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Seigniorage and Boliva's Runaway Inflation, 1982-1985

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  • Colin D. Campbell

    (Dartmouth College)

Abstract

The runaway inflation in Bolivia from 1982 to 1985 was different from that in most other countries by not being related to war. In this study, seigniorage is viewed as a residual source of government income and the case of Bolivia is analyzed from the public choice point of view. Three conditions explain Bolivia's runaway inflation: a central bank with the power to create money, a government that relies heavily on foreign loans and aid, and a government with a short-run horizon. Under such conditions, governments can be expected to attempt to avoid reductions in their total income, and a sharp cut-back in foreign loans and aid can trigger a runaway inflation.

Suggested Citation

  • Colin D. Campbell, 1995. "Seigniorage and Boliva's Runaway Inflation, 1982-1985," Eastern Economic Journal, Eastern Economic Association, vol. 21(3), pages 399-409, Summer.
    • Handle: RePEc:eej:eeconj:v:21:y:1995:i:3:p:399-409
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume21/V21N3P399_409.pdf
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    More about this item

    Keywords

    Inflation;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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