Seigniorage, banking, and the optimal quantity of money

Article Abstract:

The net seigniorage in an economy is positively dependent on the inflation rate and the reserve requirement is negatively dependent to the state of payment transaction technology and the degree of competition in the banking industry. The study was carried out using the opportunity cost of seigniorage and an oligopolistic model of the banking system to evaluate the impact of changes on key parameters such as the inflation rate and degree of competition in the banking industry. The seigniorage concept is likewise closely connected to the welfare loss concept and to the optimal monetary quantity concept in public finance theory.

Economics, Research and Development in the Social Sciences and Humanities, Inflation (Finance), Money supply, Revenue, Inflation (Economics)

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Maturity structure of public debt and expected bond returns

Article Abstract:

The maturity composition of public debt occasionally assists in forecasting expected bond returns. Adoption of a simple unrestricted modelling approach also reveals that such maturity composition is also correlated with short rate's term premium and future changes. Aside from establishing a relationship between the term premium and expected bond returns, support was also achieved with regards to a notion that flattening of yield curve results from replacement of notes to bills.

Analysis, Bonds, Bonds (Securities), Bond transfer, Bond trading

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Default risk and optimal debt management

Article Abstract:

A new study constructs a model of optimal debt management where the government is unable to precommit its inflationary or defaulting policy.

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