Shackle's theory of decision-making under uncertainty and the background to it are outlined. Its major prediction about action-choice is set out and proved. An experimental design to test its veracity is described; a design that it is demonstrated will make it possible to discriminate between...

This paper considers the causal relationship between economic and financial development, making some allowance for financial liberalization. The measures of financial development (and variants thereof) advocated in the literature are utilized, supplemented by some simple quantitative mesures.

This paper considers the link between financial and economic development. It does so by using cointegration and ECM modelling. The test procedures used to suggest that the structure of the relationships between those two forms of development did not differ over the pre- and post- liberalisation...

This paper evaluates the predictive powerof the term structure of short-temr interest rates in the Tokyo money market. The econometrics show tha the information contained in yield spreads affects the average short-term interest rates up to only three months at best. In addition, few 'settlement...