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Dezinfláció, seigniorage és az állami költségvetés egyenlege
[Disinflation, seigniorage and the balance of the state budget]

Author

Listed:
  • Erdős, Tibor

Abstract

A szerző a seigniorage újszerű elemzését adja. Kiindul abból, hogy mivel a bázispénz háromféle módon születik meg . az üzleti bankoknak nyújtott jegybanki hitel útján, az állami költségvetésnek nyújtott jegybanki hitelen keresztül és végül a jegybank devizavásárlása útján ., seigniorage-t az állam háromféleképpen realizálhat. A seigniorage-t mint a konszolidált állam sajátos, a bázispénz teremtésén alapuló jövedelmét foghatjuk fel. A realizálás egyik módja, hogy a bázispénzben nyújtott jegybanki hitel után a kereskedelmi bankok által fizetett kamathoz jut az állam. Ha a jegybankpénzhitel felvevője az állami költségvetés, a seigniorage úgy realizálódik, hogy a költségvetés ingyen jut hitelhez, és ugyanakkor az infláció miatt a jegybankkal szembeni tartozásának reálértéke csökken. Ha a jegybankpénz teremtésének módja a jegybank általi devizavásárlás, a seigniorage részben a deviza külföldi befektetéséből származó kamat formájában realizálódik, részben úgy, hogy a jegybanki devizavásárlással forgalomba pumpált bázispénz reálértéke az infláció miatt fokozatosan lemarad a vásárolt deviza reálértéke mögött. A szerző ezekre az összefüggésekre támaszkodva, továbbá az államháztartás jegybankon kívüli belső tartozása után fizetendő kamatterheket figyelembe véve, bebizonyítja, hogy a dezinfláció nálunk szükségképpen javítja az államháztartás egyensúlyát.

Suggested Citation

  • Erdős, Tibor, 1997. "Dezinfláció, seigniorage és az állami költségvetés egyenlege [Disinflation, seigniorage and the balance of the state budget]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1021-1046.
    • Handle: RePEc:ksa:szemle:467
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    References listed on IDEAS

    as
    1. Friedman, Milton, 1971. "Government Revenue from Inflation," Journal of Political Economy, University of Chicago Press, vol. 79(4), pages 846-856, July-Aug..
    2. Fischer, Stanley, 1982. "Seigniorage and the Case for a National Money," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 295-313, April.
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    More about this item

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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