Budget deficits and money creation: Exploring their relation before Bretton Woods

Sabaté, Marcela; Castejón, Carmen Fillat; Escario, Regina

doi:10.1016/j.eeh.2018.12.002

Cited by 9 publications

(3 citation statements)

References 40 publications

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“…3 For the core-periphery discussion, see De Cecco (1974); Hallwood et al (1996); Bordo and Flandreau (2003, p. 420); Morys (2013, p. 205), and Mitchener and Weidenmier (2015, p. 54). More on this can also be found in Triffin (1985, p. 128); Braga de Macedo (1996, p. 243); Martín-Aceña et al (2000, p. 2), and Sabaté et al (2019). More on speculative attacks to currencies, Eichengreen (1996, pp.…”

Section: Introductionmentioning

confidence: 91%

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Did the non-adoption of the gold standard benefit or harm Spanish economy? A counterfactual analysis between 1870-1913

Roldán¹

2019

Invest. Hist. Econ.

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La exportación de jerez fue uno de los principales renglones de la balanza comercial española durante gran parte del siglo XIX. La mayor parte de las ventas se destinaron al Reino Unido, un mercado donde la distribución estaba férreamente controlada por comerciantes autóctonos. Este trabajo analiza los cambios en el número de exportadores y en el grado de concentración del volumen exportado en uno de los momento de mayor esplendor. Ello es posible gracias a una fuente singular, las listas de extractores, que desglosan las cantidades vendidas por cada uno de ellos. Los estadísticos utilizados para medir la concentración muestran la existencia de dos periodos, cuyos cambios se explican por tratarse de un mercado donde concurrían oferentes muy heterogéneos, tanto por su estructura de costes como por sus estrategias de comercialización.

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Section: Introductionmentioning

confidence: 91%

“…6 Sardà (1987); Martín-Aceña (1981, p. 267); Martín-Aceña (1993, p. 135); Tortella (1994, p. 323);Serrano (2004, p. 155); García Iglesias (2005, p. 62); Sabaté et al (2006, p. 310); Martín-Aceña et al (2011, p. 3);Martínez Ruíz and Nogues (2014, pp. 9 and 19); Martín-Aceña (2017), and Sabaté et al (2019).…”

Section: Introductionmentioning

confidence: 99%

Did the non-adoption of the gold standard benefit or harm Spanish economy? A counterfactual analysis between 1870-1913

Roldán¹

2019

Invest. Hist. Econ.

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“…Sabaté et al. ( 2019 ) adopted a methodology that seeks to investigate whether government deficits drove money creation (seigniorage). They do so by inferring the dynamic essence of financing of deficits by monetary authorities by applying panel co-integration between the series of public budget balance ( b ) and the series of variation in the monetary base (dmb).…”

Section: Literature Reviewmentioning

confidence: 99%

Fiscal dominance in India: an empirical estimation

Kamila¹

2022

Ind. Econ. Rev.

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Theoretical works have pointed at the potentially damaging impacts of fiscal dominance, i.e. fiscal authority’s profligacy being accommodated by the monetary authority. Recent scholarship have highlighted to the contrary the arguably positive effects of such accommodation under certain circumstances. Ergo, a surgical snipping of the cord of joint working of monetary and fiscal policy for all times is not advisable. This paper examined fiscal dominance in the Indian context by measuring the impact of Centre’s primary fiscal balance on real interest rates and real GDP growth rate in the Vector Error Correction Model (VECM) framework. It was observed that an improvement in fiscal balance had a positive impact on real interest rate prior to 2003, and in the subsequent periods it turned negative. With regard to the impact of primary fiscal balance on real growth rate, it was observed that the period of 1978–2003 remained a period of dominant fiscal presence and an improvement in fiscal balance—i.e. a reduction in fiscal deficit—had a positive growth effect. In the period following 2003, there was no evidence of fiscal dominance in the Indian economy.

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Fiscal Dominance of Monetary Policy: Global and Indian Experience

Subbarao

2022

India Studies in Business and Economics

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Budget deficits and money creation: Exploring their relation before Bretton Woods

Cited by 9 publications

References 40 publications

Did the non-adoption of the gold standard benefit or harm Spanish economy? A counterfactual analysis between 1870-1913

Did the non-adoption of the gold standard benefit or harm Spanish economy? A counterfactual analysis between 1870-1913

Fiscal dominance in India: an empirical estimation

Fiscal Dominance of Monetary Policy: Global and Indian Experience

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