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Books > Business & Economics > Finance & accounting > Finance > Public finance > General

Rethinking Sovereign Debt - Politics, Reputation, and Legitimacy in Modern Finance (Hardcover): Odette Lienau Rethinking Sovereign Debt - Politics, Reputation, and Legitimacy in Modern Finance (Hardcover)
Odette Lienau
R968 R918 Discovery Miles 9 180 Save R50 (5%) Shipped within 7 - 13 working days

Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its loan obligations damages its reputation, inviting still greater problems down the road. Yet difficult dilemmas arise from this assumption. Should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses? Rethinking Sovereign Debt is a probing historical analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or expect reputational consequences--became the consensus approach. Odette Lienau contends that the practice is not essential for functioning international capital markets, and demonstrates how it relies on ideas of absolutist government that have come under fire over the last century. Challenging previous accounts, Lienau incorporates a wealth of original research to argue that Soviet Russia's repudiation of Tsarist debt and Great Britain's 1923 arbitration with Costa Rica hint at the feasibility of selective debt cancellation. She traces the notion of debt continuity from the post-World War I era to the present, emphasizing the role of government officials, the World Bank, and private-market actors in shaping our existing framework. Lienau calls on scholars and policymakers to recognize political choice and historical precedent in sovereign debt and reputation, in order to move beyond an impasse when a government is overthrown.

Refugee and Mixed Migration Flows - Managing a Looming Humanitarian and Economic Crisis (Hardcover, 1st ed. 2018): Bimal Ghosh Refugee and Mixed Migration Flows - Managing a Looming Humanitarian and Economic Crisis (Hardcover, 1st ed. 2018)
Bimal Ghosh
R2,542 R2,083 Discovery Miles 20 830 Save R459 (18%) Shipped within 7 - 12 working days

This book provides an insightful analysis of the looming refugee and mixed migration crisis in the context of four major, contemporary flows: two in west and east Europe, and one each in the Americas and Asia. The analysis, in each case, is followed by a judicious identification of the key issues involved and the presentation of a set of proposed policy responses to them. The discussion is then placed in a global setting and dovetailed with the recently launched United Nations initiative to adopt global compacts on refugees and migrants. The author brings to this book, the first of its kind, his vast experience of advising, and actively engaging with, many of the principal international organisations concerned with refugee and migration issues. This book will be of interest to researchers, students, NGOs, professional bodies, national ministries, international organisations and rights groups in the fields of economics, public finance, political economy, human rights and refugee law, and international relations and demography.

Challenge - Economics of Perestroika (Paperback): Abel Aganbegyan Challenge - Economics of Perestroika (Paperback)
Abel Aganbegyan; Introduction by Alec Nove; Translated by Michael Barratt Brown; Foreword by Teodor Shanin
R532 Discovery Miles 5 320 Shipped within 7 - 12 working days

Abel Aganbegyan, once Gorbachev's closest economic advisor, looks at the far-reaching effects of reconstruction on the Soviet economy.

Economic Management in a Volatile Environment - Monetary and Financial Issues (Hardcover): Ramkishen S. Rajan, Sasidaran Gopalan Economic Management in a Volatile Environment - Monetary and Financial Issues (Hardcover)
Ramkishen S. Rajan, Sasidaran Gopalan
R2,065 Discovery Miles 20 650 Shipped within 7 - 12 working days

This book discusses some of the challenges relating to macroeconomic and financial management in a volatile and uncertain world brought about by greater financial openness. It explores the implications of a key set of issues emanating from financial globalisation on emerging market economies in a rigorous but readable manner.

The American Warfare State - The Domestic Politics of Military Spending (Paperback): Rebecca U. Thorpe The American Warfare State - The Domestic Politics of Military Spending (Paperback)
Rebecca U. Thorpe
R505 R473 Discovery Miles 4 730 Save R32 (6%) Shipped within 7 - 12 working days

