Public Debt, Money Supply, and Inflation: A Cross-Country Study and Its Application to Jamaica

Topics:
Global Strategy,
World Bank
Tags:
Currency & Foreign Exchange,
Debt,
Developing Country,
Finance,
Free Trade,
IMF,
Inflation
Source:
International Monetary Fund

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Overview: This paper provides comprehensive empirical evidence that supports the predictions of Sargent and Wallace's (1981) "Unpleasant monetarist arithmetic" that an increase in public debt is typically inflationary in countries with large public debt. Drawing on an extensive panel dataset, it is found that the relationship holds strongly in indebted developing countries, weakly in other developing countries, but generally not in developed economies.

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Format: PDF | Size: 544KB | Date: May 2006 | Pages: 39

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