In today's global shipping industry management functions have often been outsourced to separate companies and to overseas locations. With the appearance of socalled 'flags of convenience' the world shipping industry has increasingly registered commercial vessels overseas. Following this trend,...

This paper presents a critique of the traditional textbook representation of fiscal policy, and highlights the misleading policy implications perpetuated by this analysis. In particular, the conclusion that fiscal deficits are likely to be associated with higher interest rates is disputed, as is...