How is it that the United States-a country founded on a distrust of standing armies and strong centralized power-came to have the most powerful military in history? Long after World War II and the end of the Cold War, in times of rising national debt and reduced need for high levels of military readiness, why does Congress still continue to support massive defense budgets? In The American Warfare State, Rebecca U. Thorpe argues that there are profound relationships among the size and persistence of the American military complex, the growth in presidential power to launch military actions, and the decline of congressional willingness to check this power. The public costs of military mobilization and war, including the need for conscription and higher tax rates, served as political constraints on warfare for most of American history. But the vast defense industry that emerged from World War II also created new political interests that the framers of the Constitution did not anticipate. Many rural and semirural areas became economically reliant on defense-sector jobs and capital, which gave the legislators representing them powerful incentives to press for ongoing defense spending regardless of national security circumstances or goals. At the same time, the costs of war are now borne overwhelmingly by a minority of soldiers who volunteer to fight, future generations of taxpayers, and foreign populations in whose lands wars often take place. Drawing on an impressive cache of data, Thorpe reveals how this new incentive structure has profoundly reshaped the balance of wartime powers between Congress and the president, resulting in a defense industry perennially poised for war and an executive branch that enjoys unprecedented discretion to take military action.

Federal Financial Reporting - Elements & Considerations (Hardcover): Denise Mahoney Federal Financial Reporting - Elements & Considerations (Hardcover)
Denise Mahoney
R1,112 R859 Discovery Miles 8 590 Save R253 (23%) Shipped within 7 - 12 working days

Federal financial reporting, defined here as the process of recording retrospective executive department-level financial and performance information, can provide both a snapshot of the government's financial health at a given moment in time, as well as an accounting of its financial performance over a particular time frame. Federal financial reports may help the federal government demonstrate accountability, provide information for policy formulation and planning, and be used to evaluate governmental performance. This book provides an overview of federal financial reporting; an understanding for the primary components of the annual financial report of the United States government; a citizen's guide to the 2012 financial report of the United States government; and provides an management report on improvements needed in controls over the preparation of the United States consolidated financial statements.

Government Austerity and Socioeconomic Sustainability (Paperback, 2015): P.K. Rao Government Austerity and Socioeconomic Sustainability (Paperback, 2015)
P.K. Rao
R1,149 R1,044 Discovery Miles 10 440 Save R105 (9%) Shipped within 7 - 12 working days

This short book integrates the imperatives of public debt sustainability with those of socioeconomic sustainability in the context of budget austerity measures. It is argued that poverty, inequality and unemployment problems should be integral aspects of policy frameworks for austerity and fiscal stability. The economics of austerity in much of economic analysis remains narrowly focused and lopsided, since the implications on the role of human capital and loss of prosperity base are usually ignored. This book argues that various misapplications of policies of government austerity can be avoided if greater attention is accorded to the imperatives of maintaining the win-win approaches for socioeconomic resilience and sustainability in conjunction with debt sustainability and/or fiscal stability.

Developing Country Perspectives on Public Service Delivery (Hardcover, 2015 ed.): Anjula Gurtoo, Colin Williams Developing Country Perspectives on Public Service Delivery (Hardcover, 2015 ed.)
Anjula Gurtoo, Colin Williams
R3,007 R2,110 Discovery Miles 21 100 Save R897 (30%) Shipped within 7 - 12 working days

The book examines the status of public service in developing countries, in the sectors of health, infrastructure, labour and marginalized populations, rural economy and public administration. The last decade has witnessed significant government focus on service delivery in developing nations like South Africa, Philippines, India and Malaysia. At the forefront of this movement has been the public sector reforms significantly driven by two broad factors: public sector inefficiencies and liberal economic ideology. This move towards efficient public service delivery in developing nations (versus developed nations) has required a significant shift in institutional thinking and institutional capacity for the governments. It is therefore no surprise that while economic liberalization has been relatively easy to implement, governance reforms towards public service delivery has been significantly more challenging. In this background, the chapters of the book, with sector themes, examine the three basic foundations of public policy-courses of action, regulatory measures and issues, and funding structures and priorities-in public service delivery. The book is a multi country, multi sector, perspective since it includes studies from Russian Federation, India, Ethiopia, Pakistan, Fiji, South Africa, Columbia, Philippines, Macedonia and India. This perspective lends itself to the investigation for a comprehensive overall development model.

Third World Military Expenditure - Determinants and Implications (Hardcover): Robert D. McKinlay Third World Military Expenditure - Determinants and Implications (Hardcover)
Robert D. McKinlay
R1,688 Discovery Miles 16 880 Shipped within 7 - 11 working days

The twin objectives of this book are to identity the determinants and to explore the implications of Third World military expenditure. Beginning with a descriptive profile of Third World military expenditure, the study uses cross-national and longitudinal data to explore the determinants and implications across a range of issues areas. On the basis of this analysis, the book concludes with an empirical theory of military expenditure and a critical appraisal of the general implications.

