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Financial Repression, Inflation and Seigniorage: The Polish Experience


  • van Aarle, Bas

    (Department of Economics (B536), Tilburg University)

  • Budina, Nina

    (Department of Economics, Charles University - Cerge EI, Prague - Tinbergen Institute, Amsterdam, The Netherlands)


A small analytic framework is build to analyse the relation between reserve requirements, inflation, and seigniorage revenues. From the analysis we can derive steady-state seigniorage revenues as a function of the rate of inflation and the intensity of financial repression. The framework is applied to the case of Poland that has undertaken a rapid transition to a market economy and implemented a substantial financial sector reform.

Suggested Citation

  • van Aarle, Bas & Budina, Nina, 1996. "Financial Repression, Inflation and Seigniorage: The Polish Experience," East European Series 30, Institute for Advanced Studies.
  • Handle: RePEc:ihs:ihsrop:30

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    More about this item


    Financial Represssion; Economies in Transition; Monetary Policy; Seigniorage;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy


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