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Seigniorage és az államadósság terhei I. A fogalom történeti fejlődése
[Seigniorage and the burdens of the state debt]

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  • Kun, János

Abstract

A seigniorage a pénzteremtésből származó monopoljövedelem. Magasabb infláció esetén a seigniorage-jövedelem magasabb, ami általában nagyobb jegybanki nyereséget eredményez. Magyarországon az infláció az elmúlt években viszonylag magas volt, a jegybank nyeresége azonban szerénynek mondható. A tanulmány ennek okát vizsgálja. Legfontosabb megállapítása, hogy a magyar gazdaságban a jegybank, illetve az állam nem nyer a magasabb infláció miatt növekvő seigniorage-bevételen, mivel az államadósság magasabb, mint a monetáris bázis. Az első most közölt rész a fogalom történelmi fejlődését ismerteti. Megpróbálja pontosan definiálni a fogalmakat, ezért ez a rész a a témával foglalkozó hazai szakirodalmat nyomon követő olvasó számára ismétléseket is tartalmaz. A szerző szerint az úgynevezett opportunity cost vagy fiskális seigniorage-ból továbbfejlesztett monopol seigniorage alkalmasabb a pénzteremtésből származó jövedelem meghatározására, mint a hazai szakirodalomban gyakrabban használt monetáris seigniorage. A második rész amit következő számunkban közlünk a magyarországi seigniorage keletkezését és felhasználását, a seigniorage és a jegybanki nyereség közötti kapcsolatot elemzi, az 1991 1995. évi adatok alapján.

Suggested Citation

  • Kun, János, 1996. "Seigniorage és az államadósság terhei I. A fogalom történeti fejlődése [Seigniorage and the burdens of the state debt]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 783-804.
    • Handle: RePEc:ksa:szemle:113
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    References listed on IDEAS

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    1. Maxwell J. Fry, 1993. "The Fiscal Abuse of Central Banks," IMF Working Papers 1993/058, International Monetary Fund.
    2. Giovannini, Alberto & de Melo, Martha, 1990. "Government revenue from financial repression," Policy Research Working Paper Series 533, The World Bank.
    3. Friedman, Milton, 1971. "Government Revenue from Inflation," Journal of Political Economy, University of Chicago Press, vol. 79(4), pages 846-856, July-Aug..
    4. Hochreiter, Eduard & Rovelli, Riccardo & Winckler, Georg, 1996. "Central banks and seigniorage: A study of three economies in transition," European Economic Review, Elsevier, vol. 40(3-5), pages 629-643, April.
    5. Cukierman, Alex & Edwards, Sebastian & Tabellini, Guido, 1992. "Seigniorage and Political Instability," American Economic Review, American Economic Association, vol. 82(3), pages 537-555, June.
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    More about this item

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus

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