Cartels, Competition and Public Procurement - Law and Economics Approaches to Bid Rigging (Hardcover): Stefan E. Weishaar Cartels, Competition and Public Procurement - Law and Economics Approaches to Bid Rigging (Hardcover)
Stefan E. Weishaar
R2,403 Discovery Miles 24 030 Shipped within 7 - 12 working days

Cartels, Competition and Public Procurement uses a law and economics approach to analyse whether competition and public procurement laws in Europe and Asia deal effectively with bid rigging conspiracies. Stefan Weishaar explores the ways in which economic theory can be used to mitigate the adverse effects of bid rigging cartels. The study sheds light on one of the vital issues for achieving cost-effective public procurement - which is itself a critical question in the context of the global financial crisis. The book comprehensively examines whether different laws deal effectively with bid rigging and the ways in which economic theory can be used to mitigate the adverse effects of such cartels. The employed industrial economics and auction theory highlights shortcomings of the law in all three jurisdictions - the European Union, China and Japan - and seeks to raise the awareness of policymakers as to when extra precautionary measures against bid rigging conspiracies should be taken. Students and researchers who have a keen interest in the relationship between law and economics, competition law and public procurement law will find this topical book invaluable. Practitioners can see how economic theory can be used to identify situations that lend themselves to bid rigging and policymakers will be informed about the shortcomings of existing legislation from a legal and economics perspective and will be inspired by approaches taken in different jurisdictions.

Monte Carlo Methods in Financial Engineering (Paperback, Softcover reprint of hardcover 1st ed. 2003): Paul Glasserman Monte Carlo Methods in Financial Engineering (Paperback, Softcover reprint of hardcover 1st ed. 2003)
Paul Glasserman
R1,362 R1,275 Discovery Miles 12 750 Save R87 (6%) Shipped within 7 - 12 working days

From the reviews: "Paul Glasserman has written an astonishingly good book that bridges financial engineering and the Monte Carlo method. The book will appeal to graduate students, researchers, and most of all, practicing financial engineers [...] So often, financial engineering texts are very theoretical. This book is not." --Glyn Holton, Contingency Analysis

The Marginal Cost of Public Funds - Theory and Applications (Hardcover): Bev Dahlby The Marginal Cost of Public Funds - Theory and Applications (Hardcover)
Bev Dahlby
R197 R182 Discovery Miles 1 820 Save R15 (8%) Shipped within 7 - 13 working days

The marginal cost of public funds (MCF) measures the loss incurred by society in raising additional revenues to finance government spending. The MCF has emerged as one of the most important concepts in public economics; it is a key component in evaluations of tax reforms, public expenditure programs, and other public policies. The Marginal Cost of Public Funds provides a unified treatment of the MCF, carefully developing its theoretical foundations in a variety of contexts and describing its application to a wide range of policies--from excise taxes in Thailand to public sector borrowing in Canada and the United States. The Marginal Cost of Public Funds develops the basic theory of the MCF within the framework of public economics and shows how it is related to the traditional measures of the efficiency loss from distortionary taxation. The MCF concept is then applied to the major sources of revenues for governments--sales and excise taxes, taxes on labor income, taxes on the return to capital, public sector borrowing, and intergovernmental grants. This book will be an essential reference for economists and public policy analysts both in and out of government. Exercises and recommendations for further reading at the end of each main chapter highlight its usefulness as a supplementary text in advanced undergraduate or graduate courses in public economics.Bev Dahlby is Professor of Economics at the University of Alberta and a coauthor of Public Finance in Canada, second edition. He has served as a consultant for such organizations as the International Monetary Fund, the World Bank, and the Canadian government's Department of Finance.

Decentralization and Reform in Latin America - Improving Intergovernmental Relations (Hardcover): Giorgio Brosio, Juan Pablo... Decentralization and Reform in Latin America - Improving Intergovernmental Relations (Hardcover)
Giorgio Brosio, Juan Pablo Jimenez
R3,083 Discovery Miles 30 830 Shipped within 7 - 12 working days

Decentralisation and Reform in Latin America analyses the process of intergovernmental reform in Latin America in the last two decades and presents a number of emerging issues. These include the impacts of decentralization and the response of countries in the region to challenge such as social cohesion, interregional and interpersonal disparities, the assignment of social and infrastructure expenditure, macrofinancial shocks, fiscal rules and the sharing of natural resources revenue. The main aim of the book is to assess the effective working of decentralized arrangements and institutions, with a view of suggesting corrections and reforms where the system is not working according to expectations. Policymakers, researchers and academics with an interest in subjects related to public policy, fiscal rules, intergovernmental relations, governance and decentralization will find this book invaluable.

