Deforestation and Seigniorage in Developing Countries: A Tradeoff?
Jean-Louis Combes
- Fonction : Auteur
- PersonId : 20491
- IdHAL : jean-louis-combes
- ORCID : 0000-0002-2636-3155
- IdRef : 063805820
Pascale Combes Motel
- Fonction : Auteur
- PersonId : 20141
- IdHAL : pascale-combes-motel
- ORCID : 0000-0002-3532-2339
- IdRef : 139009310
Alexandru Minea
- Fonction : Auteur
- PersonId : 760975
- ORCID : 0000-0001-9525-8503
Patrick Villieu
- Fonction : Auteur
- PersonId : 779971
- ORCID : 0000-0001-6044-8251
- IdRef : 034955798
Résumé
Most of countries covered by natural forests are developing countries, with limited ability to levy taxes and restrained
access to international credit markets. Consequently, they are amenable to draw heavily on two sources
of government financing, namely seigniorage and deforestation revenues. First, we develop a theoretical model
emphasizing a substitution effect between seigniorage and deforestation revenues. Second, a panel-data econometric
analysis over the 1990–2010 period confirms our findings. Consequently, a tighter monetary policy hastens
deforestation. Third, we extend the theoretical model and show that international transfers dedicated to
forest protection can upturn the positive link between tighter monetary policies and deforestation, and then discuss
the relevance of this finding with respect to recent institutional arrangements.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Deforestation and Seigniorage in Developing Countries: A Tradeoff?
|
Résumé |
en
Most of countries covered by natural forests are developing countries, with limited ability to levy taxes and restrained
access to international credit markets. Consequently, they are amenable to draw heavily on two sources
of government financing, namely seigniorage and deforestation revenues. First, we develop a theoretical model
emphasizing a substitution effect between seigniorage and deforestation revenues. Second, a panel-data econometric
analysis over the 1990–2010 period confirms our findings. Consequently, a tighter monetary policy hastens
deforestation. Third, we extend the theoretical model and show that international transfers dedicated to
forest protection can upturn the positive link between tighter monetary policies and deforestation, and then discuss
the relevance of this finding with respect to recent institutional arrangements.
|
Auteur(s) |
Jean-Louis Combes
1
, Pascale Combes Motel
1
, Alexandru Minea
1
, Patrick Villieu
2
1
CERDI -
Centre d'Études et de Recherches sur le Développement International
( 945 )
- 65 boulevard François Mitterrand, 63009 Clermont-Ferrand
- France
2
LEO -
Laboratoire d'Économie d'Orleans [UMR7322]
( 199945 )
- Université d'Orléans - UFR Droit Economie Gestion - Rue de Blois - BP 26739 - 45067 ORLÉANS Cedex 2
- France
|
Comité de lecture |
Oui
|
Vulgarisation |
Non
|
Audience |
Non spécifiée
|
Langue du document |
Anglais
|
Date de publication |
2015
|
Nom de la revue |
|
Page/Identifiant |
220-230
|
Domaine(s) |
|
Mots-clés (JEL) |
|
Référence interne |
|
Mots-clés |
en
Deforestation Seigniorage Inflation Developing countries
|
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