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Monetary Indexation and Revenues from Money Creation: The Case of Iceland

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  • Peter K. Cornelius

    (International Monetary Fund)

Abstract

The effects of monetary indexation on revenues from monetization in Iceland are discussed, and the factors behind the sharp fall in monetization revenues following the introduction of indexation in 1979 are evaluated. The fiscal consequences are then examined, given that revenues from monetization have traditionally made up a substantial part of government revenues in Iceland. Different policy options are simulated using as a framework the public finance approach to inflation. The simulations focus on the relation of fiscal deficits to inflation, output, growth, and internal and external debt.

Suggested Citation

  • Peter K. Cornelius, 1990. "Monetary Indexation and Revenues from Money Creation: The Case of Iceland," IMF Staff Papers, Palgrave Macmillan, vol. 37(4), pages 825-848, December.
    • Handle: RePEc:pal:imfstp:v:37:y:1990:i:4:p:825-848
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    Cited by:

    1. Patrick Honohan, 1994. "The Fiscal Approach to Financial Intermediation Policy," Papers WP049, Economic and Social Research Institute (ESRI).
    2. Hyunjoo Ryou & Cristina Terra, 2015. "Exchange Rate Dynamics under Financial Market Frictions," THEMA Working Papers 2015-03, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
    3. Jacky Mallett, 2013. "An examination of the effect on the Icelandic Banking System of Ver{\dh}trygg{\dh} L\'{a}n (Indexed-Linked Loans)," Papers 1302.4112, arXiv.org, revised Apr 2014.
    4. Thórarinn G. Pétursson, 2000. "The representative household’s demand for money in a cointegrated VAR model," Econometrics Journal, Royal Economic Society, vol. 3(2), pages 162-176.

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