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Seigniorage, Fiscal Constraints, and the Viability of a Fixed Exchange Rate

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Author Info
Daniel, B.C.

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Abstract

Whenever unsustainable current government budget deficits predict future changes in monetary growth through the government's intertemporal budget constraint, fiscal variables become important exchange rate determinants. Failure to understand sustained rates of depreciation, seemingly unjustified by similar differentials in current fundamentals, or the liquidity effect of an open market operation may be due to failure to link future monetary growth to current policy. These ideas are presented using an intertemporal current account theory of the nominal exchange rate. The theory is supported by the mathematical equivalence of intertemporal current account balance and the absence of speculative bubbles in national money markets.

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Publisher Info
Paper provided by University at Albany, SUNY, Department of Economics in its series Discussion Papers with number 97-05.

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Length: 26 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:nya:albaec:97-05

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Postal: Department of Economics, BA 110 University at Albany State University of New York Albany, NY 12222 U.S.A.
Phone: (518) 442-4735
Fax: (518) 442-4736

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Postal: Department of Economics, BA 110 University at Albany State University of New York Albany, NY 12222 U.S.A.
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Web: http://www.albany.edu/econ/dp/index.html

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Related research
Keywords: SEIGNIORAGE EXCHANGE RATE

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Find related papers by JEL classification:
F30 - International Economics - - International Finance - - - General
F31 - International Economics - - International Finance - - - Foreign Exchange

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This page was last updated on 2008-11-13.

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