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

Peter K. Cornelius
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Peter K. Cornelius: International Monetary Fund

IMF Staff Papers, 1990, vol. 37, issue 4, 825-848

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.

Date: 1990
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