Shackle's theory of decision-making under uncertainty and the background to it are outlined. Its major prediction about action-choice is set out and proved. An experimental design to test its veracity is described; a design that it is demonstrated will make it possible to discriminate between...

In this article, i examine the relationship between monetary and fiscal policies in a panel of 70 developing countries. I find that the size of the government's deficit and the methods by which it is financed are strongly related to monetary policy reactions to increase in both government credit...

I present a simultaneous-equation model with which I estimate both direct and indirect effects of financial distortions in real interest and black-market exchange rates on saving, investment, export growth and output growth.

The paper investigates the four major ways that governments can finance their deficits: (a) monetising the deficit by borrowing from the central bank (b) reducing the interest cost of borrowing by thrusting debt down the throats of captive buyers, primarily commercial banks; (c) borrowing abroad...

This paper examines the effects of foreign direct investment (FDI) inflows to a group of six Pacific Basin economies.

This paper concludes that, for many given government deficit, greater recourse to inflationary finance, financial repression and escessive government borrowing from abroad are associated with higher inflatio, lower saving ratios and lower growth rates.

In this paper, I test a fiscal dominance hypothesis of central bank independence in developing countries.