An endeavor to estimate seigniorage before the end of and immediately after the Pacific War

Takahiro Hattori and Kazumasa Oguro

Journal of the Japanese and International Economies, 2016, vol. 41, issue C, 1-16

Abstract: This is the first research paper to analyze seigniorage in Japan before, during, and after the Pacific War. As a result of logically categorizing various definitions of seigniorage (opportunity cost approach, monetary approach, and inflation tax), we conclude that these differences pivot on the issue of whether to confine the scope of debts, which is reduced by unexpected inflation, to the usual general government debt or to expand it to the integrated government debt including the monetary base of the Bank of Japan. We also point out the possibility that, in light of the degree of reduction in government debt as a percentage of GDP during and after the Pacific War, the monetary approach or inflation tax (the cases of confining the taxation base to the usual general government debt) are appropriate means to estimate seigniorage obtained by the general government.

Keywords: Seigniorage; Government debt; Monetary base; Inflation; During and after the War (search for similar items in EconPapers)
JEL-codes: E31 E52 E58 H63 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jjieco:v:41:y:2016:i:c:p:1-16

DOI: 10.1016/j.jjie.2016.03.003

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