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An intertemporal general equilibrium model is used to examine infrastructure effects on the Mexican national income. Production functions are estimated for the major sectors of the economy in which sectoral output depends on inputs of capital and labor, as well as the stocks of the public infrastructure. The analysis indicates that despite high estimated output elasticities with respect to public infrastructure, increased expenditure on infrastructure has rapidly decreasing benefits. Some benefits could be achieved by modest increases in capital expenditures, although at the cost of significantly higher inflation and real interest rates. The increase in real interest rates causes these benefits to be greatly reduced.
Budgeting --- Infrastructure --- Macroeconomics --- Public Finance --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- National Deficit Surplus --- Investment --- Capital --- Intangible Capital --- Capacity --- Debt --- Debt Management --- Sovereign Debt --- Labor Economics: General --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Labour --- income economics --- Budgeting & financial management --- Government debt management --- Labor --- Budget planning and preparation --- Expenditure --- National accounts --- Public financial management (PFM) --- Saving and investment --- Debts, Public --- Labor economics --- Budget --- Expenditures, Public --- Mexico
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“Co-circulation” involves the regular use of two or more currencies within an economy. This paper examines methodologies to measure the extent to which foreign currencies are circulated within an economy. Ample anecdotal evidence exists that the U.S. dollar, DM, and other currencies are widely used outside their home countries, as general mediums of exchange, as speculative instruments, or as means of saving. Co-circulation is rarely estimated, which can result in serious errors in statistical estimates of international capital flows and monetary aggregates. We examine a variety of measurement techniques that might be used in various situations. However, estimation remains difficult or impossible in some settings. Limited evidence available suggests that co-circulation is widespread and large scale in some countries. In the final section, we discuss some policy implications of co-circulation regarding seigniorage, inflation control, and the partial integration of monetary systems that accompanies co-circulation. An appendix by Roman Zytek discusses possible sampling biases in measuring co-circulation due to segmentation in markets.
Banks and Banking --- Foreign Exchange --- Money and Monetary Policy --- Survey Methods --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- Money Supply --- Credit --- Money Multipliers --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Demand for Money --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- Currency --- Foreign exchange --- Banking --- Currencies --- Demand for money --- Exchange rate adjustments --- Bank deposits --- Exchange rate arrangements --- Money --- Financial services --- Banks and banking --- United States
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