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Seigniorage

April 21, 2012 Leave a comment

Seigniorage 铸币税

 

Seigniorage (also spelled seignorage or seigneurage) can have the following two meanings:

铸币税-Seigniorage (也唸成seignorageseigneurage),可以有以下两种含义:

Seigniorage derived from specie—metal coins, is a tax, added to the total price of a coin (metal content and production costs), that a customer of the mint had to pay to the mint, and that was sent to the sovereign of the political area.

铸币税出自硬币这样的产物,是一种加在总币值上(金属含量和生产成本)的税务,铸币厂的客户必须支付给铸币厂的价格成为属于该政区政府的税收。

Seigniorage derived from notes is more indirect, being the difference between interest earned on securities acquired in exchange for bank notes and the costs of producing and distributing those notes.

来自纸币的铸币税比较间接,就是兑换钞票的证券以及生产与交付这些纸币的成本之间的息差。

Seigniorage is a convenient source of revenue for some governments.

铸币税成了一些政府较方便的收入来源。

 

Contents 目录

1 Examples  例子

1.1 Scenario A  案例A

1.2 Scenario B  案例B

2 Ordinary seigniorage  普通铸币税

2.1 Solvency constraints of central banks  央行的偿付能力局限

2.2 Seigniorage as a tax  铸币税的税收

3 Seigniorage today  现今的铸币税

3.1 2011 U.S. debt ceiling crisis  2011年美国债务上限的危机

4 Overseas circulation  海外流通

5 See also  另见

6 References  参考文献

7 External links  外部链接

 

Examples  例子

Scenario A  案例A

A person has one ounce of gold, trades it for a government-issued gold certificate (providing for redemption in one ounce of gold), keeps that certificate for a year, and then redeems it in gold. That person ends up with exactly one ounce of gold again. No seigniorage occurs.

一个人有一盎司黄金,换取一份政府发行的黄金证券(可兑换一盎司黄金),保留了一年的时间,然后用证券赎回黄金。那人还是得回那一盎司的黄金,就没有牵涉到铸币税。

Scenario B  案例B

Instead of issuing gold certificates, a government converts gold into currency at the market rate by printing paper notes. A person exchanges one ounce of gold for its value in currency. They keep the currency for one year, and then exchange it all for an amount of gold at the new market value. This second exchange may yield more or less than one ounce of gold if the value of the currency relative to gold has changed during the interim. (Assume that the value or direct purchasing power of one ounce of gold remains constant through the year.)

与其发行黄金券,政府印刷纸币在市场上用市场利率把黄金值换成货币值。任何人就可以用一盎司的黄金换取等值的货币。他们保留这个货币一年,然后再以新的市值换取某个数量的黄金。如果货币相对于黄金的价值中途有变,第二次交易可能会产生多或少于一盎司黄金的价值。(假设这一盎司黄金的价值或直接购买力在这一年内维持不变)

If the value of the currency relative to gold has decreased, then the person receives less than one ounce of gold. Seigniorage occurred.

如果货币相对于黄金的价值下降,那么,那个人就收到少过一盎司的黄金。这时就会牵涉到铸币税。

If the value of the currency relative to gold has increased, the redeemer receives more than one ounce of gold. Seigniorage did not occur.

如果货币相对于黄金的价值增加了,赎款人就收到多过一盎司的黄金。这时就不牵涉到铸币税。

Seigniorage, therefore, is the positive return on issuing notes and coins, or “carry” on money in circulation.

因此,铸币税是发行纸币和硬币的正回报,或持有流通中的货币。

The opposite, “cost of carry”, is not regarded as a form of seigniorage.

反之,“持有成本”并不算是铸币税的一种形式。

 

Ordinary seigniorage  普通铸币税

Ordinarily seigniorage is only an interest-free loan (for instance of gold) to the issuer of the coin or paper money. When the currency is worn out, the issuer buys it back at face value, thereby balancing exactly the revenue received when it was put into circulation, without any additional amount for the interest value of what the issuer received.

