The behaviour of the sterling-Deutschmark exchange rate is examined over a period from November 1988 to May 1994. At the beginning of this time period sterling did not belong to the ERM, it entered in October 1990 and was withdrawn in September 1992. In this study the effect of operating within...

This paper estimates the demand for money (M2) in Ghana for the period 1960 to 1996. The hypothesis is that the different macroeconomic adjustment policies (privatization, removal of foreign exchange controls etc.) which began in the mid 1980s would alter the demand for money function. The...

This paper has three objectives. First, it examines the link between the term spread (difference between long-term and short-term rate of interest) and GDP growth in the Korean economy for the period 1980-1999. Second, it tests for the independent information content of the term spread by...

Value-added taxes (VAT) have increased in a number of developed economies in recent years. The shift towards consumption taxes in general and VAT in particular has made it a politically sensitive tax. While it is generally accepted that an expenditure tax such as VAT is less distortionary and...