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Deficit and External Debt Effects on Money and Inflation in Brazil and Mexico: Some Evidence

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Author Info
Bharat R. Koluri
Demetrios S. Giannaros

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Abstract

The purpose of this study is to examine the monetarist propositions regarding the effects of budget deficits, external debt, and money growth on inflation in the cases of Brazil and Mexico. To this end, a money growth equation and a price equation have been specified and estimated for empirical analysis. In general, it is concluded that the government budget deficit is not a determinant of money supply growth or of inflation. External debt is found to be a significant factor of money growth. Also, the results suggest a significant effect of money supply growth on inflation.

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File URL: http://college.holycross.edu/eej/Volume13/V13N3P243_248.pdf
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Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 13 (1987)
Issue (Month): 3 (Jul-Sep)
Pages: 243-248
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Handle: RePEc:eej:eeconj:v:13:y:1987:i:3:p:243-248

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Barro, Robert J, 1978. "Unanticipated Money, Output, and the Price Level in the United States," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 549-80, August. [Downloadable!] (restricted)
  2. Niskanen, William A., 1978. "Deficits, government spending, and inflation : What is the evidence?," Journal of Monetary Economics, Elsevier, vol. 4(3), pages 591-602, August. [Downloadable!] (restricted)
  3. Michael R. Darby & James R. Lothian & Arthur E. Gandolfi & Anna J. Schwartz & Alan C. Stockman, 1983. "The International Transmission of Inflation," NBER Books, National Bureau of Economic Research, Inc, number darb83-1.
  4. Hamburger, Michael J. & Zwick, Burton, 1981. "Deficits, money and inflation," Journal of Monetary Economics, Elsevier, vol. 7(1), pages 141-150. [Downloadable!] (restricted)
  5. Kohli, Ulrich R. & McKibbin, Warwick J., 1982. "Are government deficits the prime cause of inflation?," Journal of Policy Modeling, Elsevier, vol. 4(3), pages 279-309, November. [Downloadable!] (restricted)
  6. McMillin, W. Douglas & Beard, Thomas R., 1982. "Deficits, money and inflation : Comment," Journal of Monetary Economics, Elsevier, vol. 10(2), pages 273-277. [Downloadable!] (restricted)
  7. Hamburger, Michael J. & Zwick, Burton, 1982. "Deficits, money and inflation : Reply," Journal of Monetary Economics, Elsevier, vol. 10(2), pages 279-283. [Downloadable!] (restricted)
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  1. M. Faizul Islam, 1998. "Brazil's twin deficits: An empirical examination," Atlantic Economic Journal, International Atlantic Economic Society, vol. 26(2), pages 121-128, June. [Downloadable!] (restricted)
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