Seigniorage revenues in the United Kingdom

John Thornton

Seigniorage revenues in the United Kingdom

Norwich Business School

Research output: Contribution to journal › Article › peer-review

Abstract

Alternative seignorage 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.

Original language	English
Journal	Economia Internazionale
Publication status	Accepted/In press - 23 Jul 2023

Keywords

Seigniorage
Bank of England
UK Treasury

Embargoed Document

UK Seigniorage Revenue_EI
Accepted author manuscript, 286 KB
Embargo ends: 31/12/99

Cite this

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title = "Seigniorage revenues in the United Kingdom",

abstract = "Alternative seignorage 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{\textquoteright} reserve balances in May 2006 and Quantitative Easing from 2009 sharply reduced opportunity cost seignorage revenues, but boosted, probably temporarily, revenues from monetary seignorage. ",

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AB - Alternative seignorage 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.

KW - Seigniorage

KW - Bank of England

KW - UK Treasury

M3 - Article

JO - Economia Internazionale

JF - Economia Internazionale

SN - 2499-8265

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