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Seigniorage and Public Deficit: A Test of Comparison between Turkey and Tunisia

机译:Seigniorage和公共赤字:土耳其与突尼斯比较的考验

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Usually regarded as a financial advantage enjoyed by the issuers of the currency, seigniorage is the difference between the nominal value of the currency sign and the cost of its production and distribution. Historically, it took the form of the deterioration of the intrinsic value of coinage from its official value. Sometimes exceptional, revenues from this operation allow the government to finance its spending without raising new taxes. In modern economies, in the absence of deep financial markets, the state has recourse to money creation to finance its deficit. In this regard, the article proposes to evaluate the experience of two countries that have negotiated differently the process of financial liberalization: Turkey and Tunisia.
机译:通常被视为由货币发行人享有的金融优势,Seigniorage是货币符号的标称价值与其生产和分配成本之间的差异。从历史上看,它采取了官方价值的币内在价值的恶化的形式。有时卓越的,来自此行动的收入允许政府在不提高新税收的情况下融资其支出。在现代经济体中,在没有深处的金融市场的情况下,国家有资助其赤字的资金创造。在这方面,文章建议评估两国的经验,这些国家已经不同地进行了金融自由化进程:土耳其和突尼斯。

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