:2002-06-10:(1938.01-),,,,20029(267)JournalofFinancialResearchNo.9,2002GeneralNo.267(,610074):,,,,,,,:;;:F820:A:1002-7246(2002)09-0001-06,,,::,:();,,,,:():1.,,;2.,1,,,,,,,,,,,,,,,:+----=,;,;();,,,,,,?,;;;;,:;;,,,,,,:;,,,,,,,,,2,,,,,?,,,?,,,,,,,:,,,,,,,,?:;,,,;,,,,,,,,,,,3,,2001,4.1,,1997,436%47490.87,45200,,,,,,,,,,,,,,,,,:,,,:;:(1),,,,,,,,,,,,(2),,,,,,,,,,,,(3),,,,,,,,,,,,,,4,,,,;,,,:(1);(2);(3),1998,40-50%,,,GDP60%,,:,,:,:1.,,,,,,2.,,3.,,,4.,,,,,,,,,,,,:,,,,,,1996129,,,,,(),,,,,,;,,51996129,,,:,:(1),;(2),,;(3),,,:,,,?,,;,,,,,,,,,,,Abstract:Inthesystemofcreditmoney,seigniorageisthecentralbanksaccesstocurrencythroughitsmoneysupply,whichamountstowhatcentralbankcreatesinadditionduringacertainperiod,andappearsastheincreaseofmonetarybase.Itisthemoneydemandofcentralbank,whichcausestheeffectofwealthdistributionthatresultsinseigniorage.Seigniorageisthedebtwar2rantofcentralbank,whichcanaccumulatetheshortintothelong.Thereissomecorrelationbetweentheincreaseofseigniorage,andwhatmattersistobalancethedegree.Keywords:seigniorage,fiscaldeficit,endurance(:)(:B)6