Özet:

Among the criteria growth unempIoyment and inflation which measure the economic performance of economies inflation is one of the most important problem in developing countries The target rate of growth requires a certain rate of capital formation Public revenues in order to finance this rate of capital formation may be inadequate which causes public sector to have budget deficits The fiscal deficits can be financed through foreign borrowing or through the sale of government bonds But because of limitations to foreign funds and imperfect capital markets governments finance the deficits by borrowing from central banks which leads to an increase in money supply an increase in general price level and depreciation of domestic currency This depreciation is considered as a kind of tax In this study the claim of the new political economy approach on the failure of policies to overcame inflation arises mainly because of the aim of the governments to gain revenues from inflation tax is tested for Turkey For this purpose first the distinction between seigniorage and inflation tax is drawn and then the inflation tax for Turkey between the years 1988 1993 is calculated It has been found out that the share of inflation tax in GNP is not as high as predicted which shows us that it is not only the public sector that benefit from the inflation tax but other sectors too

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