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 … confirms our findings. Consequently, a tighter monetary policy hastens deforestation. Third, we extend the theoretical model …