Deficit, Seigniorage and the Growth Laffer Curve in developing countries

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Date

10 janvier 2011

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HAL SHS (Sciences de l’Homme et de la Société)

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Archives ouvertes

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Centre pour la communication scientifique directe

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info:eu-repo/semantics/OpenAccess

Mots-clés En

Growth Laffer Curve deficit seigniorage developing countries GMM panel data

Sujets proches En

Underdeveloped countries Third World Emerging nations NICs (Newly industrialized countries) Fourth World Global South Underdeveloped areas Newly industrialized countries Least developed countries LDC's Less developed countries Newly industrializing countries

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Hélène Ehrhart et al., « Deficit, Seigniorage and the Growth Laffer Curve in developing countries », HAL SHS (Sciences de l’Homme et de la Société), ID : 10670/1.74ebc0...

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The endogenous growth literature has established the existence of an inverted-U curve between taxes and economic growth, namely a Growth Laffer Curve (GLC). We develop a growth model with public investment as the engine of perpetual growth, and look for the effect of deficit, tax and money financing on economic growth. We study in particular the way fiscal and monetary policies (through deficit and seigniorage respectively) deform the GLC. An empirical section based on a panel of developing countries provides GMM-system estimators that support our theoretical conclusions.

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