Virtual Deficits and the Patinkin Effect /
The paper develops a model of inflationary finance that defines the fiscal deficit as a function of the virtual deficit-a deficit that would be observed if inflation were zero. It studies the negative relationship between the inflation rate and real government expenditures-the Patinkin effect. The m...
| 第一著者: | |
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| フォーマット: | 雑誌 |
| 言語: | English |
| 出版事項: |
Washington, D.C. :
International Monetary Fund,
1998.
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| シリーズ: | IMF Working Papers; Working Paper ;
No. 1998/041 |
| オンライン･アクセス: | Full text available on IMF |
| 要約: | The paper develops a model of inflationary finance that defines the fiscal deficit as a function of the virtual deficit-a deficit that would be observed if inflation were zero. It studies the negative relationship between the inflation rate and real government expenditures-the Patinkin effect. The model outperforms others in explaining four-digit inflation rates that never explode into hyperinflation. It also explains how apparently expansionist fiscal policies end in real deficits that are small and compatible with the small amount of seigniorage that can be collected at high inflation rates. Finally, it applies the model to the case of Brazil. |
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| 記述事項: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| 物理的記述: | 1 online resource (40 pages) |
| フォーマット: | Mode of access: Internet |
| ISSN: | 1018-5941 |
| アクセス: | Electronic access restricted to authorized BRAC University faculty, staff and students |