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Sovereign Wealth Funds (SWFs) represent both an increasingly important - and potentially dominant - category of alternative investor, and a novel form for governments to project their interests both home and abroad. As such, they represent both economic actors and embody power vested in the financial and diplomatic resources they can leverage. Although at times they have acted in concert with other alternative investors, their intergenerational savings function should, in theory at least, promote more long-termist thinking. However, they may be impelled in towards greater short termism, in response to popular pressures, demands from predatory elites and/or unforeseen external shocks. Of all the categories of alternative investment, SWFs perhaps embody the most contradictory pressures, making for diverse and complex outcomes. The aim of this volume is to consolidate the present state of the art, and advance the field through new applied, conceptual and theoretical insights. The volume is ordered into chapters that explore thematic issues and country studies, incorporating novel insights in on the most recent developments in the SWF ecosystem. This handbook is organized into four sections and 23 chapters. The four sections are: Governance of SWFs, Political and Legal Aspects of SWFs, Investment Choices and Structures of SWFs, Country and Regional Analyses of SWFs.
In this book, sociologists, philosophers, and economists investigate the conceptual issues around the performativity of economics over a variety of disciplinary contexts and provide new case studies illuminating this phenomenon. In featuring the latest contributions to the performativity debate the book revives discussion of the fundamental questions: What precise meaning can we attribute to the notion of performativity? What empirical evidence can help us recognize economics as performative? And what consequences does performativity have for contemporary societies? The contributions demonstrate how performativity can serve as a powerful conceptual resource in dealing with economic knowledge, as an inspiring framework for investigating performative practices, and as an engine of discovery for thinking of the economic proper.
This innovative book sheds new light on the various transfer processes of economic knowledge from the academic environment to the outside world. The internationally acclaimed group of authors considers the transfer of knowledge in the teaching of economics, through public policy advice, and the spread of ideas across disciplinary boundaries. The economics profession is mainly concerned with the production of economic knowledge rather than the transfer of this knowledge outside the academic economics environment. The process of the production of knowledge and its final use has not been thoroughly investigated, and so relatively little is known about how this knowledge benefits public policy, private sector decisionmaking and the transfer of ideas across the social sciences. The leading contributors, including James M. Buchanan, Bob Coates, Bruno S. Frey, Heinz Konig, Anne Krueger and Charles Wyplosz, examine the transfer of knowledge from an interdisciplinary perspective addressing psychological, sociological and cultural issues. They also look at the theoretical analysis of the transfer of economic knowledge, focusing on public choice and political economy interpretations of economic policy advice, as well as institutional and management issues of policy advice. Finally they consider the challenges of teaching economics and explore the possibility of applying the new media for transferring economic knowledge.
Who holds the power in financial markets? For many, the answer would probably be the large investment banks, big asset managers, and hedge funds. These are the organizations that are in the media's spotlight and whose leaders and employees command outsized salaries and bonuses. They are the supposed leading edge of global finance and their power seems almost absolute, even as questions abound about their social and economic utility. But more and more asset owners are confronting the status quo, the power to exact high fees and the focus on the short term. The New Frontier Investors chronicles the rise of this new group of long horizon asset owners that includes some of the world's largest pension funds, sovereign wealth funds, and endowments. These asset owners are driving the business of asset management to a new frontier by retaking responsibility of the end-to-end management of their investment portfolios and by re-conceptualizing investment decision-making. The lessons illustrated in The New Frontier Investors fly in the face of conventional wisdom, which has it that these asset owners are at a disadvantage to the private sector fund managers and other service providers. These asset owners are supposedly not able to attract talent nor do they have the organizational capabilities to compete. That many are located far from the markets in which they invest only exacerbates the problem. But this is incorrect. This expanding group of asset owners is learning how to make the most of their scale and long time horizons, finding new ways to attract talent, to collaborate, and to build greater alignment with the users of capital. They are not at a disadvantage. They are at an advantage. The New Frontier Investors is essential reading for anyone wanting to see a change in global financial markets and the professionalization of asset owners worldwide, from public pension funds and sovereign wealth funds to foundations and endowments. It is thus required reading for the senior executives and employees working in the field of beneficiary institutional investment, as well as government officials and others that have a stake in the design and governance of beneficiary financial institutions and long-term capital.
