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Type: Journal article
Title: Corruption and seigniorage
Author: Myles, G.
Yousefi, H.
Citation: Journal of Public Economic Theory, 2015; 17(4):480-503
Publisher: Wiley Periodicals
Issue Date: 2015
ISSN: 1097-3923
Editor: Dillon, A.
Statement of
Gareth D. Myles, Hana Yousefi
Abstract: There is convincing empirical evidence in cross-section data of a positive correlation between the level of corruption and the rate of inflation. This paper explores whether this correlation can be a consequence of a government exploiting seigniorage to compensate for revenue lost to corruption. We embed corruption within an overlapping generations economy that has money as the only store of value and in which the government optimizes the rate of monetary growth. Three different forms of corruption are modeled, and it is shown that all three can be positively correlated with increased inflation.
Rights: © 2014 Wiley Periodicals, Inc.
DOI: 10.1111/jpet.12119
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Appears in Collections:Aurora harvest 3
Economics publications

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