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Principles of Seigniorage

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  • Ernst Baltensperger
  • Thomas J. Jordan
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    Abstract

    Traditionally, the literature on seigniorage has mentioned different concepts of measuring seigniorage, most prominently the monetary concept and the opportunity cost concept. The relationship between different concepts of seigniorage has never been settled clearly. This paper discusses principal aspects of seigniorage and clarifies the relationship between alternative measures of seigniorage. The conclusion is that the opportunity cost concept includes the total amount of seigniorage, whereas the monetary concept is incomplete. However, either concept alone is not very informative, because neither fully reflects all the different aspects of seigniorage. To obtain a precise picture of the seigniorage situation, it is crucial to make a distinction between actual seigniorage and the fund transfer from the central bank to the government.

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    Bibliographic Info

    Article provided by Swiss Society of Economics and Statistics (SSES) in its journal Swiss Journal of Economics and Statistics.

    Volume (Year): 133 (1997)
    Issue (Month): II (June)
    Pages: 133-152

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    Handle: RePEc:ses:arsjes:1997-ii-2

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    Cited by:
    1. Baltensperger, Ernst & Jordan, Thomas J., 1997. "Seigniorage, banking, and the optimal quantity of money," Journal of Banking & Finance, Elsevier, vol. 21(6), pages 781-796, June.
    2. Franz Seitz & Dietrich Stoyan & Karl-Heinz Toedter, 2012. "Coin Migration and Seigniorage within the Euro Area," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 232(1), pages 84-92, January.
    3. Andreas M. Fischer & Thomas J. Jordan & Caesar P. Lack, 2002. "Giving Up the Swiss Franc:Some Considerations on Seigniorage Flows under EMU," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 138(I), pages 61-82, March.
    4. Seitz, Franz & Stoyan, Dietrich & Tödter, Karl-Heinz, 2009. "Coin migration within the euro area," Discussion Paper Series 1: Economic Studies 2009,27, Deutsche Bundesbank, Research Centre.

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