The paper empirically analyzes the inflationary effects of exchange rate changes for the case of a small open economy, Malaysia, using recent econometric techniques of cointegration and vector error correction modeling. To evaluate the dynamic interactions among the variables in the model, we...

This study attemps to investigate the role of monetary aggregates as intermediate indicators in Nepal using the Johansen cointegration approach. The major aim of this paper is to determine the long-run relationship between income and money on the basis of the financial liberalization era of...

The authors investigate three central issues in public finance in Brazil: First, was the path of public debt sustainable during 1947-1992? Second, how has the government balanced the budget after shocks to either revenues or expenditures were observed? Third, are expenditures exogenous? (DSE/DÜI)

This paper provides an update of an earlier study undertaken by one of the authors and extends the analysis by modelling the determinants of rates of return, using an appropriate cointegration based approach. A second major extension was to test formally whether rates of return have been...