THE NO.1 BESTSELLER! 'I read it in one sitting, it's a superb book' Eamon Dunphy, The Stand 'An astonishing expose' Martin Ziegler, The Times Over the course of fifteen years, John Delaney ran the Football Association of Ireland as his own personal fiefdom. He had his critics, but his power was never seriously challenged until last year, when Mark Tighe and Paul Rowan published a sequence of stories in the Sunday Times containing damaging revelations about his personal compensation and the parlous financial situation of the FAI. Delaney's reputation as a great financial manager was left in tatters. He resigned under pressure, and the FAI was left hoping for a massive bail-out from the Irish taxpayer. In Champagne Football, Tighe and Rowan dig deep into the story of Delaney's career and of the FAI's slide into ruin. They show how he surrounded himself with people whose personal loyalty he could count on, and a board that failed to notice that the association's finances were shot. They detail Delaney's skilful cultivation of opinion-formers outside the FAI. And they document the culture of excess that Delaney presided over and benefited from, to the detriment of the organization he led. Champagne Football is a gripping, sometimes darkly hilarious and often enraging piece of reporting by the award-winning journalists who finally pulled back the curtain on the FAI's mismanagement. ____________ 'Excellent' Irish Sun 'A jaw-dropping story ... brilliant' Irish Times 'Essential reading' Irish Daily Star 'A damming account' Sunday Independent 'An instant classic, one of the all-time great Irish sports books' Alan English 'A cracking read ... [An] incredible amount of jaw-dropping detail' Matt Cooper 'One of the most hotly-anticipated sport books of the year' Brendan O'Connor 'A masterpiece' Tommy Martin 'At last, the truth of his ruinous reign has been rigorously and painstakingly exposed' Irish Daily Mail 'An absolutely extraordinary book' Eoin McDevitt, Second Captains 'Remarkable. The desperate story of Irish football but also a book about how Ireland works. Outstanding' Dion Fanning
In 2008, the world was plunged into a financial and economic crash. This book explores the roots of the crash, including the build-up of global economic imbalances, the explosion in the use of novel financial instruments, the mismanagement of risk, and the specific roles played by housing and debt. It reviews the evidence that on the eve of the crash all was not well and that many political and finance industry leaders ignored the dangers. The key events of the crash are described, and the main amplification mechanisms explained. An economics lens is used to dissect the bank rescue, paying particular attention to the hidden ways in which it worked, who will ultimately bear the costs, and to what degree new risks were created. The book evaluates the fiscal and monetary policies used to rescue economies, efforts to tackle unemployment, proposals for dealing with collapsing housing markets, austerity and the battles over long-term sovereign debt, the Eurozone crash, and the risks of future economic instability. It reviews reform-of mortgage markets, monetary policy, and banking-designed to make such disasters less likely in future. Written before, during, and in the years immediately after the crash, it is an engaging chronicle and comprehensive analysis of the events and thinking of these years. The book's arguments take on added authority given that the author had identified, and called attention to, key features of the crash before it happened.
Public sector organizations are in one of the most challenging
environments they have ever had to face as they bear much of the
cost of the recession. More than ever before, public sector leaders
need to instil strong performance improvement disciplines into
their organizations that enable these leaders to fully understand:
key outcomes and priority deliverables, how to allocate reduced
financial resources and where to reduce costs and improve
efficiencies without jeopardizing service delivery.
Education Matters presents in one volume many of Alan B. Krueger's contributions to the economics of education. This invaluable collection of papers, based on his groundbreaking research from the 1990s, has been published in a wide range of professional outlets and has influenced public policy and research in the US and throughout the world. The book opens with an introductory essay explaining the importance of the study of the economics of education as well as providing an overview of the book. The author then goes on to discuss and analyse the important topics in the economics of education, including the economic pay off from attending school for longer, the return to investments in school resources, causes of the increased pay off to education, the contribution of education to economic growth, and racial differences in school quality and their consequences. The final chapter provides a framework for evaluating schools. This fascinating collection of work, from a writer at the forefront of economics and educational research, will be warmly welcomed by academics in the areas of human capital, economics and public policy, as well as by educational policymakers.
A textbook that examines how societies reach decisions about the use and allocation of economic resources While economic research emphasizes the importance of governmental institutions for growth and progress, conventional public policy textbooks tend to focus on macroeconomic policies and on tax-and-spend decisions. Markets, State, and People stresses the basics of welfare economics and the interplay between individual and collective choices. It fills a gap by showing how economic theory relates to current policy questions, with a look at incentives, institutions, and efficiency. How should resources in society be allocated for the most economically efficient outcomes, and how does this sit with society's sense of fairness? Diane Coyle illustrates the ways economic ideas are the product of their historical context, and how events in turn shape economic thought. She includes many real-world examples of policies, both good and bad. Readers will learn that there are no panaceas for policy problems, but there is a practical set of theories and empirical findings that can help policymakers navigate dilemmas and trade-offs. The decisions faced by officials or politicians are never easy, but economic insights can clarify the choices to be made and the evidence that informs those choices. Coyle covers issues such as digital markets and competition policy, environmental policy, regulatory assessments, public-private partnerships, nudge policies, universal basic income, and much more. Markets, State, and People offers a new way of approaching public economics. A focus on markets and institutions Policy ideas in historical context Real-world examples How economic theory helps policymakers tackle dilemmas and choices
At a time when Congressional investigations have taken on added importance and urgency in American politics, this book offers readers a rare, insider's portrait of the world of US Congressional oversight. It examines specific oversight investigations into multiple financial and offshore tax scandals over fifteen years, from 1999 to 2014, when Senator Levin served in a leadership role on the US Senate Permanent Subcommittee on Investigations (PSI), the Senate's premier investigative body. Despite mounting levels of partisanship, dysfunction, and cynicism swirling through Congress during those years, this book describes how Congressional oversight investigations can be a powerful tool for uncovering facts, building bipartisan consensus, and fostering change, offering detailed case histories as proof. Grounded in fact, and written as only an insider could tell it, this book will be of interest to financial and tax practitioners, policymakers, academics, students, and the general public.
