Fiscal Dominance and Inflation in the Democratic Republic of the Congo:
This paper examines the fiscal dominance hypothesis in the Democratic Republic of the Congo (DRC) during 1981-2003, using multivariate cointegration analysis and vector errorcorrection modeling. Empirical results point to strong and statistically significant long-run relationships between budget def...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2005
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Schriftenreihe: | IMF Working Papers
Working Paper No. 05/221 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | This paper examines the fiscal dominance hypothesis in the Democratic Republic of the Congo (DRC) during 1981-2003, using multivariate cointegration analysis and vector errorcorrection modeling. Empirical results point to strong and statistically significant long-run relationships between budget deficits and seigniorage, and between money creation and inflation. The long-run inflationary impact of budget deficits is robust to the inclusion of output growth or velocity in the inflation and monetary growth equations. The paper offers some policy recommendations for long-term price stability in the DRC |
Beschreibung: | 1 Online-Ressource (44 p) |
ISBN: | 1451862407 9781451862409 |
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spelling | Nachega, Jean-Claude Verfasser aut Fiscal Dominance and Inflation in the Democratic Republic of the Congo Nachega, Jean-Claude Washington, D.C International Monetary Fund 2005 1 Online-Ressource (44 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 05/221 This paper examines the fiscal dominance hypothesis in the Democratic Republic of the Congo (DRC) during 1981-2003, using multivariate cointegration analysis and vector errorcorrection modeling. Empirical results point to strong and statistically significant long-run relationships between budget deficits and seigniorage, and between money creation and inflation. The long-run inflationary impact of budget deficits is robust to the inclusion of output growth or velocity in the inflation and monetary growth equations. The paper offers some policy recommendations for long-term price stability in the DRC Online-Ausg http://elibrary.imf.org/view/IMF001/02483-9781451862409/02483-9781451862409/02483-9781451862409.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Nachega, Jean-Claude Fiscal Dominance and Inflation in the Democratic Republic of the Congo |
title | Fiscal Dominance and Inflation in the Democratic Republic of the Congo |
title_auth | Fiscal Dominance and Inflation in the Democratic Republic of the Congo |
title_exact_search | Fiscal Dominance and Inflation in the Democratic Republic of the Congo |
title_exact_search_txtP | Fiscal Dominance and Inflation in the Democratic Republic of the Congo |
title_full | Fiscal Dominance and Inflation in the Democratic Republic of the Congo Nachega, Jean-Claude |
title_fullStr | Fiscal Dominance and Inflation in the Democratic Republic of the Congo Nachega, Jean-Claude |
title_full_unstemmed | Fiscal Dominance and Inflation in the Democratic Republic of the Congo Nachega, Jean-Claude |
title_short | Fiscal Dominance and Inflation in the Democratic Republic of the Congo |
title_sort | fiscal dominance and inflation in the democratic republic of the congo |
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