The International Handbook of Public Financial Management (Paperback, 1st ed. 2013): Richard Allen, Richard Hemming, Barry... The International Handbook of Public Financial Management (Paperback, 1st ed. 2013)
Richard Allen, Richard Hemming, Barry Potter
R2,387 Discovery Miles 23 870 Shipped within 7 - 12 working days

The Handbook is a virtual encyclopedia of public financial management, written by topmost experts, many with a background in the IMF and World Bank. It provides the first comprehensive guide to the subject that has been published in more than ten years. The book is aimed at a broad audience of academics/students, government officials, development agencies and practitioners. It covers both bread-and-butter topics such as the macroeconomic and legal framework for budgeting, budget preparation and execution, procurement, accounting, reporting, audit and oversight, as well as specialist subjects such as government payroll systems, local government finance, fiscal transparency, the management of fiscal risks, sovereign wealth funds, the management of state-owned enterprises, and political economy aspects of budgeting. The book sets out numerous examples and case studies describing good practice in public financial management, and is highly relevant for use in both advanced and developing countries.

Deficit Reduction - Spending & Revenue Options (Hardcover): Julian L Mayer, Alexander D Lehner Deficit Reduction - Spending & Revenue Options (Hardcover)
Julian L Mayer, Alexander D Lehner
R3,907 R2,948 Discovery Miles 29 480 Save R959 (25%) Shipped within 7 - 12 working days

The choices facing the 112th Congress come at a time when the federal government's debt has increased dramatically in the past few years and when large annual budget deficits are projected to continue indefinitely under current laws or policies. Beyond the coming decade, the ageing of the U.S. population and rising health care costs will put increasing pressure on the budget. If federal debt continues to expand faster than the economy, as it has since 2007, the growth of people's income will slow, the share of federal spending devoted to paying interest on the debt will rise more quickly, and the risk of a fiscal crisis will increase. This book examines options that would reduce projected budget deficits covering an array of policy areas from defence to energy, to entitlement programs, to provisions of the tax code.

Guidelines for Public Debt Management  Accompanying Document and Selected Case Studies (Paperback): International Monetary... Guidelines for Public Debt Management Accompanying Document and Selected Case Studies (Paperback)
International Monetary Fund, World Bank
R873 Discovery Miles 8 730 Shipped within 7 - 11 working days

This accompanying document to the Guidelines for Public Debt Management, which the IMF and the World Bank co-published in 2001, contains sample case studies that illustrate how a range of countries from around the world and at different stages of economic and financial development are developing their debt management capacity in a manner consistent with the guidelines. The experience of these countries is discussed in this publication, and should offer some useful and practical suggestions to other countries, as they strive to build their own capacity in public debt management.

Guidelines for Public Debt Management (Paperback): International Monetary Fund, World Bank Guidelines for Public Debt Management (Paperback)
International Monetary Fund, World Bank
R611 Discovery Miles 6 110 Shipped within 7 - 11 working days

These guidelines assist policymakers at all levels in considering reforms to strengthen the quality of their public debt management and reduce their countries' vulnerability to international financial shocks. Vulnerability is often greater for smaller and emerging market countries because their economies may be less diversified, have a smaller base of domestic financial savings and less-developed financial systems, and be more susceptible to financial contagion through the relative magnitudes of capital flows. As a result, these guidelines should be considered within a broader context of the factors and forces affecting a government's liquidity more generally and the management of its balance sheet.

Handbook on the Shadow Economy (Hardcover): Friedrich Schneider Handbook on the Shadow Economy (Hardcover)
Friedrich Schneider
R4,097 Discovery Miles 40 970 Shipped within 7 - 12 working days

The shadow economy (also known as the black or underground economy) covers a vast array of trade, goods and services that are not part of the official economy of a country. This original and comprehensive Handbook presents the latest research on the size and development of the shadow economy, which remains an integral component of the economies of most developing and many developed countries. The volume explores the driving forces behind the shadow economy and highlights important regional variations. The expert authors address the whole spectrum of issues including tax morale, government institutions, corruption and illicit work. Importantly the book also examines recent progress in how the shadow economy is measured and estimated. This well-documented and authoritative study will appeal to economists and researchers, as well as academics and students in the fields of economics, political science and social science. It will also be of interest to anyone seeking a comprehensive investigation into the workings of the shadow economy.

