THE DEMAND FOR MONEY
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study of 90 countries for the period 1971–1990 found that only 10
depended on seigniorage for more than 20 per cent of government spending—
countries such as Paraguay, Uganda, Burma, Israel, Argentina, and Yugoslavia.
Most industrialized nations, including the United States, financed less than
3 per cent of government spending with seigniorage. The median country in
the sample collected siegniorage equal to 1.7 per cent of the GDP and 7.8 per
cent of government spending.
India’s position was slightly above the median situation in that it collected
seigniorage equal to 1.72 per cent of the GDP and ...
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