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Seigniorage Revenues in the United Kingdom

Author

Listed:
  • Thornton, John

    (Norwich Business School, University of East Anglia, Norwich, UK and US Department of the Treasury, Office of Technical Assistance, Washington DC, USA)

Abstract

Alternative seigniorage estimates for the UK for the period 1950-2021 show that these revenues have been generally very small in relation to total tax receipts and with respect to similar recent estimates for the USA. The introduction of interest payments on banks’ reserve balances in May 2006 and Quantitative Easing from 2009 sharply reduced opportunity cost seignorage revenues, but boosted, probably temporarily, revenues from monetary seignorage. Ricavi derivati dal signoraggio nel Regno Unito Stime del signoraggio per il Regno Unito, relative al periodo 1950-2021, mostrano che i ricavi sono stati generalmente molto contenuti in relazione al gettito totale e se confrontati con stime analoghe relative agli USA. L’introduzione del pagamento di interessi sulle riserve bancarie del maggio 2006 e il quantitative easing del 2009 hanno notevolmente ridotto il ricavo da signoraggio ma hanno incrementato, forse solo temporaneamente, i ricavi derivati dal signoraggio stesso.

Suggested Citation

  • Thornton, John, 2024. "Seigniorage Revenues in the United Kingdom," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 77(4), pages 483-494.
    • Handle: RePEc:ris:ecoint:0980
    as

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    References listed on IDEAS

    as
    1. Anson, Mike & Capie, Forrest, 2022. "The Bank of England's profits across 300 years: wars, financial crises and distribution," Financial History Review, Cambridge University Press, vol. 29(1), pages 98-119, April.
    2. Cutsinger, Bryan P. & Luther, William J., 2022. "Seigniorage payments and the Federal Reserve’s new operating regime," Economics Letters, Elsevier, vol. 220(C).
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Seigniorage; Bank of England; UK Treasury; Interest on Reserves;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H22 - Public Economics - - Taxation, Subsidies, and Revenue - - - Incidence

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