The generation and distribution of central bank seigniorage in the Czech Republic, Hungary and Poland
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.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- 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.
- Drazen, Allan, 1985. "A general measure of inflation tax revenues," Economics Letters, Elsevier, vol. 17(4), pages 327-330.
- 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.
- R. Golinelli & R. Rovelli, 2001. "Interest Rate Rules and Inflation Targeting in Three Transition Countries," Working Papers 429, Dipartimento Scienze Economiche, Universita' di Bologna.
- Klein,Martin & Neumann,Manfred, . "Seignorage: What is it and who gets it?," Discussion Paper Serie B 124, University of Bonn, Germany.
- 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.
When requesting a correction, please mention this item's handle: RePEc:psl:bnlaqr:2002:43. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlo D'Ippoliti)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.