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Central-bank policy and the financing of government budget deficits: A cross-country comparison. Economic Papers No. 19, September 1983

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  • Economics
  • Political Science


BCN IC HPBRS c0MMtsst0rrt 0F THE EUR0PEAI{ C0MMUIUTTES o DTRECT0BATE-GEIIERAI FoR EC0]U0M|C AI{D Fltl|AI{ClAt AFFAIRS No. 19 September 1983 Centra[-Bank PoLicy and the Financing of Government Budget Deficits : A Cross-CountrY ComParison George DemopouLos*r George Katsimbri s't* and StePhen Mi L Ler*** Interna L Paper "Economic Papers" are written by the Staff of the Directorate-GeneraL for Economic and FinanciaL Affairs, or by experts working in association wjth them. The "Papers" are intended to increase awareness of the technicaL work being done by the staff and to seek comments and suggestions for further anaLyses. They may not be quoted without authorisation. Views expressed represent excLusiveLy the positions of the author and do not necessari Ly correspond with those of the Commissjon of the European Communities. Comments and enquiries shouLd be addressed to The Directorate-GeneraL for Economjc and FinanciaL Affairs, Comm'ission of the European Communities, 200, rue de La Loi 1049 BrusseLs, Betgium brd58 Text Box No. 19 September 1983 Central-Bank Policy and the Financing of Government Budget Deficits : A Cross-Country Comparison George Demopoulos*, George Katsimbris** and Stephen Miller*** Internal Paper *·Professor of Economics, The Athens Graduate School of Economics and Business Sciences Con leave>, and Economic Adviser to the Directorate-General for Economic and Financial Affairs, Commission of the European Communities, Brussels. ** Associate Professor of Economics, The University of Bridgeport, u.s.A. *** Professor of Economics, The University of Connecticut, U.S.A. The paper was also delivered at the Konstanz Seminar on Monetary Theory and Monetary Policy, June 1983. i ABSTRACT This paper provides a cross-country comparison of the role of government budget deficits in determining the course of macroeconomic activity. Government deficits have been accused of contributing to excessive money growth, inflation, high interest r

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