在一般情况下,铸币税只是一种给硬币或纸币发行人的免息贷款(如黄金)。当货币疲软,发行人就以面值回购,从而平衡当初投入市场流通时的所得收入,没有给发行人添加任何额外的利息值。

Historically, seigniorage was the profit resulting from producing coins. Silver and gold were mixed with base metals to make durable coins. Thus the British “sterling” was 92.5% pure silver; the base metal added (and thus the pure silver retained by the government mint) was (less costs) the profit, the seigniorage. USA gold coins were made from 90% gold, 7% silver, and 3% copper; one can easily see the seigniorage.

从历史上看,铸币税是从生产硬币得来的利润。金和银混合了基本金属制造出耐用的的硬币。因此,英镑曾经是92.5%的纯银,添加的基本金属(较少成本,由政府铸币厂保留纯银)就是利润,也就是铸币税。美国金币用90%纯金,7%的银和3%的铜打造,人们可以很轻易看到铸币税。

Currently, under the rules governing monetary operations of major central banks (including the central bank of the USA), seigniorage on bank notes is simply defined as the interest payments received by central banks on the total amount of currency issued. This usually takes the form of interest payments on treasury bonds purchased by central banks, putting more dollars into circulation. However, if the currency is collected, or is otherwise taken permanently out of circulation, the back end of the deal never occurs (that is, the currency is never returned to the central bank). Thus the issuer of the currency keeps the whole seigniorage profit, by not having to buy worn out issued currency back at face value.

目前,在主要央行(包括美国的中央银行)的货币操作规则下,银行票据上的铸币税只是简单地定义为中央银行从发行的货币总额所收到的利息支出。通常都是以央行购买国债时付出的利息为形式让更多纸币流通。但是,如果货币被收集,或以其他方式永久停止流通,终端的交易就永远不能成交(也就是说,该货币未曾返回到央行)。因此,货币的发行机构为了保留全部的铸币税利润,就不以面值购买疲软的发行货币。

 

Solvency constraints of central banks  央行的偿付能力局限

The solvency constraint of the standard central bank only requires that the present discounted value of its net non-monetary liabilities (separate from its monetary liabilities accrued through seigniorage attempts) be zero or negative in the long run. Its monetary liabilities are liabilities only in name, as they are irredeemable: the holder of base money cannot insist at any time on the redemption of a given amount of base money into anything else other than the same amount of itself (base money) — unless, of course, the holder of said base money is another central bank reclaiming the value of its original interest-free loan.

标准央行的偿付能力局限只要求长期里的非货币性净负债的现貼现值维持零或负(从尝试通过铸币税累计出来的货币负债分开来)。货币负债只是名义上的负债,因为它们是不可赎回的:基本货币的持有人不能坚持在任何时候要赎回一定数量的基本货币,除了基本货币本身的同等数量以外,当然,例外就是该基本货币持有人是另一个央行要收回原有的零利息贷款的价值。

 

Seigniorage as a tax  铸币税的税收

Some economists regarded seigniorage as a form of inflation tax, redistributing real resources to the currency issuer. Issuing new currency, rather than collecting taxes paid out of the existing money stock, is then considered in effect a tax that falls on those who hold the existing currency. The expansion of the money supply may cause inflation in the long run.

一些经济学家把铸币税當成一种通货膨胀税,重新分配实际资源給货币发行者。发行新货币而不是從现有货币量支出的收取税款,其實可以算是落在現有货币持有人身上的税务。货币供应量的扩张可能会导致长远期里的通货膨胀。

This is one reason offered in support of free banking, a gold standard, or at a minimum the reduction of political control over central banks. The latter could then take as their primary objective ensuring a stable value of currency by controlling monetary expansion and thus limiting inflation. Independence from government is required to reach this aim – indeed, it is well known in economic literature that governments face a conflict of interest in this regard[citation needed]. In fact, “hard money” advocates argue that central banks have utterly failed to obtain the objective of a stable currency. Under the gold standard, for example, the price level in both England and the US remained relatively stable over literally hundreds of years, though with some protracted periods of deflation. Since the US Federal Reserve was formed in 1913, however, the US dollar has fallen to barely a twentieth of its former value through the consistently inflationary policies of the bank. Economists counter that deflation is hard to control once it sets in and its effects are much more damaging than modest, consistent inflation.

