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Government Gains from Central Bank Seigniorage in Transition Economies: A Comparative Study

This article presents a comparative study of the creation and distribution of central bank seigniorage in selected countries of the Commonwealth of Independent States (CIS) (Georgia, Kyrgyzstan, Belarus) and selected Central European countries (Poland, Czech Republic) during the transition to a market economy. A comprehensive framework for measuring seigniorage revenues is presented, and estimates of its sources and uses are computed and analyzed. It is shown that the conventional concept of monetary seigniorage does not reflect government gains from money creation in transitional economies. The study also reveals sources of fiscal seigniorage during periods of macroeconomic stabilization accompanied by tight monetary policy. In particular, contrary to the common view, the analysis shows that typically revenues from money creation have not been extensively to finance government expenditures. Nevertheless, the flow of resources from central banks to state budgets in CIS countries remains significant, mainly due to small nongovernment debt portfolios and quasifiscal operations of central banks.