In this study we quantified the welfare cost of inflation from the estimated long-run money demand functions for Pakistan for the period 1960-2007 using cointegration approach. The empirical results show that all the monetary aggregates are negatively related to the interest rate. The welfare...

In this paper, we quantify welfare costs of inflation for Pakistan for the period 1960-2007 using semi-log and double-log money demand functions. We find that the welfare gain of moving from positive inflation to zero inflation is approximately the same under both money demand specifications but...

The role of the state is finally the decision of the citizens. The government, being a result of elections, can provide more or less protection and increase or decrease expenditures. Anyway for achieving goals and for being performant the state definitly has to promote a good governance. Good...

The past few years have seen a growing trend towards the focus on audit liability. In the UK, the Company Law Reform Bill which became the Companies Act 2006, has removed the previously existing limits on auditor liability and compelled an agreement between the company and the auditor. As well...