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Preview Seigniorage in the 21st Century: A study of the profits from money ... pdf file

Seigniorage in the 21st Century: A study of the profits from ... This paper develops a new theory of seigniorage suited to modern economies where the ma- jority of money is created not by the state or central bank but by commercial ..... gral aspect of theories on banking and money at the beginning of the 20th century ( Turner.



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