神马作文网小弟跪求!~英文论文翻译!~急!很急!（13）
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小弟跪求!~英文论文翻译!~急!很急!（13）
The expression (10) is also used in the measurement of nominal and real
fiscal and quasi-fiscal deficits as net seignorage collected by the Central Bank –
equal to seignorage (Sgt) less the interest paid on commercial bank reserves (Rocha
and Saldanha, 1992). Croitoru (1995) measuring the fiscal and quasifiscal deficit in
Romania during 1990-1995, used expression (10) but changed it as:
?H / P = ?h + ( π / 1+π ) h-1 (11)
Because Romania is characterised by a high inflation rate, we used
expression (10) in our work based on the monthly change in reserve money and a
correction coefficient for inflation. The result for seignorage for the 1990-1994
period were similar with the figures obtained by Croitoru and they are presented in
Table 3.
The presented data reveal that the government of Romania obtained a larger
volume of seignorage for financing the deficit in the first years of transition to a
market-oriented economy. The level of seignorage was much higher in the years with
three-digit inflation rate, i.e. in 1992, 1993, and 1997. The sharp decline in
seignorage in recent years [4] helped to circumscribe this indicator to the limits close
to those recorded usually by the market economies, i.e. 1-1.5% (Coricelli, 1997). It
should be pointed out that enforcement of Law No.101/1998 regarding independence
of the Central Bank stipulates the price stability as the main goal of the latter. This
had a sensible impact on containing the government’s access to financing through
seignorage. The upturn developed by this indicator in the first half of 1999 is
undoubtedly linked to the pressing liquidity needs revealed by the banks undergoing
restructuring (BANCOREX and Banca Agricola) and to the efforts made by the
Central Bank to pre-empt a systemic crisis. The subsequent take-over to the public
debt by issuing zero coupon bonds in the amount of ROL 6,617 billion and
approximately USD 246 million helped to finance the deficit.
Additionally, during the tightening monetary policy the seignorage drooped
off as a result of the lower economic growth that decelerated expansion of reserve
money. That, in turn, means that a larger portion of the deficit must be financed by
increased debt. The smaller the deficit that needs to be financed by debt, the more the
monetary authorities are on the upward sloping portion of the Laffer curve and
accept inflation. The question is who determines how large the seignorage must be.
The expression (10) is also used in the measurement of nominal and real
fiscal and quasi-fiscal deficits as net seignorage collected by the Central Bank –
equal to seignorage (Sgt) less the interest paid on commercial bank reserves (Rocha
and Saldanha, 1992). Croitoru (1995) measuring the fiscal and quasifiscal deficit in
Romania during 1990-1995, used expression (10) but changed it as:
?H / P = ?h + ( π / 1+π ) h-1 (11)
Because Romania is characterised by a high inflation rate, we used
expression (10) in our work based on the monthly change in reserve money and a
correction coefficient for inflation. The result for seignorage for the 1990-1994
period were similar with the figures obtained by Croitoru and they are presented in
Table 3.
The presented data reveal that the government of Romania obtained a larger
volume of seignorage for financing the deficit in the first years of transition to a
market-oriented economy. The level of seignorage was much higher in the years with
three-digit inflation rate, i.e. in 1992, 1993, and 1997. The sharp decline in
seignorage in recent years [4] helped to circumscribe this indicator to the limits close
to those recorded usually by the market economies, i.e. 1-1.5% (Coricelli, 1997). It
should be pointed out that enforcement of Law No.101/1998 regarding independence
of the Central Bank stipulates the price stability as the main goal of the latter. This
had a sensible impact on containing the government’s access to financing through
seignorage. The upturn developed by this indicator in the first half of 1999 is
undoubtedly linked to the pressing liquidity needs revealed by the banks undergoing
restructuring (BANCOREX and Banca Agricola) and to the efforts made by the
Central Bank to pre-empt a systemic crisis. The subsequent take-over to the public
debt by issuing zero coupon bonds in the amount of ROL 6,617 billion and
approximately USD 246 million helped to finance the deficit.
Additionally, during the tightening monetary policy the seignorage drooped
off as a result of the lower economic growth that decelerated expansion of reserve
money. That, in turn, means that a larger portion of the deficit must be financed by
increased debt. The smaller the deficit that needs to be financed by debt, the more the
monetary authorities are on the upward sloping portion of the Laffer curve and
accept inflation. The question is who determines how large the seignorage must be.
表达式 (10) 也使用测量的名义及实质财政及 quasi-fiscal 的赤字所网 seignorage 收录中央银行 — — 相当于 seignorage （Sgt） 对商业银行的利息减去储备 (罗沙及萨尔达尼亚,1992年).Croitoru （1995） 测量,财政和 quasifiscal 的赤字,罗马尼亚在 1990年-1995 年期间使用表达式 (10),但是改为：H / P h + (π / 1 + π) h-1 (11) 因为罗马尼亚瘀斑通胀率高企,我们基于储备货币与通胀的修正系数,每月改变我们在工作中使用表达式 (10).获得 Croitoru 的数字,显示类似 1990年-1994 年的 seignorage 的结果,他们载列于表三.
提交的数据揭示的罗马尼亚政府取得更大的卷的 seignorage,在第一年向市场经济过渡的融资,赤字.3 位数字的通胀率即在一九九二年,1993 及 1997 年,seignorage 的水平是高得多.大幅下降 seignorage 近年来 [4] 有助于限制此指标接近记录通常在市场经济体系所限制,即 1-1.5%(Coricelli 1997）.它必须指出 》 No.101/1998 央行的独立性有关执行规定,后者的主要目标,价格稳定.这有了合理的影响含融资通过 seignorage 对政府的访问.由这个指标在一九九九年上半年的复苏无疑链接转型 （BANCOREX 和意大利农民）,银行需要显示的迫切流动资金,以取代了全身的危机中央银行的努力.以公共债务发行零息率的后续接管债券 ROL 6,617 亿元,约美金 246 万助财政赤字的数量.
此外,在紧缩的货币政策的过程中,seignorage 最近关闭,较低的经济增长,减慢的储备货币扩张的结果.,换句话说,意味着更大的财政赤字一部分必须增加债券获资助.越小,赤字债务,获资助,越金融管理当局都对,向上倾斜拉弗曲线的部分,并接受通胀所需.是谁决定,seignorage 必须是多大的问题.
提交的数据揭示的罗马尼亚政府取得更大的卷的 seignorage,在第一年向市场经济过渡的融资,赤字.3 位数字的通胀率即在一九九二年,1993 及 1997 年,seignorage 的水平是高得多.大幅下降 seignorage 近年来 [4] 有助于限制此指标接近记录通常在市场经济体系所限制,即 1-1.5%(Coricelli 1997）.它必须指出 》 No.101/1998 央行的独立性有关执行规定,后者的主要目标,价格稳定.这有了合理的影响含融资通过 seignorage 对政府的访问.由这个指标在一九九九年上半年的复苏无疑链接转型 （BANCOREX 和意大利农民）,银行需要显示的迫切流动资金,以取代了全身的危机中央银行的努力.以公共债务发行零息率的后续接管债券 ROL 6,617 亿元,约美金 246 万助财政赤字的数量.
此外,在紧缩的货币政策的过程中,seignorage 最近关闭,较低的经济增长,减慢的储备货币扩张的结果.,换句话说,意味着更大的财政赤字一部分必须增加债券获资助.越小,赤字债务,获资助,越金融管理当局都对,向上倾斜拉弗曲线的部分,并接受通胀所需.是谁决定,seignorage 必须是多大的问题.