A REVIEW OF THEORETICAL APPROACHES ABOUT SEIGNIORAGE

In the literature and in practice there is no unanimity regarding the definition and the measurement of seigniorage revenue. Usually, the seigniorage is seen as an important source of government finance without levying conventional taxes. In this paper, the author presents some main conceptual aspects of seigniorage that have been used in the literature, trying to delineate these terms : monetary seigniorage, fiscal seigniorage, inflation tax, opportunity cost of holding money.