Monnaie commune, décentralisation et inflation: Hujus Regio, Cujus Pecunia ?

Marc Flandreau ()
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Marc Flandreau: Sciences Po - Sciences Po, Centre for Finance and Development - GRADUATE INSTITUTE OF INTERNATIONAL AND DEVELOPMENT STUDIES

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Abstract: Common Currency, Decentralization and Inflation : is the « Westphalian Model » relevant ? Marc Flandreau Is there a systematic relation between the organization of the decision making process within a monetary union and the average inflation rate that this union tends to produce ? More specifically, does decentralization leads to higher inflation ? Contrary to Casella and Feinstein [1989] who build on a free rider argument to demonstrate that decentralization means inflation, we argue — on the basis of theoretical and historical analysis — that it is always possible to set up a number of decentralized incentive mechanisms which can be used to ruie out the alleged inflationary bias of decentralized monetary unions.

Keywords: Décentralisation; Inflation; Monnaie commune (search for similar items in EconPapers)
Date: 1995-01
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Published in Revue de l'OFCE, 1995, 52, pp.29 - 47. ⟨10.3406/ofce.1995.1385⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03458200

DOI: 10.3406/ofce.1995.1385

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