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Evaluating The Seignorage Costs Of Emu Integration In Case Of Romania

Author

Listed:
  • Zaman, Constantin

    (ROSES – Universite de Paris I, Planet Ernest&Young, Athens)

Abstract

This paper discusses and evaluates the associated cost with the future integration of Romania into EMU, namely the loss of seignorage. The author shows that most of the transitional period the National Bank of Romania has conducted its monetary policy in a hostile economic environment, which did not allow the institution to fulfill its major objective – the reduction of inflation. In this context, the flow of seignorage revenues got each period by the central bank were used for cheap credits, subsidies for public firms and financial support for two state banks. The author also finds that the sources of seignorage for Romania it is the same as in the other transition economies, with monetary seignorage being the main element of revenues. Another result is that there is no strong correlation between seignorage and inflation.

Suggested Citation

  • Zaman, Constantin, 2001. "Evaluating The Seignorage Costs Of Emu Integration In Case Of Romania," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 24-58, December.
    • Handle: RePEc:rjr:romjef:v::y:2001:i:3:p:24-58
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    More about this item

    Keywords

    monetary policy; seignorage; transition economies;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies

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