Seigniorage Earnings of Commercial Banks and State Bank of Pakistan
The paper reviews the trend of seigniorage earnings by State Bank of Pakistan and commercial banks. It is found that seigniorage revenue of the SBP has declined overtime which indicates autonomy of the central bank as well as less reliance of the government on SBP’s resources for budget financing. In general, a direct relationship has been observed between seigniorage and inflation in Pakistan. However, at the two extremes of very high or very low inflation an inverse relation is detected.
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- Eckstein, Zvi & Leiderman, Leonardo, 1992.
"Seigniorage and the welfare cost of inflation: Evidence from an intertemporal model of money and consumption,"
Journal of Monetary Economics,
Elsevier, vol. 29(3), pages 389-410, June.
- Eckstein, Z. & Leiderman, L., 1991. "Seignorage and the Welfare Cost of Inflation; Evidence from an Intertemporal Model of Money and Consumption," Papers 7-91, Tel Aviv.
- Zvi Eckstein & Leonardo Leiderman, 1991. "Seigniorage and the welfare cost of inflation: evidence from an intertemporal model of money and consumption," Discussion Paper / Institute for Empirical Macroeconomics 40, Federal Reserve Bank of Minneapolis.
- 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.
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