Intro -- Contents -- I. INTRODUCTION -- II. A CROSS-SECTIONAL LOOK AT CENTRAL BANK ACCOUNTS -- III. SOURCES AND USES OF SEIGNIORAGE -- IV. WHAT DETERMINES CENTRAL BANKS' OPERATING EXPENDITURES? -- V. CONCLUSIONS -- SAMPLE COUNTRIES -- NOTATION -- VALUATION ADJUSTMENTS -- REFERENCES.

Intro -- Contents -- I. Introduction -- II. Theoretical Framework -- III. Empirical Strategy and Results -- IV. Conclusions -- Appendix I. Comparative Statics in The Model of Morris and Shin (2002) -- Appendix II. Matching Algorithms -- REFERENCES.