| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10693 |
| DP10693 Different types of central bank insolvency and the central role of seignorage | |
| [unavailable] | |
| 发表日期 | 2015-07-05 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | A central bank is insolvent if its plans imply a Ponzi scheme on reserves so the price level becomes infinity. If the central bank enjoys fiscal support, in the form of a dividend rule that pays out net income every period, including when it is negative, it can never become insolvent independently of the fiscal authority. Otherwise, this note distinguishes between intertemporal insolvency, rule insolvency, and period insolvency. While period and rule solvency depend on analyzing dividend rules and sources of risk to net income, evaluating intertemporal solvency requires overcoming the difficult challenge of measuring the present value of seignorage. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Central bank capital Fiscal support monetary policy |
| URL | https://cepr.org/publications/dp10693 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539524 |
| 推荐引用方式 GB/T 7714 | [unavailable]. DP10693 Different types of central bank insolvency and the central role of seignorage. 2015. |
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