Fiscal Revenue Inflationary Finance And Growth
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Fiscal Revenue Inflationary Finance And Growth
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Author : Mr.Nurun N. Choudhry
language : en
Publisher: International Monetary Fund
Release Date : 1992-03-01
Fiscal Revenue Inflationary Finance And Growth written by Mr.Nurun N. Choudhry and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-03-01 with Business & Economics categories.
This paper analyzes the optimal rate of monetary expansion when government resorts to inflationary finance to generate additional investment for enhancing growth. If there are lags in tax collection, an increase in inflation erodes real fiscal revenue, thereby worsening the current balance while reducing government investment. This impedes capital accumulation as well as increases the welfare cost of inflation. As such, the optimal rate of monetary expansion, equilibrium capital-labor ratio and output are lower while the marginal cost of inflationary finance is higher than they would be without collection lags. Simulations are performed to highlight empirical implications.
Fiscal Revenue Inflationary Finance And Growth
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Author : Nurun Choudhry
language : en
Publisher:
Release Date : 2006
Fiscal Revenue Inflationary Finance And Growth written by Nurun Choudhry and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper analyzes the optimal rate of monetary expansion when government resorts to inflationary finance to generate additional investment for enhancing growth. If there are lags in tax collection, an increase in inflation erodes real fiscal revenue, thereby worsening the current balance while reducing government investment. This impedes capital accumulation as well as increases the welfare cost of inflation. As such, the optimal rate of monetary expansion, equilibrium capital-labor ratio and output are lower while the marginal cost of inflationary finance is higher than they would be without collection lags. Simulations are performed to highlight empirical implications.
Fiscal Revenue Inflationary Finance And Growth
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Author : Nurun N. Choudhry
language : en
Publisher:
Release Date : 1999
Fiscal Revenue Inflationary Finance And Growth written by Nurun N. Choudhry and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Fiscal Revenue And Inflationary Finance
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Author : Mr.Nurun N. Choudhry
language : en
Publisher: International Monetary Fund
Release Date : 1990-05-01
Fiscal Revenue And Inflationary Finance written by Mr.Nurun N. Choudhry and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-05-01 with Business & Economics categories.
This paper analyzes the erosion of fiscal revenue by inflation resulting from the issuance of money. The empirical evidence for a number of developing countries supports the well-known hypothesis that an increase in inflation will result in a fall in real fiscal revenue because of collection lags, thereby possibly widening the fiscal deficit. As such, attempts to generate resources to finance government expenditures via the inflation tax will involve a loss in other revenues, making this form of taxation even less desirable.
Collection Lags Fiscal Revenue And Inflationary Financing
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Author : Mr.Nurun N. Choudhry
language : en
Publisher: International Monetary Fund
Release Date : 1991-04-01
Collection Lags Fiscal Revenue And Inflationary Financing written by Mr.Nurun N. Choudhry and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-04-01 with Business & Economics categories.
The paper provides empirical evidence on collection lags in major categories of government revenue and analyzes the estimated revenue-eroding effects of inflation within the standard model of inflationary finance. The evidence indicates a wide variation in collection lags among the categories of revenues. The estimated erosion of real fiscal revenue, although varied in the sample countries, appears to have substantially offset gains from the inflation tax, thereby severely restricting the use of this form of taxation in generating resources.
Fiscal Policy Stabilization And Growth In Developing Countries
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Author : Mr.Mario I. Bléjer
language : en
Publisher: International Monetary Fund
Release Date : 1989-06-15
Fiscal Policy Stabilization And Growth In Developing Countries written by Mr.Mario I. Bléjer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-06-15 with Business & Economics categories.
Edited by Mario I. Blejer and Ke-young Chu, this book investigates linkages among components of the public sector, as well as between macro and micro aspects of fiscal policy, in developing countries. It presents 13 papers prepared by economists of the IMF's Fiscal Affairs Department.
Fiscal Theory
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Author : Hans Brems
language : en
Publisher: Free Press
Release Date : 1983
Fiscal Theory written by Hans Brems and has been published by Free Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Business & Economics categories.
Government Spending And Inflationary Finance
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1988-11-07
Government Spending And Inflationary Finance written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-11-07 with Business & Economics categories.
This paper analyzes the relationship between inflation tax and the level of government spending in a public finance context. The key feature of the model developed is that it recognizes the possibility that conventional taxes, such as the consumption tax, may carry increasing marginal collection costs. As a result, and unlike previous findings in the literature, the inflation tax becomes an increasing function of government spending. Furthermore, the more inefficient the tax collection system, the larger the increase in the inflation tax for a given increase in government spending. A numerical analysis of the model provides additional insights into these relationships.
A Growth Model Of Inflation Tax Evasion And Financial Repression
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Author : Nouriel Roubini
language : en
Publisher:
Release Date : 1992
A Growth Model Of Inflation Tax Evasion And Financial Repression written by Nouriel Roubini and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Economic development categories.
In this paper we study the effects of policies of financial repression on long term growth and try to explain why optimizing governments might want to repress the financial sector. We also explain why inflation may be negatively related to growth, even though it does not affect growth directly. We argue that the main reason why governments repress the financial sector is that this sector is the source of "easy" resources for the public budget The source of revenue stemming from this intervention is modeled through the inflation tax. Our model has the implication that financial development reduces money demand. Hence, if the government allows for financial development the inflation tax base, and the chance to collect seigniorage, is reduced. To the extent that the financial sector increases the efficiency of the allocation of savings to productive investment, the choice of the degree of financial development will have real effects on the saving and investment rate and on the growth rate of the economy. We show that in countries where tax evasion is large the government will optimally choose to repress the financial sector in order to increase seigniorage taxation. This policy will then reduce the efficiency of the financial sector, increase the costs of intermediation, reduce the amount of investment and reduce the steady state rate of growth of the economy. Financial repression will therefore be associated with high tax evasion, low growth and high inflation.
Private Saving Public Saving And The Inflation Tax
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Author : Mr.A. Javier Hamann
language : en
Publisher: International Monetary Fund
Release Date : 1993-04-01
Private Saving Public Saving And The Inflation Tax written by Mr.A. Javier Hamann and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-04-01 with Business & Economics categories.
The present paper provides an analytical discussion on a popular issue: the measurement problems associated with the inflation tax. It is well known that conventional national accounts definitions usually misplace the proceeds from the inflation tax: they are typically not subtracted from disposable income, and they are not included as part of the Government’s revenues “above the line.” Using a simple, perfect foresight monetary model developed by Calvo (1986, 1987), this paper analyzes the difference between macroeconomically relevant concepts of public and private saving, and their national accounts counterparts. The paper goes on to show that the national account aggregates create the impression that heavier reliance on the inflation tax on the part of the Government is associated with higher private saving, even in situations where the composition of government revenues does not have any effect on private saving.