A broad set of possible determinants of private saving behaviour is examined, using data for a large sample of industrial and developing countries. Both time-series and cross-section estimates are obtained. Results suggest that there is a partial offset on private saving of changes in public...

This paper looks at theoretical and empirical issues associated with the operation of fiscal stabilizers within an economy. It argues that such stabilizers operate most effectively at a national, rather than local, level. As differing cycles across regions tend to offset each other for the...

A broad set of possible determinants of private saving behavior is examined using data for a large sample of industrial and developing countries. Both time-series and cross-sectional estimates are obtained. Results suggest that there is a partial offset on private saving of changes in public...

Regional flows of federal taxes and transfers within the United States and Canada are used to analyse long-term fiscal flows (the redistributive element) and short-term responses to regional business cycles (the stabilization element). In the United States, long-run flows amount to 22 cents in...

This paper looks at theoretical and empirical issues associated with the operation of fiscal stabilizers within an economy. It argues that such stabilizers operate most effectively at a national, rather than local, level. As differing cycles across regions tend to offset each other for the...

A broad set of possible determinants of private saving behavior is examined, using data for a large sample of industrial and developing countries. Both time-series and cross-section estimates are obtained. Results suggest that there is a partial offset on private saving of changes in public...

The paper presents estimates of a model of the credibility of the U.K. commitment to its central parity against the deutsch mark during the period of ERM membership (1990-92). The measure of credibility used is the long term, interest differential with Germany. Credibility is decomposed into two...

This paper presents evidence supporting the existence of a stable money demand relationship for Germany plus a core group of countries--France, Belgium, Denmark, Luxembourg--that have not realigned their parities against the deutsche mark since at least 1987. The predictive power of the core-ERM...

This paper discusses the conditions under which currency unions would be desirable and viable. We discuss and present new empirical evidence concerning the operation of existing currency unions in federal states and among regional country groupings. In particular, we examine the traditional...