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Maximising Seigniorage and Inflation Tax: The Case of Belarus

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  • D r. (elect.) Julia Korosteleva
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    Abstract

    While most Central European countries, realising the inflationary potential of money creation, had by the mid-1990s switched to market instruments based monetary policy, Belarus continued to use money emission, so gaining seigniorage and inflation tax. The productivity of the inflation tax can be analysed by comparing the revenue actually raised from inflation tax with the revenue that could be raised if the quantity of money had risen at a constant rate. The present paper, based on Cagan’s (1956) seminal work ‘Monetary Dynamics of Hyperinflation’, analyses the effect of inflation on seigniorage revenue in Belarus and draws conclusions about the effectiveness of monetary policy in 1995-2002, and about the consequences of inflationary financing.

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    Paper provided by Business School - Economics, University of Glasgow in its series Working Papers with number 2006_5.

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    Handle: RePEc:gla:glaewp:2006_5

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    7. Martin J. Osborne & Ariel Rubinstein, 2005. "Bargaining and Markets," Levine's Bibliography 666156000000000515, UCLA Department of Economics.
    8. Francesca Flamini, . "First Things First? The Agenda Formation Problem for Multi-issue Committees," Working Papers 2001_19, Business School - Economics, University of Glasgow.
    9. Busch, Lutz-Alexander & Horstmann, Ignatius J, 1997. "Bargaining Frictions, Bargaining Procedures and Implied Costs in Multiple-Issue Bargaining," Economica, London School of Economics and Political Science, vol. 64(256), pages 669-80, November.
    10. Muthoo,Abhinay, 1999. "Bargaining Theory with Applications," Cambridge Books, Cambridge University Press, number 9780521576475, April.
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