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

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  • Ferda Halicioglu

    (The University of Greenwich, London)

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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Bibliographic Info

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

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  1. 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.
  2. Barro, Robert J., 1972. "Inflationary Finance and the Welfare Cost of Inflation," Scholarly Articles 3451393, Harvard University Department of Economics.
  3. N. Gregory Mankiw, 1987. "The Optimal Collection of Seigniorage: Theory and Evidence," NBER Working Papers 2270, National Bureau of Economic Research, Inc.
  4. 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.
  5. Spaventa, Luigi, 1989. "Seigniorage: Old and new policy issues Introduction," European Economic Review, Elsevier, vol. 33(2-3), pages 557-563, March.
  6. 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.
  7. 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.
  8. Friedman, Milton, 1971. "Government Revenue from Inflation," Journal of Political Economy, University of Chicago Press, vol. 79(4), pages 846-56, July-Aug..
  9. 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.
  10. 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.
  11. Alex Cukierman & Sebastian Edwards & Guido Tabellini, 1989. "Seigniorage and Political Instability," NBER Working Papers 3199, National Bureau of Economic Research, Inc.
  12. 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.
  13. Siegel, Jeremy J, 1981. "Inflation, Bank Profits, and Government Seigniorage," American Economic Review, American Economic Association, vol. 71(2), pages 352-55, May.
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