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Financing divided governments

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  • Hakan Berument

Abstract

This paper finds that when the Congress and Presidency are controlled by the different political parties in the USA the creation of the seigniorage revenue to finance spending is not higher than when those two branches are controlled by the same party. However, the hypothesis that the creation of seigniorage revenue was lower during the period when the country had a fixed exchange rate regime was partially supported.

Suggested Citation

  • Hakan Berument, 1997. "Financing divided governments," Applied Economics Letters, Taylor & Francis Journals, vol. 4(6), pages 369-372.
  • Handle: RePEc:taf:apeclt:v:4:y:1997:i:6:p:369-372 DOI: 10.1080/135048597355320
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    References listed on IDEAS

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    1. Klein,Martin & Neumann,Manfred, "undated". "Seignorage: What is it and who gets it?," Discussion Paper Serie B 124, University of Bonn, Germany.
    2. Alex Cukierman, 1992. "Central Bank Strategy, Credibility, and Independence: Theory and Evidence," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262031981, January.
    3. Burdekin, Richard C K, 1991. "Inflation and Taxation with Optimizing Governments: A Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(2), pages 267-269, May.
    4. Poterba, J.M. & Rotemberg, J.J., 1989. "Inflation And Taxation With Optimizing Governments," Working papers 521, Massachusetts Institute of Technology (MIT), Department of Economics.
    5. Poterba, James M, 1994. "State Responses to Fiscal Crises: The Effects of Budgetary Institutions and Politics," Journal of Political Economy, University of Chicago Press, vol. 102(4), pages 799-821, August.
    6. Andrabi, Tahir, 1997. "Seigniorage, Taxation, and Weak Government," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(1), pages 106-126, February.
    7. Milton Friedman & Anna J. Schwartz, 1982. "Monetary Trends in the United States and United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867–1975," NBER Books, National Bureau of Economic Research, Inc, number frie82-2.
    8. Poterba, James M & Rotemberg, Julio J, 1990. "Inflation and Taxation with Optimizing Governments," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(1), pages 1-18, February.
    9. Trehan, Bharat & Walsh, Carl E., 1990. "Seigniorage and tax smoothing in the United States 1914-1986," Journal of Monetary Economics, Elsevier, vol. 25(1), pages 97-112, January.
    10. Edin, P-A. & Ohlsson, H., 1990. "Political Determinants Of Budget Deficits: Coalition Effects Versus Minority Effects," Papers 1990k, Uppsala - Working Paper Series.
    11. Edin, Per-Anders & Ohlsson, Henry, 1991. "Political determinants of budget deficits: Coalition effects versus minority effects," European Economic Review, Elsevier, vol. 35(8), pages 1597-1603, December.
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    Cited by:

    1. Ümit Özlale & Kivilcim Metin Ozcan, 2005. "Does Time Inconsistency Problem Apply For Turkish Monetary Policy?," Working Papers 2005/2, Turkish Economic Association.

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