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Further theoretical and empirical evidence on money to growth relation

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  • Alexandru Minea

    ()
    (LEO, University of Orléans)

  • Patrick Villieu

    ()
    (LEO, University of Orléans)

  • Christophe Rault

    ()
    (LEO, University of Orléans)

Abstract

This paper proposes a theoretical growth model where seigniorage can be used to finance productive public spending, and show the existence of nonlinear effects between seigniorage and economic growth. Empirical evidence based on panel regression techniques provides some support for these nonlinear effects on a sample of OECD countries over the 1978-2005 period.

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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 5 (2008)
Issue (Month): 21 ()
Pages: 1-7

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Handle: RePEc:ebl:ecbull:eb-08e50021

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  1. Stockman, Alan C., 1981. "Anticipated inflation and the capital stock in a cash in-advance economy," Journal of Monetary Economics, Elsevier, Elsevier, vol. 8(3), pages 387-393.
  2. Mahmood Arai & Mats Kinnwall & Peter Skogman Thoursie, 2004. "Cyclical and causal patterns of inflation and GDP growth," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 36(15), pages 1705-1715.
  3. Satya Paul & Colm Kearney & Kabir Chowdhury, 1997. "Inflation and economic growth: a multi-country empirical analysis," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 29(10), pages 1387-1401.
  4. Sung Kim & Thomas Willett, 2000. "Is the negative correlation between inflation and growth real? An analysis of the effects of the oil supply shocks," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 7(3), pages 141-147.
  5. Thorvaldur Gylfason, 1991. "Inflation, Growth, and External Debt: A View of the Landscape," The World Economy, Wiley Blackwell, Wiley Blackwell, vol. 14(3), pages 279-297, 09.
  6. Anthony Philip Thirlwall & A.C. Barton, 1971. "Inflation and growth: the international evidence," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, Banca Nazionale del Lavoro, vol. 24(98), pages 263-275.
  7. Theodore Palivos & Chong K. Yip, 1994. "Government expenditure financing in an endogenous growth model: a comparison," Working Paper, Federal Reserve Bank of Atlanta 94-1, Federal Reserve Bank of Atlanta.
  8. Michael Sarel, 1996. "Nonlinear Effects of Inflation on Economic Growth," IMF Staff Papers, Palgrave Macmillan, vol. 43(1), pages 199-215, March.
  9. Daniel Bolton & W. Robert & J. Alexander, 2001. "The differing consequences of low and high rates of inflation," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 8(6), pages 411-414.
  10. David Black & Michael Dowd & Kristen Keith, 2001. "The inflation/growth relationship: evidence from state panel data," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 8(12), pages 771-774.
  11. Burdekin, Richard C.K. & Denzau, Arthur T. & Keil, Manfred W. & Sitthiyot, Thitithep & Willett, Thomas D., 2004. "When does inflation hurt economic growth? Different nonlinearities for different economies," Journal of Macroeconomics, Elsevier, Elsevier, vol. 26(3), pages 519-532, September.
  12. Turnovsky, Stephen J., 1996. "Optimal tax, debt, and expenditure policies in a growing economy," Journal of Public Economics, Elsevier, Elsevier, vol. 60(1), pages 21-44, April.
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