This paper reviews the fiscal activities that governments in a sample of 26 developing countries have obliged their central banks to undertake. In the main, these activities fall under five categories: (1) collecting seigniorage; (2) imposing financial restriction; (3) implementing selective...

This paper reviews the fiscal activities that governments in a sample of 26 developing countries have obliged their central banks to undertake. In the main, these activities fall under five categories: (1) collecting seigniorage; (2) imposing financial restriction; (3) implementing selective...

The more liberal a country's foreign exchange system, the more foreign direct investment is likely to be independent of current account and other capital flows.Fry, Claessens, Burridge, and Blanchet examine flows of foreign direct investment to 46 developing countriesto test whether such flows...

The phenomenon of administrative controls designed to segment credit markets is not only widespread in less developed countries, but is prevalent in highly sophisticated forms in most Soviet-type economies,1 The rationale behind these controls lies in the fact that in planned or semi-planned...

pment in the process of economic growth, a convincing theoretical framework was lacking until the recent publications of McKinnon [19] and Shaw [25]. Indeed, neoclassical growth theories provide, in the main, a negative role to the monetary process. Here, a reduction rather than an increase in...

In a recent article in this Review, Akhtar [2] presented 30 estiO.ates of demand or money functions in Pakistan. One of the purposes of Akhtar's study was to est two alternative theories, "the modern quantity theory of money and what JUay ,lie called the 'accumulating capital' framework" [2, p....

Does foreign direct investment (FDI) increase domestic investment, or does it provide additional foreign exchange for a pre-existing current account deficit, or some linear combination of the two? The author investigates this question for a group of five Pacific Basin countries and a control...

This paper is part of a larger effort to study the determinants and impact of foreign direct investment. The authors examine flows of foreign direct investment to 46 developing countries to test whether such flows are autonomous or accommodating vis-a-vis the current account and other capital...