Seigniorage, electronic money and financial independence of central banks

H. Groeneveld and A. Visser
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H. Groeneveld: De Nederlandsche Bank
A. Visser: De Nederlandsche Bank

BNL Quarterly Review, 1997, vol. 50, issue 200, 69-88

Abstract: Recently, the subject of seigniorage - the revenues deriving from the monetary monopoly - has attracted the attention of academics and policy-makers. The authors discuss the reasons for this interest before undertaking a survey of the implications of a large-scale introduction of electronic money products on the seigniorage revenues and financial independence of central banks in the group of G10 countries. In countries with decreased seigniorage revenues and a high percentage of e-money the financial independence of central banks are negatively affected as a result of their inability to compensate for increasing operational expenses. Measures such as the limitation of e-money issuance and the imposition of requirements on e-money help in curtailing operational costs related to salaries, pensions, publications and banknote circulation, among others.

Keywords: Seigniorage; e-money; central bank independence (search for similar items in EconPapers)
JEL-codes: E58 G20 (search for similar items in EconPapers)
Date: 1997
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Citations: View citations in EconPapers (7)

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