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