The literature on the theoretical and empirical aspects of the relationship between finance and economic growth is both substantial and extensive. The same cannot be said on the relationship between financial development and poverty reduction--an equally important aspect. In this study, we visit...

This paper seeks to evaluate the strength of the case for a financial transactions tax, judged against the three rationales which have been proposed for such a tax: the excessive volume of short-term foreign exchange transactions and their effects on exchange rate volatility; the revenue-raising...

This paper focuses on an alternative perspective on inflation to that of the non-accelerating inflation rate of unemployment (NAIRU). It indicates that there are no automatic forces leading to a level of aggregate demand consistent with constant inflation. Inflationary pressures arise from...

This paper questions the practice of representing the endogenous money supply by means of a 'horizontal' money supply curve, implicitly contrasted with the conventional 'vertical' (stock) supply curve. What is drawn as a horizontal curve is strictly a locus between a continually shifting stock...

This paper considers the nature and role of monetary policy when money is modelled as credit money endogenously created within the private sector. There are currently two schools of thought that view money as endogenous: one has been labelled the 'new consensus' in macroeconomics, and the other...

This paper provides a comprehensive survey of post-Keynesian economics. It argues that post-Keynesian economics has passed through the important initial stage of mounting a concerted critique of mainstream economics. The focus, however, is on the stage reflected in current post-Keynesian...

Monetary policy has become firmly based on the use of interest rate as the key policy instrument, and in a one instrument--one target framework. The approach to monetary policy is closely associated with the new consensus in macroeconomics (NCM). This paper undertakes a critical appraisal of the...