这就是支持自由银行,黄金标准,或者至少减少对中央银行的政治控制的原因之一。这样后者就可以通过控制货币扩张限制通膨来确保货币价值的稳定,作为自己的首要目标来执行。要达到这个目的就必须有独立性,不受政府控制,事实上,经济学文章里说的政府在这方面面临的利益冲突已经是众所周知的了。事实上,“硬钱”的倡导者们辩说央行在稳定货币的目标上已经彻底失败。在黄金标准之下,例如英国和美国的价格水平几百年来都保持相对的稳定,虽然有一些时期的通货萎缩。自从美国联邦储备局在1913年成立之后,银行持续性的通膨政策已经导致美元跌到只剩下原值的二十份之一。经济学家反驳说,通缩是很难控制的,一旦开始通缩,其破坏力比起适度和一致的通货膨胀还要大得多。

Banks or governments relying heavily on seigniorage and fractional reserve sources of revenue can find it counterproductive. Rational expectations of inflation take into account a bank’s seigniorage strategy, and inflationary expectations can maintain high inflation . Instead of accruing seigniorage from fiat money and credit most governments opt to raise revenue primarily through taxation and other means.

银行或政府如果过度依赖铸币税和部分准备金源的收入就会发现效果适得其反。合理期望的通货膨胀有考虑到银行的铸币税策略,但是预期中的通胀也可以保持高通胀率。与其通过不兑现纸币和信贷去累积铸币税,大多数政府都选择通过税收等手段去增加收入。

 

Seigniorage today  现今的铸币税

The “50 State” series of quarters (25-cent coins) was launched in the U.S. in 1999. The U.S. government planned on a large number of people collecting each new quarter as it rolled out of the U.S. Mint, thus taking the pieces out of circulation[citation needed]. Each set of quarters is worth $14.00 (a complete set includes quarters for all fifty states, the five U.S. territories, and the District of Columbia). Since it costs the Mint about five cents for each 25-cent piece it produces, the government made a profit whenever someone “bought” a coin and chose not to spend it. The U.S. Treasury estimates that it has earned about US$6.3 billion in seigniorage from the quarters over the course of the entire program.

1999年,美国推出“50州”季度系列(25美分硬币)。美国政府预计,每个新季度都有很多人会收集美国造币厂推出的硬币去流通。每个季度的每一套硬币价值$14.00(一套完整的硬币包括所有五十个州,五个管辖区和哥伦比亚特区)。由于每一个25美分的硬币成本约5美分,每当有人“买”一个硬币不花掉,政府就有利润可赚。美国财政部估计,从整个计划的每个季度中赚取了大约63亿美元的铸币税。

In some cases, national mints report the amount of seigniorage provided to their respective governments; for example, the Royal Canadian Mint reported that in 2006 it generated $C93 million in seigniorage for the Government of Canada. The US government, the largest beneficiary of seignorage, earned approximately $25 billion annually as of 2000.

在某些情况下,国家铸币厂向各个政府报告提供的铸币税金额; 例如,加拿大皇家铸币厂在2006年向加拿大政府报告赚取了九千三百万加拿大币。美国政府这个铸币税的最大受益者每年赚取了大约250亿美元,截至2000年为止。

According to some reports, currently over half the revenue of the government of Robert Mugabe in Zimbabwe is in seigniorage. Zimbabwe has experienced hyperinflation (see Hyperinflation in Zimbabwe), with the annualized rate at about 24,000% in July 2008 (prices doubling every 46 days).

