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The generation and distribution of central bank seigniorage in the Czech Republic, Hungary and Poland

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  • Eduard Hochreiter

    ()
    (Oesterreichische Nationalbank, Volkswirtschaftliche Studien, Wien (Austria))

  • Riccardo Rovelli

    ()
    (Università degli Studi di Bologna, Dipartimento di Scienze Economiche, Bologna (Italy))

Abstract

We measure the amount of central bank seigniorage generated in three economies in transition and inquire to what extent seigniorage ultimately accrues to the government. We relate our findings to the institutional environment of the three countries. We find that, in parallel to the process of disinflation, seigniorage has declined substantially in the 1990s in all three countries under consideration pointing to more monetary discipline and a strengthening of central bank independence. Only in Hungary seigniorage benefited the government to a significant amount. We interpret this as being the consequence of past policies, rather than an obstacle to further disinflation.

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File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9916/9798
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Bibliographic Info

Article provided by Banca Nazionale del Lavoro in its journal Banca Nazionale del Lavoro Quarterly Review.

Volume (Year): 55 (2002)
Issue (Month): 223 ()
Pages: 391-415

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Handle: RePEc:psl:bnlqrr:2002:43

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Keywords: Disinflation; Monetary;

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References

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  1. Roberto Golinelli & Riccardo Rovelli, 2002. "Monetary Policy Transmission, Interest Rate Rules and Inflation Targeting in Three Transition Countries," Eastward Enlargement of the Euro-zone Working Papers wp10, Free University Berlin, Jean Monnet Centre of Excellence, revised 01 Aug 2002.
  2. Drazen, Allan, 1985. "A general measure of inflation tax revenues," Economics Letters, Elsevier, vol. 17(4), pages 327-330.
  3. Klein,Martin & Neumann,Manfred, . "Seignorage: What is it and who gets it?," Discussion Paper Serie B 124, University of Bonn, Germany.
  4. Istvan HameczJanos & VinczeIstvan Zsoldos, . "The Nature(s) of Hungarian Inflation: A Study in Plurality," Ace Project Memoranda 96/3, Department of Economics, University of Leicester.
  5. Hochreiter, Eduard & Rovelli, Riccardo & Winckler, Georg, 1996. "Central banks and seigniorage: A study of three economies in transition," European Economic Review, Elsevier, vol. 40(3-5), pages 629-643, April.
  6. R. Golinelli & R. Rovelli, 2001. "Interest Rate Rules and Inflation Targeting in Three Transition Countries," Working Papers 429, Dipartimento Scienze Economiche, Universita' di Bologna.
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Cited by:
  1. Hochreiter, Eduard & Schmidt-Hebbel, Klaus & Winckler, Georg, 2002. "Monetary union: European lessons, Latin American prospects," The North American Journal of Economics and Finance, Elsevier, vol. 13(3), pages 297-321, December.
  2. R. Golinelli & R. Rovelli, 2001. "Interest Rate Rules and Inflation Targeting in Three Transition Countries," Working Papers 429, Dipartimento Scienze Economiche, Universita' di Bologna.
  3. Eduard Hochreiter & Tadeusz Kowalski, 2000. "Central banks in European emerging market economies in the 1990s," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 53(212), pages 45-70.
  4. Golinelli, Roberto & Rovelli, Riccardo, 2005. "Monetary policy transmission, interest rate rules and inflation targeting in three transition countries," Journal of Banking & Finance, Elsevier, vol. 29(1), pages 183-201, January.
  5. Sandrine Levasseur, 2004. "Why not euroisation?," Sciences Po publications info:hdl:2441/3361, Sciences Po.
  6. Franziska Schobert, 2003. "Euroisation. Assessing the Loss of Seigniorage and the Impact on the Interest Premium in Central European Countries," Revue économique, Presses de Sciences-Po, vol. 54(5), pages 913-935.
  7. Sandrine Levasseur, 2004. "Why not euroisation?," Revue de l'OFCE, Presses de Sciences-Po, vol. 91(5), pages 121-156.

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