Many developing country governmentfind it virtually impossible to satisfy their inter-temporal budget constraint with conventional tax revenu. Hence they rely on revenue from the inflation tax and they reduce their interest costs through financial repression. Both the theory and evidence...

In most countries, central banks are responsible for the country's national or wholesale payment systems as well as monetary policy and financial stability. In the transitional economies, central bankers have faced uncompetitive and uncooperative commercial banking systems. Despite or because o...

I will interprete and use the term "multilateral surveillance" more broadly than is often the case to refer to the full range of multilateral efforts to improve the performance of national economies, recognising their interdependence and the negative international spillovers that can arise from...

This paper concludes that, for any given government deficits, greater recourse ti inflationary finance, financial repression and excessive government borrowing from abroad are associated with higher inflation, lower saving ratios and lower growth rate.