution so that Kodava existence is assured, to include the Kodava language in the VIIIth Schedule of Indian Constitution.
		Nachappa accusing the State Government of recovering full market value of the trees from the owners or the holders, violating the norms of seniorage value which bears 50 per cent concession has urged the commission to recommend the State Government to follow the old law, which was beneficial for the people of Kodagu.
		Nachappa asserting that Kodavas are peace loving and followers the Gandhian philosophy of non violence in their legitimate struggle should be given more importance than any other self determination movements in the world as Coorg has always been Independent, since ages.
	www.kodava.org /kf/Jan2001/kf011901.htm (3203 words)

	[No title]
		However, if foreign capital attraction is accomplished, the problem of a current account deficit may arise as a side effect since foreign capital inflow may overvalue the won, hurting the price competitiveness of domestic exporters.
		The U.S. could withstand a sizable current account deficit over a long period of time by resorting to the advantage of issuing dollars (known as 'seniorage'), the hard currency of the world.
		However, it is impossible to endure a current account deficit for too long in a small, open economy such as that of Korea.
	www.keb.co.kr /english/unit/com_htm/contents-3-5-2.htm (1317 words)

	Politick: The New World Order
		Not a surprise for the Yelnick worldview, as the social mood now most resembles the early '30s, and we shouldn't be surprised if we recapitulate the mistakes made then.
		The advantage the US gets in seniorage (being the world currency) is so profound it actually makes sense to let the Chinese keep their Yuan cheap.
		The French understand the value of seniorage, and have been trying to get the oil trade switched to Euros.
	yelnick.typepad.com /politick/the_new_world_order/index.html (3154 words)

	Transterrestrial Musings
		After all, we have coins with a face value of $20 and an inherent value of less than a quarter of that.
		That's great for seniorage and the bottom line (so it looks great from Nevada's point of view), but who's going to honor money with that kind of mark up?
		By this I meant that at least US wants you to pay your taxes in dollars.
	www.transterrestrial.com /archives/002373.html (753 words)

	My Research (Site not responding. Last check: 2007-10-17)
		Following the recent trend to search ways of integrating contingent claims analysis with modern corporate finance (incorporating strategic behavior in corporate security valuation), this paper presents a simple pricing model in which two debt-holders decide whether to restructure the firm or not in the event of default.
		We emphasize the role of maturity time and place of the lender's claim in the hierarchy of debt of a firm by developing a contingent valuation model for zero-coupon bonds with default for a firm that issues two bonds with different maturities, and different seniorage.
		This model allows us to analyze the implications of debt renegotiation and capital structure of a firm on the prices of bonds.
	idea.uab.es /~adumit/research.htm (710 words)

	Homestead (Site not responding. Last check: 2007-10-17)
		Eventually these revenues would translate to higher fees for anyone using these services, including grocery stores, who would pass these costs to the consumers - the same way that income taxes lead to higher wages (to pay the tax) which leads to higher prices.
		I am not convinced that the advanced form of seniorage you propose is any more equitable than the current system - although it certainly sounds good.
		I am leery of it in practice, however.
	cog.kent.edu /archives/homestead/msg00432.html (423 words)

	Artemis Project: Minting Artemis Project Collectors' Coins
		The cost of no other coin's metal is anything above 15% of face value.
		The total cost of producing the coin (material and manufacturing) subtracted from the face value is the "seniorage." The US government makes quite a lot of money on this (ever since coins started only representing money, rather than being made out of precious metals and actually worth something).
		When the mint sells coins to collectors, either proof sets, mint sets, or commemoratives, the mark-up over face value is enormous.
	www.asi.org /adb/03/04/artemis-collectors-coins.html (369 words)

	Articles
		The issuance of US$ or Yen denominated debt, financing of corporations in other countries and for expansion purposes, expansion of banking activities have been some of the mediums which are seemed to have been used for the spill over effect.
		For all these activities, “New Money”, also referred as seniorage money (when used for financing deficits), is brought into action.
		This new money to finance these activities does not give rise to inflation immediately, which is the case with seniorage money.
	www.iif.edu /director/articles/20040120art001.htm (12372 words)