据报道,目前津巴布韦由穆加贝领导的政府有一半以上的收入都来自铸币税。津巴布韦经历了恶性通货膨胀,在2008年7月通膨年率约24000%(每46天增加一倍)。

 

2011 U.S. debt ceiling crisis   2011年美国债务上限的危机

On 3 January 2011, a blogger suggested seigniorage as a solution to the 2011 U.S. debt ceiling crisis. This was covered on Slate online, on 29 July 2011 when it was suggested that a US$5 trillion coin could be minted and deposited with the Federal Reserve and used to buy back debt thus making funds available.

2011年1月3日,一名博客把货币税当成美国债务上限危机的解决方案,这个建议也在2011年7月29日的Slate在线网站上讨论,有人建议铸造五兆元的硬币存放在美联储,用来回购债务,这样便有资金可用。

 

Overseas circulation  海外流通

A very profitable type of seignorage is from the international circulation of banknotes. While the cost of printing banknotes is minimal, the foreign entity must provide goods and services at the face value of the note to obtain it. The banknote is retained because the entity values it as a store of value because of mistrust of the local currency.

一个非常有利可图的铸币税的类型就是来自国际流通的纸币。虽然印刷钞票的成本很低,外国个体必须提供跟纸币等值的商品和服务来换取纸币。收留钞票是因为该个体承认纸币是一种储存价值的形式,因为不信任当地的货币价值。

Overseas circulation is intimately tied in with large value banknotes. One purpose of using foreign currency is for store of value, but another is efficiency of private transactions many of which are illegal.

海外流通跟大面值钞票息息相关。使用外币的目的之一是要保值,另一个好处是许多非法的私下交易就变得很有效率。

American currency has been circulating globally for most of the 20th century. Certainly in WWII, the amount of currency in circulation was increased several fold. However, the modern era of huge printings of the United States one hundred-dollar bill started with the fall of the Soviet Union in 1991. Production was quadrupled with the first ever trillion dollar printing of this bill. As of the end of 2008, U.S. currency in circulation with the public amounted to $824 billion and 76% of the currency supply was in the form of $100 denomination banknotes, amounting to twenty $100 bills per U.S. citizen. Over the past decade there has been considerable controversy concerning the amount of U.S. currency circulating abroad. Porter and Judson have claimed that in the mid nineties between 53-67 percent of U.S. currency was overseas, whereas Feige’s estimates suggested a figure closer to 40 percent abroad. Most recently, Goldberg writing in a New York Federal Reserve publication asserted that “about 65 percent ($580 billion) of all banknotes are in circulation outside of the country. However, these assertions are contradicted by the Federal Reserve Board of Governors Flow of Funds statistics which show that at the end of March 2009, only $313 billion (36.7 percent) of U.S. currency was held abroad. Feige calculates that since 1964, “the cumulative seigniorage earnings accruing to the U.S. by virtue of the currency held by foreigners amounted to $167-$185 billion and over the past two decades seigniorage revenues from foreigners have averaged $6-$7 billion dollars per year”.

美国的货币在20世纪的大部份时候都一直通行全球。当然,在二战中,流通中的货币量增加了好几倍。然而,美国大量印刷百元钞的新时代也从1991年苏维埃联邦解体之后开始。印刷生产翻了四倍,首度印刷超过一兆币值的百元钞。截至2008年底,美国公众流通的货币总额有8240亿美元,有76%的货币供应量是百元面额的钞票,平均每个美国公民有20张百元美钞。在过去十年里,对于美国货币在海外流通的数量一直都有很大的争议。Porter与Judson-波特和贾德森都声称,在90年代中期,53%到67%的美国货币都在海外,而Feige-菲戈的估计则接近40%。最近,Goldberg-戈德堡在纽约联邦储备局的出版物发表文章断言,“有65%左右(约5800亿美元)的纸币在国外流通。然而,这些说法却有别于联邦储备局资金流量统计委员会在2009年3月底公布的数据,只有3130亿(36.7%)的美国货币在国外。Feige估算,从1964年起,“由于外国人持有的货币累积出的铸币税收益约1670到1850亿美元,在过去二十年里,来自外国人的铸币税收入平均是每年60到70亿美元”。

