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Maximizing Seigniorage and Inflation Tax: The Case of Belarus

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  • Julia Korosteleva

Abstract

Realizing the inflationary potential of money creation, by the mid-1990s, most Central European countries had switched to market instrument-based monetary policy. Belarus continued to use money emission, gaining seigniorage and inflation tax. The productivity of the inflation tax can be analyzed by comparing the revenue actually raised from inflation tax with the revenue that could be raised if the quantity of money had risen at a constant rate. The present paper, based on Cagan's (1956) seminal work, analyzes the effect of inflation on seigniorage revenue in Belarus, drawing conclusions about the effectiveness of monetary policy in 1995-2002, and about the consequences of inflationary financing.

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  • Julia Korosteleva, 2007. "Maximizing Seigniorage and Inflation Tax: The Case of Belarus," Eastern European Economics, Taylor & Francis Journals, vol. 45(3), pages 33-50, June.
    • Handle: RePEc:mes:eaeuec:v:45:y:2007:i:3:p:33-50
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    Cited by:

    1. Julia Korosteleva & Colin Lawson, 2010. "The Belarusian case of transition: whither financial repression?," Post-Communist Economies, Taylor & Francis Journals, vol. 22(1), pages 33-53.
    2. Carmelo Ferlito, 2022. "Axel Leijonhufvud: A personal recollection from an Austrian perspective," PSL Quarterly Review, Economia civile, vol. 75(302), pages 299-310.
    3. Cutsinger, Bryan P. & Ingber, Joshua S., 2019. "Seigniorage in the Civil War South," Explorations in Economic History, Elsevier, vol. 72(C), pages 74-92.
    4. Huett, Hannes & Krapf, Matthias & Uysal, S. Derya, 2014. "Price dynamics in the Belarusian black market for foreign exchange," Journal of International Economics, Elsevier, vol. 94(1), pages 169-176.
    5. Paweł Kowalewski, 2024. "Relationship between central banks’ activities and their profitability," Bank i Kredyt, Narodowy Bank Polski, vol. 55(3), pages 221-254.

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