From Transition to Monetary Integration: Revenues from Seignorage in Poland
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JACEK CUKROWSKI
Articles from this author:
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Inflation and Adjustment of Relative Prices in Georgia
The paper focuses on the dynamics of relative prices of goods and services in Georgia in the period of relative macroeconomic stabilization i.e., in years 1996–2001. Structure of Georgian consumer price index (CPI) is described in details and an analysis of the dynamics of relative prices is presented. It is shown that inflation is positively … Continued
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Determinants of Foreign Direct Investment in Georgia
Foreign direct investment (FDI) brings host countries capital, productive facilities, and technology transfers, as well as new jobs and management expertise. Thus it is important to understand why in many countries FDI inflow is lower than it would be expected. The goal of this study is to investigate factors determining flow of FDI in Georgia. … Continued
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Perfect Competition and Intra-Industry Trade
The paper presents a formal study of how risk aversion can be applied to analysis of international trade. It seeks to illustrate, amongst other things, that risk-averse firmsoperating in perfectly competitive markets with uncertainty of demand tend to diversify markets and that this provides the basis for international trade in identical commodities between identical countries. … Continued
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Inflation and Adjustment of Relative Prices in Georgia
The analysis presented in the paper focuses on seigniorage revenues in the period of transition to market economy and fiscal consequences of European monetary integration. A comprehensive framework for a measurement of seigniorage revenues in transition period is presented and estimates of its sources and uses in the period 1990–2000 are computed and analyzed. The analysis reveals that in Poland at the end of the last decade revenues from the money creation have not been extensively used as a tool for financing government expenditures. Furthermore, it is shown that, in contrary to the transition period, an accession to European Monetary Union will be accompanied by significant fiscal gains resulting from redistribution of seigniorage wealth between member countries.