Financial Integration and Monetary Competition

R. Cardarelli and J.-P. Vidal

G.R.E.Q.A.M. from Universite Aix-Marseille III

Abstract: This paper constructs a two-country overlapping generations model with two distinct fiat monies in which seigniorage revenues are used to finance a local public good. Countries differ both in endowments and in the preference for the public good. Under perfect mobility of financial assets benevolent governments choose their rates of growth of money supply strategically and private individuals have perfect foresight.

Keywords: MONEY; GENERATIONS; SEIGNIORAGE (search for similar items in EconPapers)
JEL-codes: E61 F30 F36 (search for similar items in EconPapers)
Pages: 30 pages
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:fth:aixmeq:99a07

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