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

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  • International Monetary Fund

Abstract

This paper discusses the effects of monetary indexation on the revenues from monetization in Iceland. The paper starts by showing that monetization revenues fell sharply after indexation was introduced in 1979 and evaluates the different and partly ambiguous factors behind this development. The fiscal consequences are then examined in light of the fact that revenues from monetization have traditionally made up a substantial part of Government revenues in Iceland. Different policy options are simulated using the framework of 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

  • International Monetary Fund, 1990. "Monetary Indexation and Revenues from Money Creation: The Case of Iceland," IMF Working Papers 1990/020, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1990/020
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=27442
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    Cited by:

    1. 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.

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