The American $100 bill has some competition, primarily from the €500 note. The larger value of the banknote makes it easier to transport larger amounts of money. As an example, to carry $1 million in currency on board an airplane, and it is in $100 bills, the weight of the money is 22 pounds. It is difficult to carry this much without a briefcase and some physical security. Since it is against authority of Title 26 of the United States Code (U.S.Tax Code) regulations to carry more than $10,000 without reporting it (31 USC 5311), it is unlikely to pass security unnoticed. The same amount in €500 notes would weigh less than three pounds, and it could probably be dispersed in clothing and in luggage without attracting attention or alerting a security device. For many illegal operations the problem of transporting currency is more difficult than transporting cocaine because of the size and weight of the currency. The ease of transporting banknotes makes the euro very attractive to Latin American drug cartels.

美国的百元美钞也面对一些竞争,主要是€500欧元的纸钞。面值大的钞票方便转移大数额的钱。打个比方,带着一百万的货币登机,如果是百元钞,钱的重量是22磅。因此很难不用公事包和一些保安措施来携带这么多钱。由于这个做法违反了“美国法典”(US税务守则)第26条的规定,携带超过一万元却不通报(31 USC 5311),就很难通过安检。同等数量的€500欧元纸币的重量就少过三磅,很容易藏在服装和行李箱里分散开来而不引起人们的注意或触动保安设备。对许多非法行动来说,运送货币比起运输可卡因还困难,问题出在纸币的体积和和重量。轻易可运送钞票的欧元就吸引了拉丁美洲的毒品商。

The Swiss 1000 franc note is probably the only other banknote that is in circulation outside of its home country. It is worth slightly more than US$1000. However, to the non-Swiss it doesn’t provide a significant advantage over the €500 note as there are 20 times as many of the €500 note circulating and they are more widely recognized. As a reserve currency it is roughly 0.1% of the currency composition of official foreign exchange reserves.

瑞士1000法郎的钞票很可能是唯一在其国土外通行的钞票,其价值超过1000美元一些。然而,对于瑞士以外的人来说,这种钞票并不比€500欧元占显着的优势,因为有多达20倍的€500欧元纸钞在流通,而且广泛被接受。作为一种储备货币,它也只是占了大约0.1%的官方外汇储备的货币组合。

Governments differ radically in their issuance of large banknotes. As of August 2009, the number of 1000 franc Swiss banknotes circulating is over 3 times the population of Switzerland. In comparison the number of £50 banknotes circulating slightly less than 3 times the population of UK. But the 1000 franc banknote is worth roughly £600. The British government has traditionally been wary of large banknotes since the counterfeiting Operation Bernhard in World War II which caused the Bank of England to withdraw all notes larger than £5 from circulation, and not reintroduce other denominations until the early 1960s (£10), 1970 (£20) and March 20, 1981 (£50). Circulation rates are so low that Britain could stop printing the £50 note and much of the population wouldn’t notice.

在发行大面值的钞票上,各个政府的观点都大不同。截至2009年8月,1000元瑞士法郎钞票的流通量超过瑞士人口的3倍。相比之下,50元英镑的纸钞比英国人口少了三倍,但是1000元瑞士法郎的钞票大约值600英镑。第二次世界大战发生的借Bernhard行动去造假的假钞事件,逼英格兰银行收回所有流通中大过5英镑的纸钞,从那时起,英国政府传统上就很小心处理大钞,就不再推出新的面额新钞,直到60年代初才推出10英镑纸钞,1970年推出20英镑的纸钞,以及1981年3月20日发行的50英镑纸钞。流通率低到英国政府可以停止印刷50英镑的纸钞而大部份人民还没察觉出来。

There is a banknote for 500 Latvian lats which is currently one of the most valuable notes in the world, as it is worth more than $1000, but it is unlikely to be accepted outside of Latvia. Likewise, the 10000 Singapore dollar note is the most valuable, but is rarely used and unlikely to be accepted outside of Singapore. Other currencies in Europe, like the British pound, and the Scandinavian currencies do not issue large value banknotes. Iceland in particular has never needed much currency since electronic transactions are commonplace, and their population is small with over 60% of the population living in one metropolitan area. Their largest banknote is worth less than €28.

