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Alexandru Minea, Patrick Villieu and Christophe Rault
''Further theoretical and empirical evidence on money to growth relation''
( 2008, Vol. 5 No.21 )
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.
JEL: E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General
Manuscript Received : Jun 29 2008 Manuscript Accepted : Aug 04 2008

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