El objeto de la presente ponencia es profundizar en el análisis de la iniciativa monetaria más relevante que el gobierno de San Martín desarrolla durante la guerra de Independencia, El Banco Auxiliar de Papel Moneda. El estudio centra la investigación en el análisis comparativo entre el...

Under normal circumstances, a central bank should be able to operate at a profit with a core level of earnings derived from seigniorage. Losses have, however, arisen in several central banks from a range of activities including monetary operations under extreme conditions and financial sector...

While most economists agree that seigniorage is one way governments finance deficits, there is less agreement about the political, institutional, and economic reasons for relying on it. This paper investigates the main determinants of seigniorage using panel data on about 100 countries, for the...