Recent studies examining the relation between fiscal decentralization and consolidated government fiscal balances generally have not taken proper account of the extent of the independent taxing powers available to sub-national governments and thus have overstated the degree of effective revenue...

Unbalanced panel least squares regression results (with fixed cross-section and period effects) suggest that changes in the fiscal balances of central and sub-national tiers of government in OECD countries tend to be highly positively correlated and that this partly reflects the existence of...

This paper examines the long-run money-inflation relation for 36 African countries using cross-section and panel data analysis. The focus is on the recent claim by De Grauwe and Polan that the common finding in multi-country studies of a strong positive link typically reflects the presence of...

This note, employing a GARCH model, finds a positive and significant relationship between the level and variability of inflation in South Africa in the period 1957:1-2005:9. This provides evidence in support of Friedman's hypothesis that high inflation leads to more variable inflation. Copyright...

Purpose – The purpose of this paper is to provide an overview of current progress in financial sector reform and outline some of the remaining challenges. Design/methodology/approach – The paper presents an analytical survey of recent developments. Findings – The reform agenda is broad,...

The recent development literature stresses that countries that receive large revenues from natural resource endowments typically raise less revenue from domestic taxation, and that this creates governance problems because the lower domestic tax effort reduces the incentive for the public...