Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/2747
Título: | The political economy of seigniorage |
Autor(es): | Veiga, Francisco José Aisen, Ari |
Palavras-chave: | Seigniorage Political instability Institutions |
Data: | 2005 |
Editora: | Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE) |
Relatório da Série N.º: | NIPE Working Paper series ; 12 |
Resumo(s): | 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. |
Tipo: | Documento de trabalho |
URI: | https://hdl.handle.net/1822/2747 |
Acesso: | Acesso aberto |
Aparece nas coleções: | NIPE - Documentos de Trabalho |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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WP_NIPE_12_05.pdf | 588,65 kB | Adobe PDF | Ver/Abrir |