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Active And Passive Seigniorage Revenues: The Case For Turkey 1970-1997

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Author Info
Ferda Halicioglu (The University of Greenwich, London)

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Abstract

This study is concerned with the components of the total seigniorage revenues that have been collected by the Turkish governments during the years 1970-1997. Traditionally, a government can increase the monetary base in order to finance its expenditures partially. This form of monetary finance is related to active seigniorage revenues. On the other hand, as real economic growth takes place, a government can also benefit from this process as a result of an increase in demand for the real money balances which is termed as passive seignoirage revenues. This paper presents empirically that Turkish governments have benefited from both types of seignoirage revenues in order to finance its budget deficits during the years 1970-1997 but this policy seems to lose its effectiveness in the recent years due to the financial liberalization.

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Paper provided by EconWPA in its series Macroeconomics with number 0503010.

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Date of creation: 11 Mar 2005
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Handle: RePEc:wpa:wuwpma:0503010

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Related research
Keywords: Seigniorage; Monetary; Policies; Budget Deficits; Turkey;

Find related papers by JEL classification:
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy

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  1. Fischer, Stanley, 1982. "Seigniorage and the Case for a National Money," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 295-313, April. [Downloadable!] (restricted)
  2. Marty, Alvin L, 1978. "Inflation, Taxes, and the Public Debt," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 10(4), pages 437-52, November. [Downloadable!] (restricted)
  3. Friedman, Milton, 1971. "Government Revenue from Inflation," Journal of Political Economy, University of Chicago Press, vol. 79(4), pages 846-56, July-Aug.. [Downloadable!] (restricted)
  4. Siegel, Jeremy J, 1981. "Inflation, Bank Profits, and Government Seigniorage," American Economic Review, American Economic Association, vol. 71(2), pages 352-55, May. [Downloadable!] (restricted)
  5. Brennan, Geoffrey & Buchanan, James, 1981. "Revenue Implications of Money Creation under Leviathan," American Economic Review, American Economic Association, vol. 71(2), pages 347-51, May.
  6. Cukierman, Alex & Edwards, Sebastian & Tabellini, Guido, 1992. "Seigniorage and Political Instability," American Economic Review, American Economic Association, vol. 82(3), pages 537-55, June. [Downloadable!] (restricted)
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  7. Mankiw, N. Gregory, 1987. "The optimal collection of seigniorage : Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 20(2), pages 327-341, September. [Downloadable!] (restricted)
    Other versions:
  8. Bruno, Michael & Fischer, Stanley, 1990. "Seigniorage, Operating Rules, and the High Inflation Trap," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 353-74, May. [Downloadable!] (restricted)
  9. Nichols, Donald A, 1974. "Some Principles of Inflationary Finance," Journal of Political Economy, University of Chicago Press, vol. 82(2), pages 423-30, Part I, M. [Downloadable!] (restricted)
  10. Barro, Robert J, 1972. "Inflationary Finance and the Welfare Cost of Inflation," Journal of Political Economy, University of Chicago Press, vol. 80(5), pages 978-1001, Sept.-Oct. [Downloadable!] (restricted)
  11. Auernheimer, Leonardo, 1974. "The Honest Government's Guide to the Revenue from the Creation of Money," Journal of Political Economy, University of Chicago Press, vol. 82(3), pages 598-606, May/June. [Downloadable!] (restricted)
  12. Marty, Alvin L, 1973. "Growth, Satiety, and the Tax Revenue from Money Creation," Journal of Political Economy, University of Chicago Press, vol. 81(5), pages 1136-52, Sept.-Oct. [Downloadable!] (restricted)
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