We investigate the properties of Johansen''s (1988, 1991) maximum eigenvalue and trace tests for cointegration under …

This paper examines the sustainability of fiscal policy under uncertainty in three emerging market countries, Brazil …

be conducted independently of fiscal financing requirements. In Brazil, some evidence favors an MD regime for 1995 …

of fiscal policy on the other. Applications to Argentina, Brazil, Mexico, South Africa, and Turkey are used to illustrate …

We look into Brazil''s public sector accounts during the two administrations of President Fernando Henrique Cardoso …

last decade. In particular, it explains the large increase of indexed public debt in Brazil prior to the 1994 Real plan and …

revenue from seigniorage for the EC member countries with particular focus on the high inflation countries. Assuming that by … 1992 all EC members participate fully in the EMS and reserve requirements are unified, the revenue from seigniorage will be … different measures of seigniorage yield similar results regarding the change, but differ regarding the level …

This paper reviews how central banks allocate seigniorage, based on systematic crosscountry comparisons of their …

While most economists agree that seigniorage is one way governments finance deficits, there is less agreement about the … political, institutional, and economic reasons for relying on it. This paper investigates the main determinants of seigniorage … to higher seigniorage, especially in developing, less democratic, and socially polarized countries, with high inflation …