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The Political Economy Of Seigniorage Inflation And Deficits
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Book Synopsis The Political Economy of Seigniorage by : Ari Aisen
Download or read book The Political Economy of Seigniorage written by Ari Aisen and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-09-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: While most economists agree that seigniorage is one way governments finance deficits, there is less agreement about the political, institutional, and economic reasons for relying on it. This paper investigates the main determinants of seigniorage using panel data on about 100 countries, for the period 1960-1999. Estimates show that greater political instability leads to higher seigniorage, especially in developing, less democratic, and socially polarized countries, with high inflation, low access to domestic and external debt financing and with higher turnover of central bank presidents. One important policy implication of this study is the need to develop institutions conducive to greater economic freedom as a means to lower the reliance on seigniorage financing of public deficits.
Book Synopsis The Political Economy of Seigniorage, Inflation, and Deficits by : Lorena Alcazar
Download or read book The Political Economy of Seigniorage, Inflation, and Deficits written by Lorena Alcazar and published by . This book was released on 1996 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Politics of Inflation and Economic Stagnation by : Leon Lindberg
Download or read book The Politics of Inflation and Economic Stagnation written by Leon Lindberg and published by Brookings Institution Press. This book was released on 1985-06-01 with total page 646 pages. Available in PDF, EPUB and Kindle. Book excerpt: The inflation of the 1970s represented the greatest peacetime disruption of the Western economies since the Depression. Even as inflation receded, the recession in its wake brought more joblessness than at any time since the 1930s. The governments of industrialized nations found that the economic policies they had developed since World War II no longer assured price stability or high employment. What are the lessons of over a decade of economic difficulty? In this conference volume, which focuses on aspects of the crisis that economists often presuppose to be beyond control, the authors analyze the political and social underpinning of inflation and recession. Part 1 places the economic problems of the 1970s in the historical context of postwar development and then compares economic and political science analyses of inflation. Part 2 examines how rivalries between social groups affect inflationary processes. One chapter draws on the history of Latin American inflation to suggest the conflicts in play. Two others weigh the role of labor and industry in the formation of economic policy. And another shows how rivalry between countries, like rivalry between classes at home, permitted inflation to rise. The chapters in part 3 contest the claim that big government or big labor causes inflation. Two studies emphasize that a high degree of public expenditure does not itself lead to inflation. Further contributions explore the role of central banks and subject such concepts as the political business cycle to critical analysis. Part 4 comprises case studies about macroeconomic policymaking in four nations: Italy, Germany, Japan, and Sweden. The studies reveal what institutional attributes rendered those countries resistant to inflation or vulnerable to economic setback. In the last part, the editors pull together the findings and lay out the contemporary political feasibility of alternative approaches to macroeconomic management.
Book Synopsis Political Business Cycles by : Thomas D. Willett
Download or read book Political Business Cycles written by Thomas D. Willett and published by Durham [N.C.] : Duke University Press. This book was released on 1988 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: Political business cycles create artificial economic booms just prior to elections; these papers examine the issue of whether federal governmental structure inevitably leaves the US economy exposed to unhealthy political influences. Literature references in notes, no formal bibliography. Duke reports an (unseen) edition in cloth (0-8223-0824-X) at $62.50. Annotation copyrighted by Book News, Inc., Portland, OR
Book Synopsis The Political Economy of Fiscal Policy by : Jaejoon Woo
Download or read book The Political Economy of Fiscal Policy written by Jaejoon Woo and published by Springer Science & Business Media. This book was released on 2006-02-25 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the most striking macroeconomic developments during the last three decades is the rise and persistence of large fiscal deficits in a number of countries. Despite recent major fiscal reforms around the world, many countries suffer from recurrent large fiscal imbalances that often reflect lack of fiscal discipline. Why do some countries have recurrent fiscal deficit or volatility problems, while others do not? What factors are most important in explaining cross-country variation in fiscal outcomes? How are they related to growth or inflation? This book presents new, rigorous, theoretical and empirical studies on these fiscal issues, and highlights social polarization as an essential organizing principle in a political economy approach. Also, it discusses how institutional constraints may favourably affect fiscal dynamics in the presence of social polarization.
Book Synopsis Explaining Fiscal Policies and Inflation in Developing Countries by :
Download or read book Explaining Fiscal Policies and Inflation in Developing Countries written by and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we investigate erririca1ly the determinants of inflation, seigniorage an fiscal deficits in developing countries. We first test the optimal taxation theory of inflation for a grip of 21 LDCs. We find that the implications of this theory is rejected for all the countries. We then proceed to implement a number of tests based on the new political economy approach to macroeconomic policies: we deal with some of the implications of a credibility and reputation model, and of a strategic government behavior model. We find that the data supports the most important predictions of the political economy view of fiscal policy. Our measures of political instability and political polarization play an important role in explaining cross country differences in seigniorage, inflation, government borrowing and fiscal deficits. We end by discussing directions for future research.
Book Synopsis The Economics of Public Spending by : Hassan Bougrine
Download or read book The Economics of Public Spending written by Hassan Bougrine and published by Edward Elgar Publishing. This book was released on 2000-01-01 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text argues that in many jurisdictions free market advocates have resorted to pubic sector downsizing and privatization as a means of alleviating problems of unemployment and slow economic growth, and that, as a consequence, the strategy of reducing public deficits, balancing budgets and achieving surpluses has become widely accepted as the only road to prosperity.
