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Title

Optimal seigniorage and financial liberalization

AuthorsBacchetta, Philippe; Caminal, Ramón
Issue Date1992
PublisherElsevier
CitationJournal of International Money and Finance 11(6): 518-538 (1992)
AbstractThis paper analyzes the effect of financial integration for countries relying on the taxation of their domestic financial system. A two-country model with overlapping generations and explicit financial intermediation is used. Goverments derive revenues from seigniorage and set optimally, but non-cooperatively, the rate of inflation and the level of required reserves on bank deposits. A financial liberalizations leads to lower reserve ratios, higher inflation rates, and larger stocks of government debt. When the liberalization is anticipated, governments may temporarily increase the reserve ratios before the liberalization occurs. (JEL F30, E60). © 1992.
Publisher version (URL)http://dx.doi.org/10.1016/0261-5606(92)90001-E
URIhttp://hdl.handle.net/10261/58122
DOI10.1016/0261-5606(92)90001-E
Identifiersdoi: 10.1016/0261-5606(92)90001-E
issn: 0261-5606
Appears in Collections:(IAE) Artículos
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