The distribution of Seigniorage in The Netherlands

Summary This paper investigates the revenue from money and its distribution between the government and the central bank. An accounting framework is developed taking explicit account of stock and flow aspects of monetary revenue. Application of this framework to data for The Netherlands shows that although the overall revenue from money in the period 1949–1989 was sizeable, the central government did not really benefit from its monetary monopoly.Helpful comments by M.M.G. Fase and two anonymous referees are gratefully acknowledged.