Optimal seigniorage and financial liberalization

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<rdf:Description>
<dc:creator>Bacchetta, Philippe</dc:creator>
<dc:creator>Caminal, Ramón</dc:creator>
<dc:creator>Escuela Superior de Administración y Dirección de Empresas</dc:creator>
<dc:date>1990</dc:date>
<dc:description xml:lang="es">Sumario: 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.</dc:description>
<dc:identifier>https://documentacion.fundacionmapfre.org/documentacion/publico/es/bib/9318.do</dc:identifier>
<dc:language>eng</dc:language>
<dc:publisher>ESADE</dc:publisher>
<dc:rights xml:lang="es">InC - http://rightsstatements.org/vocab/InC/1.0/</dc:rights>
<dc:subject xml:lang="es">Mercados financieros</dc:subject>
<dc:subject xml:lang="es">Gestión financiera</dc:subject>
<dc:subject xml:lang="es">Unión Europea</dc:subject>
<dc:subject xml:lang="es">Liberalización de mercados</dc:subject>
<dc:subject xml:lang="es">Libre circulación de capitales</dc:subject>
<dc:type xml:lang="es">Books</dc:type>
<dc:title xml:lang="es">Optimal seigniorage and financial liberalization</dc:title>
<dc:format xml:lang="es">23 p. : graf. ; 30 cm</dc:format>
<dc:relation xml:lang="es">Papers ESADE ; 41</dc:relation>
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