This paper presents a critique of the traditional textbook representation of fiscal policy, and highlights the misleading policy implications perpetuated by this analysis. In particular, the conclusion that fiscal deficits are likely to be associated with higher interest rates is disputed, as is...

The relationship between stock market development and economic growth has been an important issue of debate. A well functioning stock market can affect economic growth through the channelling of more saving to investment and the improvement of capital productivity with efficient allocation of...