Summary: Dynamo action is considered in the region between two differentially rotating infinite discs. The boundaries may be insulating, perfectly conducting or ferromagnetic. In the absence of a magnetic field, various well-known self-similar flows arise, generalising that of von Kármán. Magnetic field instabilities with the same similarity structure are sought. The kinematic eigenvalue problem is found to have growing modes for \(Re_m > R_c\simeq 100\). The growth rate is real for the perfectly conducting and ferromagnetic cases, but may be complex for insulating boundaries. As \(Re_m\to\infty\) it is shown that the dynamo can be fast or slow, depending on the flow structure. In the slow case, the growth rate is governed by a magnetic boundary layer on one of the discs. The growing field saturates in a solution to the nonlinear dynamo problem. The bifurcation is found to be subcritical and nonlinear dynamos are found for \(Re_m\gtrsim0.7R_c\). Finally, the flux of magnetic energy to large \(r\) is examined, to determine which solutions might generalise to dynamos between finite discs. It is found that the fast dynamos tend to have inward energy flux, and so are unlikely to be realised in practice. Slow dynamos with outward flux are found. It is suggested that the average rotation rate should be non-zero in practice.