Role of Institutions in Fiscal and Monetary Policies
Kim, Hoe Jeong
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https://hdl.handle.net/2142/85543
Description
Title
Role of Institutions in Fiscal and Monetary Policies
Author(s)
Kim, Hoe Jeong
Issue Date
2004
Doctoral Committee Chair(s)
Hadi S. Eafahani
Department of Study
Economics
Discipline
Economics
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, Finance
Language
eng
Abstract
In Chapter 3, we study how institutional factors influence the monetization of budget deficits. First, the existence of an independent central bank reduces the monetization of fiscal deficits. Second, we find that the government credibility, political and economic cost of additional tax increase, international interest rates are the factors that influence long-term size of monetization. Third, the government credibility and the corruption levels are the factors that influence the speed of short-term adjustment.
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