Central Bank Seigniorage: Czech Republic 1993-1997

CERGE-EI Working Paper Series No. 142

22 Pages Posted: 14 Jan 2010

See all articles by Jacek Cukrowski

Jacek Cukrowski

CASE - Center for Social and Economic Research

Emil Stavrev

International Monetary Fund (IMF)

Date Written: February 1, 1999

Abstract

In this paper the concept of total gross seigniorage is used to analyze sources and uses of central bank seigniorage revenues in the Czech Republic during the period 1993-1997. A comprehensive framework for measuring total gross seigniorage and its main components is presented and estimates of seigniorage revenues (sources and uses) are computed and analyzed. The study shows that the conventional concept of monetary seigniorage should not be used as an estimate of government gains from money creation. Moreover, the analysis of the scope of budget deficit financing through money printing in the considered period in the Czech Republic presented in the paper shows that revenue from the creation of money has never been extensively used as a tool for financing government expenditures.

Keywords: seigniorage, economies in transition, Czech National Bank

JEL Classification: E58, F36, P51

Suggested Citation

Cukrowski, Jacek and Stavrev, Emil, Central Bank Seigniorage: Czech Republic 1993-1997 (February 1, 1999). CERGE-EI Working Paper Series No. 142. Available at SSRN: https://ssrn.com/abstract=1535964 or http://dx.doi.org/10.2139/ssrn.1535964

Jacek Cukrowski (Contact Author)

CASE - Center for Social and Economic Research ( email )

Center for Social and Economic Research,
Warsaw
Poland

Emil Stavrev

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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