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|z 9781451955477
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Liu, Lihong.
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|a Government Finance in a Model of Currency Substitution /
|c Lihong Liu, Anne Sibert.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1993.
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|a 1 online resource (36 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Our model is a variant of the cash-in-advance model. Goods must be purchased in the seller's currency, but currency may be traded before shopping at a cost. This cost is a measure of substitutability. The model is applied to seignorage taxation. We show that optimal money growth is positive and increasing in substitutability if and only if first- and second-period consumption are gross substitutes. If governments act independently, money growth is suboptimally low if currencies are sufficiently substitutable and too high otherwise.
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|a Mode of access: Internet
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|a Sibert, Anne.
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|a IMF Working Papers; Working Paper ;
|v No. 1993/080
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1993/080/001.1993.issue-080-en.xml
|z IMF e-Library
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