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Currency substitution and seignorage in eastern europe

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Author Info

  • Bas Van Aarle
  • Nina Budina

Abstract

Economic and political uncertainty, high inflation and liberalization of foreign exchange restrictions have encouraged substantial currency substitution in the economies in transition. This paper presents empirical evidence on currency substitution in four Eastern European countries in transition: Poland, Hungary, Romania and Bulgaria. It is shown how currency substitution affects money demand and by that seignorage revenues. The empirical estimates of the money demand functions are used to calculate the seignorage maximizing rate of inflation in the economies in transition.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Journal of Economic Policy Reform.

Volume (Year): 1 (1996)
Issue (Month): 3 ()
Pages: 279-298

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Handle: RePEc:taf:jpolrf:v:1:y:1996:i:3:p:279-298

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Related research

Keywords: Currency Substitution; Money Demand; Eastern Europe; Seignorage Laffer Curve;

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Cited by:
  1. Daniels, Joseph P. & VanHoose, David D., 2003. "Currency substitution, seigniorage, and currency crises in interdependent economies," Journal of Economics and Business, Elsevier, vol. 55(3), pages 221-232.
  2. Sweder van Wijnbergen & Nina Budina, 1999. "Inflation Stabilization, Fiscal Deficits and Public Debt Management in Poland," Tinbergen Institute Discussion Papers 99-022/2, Tinbergen Institute.
  3. repec:dgr:uvatin:2099022 is not listed on IDEAS
  4. Kola Lendele & Joseph Kamanda kimona-mbinga, 2005. "Nature et spécificité de la dollarisation de l'économie congolaise (RDC)," Mondes en développement, De Boeck Université, vol. 130(2), pages 41-62.
  5. Sweder van Wijnbergen & Nina Budina, 1999. "Inflation Stabilization, Fiscal Deficits and Public Debt Management in Poland," Tinbergen Institute Discussion Papers 99-022/2, Tinbergen Institute.
  6. Yu Hsing, 2006. "Tests of Functional Forms, Currency Substitution, and Capital Mobility of Czech Money Demand Function," Prague Economic Papers, University of Economics, Prague, vol. 2006(4), pages 291-299.
  7. Nina Budina & Wojtek Maliszewski & Georges de Menil & Geomina Turlea, 2002. "Money, Inflation and output in Romania, 1992-2000," DELTA Working Papers 2002-15, DELTA (Ecole normale supérieure).
  8. Robert Tchaidze & Salome Tvalodze, 2011. "Deposit Formation in Georgia," IMF Working Papers 11/78, International Monetary Fund.
  9. Dumitru, Ionut, 2002. "Money Demand in Romania," MPRA Paper 10629, University Library of Munich, Germany.

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