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Liberalisation and Seigniorage Revenue in Kenya, Ghana and Tanzania.

Abstract:

This article examines the implications for seigniorage revenue of exchange rate and asset market liberalisation. It is argued that liberalisation lowers the average and marginal seigniorage capacity of governments by increasing the elasticity of substitution between base money and other financial assets. Moreover, to the extent that exchange rate liberalisation eliminates goods market rationing, it simultaneously reduces the return to holding precautionary and speculative money balances. The ...

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Authors


Christopher S. Adam More by this author
Benno Ndulu More by this author
Nii Kwaku Sowa More by this author
Journal:
Journal of Development Studies
Volume:
32
Publication date:
1996
URN:
uuid:17313777-0de3-4cb5-b1b9-761f7688557e
Local pid:
oai:economics.ouls.ox.ac.uk:12693

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