Bailouts - Public Money, Private Profit (Paperback, New): Robert E. Wright Bailouts - Public Money, Private Profit (Paperback, New)
Robert E. Wright
R319 R256 Discovery Miles 2 560 Save R63 (20%) Shipped within 7 - 12 working days

Today's financial crisis is the result of dismal failures on the part of regulators, market analysts, and corporate executives. Yet the response of the American government has been to bail out the very institutions and individuals that have wrought such havoc upon the nation. Are such massive bailouts really called for? Can they succeed?

Robert E. Wright and his colleagues provide an unbiased history of government bailouts and a frank assessment of their effectiveness. Their book recounts colonial America's struggle to rectify the first dangerous real estate bubble and the British government's counterproductive response. It explains how Alexander Hamilton allowed central banks and other lenders to bail out distressed but sound businesses without rewarding or encouraging the risky ones. And it shows how, in the second half of the twentieth century, governments began to bail out distressed companies, industries, and even entire economies in ways that subsidized risk takers while failing to reinvigorate the economy. By peering into the historical uses of public money to save private profit, this volume suggests better ways to control risk in the future.

Additional Columbia / SSRC books on the privatization of risk and its implications for Americans:

Health at Risk: America's Ailing Health System--and How to Heal ItEdited by Jacob S. Hacker

Laid Off, Laid Low: Political and Economic Consequences of Employment InsecurityEdited by Katherine S. Newman

Pensions, Social Security, and the Privatization of RiskEdited by Mitchell A. Orenstein

Designing a Sustainable Financial System - Development Goals and Socio-Ecological Responsibility (Hardcover, 1st ed. 2018):... Designing a Sustainable Financial System - Development Goals and Socio-Ecological Responsibility (Hardcover, 1st ed. 2018)
Thomas Walker, Stefanie D. Kibsey, Rohan Crichton
R3,319 R2,713 Discovery Miles 27 130 Save R606 (18%) Shipped within 7 - 12 working days

This edited collection brings together leading theoretical and applied research with the intent to design a sustainable global financial future. The contributors argue that our world cannot move toward sustainability, address climate change, reverse environmental degradation, and improve human well-being without aligning the financial system with sustainable development goals like those outlined by the United Nations. Such a system would: a) be environmentally and socially responsible; b) align with planetary boundaries; c) manage natural resources sustainably; d) avoid doing more harm than good; and e) be resilient and adaptable to changing conditions. The overarching theme in this collection of chapters is a response to the worldwide, supranational sustainable finance discussions about how we can transition to a new socio-ecological system where finance, human well-being, and planetary health are recognized as being highly intertwined.

Public Finance (Hardcover, 10th edition): Harvey S. Rosen, Ted Gayer Public Finance (Hardcover, 10th edition)
Harvey S. Rosen, Ted Gayer
R4,988 Discovery Miles 49 880 Shipped within 7 - 12 working days

"Public Finance" benefits from the combined efforts of Harvey Rosen's market-leading book and co-author Ted Gayer's research and government agency experience. This combination of experience is able to explain as clearly as possible how the tools of economics can be used to analyze government expenditure and tax policies. This new edition incorporates recent developments and along the way takes students to the frontiers of current research and policy. While the information presented is cutting edge and reflects the work of economists currently active in the field, the approach makes the text accessible to undergraduates whose only prior exposure to economics is at the introductory level.

All of the changes in the Tenth edition were made to further the authors' goal of providing students with a clear and coherent view of the role of government spending and taxation. The authors' years of policy experience have convinced themselves that modern public finance provides a practical and invaluable framework for thinking about policy issues. The goal is simple: to emphasize the links between sound economics and the analysis of real-world policy problems.

