A tax on excess reserves would worsen the banking crisis and could lead to a run on the dollar, according to John Thornton.

This article examines the issue of long-run fiscal sustainability in South Africa by applying a battery of recently developed unit root and cointegration tests to real revenue and spending data for the period 1895 to 2005. The results provide evidence that, allowing for structural breaks, South...

Results of Granger-causality tests on data for the major industrial countries indicate that the volatility of the money supply is of little help in predicting income velocity. Results from nine industrial countries find no evidence of such a relationship in six cases and in the remaining three...