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Impact of Heterogeneous Corruption on Macroeconomic Policy

Student: Safonov Igor

Supervisor: Irina Kavitskaya

Faculty: Faculty of Economic Sciences

Educational Programme: Applied Economics (Master)

Final Grade: 8

Year of Graduation: 2019

Paper analyzed joint impact of different forms of corruption on key economic policy variables: inflation, tax level, amount of government expenditures. Basing on the model of fiscal and monetary policymakers behavior, joint impact of “grand” and “petty cash” corruption was analyzed in discretionary policy and rational expectation assumptions. The model's findings were empirically tested using indexes from the "Varieties of Democracy" project, reflecting various forms of bureaucratic and political corruption. The results of panel data analysis for 131 countries in the period from 2002 to 2015 demonstrated confirmation of the hypothesis about the decisive character of “grand” corruption for inflation, even in the absence of seignorage. The effect of tax rate undervaluing due to political corruption was also discovered and empirically confirmed.

Full text (added June 5, 2019)

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