拉脱维亚的500拉钞票是目前世界上最有价值的纸币,因为价值超过1000元,但是不大可能在拉脱维亚国外被接受。同样的,新加坡的一万元纸钞也是最有价值的,但却很少用到,也不大可能在海外被接受。欧洲其他货币,如英镑和Scandinavian-斯堪第纳维亚的货币里没有大面值的钞票。尤其是Iceland-冰岛,从来都不需要那么多货币,因为电子交易很普遍,而他们的人口很少,只有60%多一些的人口住在一个都市里。他们最大的钞票面值少过€28欧元。

South Korea is an example of a country with a high Human Development Index that fears counterfeiting so much that they don’t utilize large banknotes. South Korea has a larger purchasing power parity per capita than Latvia, but until recently the largest South Korean banknote was worth about US$8, which was a severe impediment to routine business. On June 23, 2009 they issued a new banknote worth five times as much.

韩国是一个具有较高的人类发展指数的例子,因为他们害怕收到假钞,就不敢用大面值的钞票。韩国的人均收入购买力比拉脱维亚还高,但要到最近,韩国最大的钞票面值才值约8美元,对日常业务造成严重的不便。2009年6月23日,他们发行了一个价值大了五倍多的新钞票。

The American treasury considered re-issuing a US$500 banknote when the euro banknotes began circulating. There was concern that the high value banknotes would provide competition. However, after recognition that the $500 banknote would provide a huge advantage to worldwide criminal operations and dictatorships, the decision was made not to pursue this option.

美国财政部考虑重新在欧元纸钞开始通行时发行500美元的钞票。有人担心高面值的钞票将鼓励竞争。然而,在认识到500美元的钞票会提供全球化的犯罪活动和专政政权巨大的便利之后,才决定不考虑这个选项。

Canada briefly issued a $1000 Canadian dollar bill in 1992, but the Royal Canadian Mounted Police was able to successfully argue against the continued printing of this bill in 2000; it is still legal tender but no more are being printed, and it will diminish as older bills are destroyed. It was not widely circulated outside of Canada.

加拿大简要地在1992年发行了$1000加拿大元的纸钞,但加拿大皇家骑警警方在2000年成功地辩驳反对继续印刷这种纸钞,虽然还是法定货币,但已经不再印刷,而且在旧钞被销毁后会逐渐减少。这种钞票不在加拿大境外广泛流通。

 

See also  另见

  • Central bank  中央银行
  • Digital gold currency  数码式黄金货币
  • Fractional reserve banking  部分储备金银行
  • Full reserve banking  全储备银行
  • Money  货币
  • Monetarism  货币主义
  • Demurrage (currency)  滞期费(货币)

 

External links  外部链接

  • Extensive discussion   广泛的讨论
  • Sovereignty & Seignorage  主权和铸币税
  • Information about Seigniorage  关于铸币税的信息
  • “The temptation of dollar seigniorage”, By Kosuke Takahashi of Asia Times Online, January 23, 2009.

美元铸币税“的诱惑” , 耿介高桥撰,亚洲时报在线 ,2009年1月23日。

  • “A better way to account for fiat money at the Central Bank” By Thomas Colignatus, December 31, 2005

“一个审计中央银行的法定货币更好的办法” Thomas Colignatus撰,2005年12月31日

 

Categories  分类

  • Numismatics  钱币学
  • Taxation  税务

—— END ——

 

Source > en.wikipedia.org/wiki/Seiniorage

Translated by > BlogHost

Word Count > approx. 2250 words in English

 

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