	RePEc (Site not responding. Last check: 2007-10-17)
		Abstract: In this paper we develop a contingent valuation model for zero-coupon bonds with default.
		In order to emphasize the role of maturity time and place of the lender’s claim in the hierarchy of debt of a firm, we consider a firm that issues two bonds with different maturities and different seniorage.
		The model allows us to analyze the implications of both debt renegotiation and capital structure of a firm on the prices of bonds.
	www.inomics.com /cgi/repec?handle=RePEc:aub:autbar:590.03 (157 words)

	chinese coin guide - ancient knife and spade money
		Some Zhou coins bear inscriptions indicating denominations, and when their weights are calculated against these denominations, they appear to have been cast to a standard of 0.5 grams per shu (see Wang, Early Chinese Coins, pages 138-139), or about 77% of the official standard.
		This suggests a system of seniorage, similar to that often used in medieval Europe, where coins were struck to lower weight standard relative to their circulating value, with the difference (called seniorage) making up the cost of minting and sometimes a small profit to the minting authority.
		For the time being, we will assume that a shu of 0.5 grams is the correct standard when applied to normal, full-weight, ancient Chinese coins.
	www.calgarycoin.com /reference/china/china1.htm (7490 words)

	[No title]
		This provides additional flexibility in the supply of circulating currency, but still requires that banks tender hard currencies to the currency board to obtain reserves.
		Private banking may attract more hard currency deposits (and thus more rapidly eliminate the seniorage now enjoyed by foreign governments whose currencies are held in the states of the Commonwealth) if there is no currency board to which a bank is likely to turn over hard currency deposits.
		This point rests on the possibility of public distrust of a currency board.
	andrsn.stanford.edu /Other/Free_Banking.html (5363 words)

	English revenues
		Seniorage and mintage on silver and gold at the English mints, 1279-1377
		Gross profits from seniorage taken at the English mints, 1279-1377
		The value of general merchandise imported and exported by denizen merchants and subject to poundage, 1350-1399
	www.le.ac.uk /hi/bon/ESFDB/ORM/orm.html (2214 words)

	Commission Community
		The foreign debt and investment model of economic growth is now giving way to more sustainable paths to home-grown domestic markets and enterprises.
		As discussed on p.52 all countries have the sovereign public power to coin their own currency and benefit from the seniorage this confers.
		This is why dollarization is such a bitter bargain.
	www.commissiononglobalization.org /community/january2003-hazelhenderson.htm (11080 words)

	MiSS BETH'S WEBJOURNAL - Bravenet Web Journal (Site not responding. Last check: 2007-10-17)
		The US is able to make a profit by selling extra currency to people that ship large boatloads of it to other countries in exchange for worn out dollars that have been in circulation over there.
		Our reaping seniorage is a way to let those countries share in the costs of being such a reliable currency.
		Plus when we devalue our currency, everyone that holds a dollar looses a little, that means the other countries as well.
	bethgrindstaff.bravejournal.com /entry/7771 (1013 words)

	Straight from the Hip by Matthew Alice \| www.sdreader.com
		The Mint sells coins to the Fed at face value.
		That 88-cent profit on every buck is officially known as seniorage.
		So when the Mint struck a billion Sacajaweas, they were suddenly rolling in dough.
	www.sdreader.com /php/ma_show.php?id=032201B (282 words)

	Guess Who's Coming For Breakfast? U.S. Mint Turning To Cereal Maker To Boost Image Of New $1 Coin [Free Republic] (Site not responding. Last check: 2007-10-17)
		As for the cost of making it, probably the same as the quarter...less than 10 cents, I'm sure.
		The government gets to put the coin on its books as $1.00 at a cost of say, 9 cents...giving them a "profit" of 91 cents...known in the industry as "seniorage" and to us as smoke and mirrors.
		Its value is not based on its content, but rather a promise of the federal government to back it at its face value.
	www.freerepublic.com /forum/a38833b023583.htm (3108 words)

	Considerations for the Japanese Socioeconomy in the 21st Century
		A fundamental change of thinking about ideal urban structures is necessary.
		Interval of product life cycle will grow shorter, and seniorage systems and treatment, which depend on pyramid-style population structures, will become impossible to be maintained.
		Individuals' sense of belonging to the company will also diversify, and the notion of personal job selection in which the masses are destined to one company throughout their lives (lifetime employment), will become difficult to maintain.
	www5.cao.go.jp /99/e/19990413e-keizaishakai-e.html (5998 words)

	Issue - Inflatie
		Hij kan de markt overspoelen met "verzamelpostzegels" uit de vorige eeuw tot ze nog net zo schaars zijn als een dollarbiljet of een Euro.
		Ik vraag me af hoe lang het zal duren eer TPG of De Post zal zien dat zij net als een centrale bankier erg veel kan verdienen met seniorage (althans tot de markt inklapt omdat het vertrouwen weg is).
		Beleggen in postzegels, wetende dat 1 aanbieder met een druk op de knop het aanbod kan verveelvoudigen zal ik dus niet gauw doen.
	www.meervrijheid.nl /issue-inflatie.htm (10236 words)

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