This chapter discusses the “seigniorage argument” in favor of public money issuance, according to which public finances could be improved if the state more fully exercised…
This chapter discusses the “seigniorage argument” in favor of public money issuance, according to which public finances could be improved if the state more fully exercised the privilege of money creation, which is, today, largely shared with private banks. This point was made in the 1930s by several proponents of the “100% money” reform scheme, such as Henry Simons of the University of Chicago, Lauchlin Currie of Harvard and Irving Fisher of Yale, who called for a full-reserve requirement in lawful money behind checking deposits. One of their claims was that, by returning all seigniorage profit to the state, such reform would allow a significant reduction of the national debt. In academic debates, however, following a criticism first made by Albert G. Hart of the University of Chicago in 1935, this argument has generally been discarded as wholly illusory. Hart argued that, because the state, under a 100% system, would be likely to pay the banks a subsidy for managing checking accounts, no substantial debt reduction could possibly be expected to follow. The 100% money proponents never answered Hart’s criticism, whose conclusion has often been considered as definitive in the literature. However, a detailed study of the subject reveals that Hart’s analysis itself appears to be questionable on at least two grounds: the first pertains to the sources of the seigniorage benefit, the other to its distribution. This chapter concludes that the “seigniorage argument” of the 100% money authors may not have been entirely unfounded.
The chapter contains a methodology for formalized evaluation of the public fiscal policy from the view point of its impact on the financial stability of a national economy…
The chapter contains a methodology for formalized evaluation of the public fiscal policy from the view point of its impact on the financial stability of a national economy using the example of the Russian Federation and taking into account the fiscal multipliers’ effects. The significance of this problem is predetermined by recent trends in Russia’s development, when the national economy legs twice behind the world indicators. Taking into account the importance of the Russian budget system as a mechanism for the redistribution of gross domestic product (GDP), the financial stability safeguarding has been connected with the public finance sustainability and with the federal budget revenues and expenditures equilibrium. There are used the methodology of analysis of economic systems’ dynamic factors of financial stability as well as fiscal multipliers’ effects, aiming at managing national economy’s long-term development with the ultimate purpose to maintain the GDP growth rates. Taking into account the fiscal multipliers’ values, the model comparisons of the macroeconomics and budget parameters’ dynamics prove the necessity of the budget consolidation policy in 2018–2020 provided that the budget expenditures efficiency increases. The latter has been proved by modeling dependences represented by the fiscal multipliers’ effects in terms of national financial stability.
Al2O3 used as gate dielectric enables exploitation of higher electric field capacity of SiC, improving capacitive coupling and memory retention in flash memories…
Al2O3 used as gate dielectric enables exploitation of higher electric field capacity of SiC, improving capacitive coupling and memory retention in flash memories. Passivation of traps at interface and in bulk which causes serious threat is necessary for better performance. The purpose of this paper is to investigate the effect of post-deposition rapid thermal annealing (PDA) and post-metallization annealing (PMA) on the structural and electrical characteristics of Pd/Al2O3/6H-SiC capacitors.
Al2O3 film is deposited by ALD; PDA is performed by rapid thermal annealing (RTA) in N2 at 900°C for 1 min and PMA in forming gas for 10 and 40 min. X-ray diffraction (XRD) and X-ray photoelectron spectroscopy (XPS) measurements data are studied in addition to capacitance-voltage (C-V) and current-voltage (I-V) characteristics for the fabricated Pd/Al2O3/SiC capacitors. Conduction mechanism contributing to the gate leakage current is extracted for the entire range of gate electric field.
RTA forms aluminum silicide at the interface causing an increase in the density of the interface states and gate leakage current for devices with an annealed film, when compared with an as-deposited film. One order improvement in leakage current has been observed for the devices with RTA, after subjecting to PMA for 40 min, compared with those devices for which PMA was carried out for 10 min. Whereas, no improvement in leakage current has been observed for the devices on as-deposited film, even after subjecting to PMA for 40 min. Conduction mechanisms contributing to gate leakage current are extracted for the investigated Al2O3/SiC capacitors and are found to be trapfilled limit process at low-field regions; trapassisted tunneling in the mid-field regions and Fowler–Nordheim (FN) tunneling are dominating in high-field regions.
The effect of PDA and PMA on the structural and electrical characteristics of Pd/Al2O3/SiC capacitors suitable for flash memory applications is investigated in this paper.