Eliminating the federal budget deficit, even assuming a correspondingly higher national rate, is likely to yield only a modest reduction in the U.S. international trade deficit. Balancing the federal budget will help improve the trade balance through the effects of lower levels of aggregate...

The paper examines the evolution of U.S. external balances since 1980 and considers various explanations for the persistence of external deficits in the late 1980s and the 1990s. It also offers a general assessment of the medium-term prospects for U.S. current account deficits. The review of...

It is the purpose of this paper to present an empirical analysis of the demand function for money in Pakistan. Our empirical investigation is restricted to the period 1951-70. During this period (a) nominal income rose at an average yearly rate of 7.0 per cent; (b) nominal stock of money...