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Monnaie commune, décentralisation et inflation : Hujus Regio, Cujus Pecunia ?

Abstract : Common Currency, Decentralization and Inflation : is the « Westphalian Model » relevant ? Marc Flandreau Is there a systematic relation between the organization of the decision making process within a monetary union and the average inflation rate that this union tends to produce ? More specifically, does decentralization leads to higher inflation ? Contrary to Casella and Feinstein [1989] who build on a free rider argument to demonstrate that decentralization means inflation, we argue — on the basis of theoretical and historical analysis — that it is always possible to set up a number of decentralized incentive mechanisms which can be used to ruie out the alleged inflationary bias of decentralized monetary unions.
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Marc Flandreau. Monnaie commune, décentralisation et inflation : Hujus Regio, Cujus Pecunia ?. Revue de l'OFCE, Presses de Sciences Po, 1995, pp.29 - 47. ⟨10.3406/ofce.1995.1385⟩. ⟨hal-03458200⟩



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