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

Listed author(s):
  • Eduard Hochreiter


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

  • Riccardo Rovelli


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

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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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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  1. Klein,Martin & Neumann,Manfred, "undated". "Seignorage: What is it and who gets it?," Discussion Paper Serie B 124, University of Bonn, Germany.
  2. Drazen, Allan, 1985. "A general measure of inflation tax revenues," Economics Letters, Elsevier, vol. 17(4), pages 327-330.
  3. 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.
  4. Istvan HameczJanos & VinczeIstvan Zsoldos, "undated". "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.
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