Seigniorage Relations With The International Financial Crisis, The Theory Of Empirical Research

Ⅰ.The research purpose and significance in this paper The selected title of this paper is "the relationship of seigniorage and international financial crisis", regarding financial theory of economics as guidance mainly, from two respects of quantity and quality, the relationship of seigniorage and international financial crisis is explained and judged. The course to bring out the financial crisis from government's deficit monetization especially are analysed in detail, combine the current situation of economic development of our country at the same time, give some corresponding policy recommendations and measure. This paper chooses such a topic, on one hand, since the seventies of the 20th century, the international financial crisis takes place frequently, different scholars have done deep studying to the reason of financial crisis, function mechanism from different angle, have proposed many rationality suggestions to solve the problem. Through the studying of the author, seiniorage, especially when a country's government seeks debt monetization, namely the government operates the right of monopoly issueing currency to obtain incomes. On the other hand, since 1997 Asian financial crisis, in order to pulling the domestic demand, our country has implemented the expanding monetary policy for several years, the level of the deficit reaches a new peak, some scholars propose the seiniorage should be used as a control tool of macroeconomy to remedy the deficit and solve the financial difficulty. In this way, studying the relationship of seigniorage and the financial crisis has a realistic great meaning. ⅡThe Outline and logic structure of the research paper The research is beginning with the coin. Because of the development of the monetary system, the concept of seigniorage has specifically signification in different historical period, the overall and correct understanding of the concept is very necessary for studying. Then this text regards government's deficit financing behavior as the research object, regards government as an economic unit's, and analyses the cost-income models of government pay back the debts. Afterwards, The author has reviewed some models of international financial crisis that were proposed by foreign scholars, and on this condition, have studied the function mechanism of how seigniorage impacts the financial crisis under the fixed exchange rate system and the floating exchange rate system separately. And then, the author has chosen Russia and Mexican to do positive research, finally, combined the situation of our country, put forward the comparatively apropos policy recommendations. As to logic, each chapter keeps logic relationship with its previous one. The thesis is written around these questions: what is seigniorage? How does the government decide his own financing behavior? What are the reasons of the forming of the international financial crisis? What are the lessons we can learn from our research? Ⅲ.Main content and view of this thesis This thesis is divided into four chapters. Chapter one is divided into three pasts altogether. The first part mainly studies the conception of seigniorage at the age of the metal coins, the second part mainly analyses in the view of seigniorage at the age of credit currency. Recommend in detail and comment briefly Opportunity Cost Seigniorage , Monetary Seigniorage , Extended Monetary Seigniorage,International Seigniorage。In the part, have drawn a conclusion the relationship between seigbiorage and inflation are satisfied the LAFFER curve. The third part introduces mainly a series of questions correlated with seigniorage.. Chapter two discussed the relationship of the seigniorage and international financial crisis in detail. The whole chapter includes four parts. First part is mainly qualitative analyzed Government's financing behavior, has investigated that the cost and income whether the government decides to repay debts or not. Second part has reviewed financial crisis models. The third part is one of the cores of this text, it has studied und...