The Book of Revenue - Kitab Al-Amwal (Paperback, New edition): Abu Ubayd Al-Qusim Ibn Sallam The Book of Revenue - Kitab Al-Amwal (Paperback, New edition)
Abu Ubayd Al-Qusim Ibn Sallam; Translated by Imran Ahsan Khan Nyazee; Revised by Ibrahim M. Oweiss
R573 Discovery Miles 5 730 Shipped within 7 - 12 working days

Kitab al-Amwal (The Book of Revenue) is the work of a brilliant legal mind. Abu Ubayd al-Qasim ibn Sallam provides us with an accurate record of legal precedents laid down in the first two centuries of Islam, in particular those pertaining to the sources of revenue and the avenues of public expenditure. The power of the book, however, lies in the method of the author and the analysis undertaken by him. He gathers together the traditions of the Prophet (pbuh), the opinions of his Companions and the views of eminent jurists, and then subjects them to legal analysis that is unparalleled in Islamic legal literature. The book is essential for every student of Islamic law, especially those who wish to master the art of interpreting and analyzing legal traditions and early precedents. In the discipline known as fiqh al-sunnah, there is no book or manual that can compete with this outstanding work. The present translation includes a translation of the notes by Muhammad Khalil Harras.

Handbook for Muni-Bond Issuers (Hardcover, 1st ed): Joe Mysak Handbook for Muni-Bond Issuers (Hardcover, 1st ed)
Joe Mysak; Foreword by Michael R. Bloomberg
R869 R632 Discovery Miles 6 320 Save R237 (27%) Shipped within 7 - 13 working days

The Handbook for Muni-Bond Issuers provides professionals with succinct guidance on what issuers need to know before beginning the issuance process - choosing a method of sale, getting the right financial advice, disclosure and legal guidelines, and lowering the cost of financing. It includes a detailed discussion of what happens prior to a sale through what to expect after the close. Author Joe Mysak takes issuers through the process, step-by-step, with smart answers and pragmatic strategies for success in today's muni-bond market. This book provides an insider's perspective on choosing a method of sale, finding the right financial advisers, what to expect from regulators, and earning a high credit rating.

Canadian Public Finance - Explaining Budgetary Institutions and the Budget Process in Canada (Paperback): Genevieve Tellier Canadian Public Finance - Explaining Budgetary Institutions and the Budget Process in Canada (Paperback)
Genevieve Tellier
R693 Discovery Miles 6 930 Shipped within 7 - 11 working days

Broken down into five sections explaining how public budgets are developed, Canadian Public Finance presents a comprehensive account of the budget process of the federal, provincial, and territorial governments. With a specific focus on the public policy process, Genevi?ve Tellier walks readers through the five steps involved in the budget process including agenda-setting, formulation, adoption, implementation, and evaluation. Taking a close look at how much influence key decision-makers actually have over the budget process, Tellier highlights recent events that reveal the political, social, and economic constraints that impact budgetary decisions. Tellier uses key words and textboxes at the end of each chapter to reflect on current issues and new developments in the world of public finance, such as gender-sensitive budgets, performance-based budgeting, and fiscal transparency.

Exchange Rate, Second Round Effects and Inflation Processes - Evidence From South Africa (Hardcover, 1st ed. 2019): Eliphas... Exchange Rate, Second Round Effects and Inflation Processes - Evidence From South Africa (Hardcover, 1st ed. 2019)
Eliphas Ndou, Nombulelo Gumata, Mthokozisi Mncedisi Tshuma
R1,899 R1,574 Discovery Miles 15 740 Save R325 (17%) Shipped within 7 - 12 working days

This book focuses on the exchange rate pass-through (ERPT), second round effects and the inflation process in South Africa. The authors demonstrate that magnitudes of the second round effects of the exchange rate depreciation and oil price shocks depend on inflation regimes. The impact of positive oil price shocks on inflation is weakened by monetary policy credibility. Evidence shows the influence of oil price on unit labour costs and correlation between exchange rate changes and inflation has weakened. In addition, ERPT is reduced by low business and consumer confidence, high trade openness, low inflation and high exchange rate volatility which weaken real economic activity. Both monetary and fiscal policy credibility lowers the sizes of ERPT to inflation and inflation expectations. Fiscal policy via fuel levies, administered prices and public transport inflation channel impacts the responses of monetary policy to inflation shocks. The authors show that second round effects contribute very little to wage inflation following an exchange rate depreciation shock. Both lending rate and household consumption responds asymmetrical to repo rate changes. This book will appeal to policymakers, students, academics and analysts.

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