Value of Monetary Income in a Transition Economy
Cincibuch, Martin; Vávra, David
Year: 2001 Volume: 51 Issue: 11 Pages: 574-590
Abstract: The authors focus on income from the monopoly rights to issue money accruing to central banks in a transitional environment. The authors introduce a general method to compute the value of this ability and provide a tentative valuation in the Czech case. The range of the estimates demonstrates that a unilateral adoption of the euro would entail a significant loss in terms of monetary income. On the other hand, EMU membership is found to be beneficial.
JEL classification: E59, E41
Keywords: monetary income; seignorage; transition
RePEc: n/a
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