Seigniorage:Different Perspectives

Chinese economists have different opinions about seigniorage.Since 1998,defla-tion in China has led to exciting debates on the government's seigniorage in its active fiscal policy.This paper explores the meaning of seigniorage from the perspective of the Central Bank and the government under different monetary regimes.It distinguishes seigniorage from inflation tax.The author also calculates the Chinese government's income from seigniorage in 2003.