Role of Institutions in Fiscal and Monetary Policies

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.

Name thesis:degree_name

Ph.D.

Level thesis:degree_level

Dissertation

Discipline thesis:degree_discipline

Economics

Grantor

University of Illinois at Urbana-Champaign

Year dc:date

2015

Author dc:creator

• Kim, Hoe Jeong

Contributors dc:contributor

• Hadi S. Eafahani

• Economics, Finance

Language dc:language

eng

Identifier

(MiAaPQ)AAI3130953

OAI identifier oai:identifier

oai:www.ideals.illinois.edu:2142/85543