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Regional Debt in Monetary Unions: Is it Inflationary ?

Cooper, Russell; Kempf, Hubert; Peled, Dan - HAL - 2008

This paper studies the inflationary implications of interest bearing regional debt in a monetary union. Is this debt simply backed by future taxation with non inflationary consequences ? Or will the circulation of region debt induce monetization by a central bank ? We argue here that both...

Persistent link: https://www.econbiz.de/10010738623

Insulation Impossible : Fiscal Spillovers in a Monetary Union

Cooper, Russell; Kempf, Hubert; Peled, Dan - HAL - 2010

This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...

Persistent link: https://www.econbiz.de/10010603663

Complementarity between private and public investment in R&D: A Dynamic Panel Data analysis

Tarek, Sadraoui; Zina, Naceur Ben - HAL - 2009

This paper investigates the relationship between private and public investment in R&D, while taking into account the effect of several instruments policies such as subsidies and taxes. We design a new look of knowledge spillovers and R&D cooperation to explain the contribution of public and...

Persistent link: https://www.econbiz.de/10008791563

Deforestation and Seigniorage in Developing Countries: A Tradeoff?

Combes, Jean-Louis; Motel, Pascale Combes; Minea, Alexandru - HAL - 2014

financing, namely seigniorage and deforestation revenues. First, we develop a theoretical model emphasizing a substitution … effect between seigniorage and deforestation revenues. Second, a panel-data econometric analysis over the 1990-2010 period …

Persistent link: https://www.econbiz.de/10010899412

Deficit, Seigniorage and the Growth Laffer Curve in developing countries

Ehrhart, Hélène; Minea, Alexandru; Villieu, P. - HAL - 2011

monetary policies (through deficit and seigniorage respectively) deform the GLC. An empirical section based on a panel of …

Persistent link: https://www.econbiz.de/10008793465

Disinflation against the Environment? An application to the trade-off between seigniorage and deforestation

Combes, Jean-Louis; Motel, Pascale Combes; Minea, Alexandru - HAL - 2011

seigniorage. Building on a simple theoretical model where governments target inflation and aim at reducing deforestation while … minimising a welfare loss function, we exhibit the potential substitution effect between seigniorage and deforestation revenues …. Regressions run on a panel of developing countries show that there exists a non-negligible substitution effect between seigniorage …

Persistent link: https://www.econbiz.de/10008794033

Size distortion of bootstrap tests: application to a unit root test

Davidson, Russell - HAL - 2009

Testing for a unit root in a series obtained by summing a stationary MA(1) process with a parameter close to -1 leads to serious size distortions under the null, on account of the near cancellation of the unit root by the MA component in the driving stationary series. The situation is analysed...

Persistent link: https://www.econbiz.de/10008794177

An Examination of the Convergence in the Output of South American Countries: The Influence of the Region's Integration Projects

Bonilla, Andrea - HAL - 2014

measure, of 10 Unasur members, namely Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Peru, Uruguay, Paraguay, and … Venezuela, for the period 1951-2011. By relying on cointegration techniques and applying Bernard and Durlauf's (1995) stochastic …

Persistent link: https://www.econbiz.de/10010933150

Temporal Dimension and Equilibrium Exchange Rate: a FEER / BEER Comparison

Lòpez-Villavicencio, Antonia; Mazier, Jacques; … - HAL - 2012

We analyze, in a unified theoretical framework, the two main models for equilibrium exchange rate, namely, the BEER and the FEER approaches. In order to understand the interactions between them, we study in detail the temporal links between these two measures. Our results show that, in average,...

Persistent link: https://www.econbiz.de/10009645460

Robust Cointegration Testing in the Presence of Weak Trends, with an Application to the Human Origin of Global Warming

Chevillon, Guillaume - HAL - 2013

Standard tests for the rank of cointegration of a vector autoregressive process present distributions that are affected … cointegration properties between global temperatures and the radiative forcing of human gas emissions. We find new evidence of …

Persistent link: https://www.econbiz.de/10010898470