Despite widespread agreement among economists that labor-intensive manufacturing has contributed mightily to rapid development in China and other fast-growing economies, most developing countries have had little success in raising the share of manufacturing in production, employment, or exports....

Despite widespread agreement among economists that labor-intensive manufacturing has contributed mightily to rapid development in China and other fast-growing economies, most developing countries have had little success in raising the share of manufacturing in production, employment, or exports....

In this paper, we examine the impact that changes in the rate of money creation and reserve requirements have on real seigniorage revenue. We consider two additional features that differ from previous analyses. First, the model economies grow endogenously, and that growth depends on the...