中央银行利润、财政铸币税和最优铸币税的探讨

发布时间：2018-04-08 12:26

本文选题：通货膨胀率　切入点：机会成本铸币税　出处：《南方经济》2017年06期

【摘要】：中央银行的利润主要受机会成本铸币税以及转移的机会成本铸币税二者共同作用的影响。文章定义的财政铸币税(fiscal seigniorage)包括央行上缴的利润,扣除对央行支付的利息,再加上央行对政府存款所支付的利息,以及央行对政府债权和政府存款的变动等。文章理论分析认为央行利润、财政铸币税和通货膨胀率存在非线性关系,在MIU模型下,铸币税呈U型特征或"倒U型"特征,这与铸币税因子和货币需求函数的变动特征有关。ARDL模型实证结果显示我国中央银行货币铸币税、央行利润和财政铸币税的变动存在"U型"特征;转移的机会成本铸币税呈现"倒U型"特征;机会成本铸币税既没有"U型"特征,也没有"倒U型"特征。以MIU模型中的货币需求函数为前提,铸币税的U型或倒U型特征取决于铸币税因子的变动特征。
[Abstract]:The central bank's profits were mainly affected by the opportunity cost Seigniorage and transfer the opportunity cost seigniorage two. The definition of financial seigniorage (fiscal seigniorage) including the central bank profits paid to the central bank, deduct interest payments, plus the central bank to pay the government deposit interest, as well as the Central Bank of the government the creditor's rights and government deposits changes. Theoretical analysis in this paper that the central bank profits, financial Seigniorage and inflation rate there is a nonlinear relationship, under the MIU model, the seigniorage is U features or inverted "U" characteristic, and the change characteristics of cast money tax factor and money demand function of the.ARDL model empirical results show that the central bank money coin tax in China, the central bank profits and fiscal seigniorage changes "U" characteristics; transfer the opportunity cost seigniorage has inverted "U" characteristic; opportunity cost seigniorage is neither "U" There is also no "inverted U" feature. Based on the money demand function in MIU model, the U or inverted U character of seigniorage depends on the change characteristics of seigniorage factor.

【作者单位】：复旦大学国际金融系;
【基金】：国家自然科学基金(70673011、71173042) 教育部后期项目(12JHQ030) 上海市哲学社会科学规划项目(2016BJB001) 复旦大学理论经济学Ⅰ类高峰项目的资助
【分类号】：F812;F812.42;F830.42

【相似文献】