Book Synopsis Explaining Fiscal Policies and Inflation in Developing Countries by : Sebastian Edwards
Download or read book Explaining Fiscal Policies and Inflation in Developing Countries written by Sebastian Edwards and published by . This book was released on 1990 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we investigate erririca1ly the determinants of inflation, seigniorage an fiscal deficits in developing countries. We first test the optimal taxation theory of inflation for a grip of 21 LDCs. We find that the implications of this theory is rejected for all the countries. We then proceed to implement a number of tests based on the new political economy approach to macroeconomic policies: we deal with some of the implications of a credibility and reputation model, and of a strategic government behavior model. We find that the data supports the most important predictions of the political economy view of fiscal policy. Our measures of political instability and political polarization play an important role in explaining cross country differences in seigniorage, inflation, government borrowing and fiscal deficits. We end by discussing directions for future research.
Author :Sylvester C. W. Eijffinger Publisher :International Finance Section Department of Econ Ton Univers ISBN 13 : Total Pages :100 pages Book Rating :4.F/5 ( download)
Book Synopsis The Political Economy of Central-bank Independence by : Sylvester C. W. Eijffinger
Download or read book The Political Economy of Central-bank Independence written by Sylvester C. W. Eijffinger and published by International Finance Section Department of Econ Ton Univers. This book was released on 1996 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Debt Burden and Its Consequences for Monetary Policy by : Guillermo Calvo
Download or read book The Debt Burden and Its Consequences for Monetary Policy written by Guillermo Calvo and published by Springer. This book was released on 1998-02-12 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: In all countries debt and deficits of the public sector are at the heart of economic policy debate. Debt and deficits pose major problems, all the more pressing in Europe because of the Maastricht criteria for entry into European Monetary Union. And in the developing world debt has been associated with major financial crises. This volume, arising from an International Economic Association conference at the Bundesbank, sees academics and policy makers debate the key issues and their implications in theory and practice.
Book Synopsis Explaining Fiscal Policies and Inflation in Developing Countries by : Sebastian Edwards
Download or read book Explaining Fiscal Policies and Inflation in Developing Countries written by Sebastian Edwards and published by . This book was released on 2010 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we investigate erririca1ly the determinants of inflation, seigniorage an fiscal deficits in developing countries. We first test the optimal taxation theory of inflation for a grip of 21 LDCs. We find that the implications of this theory is rejected for all the countries. We then proceed to implement a number of tests based on the new political economy approach to macroeconomic policies: we deal with some of the implications of a credibility and reputation model, and of a strategic government behavior model. We find that the data supports the most important predictions of the political economy view of fiscal policy. Our measures of political instability and political polarization play an important role in explaining cross country differences in seigniorage, inflation, government borrowing and fiscal deficits. We end by discussing directions for future research.
Download or read book Seigniorage written by Jens Reich and published by Springer. This book was released on 2017-09-10 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the revenues from the creation of currency by a central government. Adopting an institutional perspective, it develops a general theory of seigniorage by identifying three monetary regimes in economic history and the history of economic thought: a commodity currency, a fiat currency and a credit currency regime. As such it provides a modern analytical framework to analyze the nature of revenues from the creation of currency and their optimal height, whether currency is issued by means of minting coins, by printing and spending paper notes, by crediting private entities, or combinations thereof. The results of this analysis stretch beyond the immediate topic. The book establishes a relationship between the theory of seigniorage and government debt, the theory of the interest rate, the optimal rate of inflation, or the effectiveness and inflationary limits of outright monetary transactions.
Book Synopsis The Political Economy of Monetary Union by : Francesco Giordano
Download or read book The Political Economy of Monetary Union written by Francesco Giordano and published by Routledge. This book was released on 2013-10-18 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book places the whole issue of monetary union in its wider political economic context. The authors discuss: * the effect of EMU on fiscal and monetary policies * Central bank independence * the impact of EMU on unemployment * ERM II * international perspectives. Drawing on their experience in the European financial markets, the authors use a non-technical approach to discuss these issues - both in a general european sense and more specifically, Germany, the UK and Italy.
Book Synopsis The Political Economy of Inflation by :
Download or read book The Political Economy of Inflation written by and published by . This book was released on 1974 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Seigniorage, Operating Rules and the High Inflation Trap by :
Download or read book Seigniorage, Operating Rules and the High Inflation Trap written by and published by . This book was released on 1987 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dynamic Seigniorage Theory by : Maurice Obstfeld
Download or read book Dynamic Seigniorage Theory written by Maurice Obstfeld and published by . This book was released on 1989 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that the optimal extraction of seigniorage implies a strong tendency for inflation to fall over time toward its socially optimal level. The point is made using a multi-period model in which (i) the government can finance deficits through bond issue or money creation, (ii) private-sector expectations are rational, and (iii) the government sets the inflation rate each period in a discretionary manner. One way to view the model is as a synthesis of the "tax-smoothing" theory of government deficits, which predicts that the inflation tax follows approximately a martingale, and of models of discretionary policy making, which predict (absent reputation effects) that inflation is likely to exceed its socially optimal level. Both predictions are modified when the two approaches to explaining inflation are merged. Reputation effects play no role in the analysis
Book Synopsis Political Macroeconomics by : Keizo Nagatani
Download or read book Political Macroeconomics written by Keizo Nagatani and published by Oxford [England] : Clarendon Press. This book was released on 1989 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nagatani here contends that economic activities are human affairs, and that when humans interact, market equilibrium is not unique but multiple, with no natural tendency to converge on the optimum. He argues that neoclassical economics provides an inadequate analytical structure for the examination of human economic begavior, and discusses actual problems of poverty and economic development as evidential to this apparent impass between theory and reality.
