This study aimed to analyze the intentionally fiscal position of the governments of developing countries. Our results suggest that a significant proportion of developing countries adopts counter-cyclical positions. However, forecasting errors weak their positions. Results lead to conclude that...

In countries where the political-economy incentives that governments face do not foster prudent revenue management, national revenue funds (NRFs) should not be used to impose optimal expenditure paths. In such countries, NRFs should instead be used as policy tools for re-aligning the diverging...

This article seeks to explain why Spanish merino wools arrived so late in the Low Countries, only from the 1420s, why initially only those cloth producers known as the 'nouvelles draperies' chose to use them, and why their resort to such merino wools allowed at least some of them to escape the...

This article seeks to explain why Spanish merino wools arrived so late in the Low Countries, only from the 1420s, why initially only those cloth producers known as the 'nouvelles draperies' chose to use them, and why their resort to such merino wools allowed at least some of them to escape the...

Tests for causality and rationality in the coffee futures market were carried out using data from the New York Market. Tests of causality indicated that futures prices strongly influence variations in spot price eight weeks or more to maturity. However, beginning seven weeks to maturity there...

What matters to economic decision-making is whether the economy has become more or less predictable. People and businesses use information around them to form judgements about what might happen in the future. The rise in uncertainty might be associated with increased concern about extreme...

The recent economic crisis on the demand side of the economy affects the trends and volatilities of the exchange rates as well as the operating conditions of borrowers in emerging market economies. But the exchange rate depreciation creates both winners and losers. With a weaker exchange rate,...

The recent economic crisis on the demand side of the economy affects the trends and volatilities of the exchange rates as well as the operating conditions of borrowers in emerging market economies. But the exchange rate depreciation creates both winners and losers. With a weaker exchange rate,...

Presented is an evolutionary model of consumer non-durable markets, which is an extension of a previously published paper on consumer durables. The model suggests that the repurchase process is governed by preferential growth. Applying statistical methods it can be shown that in a competitive...

For decades, the academic literature has focused on three survey measures of expected inflation: the Livingston Survey, the Survey of Professional Forecasters, and the Michigan Survey. While these measures have been useful in developing models of forecasting inflation, the data are low frequency...