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Business Review of the Senshu University No. 98, 83-101, 2014 * 83

GDP GDP GDP GDP IMF IMF 84

M2 85

captive market unidirectional MV PT dv dt fiscal dominance Sargent and Wallace 86

Ackay Aghevli and Khan Olivera Tanzi Solomon and Wet The effect of a budget deficit on inflation : the case of Tanzania, SAJEMS, NS,. Alavirad and Athawale The impact of the budget deficit on inflation in the Islamic Republic of Iran, Organization of the Petroleum Exporting Countries Review. Chang Impact of inflation, output, employment, and income effect of budget deficits for Taiwan : a forecast of regional input output approach, Journal of Policy Modeling,. Ackay Budget deficit, money supply and inflation : evidence from low and high frequency data for Turkey, Bogazici University, Department of Economics. Darrat Are budget deficits inflationary? A reconsideration of the evidence, Applied Economic Letters,. Habibullah et.al. Budget deficits and inflation in thirteen Asian developing countries, Internatianal Journal of Business and Social Science,. Oladipo Akinbobola Budget deficit and inflation in Nigeria : a causal relationship, Journal of Emerging Trends in Economics and Management Sciences,. Wolde Budget deficits, money, and inflation : the case of Ethiopia, The Journal of Developing Areas,. Makochekanwa The impact of a budget deficit on inflation in Zimbabwe MPRA Paper, No.. 87

Ghartey Macroeconomic instability and inflationary financing in Ghana, Economic Modelling,. Islam and Wetzel The macroeconomics of public sector deficits : thease of Ghana, The World Bank Working Papers,. LDCs, Edwards and Tabellini Explaining fiscal policies and inflation in developing countries, Journal of International Money and Finance, No.. Mohammad and Ahmad Money supply, deficit, and inflation in Pakistan, The Pakistan Development Review,, III. Hondroyiannis and Papapetrou Are budget deficits inflationary? A cointegration approach, Applied Economics Letters,. Chimobi and Igwe Budget deficit, money supply and inflation in Nigeria, European Journal of Economics, Finance and Administrative Sciences,. Aghevli and Khan Inflationary finance and the dynamics of inflation : Indonesia, American Economic Review,. LDCs Aghevli and Khan Government deficit and the inflationary process in developing countries, IMF Staff Papers,. LDCs Easterly Schmidt-Hebbel Fiscal deficits and macroeconomic performance in developing countries, World Bank Research Observer,. Moser The main determinants of inflation in Nigeria, IMF Staff Papers, Egwaikhide et.al. Exchange rate depreciation, budget deficit and inflation : the Nigerian experience, AERC Research Paper, No.. Lozamo Budget deficit, money growth and inflation : evidence from the Colombia case, Borradores de Economia, No.. Tekin-Koru and Ozmen Budget deficits, money growth and inflation : the Turkish evidence, Applied Economics,. LDCs : Haan and Zelhorst The impact of government deficit on money growth in developing countries, Journal of International Money and Finance,. LDCs Brown and Yousefi Deficits, inflation and central bank s independence : evidence from developing nations, Applied Economics Letters,. Hondroyiannis and Papapetrou Are budget deficits inflationary? A cintegration approach, Applied Economics Letters,. 88

Cukierman and Neyapti fiscally dominant Catao and Terros Ljungqvist and Sargent Bt B t /R* Tt Bt Gt M t Mt /Pt M T G R* B B t /R* Bt Gt Tt M t Mt /Pt M IMF 89

GDP M Dfl Dfl Q Dfl Q Bank of Thailand IMF Dit Dit Q Dit Q CPI CPI M M M M M GDP M M M 90

M2 Dickey-Fuller ADF Phillips-Perron PP 91

I ADF PP t ADF PP I I I k k X Y X Y Y X 92

93

Johansen Johansen M M Johansen VAR π : π*, g E/P, Bd,Bd Dfl, Bd Dit g M : g Y, g R/P, g M /M Bd, Bd Dfl, Bd Dit g E/P : π, g X/M, Bd,Bd Dfl, Bd Dit 94

π g E/P g M M Bd Dfl Dit π* g Y GDP g R/P g M /M g X/M π X π α α X δ Δπt α Σ m i βiδx t i Σ n j YjΔπ t j λ π t π t ε π Bd Bd Dfl Bd Dit a b c a a b a b c 95

96

M M M M GDP M M GDP financial deepening financial development M 97

M M M M M GDP GDP M GDP M M 98

99

M M Aisen, Hauner, Huynh, Makochekanwa Zonuzi et al. The relationship between budget deficit and inflation in Iran, Iranian Economic Review,, Mukhtar, Zakaria, Habibullah Makochekanwa Blanchard, Fischer Lectures on Macroeconomics. MIT. Miller Higher deficit policies lead to higher inflation, Quarterly Review, Federal Reserve Bank of Minneapolis ; Premchand Government Budgeting and Expenditure Controls : Theory and Practice. IMF Ackay Budget Deficit, Money Supply and Inflation : Evidence from Low and High Frequency Data for Turkey. Bogazici University, Department of Economics. 100

Charoenseang and Manakit Thai monetary policy transmission in an inflation targeting era, Journal of Asian Economics, ; Kubo Macroeconomic impact of monetary policy shocks : evidence from recent experience in Thailand Journal of Asian Economics,. Hall Macroeconomic Modelling Contributions to Economic Analysis Johansen and Juselius Identification of the long run and short run structure : an application to the IS LM model, Journal of Econometrics,. Aisen, Hauner Budget deficits and interest rates, IMF Working Paper. Catao and Terrones Fiscal deficits and inflation : a new look at the emerging market evidence, IMF Working Paper, /. Cukierman and Neyapti The measurement of central bank independence and its effect on policy outcomes, World Bank Economic Review,. Fatima, Ahmed, Rehman Fiscal deficit and economic growth : an analysis of Pakistan s Economy, International Journal of Trade, Economics and Finance,. Habibullah et.al. Budget deficits and inflation in thirteen Asian developing countries Internatianal Journal of Business and Social Science,. Huynh N.D., Budget deficit and economic growth in developing ccountries, the case of Vietnam, Kansai Institute for Social and Economic Research,. Ljungqvist and Sargent Recursive Macroeconomic Theory, MIT. Makochekanwa Impact of budget deficit on inflation in Zimbabwe The Economic Research Guardian,. Mukhtar, Zakaria. Sargent and Wallace Some unpleasant monetarist arithmetic Federal Reserve Bank of Minneapolis Quarterly Review,. Solomon and Wet The effect of a budget deficit on inflation : the case of Tanzania SAJEMS, NS,. 101