Seigniorage and the Case for a National Money
分析高通胀国家使用本国货币的成本与收益，重点讨论使用外币损失的铸币税，并估算放弃本国货币改用美元的年度流量和一次性存量成本，对政策制定者评估货币选择有参考价值。
In countries with high rates of inflation there is typically movement away from the use of the local currency. The paper analyzes the costs and benefits of using a local currency, with emphasis on the seigniorage foregone by using a foreign money. Even if it should be desirable for a country to fix its exchange rate, it still loses seigniorage if it does not use its own money. The case for using a foreign money then turns largely on the superior discipline imposed on domestic policymakers by removing their control over the money supply. Alternative methods of imposing discipline are discussed. Estimates of the amount of seigniorage raised by different governments are presented; seigniorage amounts in some cases to about 10 percent of government revenue. Estimates are also presented of both the annual flow and one-time stock costs of giving up use of domestic currencies and instead using the dollar. The flow cost is typically about 1 percent of GNP and the stock cost is around 10 percent of GNP.