Exactly how do they differ? My impression is that the net result (depreciation of cash assets) is the same.

Increasing the amount of available reserves doesn't really transmit to inflation as it's constrained by demand for loans. The loanable funds model which says that increases in reserves leads directly to increases in loans doesn't really apply under a floating-rate non-convertible currency regime.

Interesting, thank you.

Yeah, direct tax is a lot more fair.