Measuring the effects of discretionary fiscal policy is both difficult and controversial, as some explicit or implicit identifying assumptions need to be made to isolate exogenous and unanticipated changes in taxes and government spending. Studies based on structural vector autoregressions...

Volatility in financial markets is asymmetric in nature with leverage effect a widely accepted market phenomenon. This paper uses exchange rate series from Ghana and Tanzania to empirically show and argue that the foreign exchange market is a 'special case' of the financial market family; for...