Central Bank independence and financing government spending

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Abstract

This paper incorporates the effect of the central bank's independence into the government's optimum financing model. When the implications of the hypotheses are tested for eighteen OECD countries, this paper shows that countries with higher levels of central bank independence generate less seigniorage revenue.

Source Title

Journal of Macroeconomics

Publisher

Elsevier BV

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Citation

Published Version (Please cite this version)

Language

English