This paper examines data on Australian fiscal policy going back to federation to answer two questions. First, has the conduct of Australian fiscal policy been consistent with the government?s intertemporal budget constraint? Second, have there been major structural changes in the conduct of...

This paper considers the question of how shocks to returns are transmitted across South-East Asian equity markets. Using a reasonably general statistical model our results suggest that a negative-return innovation leads to higher levels of domestic volatility than a positive innovation of equal...

This paper examines data on Australian fiscal policy going back to federation to answer two questions. First, has the conduct of Australian fiscal policy been consistent with the government's intertemporal budget constraint? Second, have there been major structural changes in the conduct of...