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Showing 1 results for Inflationary Finance Seigniorage

Mohammad Mehdi Askari,
Volume 13, Issue 36 (1-2006)
Abstract

This paper analyzes some determinant Factors of inflationary finance. Transitory Government expenditure is considered as one of these factors. Vegh (1989) and Click (1998) show that (i) If the collection cost of taxes is an increasing function of tax revenue, inflation tax will be an increasing function of the Government expenditure. (ii) There is a positive relationship between seigniorage and the standard error of transitory Government expenditure and a negative relationship with credit worthiness of the country. Economic investigations describe an inverse relationship between the Central Bank independence and seigniorage. Another factor that affects the inflationary finance is the monetary settings of an economy. The existence of positive equivalence between monetary policy standard and inflationary finance and convex relationship between seigniorage and monetary settings for countries with complex financial systems, are the results of these studies. In addition to economic components of inflationary finance, political factors may be influential. The implications of some empirical works imply that the more is the instability of political systems, the more would be the reliance on seigniorage

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فصلنامه پژوهشها و سیاستهای اقتصادی Journal of Economic Research and Policies
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