Principles of Seigniorage
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.
Volume (Year): 133 (1997)
Issue (Month): II (June)
|Contact details of provider:|| Postal: c/o SNB/BNS, Börsenstrasse 15, PO Box 2800, CH-8022 Zürich|
Phone: +41 58 631 32 34
Web page: http://www.sjes.ch
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:ses:arsjes:1997-ii-2. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Steiner)
If references are entirely missing, you can add them using this form.