Optimal seigniorage and financial liberalization

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<title>Optimal seigniorage and financial liberalization</title>
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<namePart>Bacchetta, Philippe</namePart>
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<name type="personal" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080093631">
<namePart>Caminal, Ramón</namePart>
<nameIdentifier>MAPA20080093631</nameIdentifier>
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<namePart>Escuela Superior de Administración y Dirección de Empresas</namePart>
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<place>
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<publisher>ESADE</publisher>
<dateIssued>1990</dateIssued>
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<abstract displayLabel="Summary">This paper analyzes the effect of financial integration for countries relying on seigniorage. A two-country model with overlapping generations and explicit financial intermdiation is used. Governments 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 liberalization reduces welfare and leads to lower reserve ratios, higher inflation rates, and higher government debt. When the liberalization is anticipated, governments temporarily increase the reserve ratios before the liberalization occurs.</abstract>
<note type="statement of responsibility">by Philippe Bacchetta and Ramón Caminal</note>
<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080597641">
<topic>Mercados financieros</topic>
</subject>
<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080585563">
<topic>Gestión financiera</topic>
</subject>
<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080567613">
<topic>Unión Europea</topic>
</subject>
<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080619817">
<topic>Liberalización de mercados</topic>
</subject>
<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080625818">
<topic>Libre circulación de capitales</topic>
</subject>
<classification authority="">921.9</classification>
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<title>Papers ESADE</title>
<partNumber>41</partNumber>
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<recordCreationDate encoding="marc">920429</recordCreationDate>
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