Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 59
... Seigniorage The flow of seigniorage diverted from the issuer of foreign currency to the currency board is usually seen as a major advantage of the currency board arrangement . But in the Irish case it is worth noting that the status quo ...
... Seigniorage The flow of seigniorage diverted from the issuer of foreign currency to the currency board is usually seen as a major advantage of the currency board arrangement . But in the Irish case it is worth noting that the status quo ...
Page 60
... seigniorage went to the Exchequer . In particular , none was dissipated in subsidized lending by the Central Bank.15 One quantification of the seigniorage benefit to the Exchequer is the flow of surplus income transferred from the ...
... seigniorage went to the Exchequer . In particular , none was dissipated in subsidized lending by the Central Bank.15 One quantification of the seigniorage benefit to the Exchequer is the flow of surplus income transferred from the ...
Page 152
... seigniorage increases linearly with inflation . This is not realistic , but this assumption was chosen in order to show that the results do not depend on a ' Laffer curve ' for seigniorage revenues under which the revenues from the ...
... seigniorage increases linearly with inflation . This is not realistic , but this assumption was chosen in order to show that the results do not depend on a ' Laffer curve ' for seigniorage revenues under which the revenues from the ...
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accession countries adjustment adopt the euro anchor currency assets average Bank of Estonia Bank of Lithuania banking sector banking system budget Bulgaria candidate countries capital movements cent central bank commercial banks competitiveness credibility currency board arrangement currency board system Currency Commission current account deficit debt Directorate domestic Economic and Financial Economic and Monetary economic policy EMU acquis ERMII Estonian kroon Estonian monetary euro area European Commission European Union exchange rate policy exchange rate regime exports Financial Affairs financial markets financial sector fiscal policy fixed exchange rate flexibility foreign exchange framework growth Honohan implementation important increase inflation integration interbank interest rates investment Irish pound joining the euro liquidity litas macroeconomic Member monetary policy monetary system Monetary Union money market nominal participation payments percent period real exchange rate reserve requirement Russian crisis seigniorage stabilisation trade transition economies wages