In most countries, central banks are responsible for monetary policy, financial stability and the national or wholesale payment systems. If price stability accelerates economic growth, as much recent empirical work suggests, then a central bank can promote economic development by delivering...

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...

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.

In this article, I examine the relationship between monetary and fiscal policies in a panel of 70 developing countries. I find that the size of the government's defict and the methods by which it is financed are strongly related to monetary policy reactions to increases in both government credit...