The Generation and Distribution of Central Bank Seigniorage in the Czech Republic, Hungary and Poland

21 Pages Posted: 25 Sep 1999

See all articles by Eduard Hochreiter

Eduard Hochreiter

Austrian National Bank

Riccardo Rovelli

University of Bologna - Department of Economics; IZA Institute of Labor Economics

Date Written: July 24, 1999

Abstract

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. In particular we document that, in parallel to the process of disinflation, seigniorage has declined in the period 1992-1997 in both Hungary and Poland. On the other hand it slightly increased in the Czech Republic, even if this country has experienced a steeper path of disinflation. Only in Hungary seigniorage benefits the government in a significant amount.

JEL Classification: E58, P26

Suggested Citation

Hochreiter, Eduard and Rovelli, Riccardo, The Generation and Distribution of Central Bank Seigniorage in the Czech Republic, Hungary and Poland (July 24, 1999). Available at SSRN: https://ssrn.com/abstract=177470 or http://dx.doi.org/10.2139/ssrn.177470

Eduard Hochreiter

Austrian National Bank ( email )

Wien 9, Otto Wagner Platz
Postfach 61
A-1011 Wien, 1090
Austria

Riccardo Rovelli (Contact Author)

University of Bologna - Department of Economics ( email )

Strada Maggiore 45
Bologna, 40125
Italy
+39 051 2092 601 (Phone)
+39 051 6402 664 (Fax)

IZA Institute of Labor Economics ( email )

P.O. Box 7240
Bonn, D-53072
Germany

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