Evidence is presented in favour of a Fisher effect between treasury bill interest rates and inflation in Mexico between 1978-94. The two series appear to be cointegrated and a unit proportional relationship between them would appear to exist such that treasury bills rates respond fully to...

The Johansen procedure of cointegration is used to test the hypothesis of a stationary relationship between real money balances, real income, interest rates and real stock prices in Germany for the period 1960-89, and an error correction representation of the data is used to explain the...

The long-run tendency for government expenditure to grow relative to GNP, Wagner's law, is tested for six European countries using data from around the mid-19th century to 1913. With few exceptions the results suggest that: nominal and real GNP, nominal and real government expenditure, and...

This paper asks whether the adoption of fiscal responsibility laws (FRLs) has improved fiscal performance in nine emerging market economies, as measured by developments in their key fiscal balances. Examining these economies alone, their fiscal performance improved on average between the period...