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A better way to account for fiat money at the Central Bank

  • Thomas Colignatus

    (Thomas Cool Consultancy & Econometrics)

Proper monetary accounting rules are: (1) Central Banks should conform to the practice of the US Federal Reserve to distinguish its Balance Sheet from its Statement of Conditions. (2) Fiat money should not appear as a liability in a Balance Sheet. (3) The Central Bank should not record more government bonds than required for open market operations. Surplus bonds should be accounted as being void (on loan from the government who should destroy them). If these rules are not observed, a wrong measure of government debt arises, distorting the requirements for policy making.

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File URL: http://128.118.178.162/eps/get/papers/0512/0512014.doc
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Paper provided by EconWPA in its series General Economics and Teaching with number 0512014.

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Length: 4 pages
Date of creation: 31 Dec 2005
Date of revision:
Handle: RePEc:wpa:wuwpgt:0512014
Note: Type of Document - doc; pages: 4. Composed in Word for Windows on a Windows XP machine
Contact details of provider: Web page: http://128.118.178.162

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