Suchergebnisse

This article reports estimates of Kosovo's GDP for 2000 based on a survey of household expenditures, the UN's government budget, customs data, and projections of international donor organizations' assistance and investment. Estimated per capita GDP was in the range of $1135–$1185, nearly three times the $400 World Bank estimate that had been conventionally used to guide policy and technical assistance designs. The article discusses the sources of the data, provides checks from macroeconomic theory on their credibility, and prescribes statistical resources and policies to ensure a more systematic and conventional tracking of Kosovo's future aggregate economic activity.

Requiring taxes to be paid in domestic money provides a valuable characteristic for a state's money. In the case of a state's fiat money, it is the foundation for money demand and hence to the development of a financial system built around state money. Except for relatively highly taxed countries, where taxes may encourage tax avoidance and holding bank deposits, the level of taxation is a positive factor boosting financial development. Granger causality tests for 65 countries over the past half‐century examine the relationship between money and government finance. Except for the low‐income countries, where there are only five with adequate data, the causal relationship between taxation and money demand is generally supported in the 60 countries making up the three higher income groups.

The Natural Gas Policy Act (NGPA) will decontrol gas prices in 1985, and there is concern about its inflation and output effects. In this investigation of these concerns, two misapprehensions are remedied. First, inflation is primarily a monetary phenomenon so that a rise in energy prices affects the price level, but any impact on inflation is temporary. Second, while analyses of NGPA have assumed that the price of gas will achieve parity with petroleum, they have neglected decontrol's effect on OPEC's optimal price, Our estimates of the decontrol effect demonstrate that energy prices will fall, not rise

Der Band dokumentiert acht auf der Jahreskonferenz der nigerianischen Zentralbank im Dezember 2003 gehaltene Vorträge sowie zwei Ansprachen zum Mittag- und Abendessen. Die Beiträge zentrieren sich um die Frage, wie eine nachhaltige Geldpolitik in Nigeria aussehen könnte. Im Einzelnen behandeln die Beiträge: "The Macroeconomic Framework: Issues and Challenges" (Akpan Ekpo), "A Framework for Assessing Fiscal Sustainability" (Victoria Kwakwa), "The Fiscal Rule Insulating Nigeria's Financial Policy From Oil Price and Revenue Volatility" (Mack Ott), "Fiscal Federalism and its Implication for Macroeconomic Stability" (T.J. Agiobenebo), "The Challenges of Monetary Management in An Environment of Fiscal Dominance" (Ademola Oyejide), "Nigeria's Options for Financing Fiscal Deficits and the Implications for Monetary Policy" (Paul Collier). (DÜI-Sbd)