Seigniorage and inflation: the case of Argentina.: An article from: Journal of Money, Credit & Banking
Book Details
PublisherOhio State University Press
ISBN / ASINB00093MXF8
ISBN-13978B00093MXF2
MarketplaceIndia 🇮🇳
Description
This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on August 1, 1995. The length of the article is 3755 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
From the supplier: This paper studies the relation between seigniorage and inflation in Argentina for the period 1979-1989. We estimate a money demand function and derive the Laffer curve for several sub-periods with different monetary exchange rate regimes. We find that for most of the period the Argentine economy remained on the "efficient" side of the Laffer curve. The long-run revenue maximizing rate of inflation has been around 20% per month for the "tablita" (1979-1981) and post-austral (1985-1988) periods and around 30% per month for the pre-Austral period (1982-1985). The long-run maximum level of seigniorage has been above 6% of GDP. Our results imply that the hyperinflation experienced by Argentina in 1989 can be interpreted as an unstable phenomenon that resulted from the need to collect a level of seigniorage that exceeded the maximum warranted by the demand for money. (Printed by permission of the publisher.)
Citation Details
Title: Seigniorage and inflation: the case of Argentina.
Author: Miguel A. Kiguel
Publication:Journal of Money, Credit & Banking (Refereed)
Date: August 1, 1995
Publisher: Ohio State University Press
Volume: v27 Issue: n3 Page: p672(11)
Distributed by Thomson Gale
From the supplier: This paper studies the relation between seigniorage and inflation in Argentina for the period 1979-1989. We estimate a money demand function and derive the Laffer curve for several sub-periods with different monetary exchange rate regimes. We find that for most of the period the Argentine economy remained on the "efficient" side of the Laffer curve. The long-run revenue maximizing rate of inflation has been around 20% per month for the "tablita" (1979-1981) and post-austral (1985-1988) periods and around 30% per month for the pre-Austral period (1982-1985). The long-run maximum level of seigniorage has been above 6% of GDP. Our results imply that the hyperinflation experienced by Argentina in 1989 can be interpreted as an unstable phenomenon that resulted from the need to collect a level of seigniorage that exceeded the maximum warranted by the demand for money. (Printed by permission of the publisher.)
Citation Details
Title: Seigniorage and inflation: the case of Argentina.
Author: Miguel A. Kiguel
Publication:Journal of Money, Credit & Banking (Refereed)
Date: August 1, 1995
Publisher: Ohio State University Press
Volume: v27 Issue: n3 Page: p672(11)
Distributed by Thomson Gale
