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Who gets the seigniorage?

In: Open Issues in European Central Banking

Author

Listed:
  • Lorenzo Bini Smaghi

    (Italian Treasury)

  • Daniel Gros

    (Centre for European Policy Studies)

Abstract

The net income of central banks, called seigniorage, is the difference between the return received on assets and the sum paid on liabilities. The latter is generally small since a large part of liabilities comprises banknotes in circulation that bear no return. After operating costs have been deducted and provisions for reserves made, seigniorage is usually transferred to the government and constitutes an additional source of budgetary revenue.

Suggested Citation

  • Lorenzo Bini Smaghi & Daniel Gros, 2000. "Who gets the seigniorage?," Palgrave Macmillan Books, in: Open Issues in European Central Banking, chapter 4, pages 94-117, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98188-7_5
    DOI: 10.1057/9780333981887_5
    as

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