Online ISSN 2286-0266
Print ISSN 1223-0685
Copyright © 2019
Œconomica by SOREC
Silviu CERNA
Universitatea de Vest din Timişoara
In recent years, the main central banks of the world have applied an unconventional monetary policy, called quantitative easing. This policy is characterized by supplying the economy with large amounts of money and negative interest rates in order to stimulate demand growth and avoid the risk of deflation. It has led, among other things, to what is improperly called “the increase in the balance sheet of the central bank”; it is actually about increasing the value of some posts in this balance sheet, that is, those posts that reflect the amount of money created by the central bank itself (the “monetary base”). By default, the central bank’s profit increased, which drew attention to the factors that determine the financial result of this institution. An aberrant accusation against the NBR is that it does not make enough profit. As we will see below, the profit of a central bank depends on factors other than the profit of an ordinary bank or an enterprise.

ŒCONOMICA no. 3-4/2018
Keywords: central bank, currency creation, tax, interest rate, inflation rate, seigniorage
JEL: E4, E5, E6, H2
The Seigniorage [Seniorajul]