Recent Articles

Read more about our latest published articles.

Review’s Archive

Author:
John Thornton, Norwich Business School, University of East Anglia, Norwich, UK; and Office of Technical Assistance, US Department of the Treasury, Washington DC, USA

Seigniorage Revenues in the United Kingdom

(pp. )
JEL classification: E58; E62: H22
Keywords: Seigniorage; Bank of England; UK Treasury; Interest on Reserves

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.


Read the full article

Download the article in PDF format to read and print.


Bibliography

Anson, M. and F. Capie (2022), “The Bank of England’s Profits Across 300 Years: Wars, Financial Crises and Distribution”, Financial History Review, 29(1), 98-119.

Barro, R.J. (1982), “Measuring the Fed’s Revenue from Money Creation”, Economics Letters, 10(3), 327-332.

Cutsinger, B.P. and W.J. Luther (2022), “Seigniorage Payments and the Federal Reserve’s New Operating Procedure”, Economics Letters, 222, 110880.

Dornbusch, R. (1988), The European Monetary System, the Dollar, and the Yen, in: F. Giavazzi, S. Micossi, M. Millar (Eds), “The European Monetary System”, Cambridge University Press: Cambridge.

Fischer, S. (1982), “Seigniorage and the Case for National Money”, Journal of Political Economy, 90(2), 295-313.

Friedman, M. (1971), “Government Revenue From Inflation”, Journal of Political Economy, 79(4), 846-856.

Friedman, M., A.J. Schwartz (1982), Monetary Trends in the United States and the United Kingdom, University of Chicago Press: Chicago.

Grilli, V. (1989), Seignorage in Europe, in: M. de Cecco, A. Giovannini (Eds), “A European Central Bank? Perspectives on Monetary Unification After 10 Years of the EMS”, Cambridge University Press: Cambridge.

Jefferson, P.N. (1998), “Seigniorage Payments for Use of the Dollar: 1977–1995”, Economics Letters, 58 (2), 225-230.

Neumann, M.J.M. (1992), “Seigniorage in the United States: How Much Does the US Government Make from Money Production”, Federal Reserve Bank of St. Louis Review, 74(2), 29-40.

Register your account

First-time users should click on “Register your account” and enter the requested information. Upon successful registration, you will receive an e-mail with instructions to verify your registration.

Submission Guidelines

Authors’ login

Use the assigned user ID and password to login. Please, do not register again. Usernames and passwords may be changed after.

Quick search by author:
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Back to the top

Institute for International Economics
of the Genoa Chamber of Commerce


Istituto di Economia Internazionale
Camera di Commercio di Genova
Via Garibaldi, 4 (III piano) - 16124 Genova (Italy)
www.ge.camcom.gov.it