Budget deficits are features of over 80 percent of the countries
in the world. This book analyzes the macroeconomic impacts of these
deficits by taking the approach that their stabilization
consequences depend largely on their effects on money supply. The
book highlights and compares, between the developing and the
industrial countries, the characteristics of revenue and
expenditure, the various methods of financing budget deficits and
their money supply implications, the stabilization consequences of
deficit financing, and various issues of monetary control and
liberalization of financial markets. Since the evidence on deficits
causing inflation is strongest in the developing countries of the
Western Hemisphere, the emphasis of the analysis and the
recommended solutions and reforms address the developing
economies.
The book analyzes the various financial characteristics of
developing economies and the features of the revenue and the
expenditure sides of budgets to determine the nature and size of
deficits. The analysis proceeds by relating budget deficits to
their money supply based on various methods of domestic and foreign
finance in the industrial and developing worlds. The book then
examines the macroeconomic consequences of large increases in money
supply and evaluates policies of inflationary finance. The analysis
recommends monetary control measures by providing one of the most
comprehensive surveys on the relationship between monetary policy
instruments and money supply in economic development. The last
chapter analyzes methods for liberalizing markets for government
securities and examines the experiences of Taiwan and Korea with
open-market operations. Ideal as supplemental reading for courses
in international money and finance, economic development, and
topics in macroeconomics, this book is an important resource for
policymakers involved in issues of deficits and monetary
policy.
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