Can Seigniorage Revenue Keep China's Financial System Afloat? |
Common terms and phrases
3-year time deposit 40 percent a1iD aggregate demand asset demand balance sheet Bank of China bank quasi-fiscal activities bank's central bank profits central bank quasi-fiscal China's banking system Chinese coefficient commercial banks cost-minimizing currency in circulation currency issue deficit demand functions deposit interest rate depositors developing countries Economy equations estimated Ewijk extracting seigniorage financial repression fiscal approach form of interest Girardin goose government revenue government's Hence increasing inflation tax interest-paying liabilities International Monetary Fund intramarginal tax last asset loan rates long-run model presented monetary policy negative net worth noninterest-earning required reserve noninterest-earning reserve requirement People's Bank percent of GDP policy loans price stability produce proportion rate of interest real interest rates reduce required reserve ratio reserve money seigniorage revenue sight deposit interest sight deposit rate Slutsky symmetry specialized banks state-owned enterprises Stock and Flow subsidies and loan subsidized tax revenue University of Birmingham World Bank zero