Optimal seigniorage and financial liberalization

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      <subfield code="a">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.</subfield>
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