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A Comparative Study of Seigniorage: Japan and Germany

Author

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  • Manfred J. M. Neumann

    (Professor and Director, Institute for International Economics, University of Bonn, Germany)

Abstract

The paper presents a comparative study of the generation and distribution of seigniorage in Germany and Japan for the sample period 1961-91. Several measures of seigniorage are analysed and a comprehensive framework for measurement of the sources and uses of seigniorage is developed.Specifically,it is shown that the conventional concept of monetary seigniorage overstates government gains from money creation when the foreign and private sectors are the primary recipients of central bank credit.The study also reveals negative real returns on the portfolio of non-government debt for both countries.A major factor has been valuation losses on foreign assets,resulting from the appreciation of the yen and the deutsche mark.Those losses reduced real returns by more than two percentage points on average over the sample period in both countries.

Suggested Citation

  • Manfred J. M. Neumann, 1996. "A Comparative Study of Seigniorage: Japan and Germany," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 14(1), pages 104-142, July.
    • Handle: RePEc:ime:imemes:v:14:y:1996:i:1:p:104-142
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    File URL: http://www.imes.boj.or.jp/research/papers/english/me14-1-5.pdf
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    Citations

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    Cited by:

    1. Ainura Uzagalieva, 2005. "Fiscal Consequences of Monetary Integration within a Common Economic Area: The Case of Belarus, Kazakhstan and Russia," Post-Communist Economies, Taylor & Francis Journals, vol. 17(4), pages 399-424.
    2. Iwańczuk-Kaliska Anna, 2017. "Challenges for central banks in a changing payments landscape," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 13(2), pages 75-86, December.
    3. Klas Fregert & Roger Gustafsson, 2007. "Fiscal statistics for Sweden 1719–2003," Research in Economic History, in: Research in Economic History, pages 169-223, Emerald Group Publishing Limited.
    4. Jacek Cukrowski, 2000. "Financing the Deficit of the State Budget by National Bank of Georgia (1996-1999)," CASE Network Studies and Analyses 0215, CASE-Center for Social and Economic Research.
    5. Dobieslaw Tymoczko, 2005. "The Future of Central Banking in the Changing Financial Environment," NBP Working Papers 33, Narodowy Bank Polski.
    6. Adenutsi, Deodat E., 2007. "The policy dilemma of economic openness and seigniorage-maximizing inflation in dollarised developing countries: The Ghanaian experience," MPRA Paper 37134, University Library of Munich, Germany.
    7. Jefferson, Philip N., 1998. "Seigniorage payments for use of the dollar: 1977-1995," Economics Letters, Elsevier, vol. 58(2), pages 225-230, February.
    8. Hattori, Takahiro & Oguro, Kazumasa, 2016. "An endeavor to estimate seigniorage before the end of and immediately after the Pacific War," Journal of the Japanese and International Economies, Elsevier, vol. 41(C), pages 1-16.

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