analysis considers four scenarios: strong dictatorship, weak dictatorship, strong democracy and weak democracy. Each scenario … find that the equilibrium inflation rate that emerges under strong dictatorship and strong democracy is consistent with the … revenue-maximizing rate, while the rate that emerges under weak dictatorship or weak democracy exceeds the revenue …

model (VECM) was adopted as the estimation technique of the study. Findings show that there is no bidirectional granger …