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.
Volume (Year): 55 (2002)
Issue (Month): 223 ()
|Contact details of provider:|| Web page: http://www.economiacivile.it|
|Order Information:||Web: http://www.economiacivile.it|
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.:
- 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.
- 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.
- 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.
- 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.
- Klein,Martin & Neumann,Manfred, . "Seignorage: What is it and who gets it?," Discussion Paper Serie B 124, University of Bonn, Germany.
- R. Golinelli & R. Rovelli, 2001. "Interest Rate Rules and Inflation Targeting in Three Transition Countries," Working Papers 429, Dipartimento Scienze Economiche, Universita' di Bologna.
- Drazen, Allan, 1985. "A general measure of inflation tax revenues," Economics Letters, Elsevier, vol. 17(4), pages 327-330.
When requesting a correction, please mention this item's handle: RePEc:psl:bnlqrr: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 references are entirely missing, you can add them using this form.