Governments in developing economies often resort to taxing bank money balances through imposition of high reserve requirements and also by relying on seigniorage to finance their deficits. In the context of those practices, this research reported in this paper attempts to answer the following...

In this paper we discuss first, to what extent the corruption as evolutionary phenomena is driven by institutional development in the context of the modern state. Second, what is optimal level of corruption reduction? We will reconstruct the history of institutional development using GDP as a...