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Christophe Rault, Alexandru Minea and Patrick Villieu
''Further theoretical and empirical evidence on money to growth relation''
( 2008, Vol. 28 No.13 )
This paper proposes a theoretical growth model where seigniorage can be used to finance productive public spending, and show the existence of nonlinear effects between seigniorage and economic growth. Empirical evidence based on panel regression techniques provides some support for these nonlinear effects on a sample of OECD countries over the 1978-2005 period.
Manuscript Received : Aug 11 2008 Manuscript Accepted : Aug 19 2008

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