We provide new evidence on the short-run effect of elections on monetary aggregates. We study month-to-month fluctuations in the growth rate of M1 in a sample of 85 low and middle income democracies from 1975 to 2009. The evidence shows an increase in the growth rate of M1 during election months...

This paper explains the problem of adjustment to the challenges of globalization in terms of the logic underpinning four distinct policy constraints or trilemmas, and their interrelationship, and in particular the disturbances that arise from capital flows. The analysis of a policy trilemma was...

Money politics has contributed to damaging the election process in Indonesia and, in the long run, Indonesian democracy. Elections are more competitive post-Soeharto, and the need to finance these increasingly expensive campaigns has created new incentives for corrupt practices. Indonesia has...

The purpose of this article is to evaluate if cryptocurrencies that have robust technology and anonymous features can be the money of the future. In this study, the transition phases of paper money, which started to be used at the beginning of the 17th century, to bank money, then banknotes and...

This paper sheds light on an overlooked issue in economics, namely the social responsibility of central banks in a democracy. We consider central banks as institutions of power, and, as such, neither are they nor their policies neutral, in the sense that there are inevitable winners and losers....

The Supreme Court and the Federal Reserve, twin pillars of the liberal market order, have never been systematically compared. Yet, as elite institutions in a democratic political world, they face parallel problems in carrying out similar functions of maintaining the precommitments to a stable...

In this paper, we analyze the e ect that alternative decision-making structures have on equilibrium in ation rates. Our analysis considers four scenarios: strong dictatorship, weak dictatorship, strong democracy and weak democracy. Each scenario implies different ownership structures over the...

Securing central bank independence (CBI) is considered a vital and common practice in a large number of countries, since this independence is often associated with favorable economic performance, and it isolates monetary policy from the distortions of political business cycles, associated with...