Seigniorage

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Focusing on the concept of seigniorage, the book explores the revenue generated from currency creation by central governments through an institutional lens. It outlines three distinct monetary regimes—commodity, fiat, and credit currencies—while providing a contemporary analytical framework. The author examines how currency is issued, whether through minting, printing notes, or crediting private entities, and discusses the optimal levels of revenue associated with each method. This approach enhances understanding of the economic implications of currency issuance.