The Malagaming Central Bank and Fiscal Deficits

In the 80s, I wrote a paper with David Robinson called the Malagaming Central Bank and fiscal deficits. We at the IMF were saying, where's all this inflation coming from? And we tied it to the quasi fiscal losses of the central banks. So what happens is so the central bank losses get larger, but since the central bank wasn't paying any dividends to the Treasury, there's no really impact on the government budget. It was actually coming from the countries themselves that had identified this as a problem.