摘要
本文的重点是从货币创造的角度推导出铸币税的征收机制,在不存在经济增长和货币深化的经济中,铸币税收入等于基础货币存量乘以名义利率。如果考虑经济增长和货币化过程,铸币税的税率等于经济增长贡献率、货币化速度、和名义利率的加总。对于传统意义的铸币税,其税基是基础货币存量;当铸币税概念扩展到政府所有的金融债务时,其税基为政府发行的所有“债权凭证”的名义值总量:当铸币税扩展到整个社会范围时,其税基为所有债务人发行的“债权凭证”的总名义值。第一种概念的铸币税所对应的税率是名义利率。而后两种铸币税率为“意外”通货膨胀率。政府的铸币税收入是由经济中的所有贷款人和“原始内部货币”持有人共同分担的,而且贷款人在经济中分担了过度的铸币税负。铸币税对一国经济有利有弊。铸币税的福利成本分为两类,第一类是“社会持币剩余损失”。第二类福利损失表现为通货膨胀引致的直接有形成本。同时,铸币税又是一种弹性货币供给的制度形式。它引申出了中央银行的货币政策功能。当经济增长率大于零时,铸币税保持在一定水平对经济增长是有利的。
This paper concentrates on the deduction of the taxation mechanism of seigniorage through a perspective of money creation. Government revenue collected from seigniorage equal to the product of the money base stock and the nominal rate in an economy without growth and monetization. If the economic growth and monetization were included in our model the tax rate of seigniorage would be the sum of the contribution rate of growth, the rate of monetization and the nominal rate. For the traditional definition of the seigniorage, the excise base of it is the money base. However, if we extended the conception of seigniorage to the range of Government s all financial debts, the excise base of the sum of the nominal amount of all 'debt-claims' certificates issued by creditors. The extraction rate of the first concept of seigniorage above is the nominal rate, but for the latter two concepts of seigniorage the excise rate is the rate of the 'surprise' price rise. Seigniorage has both positive and negative impacts on the economy. It could incur two kinds of net social welfare costs: reducing the residual of holding monetary balance and the disruptive or redistributive aspects of inflation . At the same time, the existence of seigniorage provides an institutional mechanism of elastic monetary supply for the society. It induced the central bank' s monetary policy function. It can also prevent a growing economy form deflation.
出处
《金融研究》
CSSCI
北大核心
2002年第12期1-20,共20页
Journal of Financial Research