This book explores why, despite increased government spending on income-support, health and education, the costs of public goods are rising and their quality is declining. Charting the rise of big government, the author identifies a growing divergence between public-sector ideals and the realities of troubled political economies grappling with debt, deficits, ageing populations, improvident social insurance, declining education test scores and multiplying health costs. Limited Government analyzes in detail the social and political factors in major economies that drive up public spending, as well as the relationship between spending and outcomes. By developing an alternate model of public finances, and engaging in a critique of the managerial society, the author emphasizes the positive effects of self-management, social self-organization and technological automation, arguing that high-quality, low-cost goods are the result of nations that save, not states that tax. A sociological account of public finances, Limited Government outlines how governments can spend less and yet help ensure good broad equitable standards of health, education and income security.
This two volume set includes the most influential writings on international debt. In addition to essential early material, the editors have assembled the key contributions written during the unfolding of the modern international debt drama from the early 1970s. An introductory chapter by the editors explains the context and order in which the writings are presented. In particular, the individual contributions are grouped under sequential headings which are intended to draw out key themes and relationships between the concerns of the original authors. This collection reflects clearly the interaction between the evolution of the international policy debate and the development of major analytical insights on the debt problem and its resolution.
Fiscal Therapy shows how to make America's economy stronger and fairer by meeting long-term budget challenges while also addressing its short-term need for more investment and better social policy. America is facing a double-edged sword of budget challenges. In the coming decades, rising public debt will hurt our economy, threaten our global leadership, and reduce the living standards of our people. It will require tax increases and spending cuts to bring about a sustainable outcome. At the same time, however, America has pressing needs - from improving our schools and making child care more available to rebuilding our infrastructure and investing more in scientific research - all of which require upfront investments right now. In Fiscal Therapy, William Gale diagnoses these two set of challenges and explains why we must address them simultaneously. Fiscal Therapy shows that we can address our long-term budget challenges in ways that also help us meet our short-term needs, and we can do so without radically transforming our current institutions and existing programs. Gale draws lessons from the nation's history; takes guidance from the experiences of other advanced nations; reconciles the twin demands of economic growth and social fairness; and addresses the obstacles that America's poisonous politics and fickle public opinion present. Fiscal Therapy provides a clear, comprehensive, and optimistic approach around which liberals and conservatives can rally. One that will leave the United States a stronger, more prosperous, and fairer nation.
In a challenge to conventional views on modern monetary and fiscal policy, this book presents a coherent analysis of how money is created, how it functions in global exchange rate regimes, and how the mystification of the nature of money has constrained governments, and prevented states from acting in the public interest.
This innovative book proposes a new institutional arrangement for government to fulfil the needs of its citizens as well as possible. Existing aspects of federalism and direct democracy in Europe are strengthened, and as a result future developments arising in the region are coped with better. In this book Bruno Frey and Reiner Eichenberger propose a new model of federalism which includes new types of governmental units established by citizens from below. These units are called functional, overlapping and competing jurisdictions as they extend over task-specific areas and therefore overlap. They also provide competitive governance via direct and representative democratic institutions, and as jurisdictions they have independent power over taxation policy. This new model is more responsive to citizens' preferences and adjusts more dynamically to provide public services efficiently. The authors suggest that this new system should be allowed to develop in Europe to safeguard diversity and ensure that decentralization emerges effectively. It would also allow for the flexible integration of East European transition economies into the European Union and may also combine with traditional modes of government in developing countries. This book will be warmly welcomed by economists, political scientists and sociologists interested in the future of the European Union, by all those studying federal systems of government, and by those interested in the prospects for improving democratic institutions throughout the world.
After a long career in central banking, the distinguished economist S.S. Tarapore has been writing columns in financial dailies. There was a felt need to reach out to a wider audience in a regional language. During the period October 2005-August 2008, he turned to writing a regular column in the widely circulating Gujarati newspaper, the Divya Bhaskar. This volume brings to the English speaking readers, for the first time, his writings in the Divya Bhaskar on monetary, fiscal, banking and external sector management, but essentially from the viewpoint of the aam aadmi. The volume would be of interest to the general reader who wishes to stay abreast of developments in financial policies and it would also be of interest to policymakers, opinion makers, bankers, academics and students.
The global financial crisis triggered severe shocks for developing countries, whose embrace of greater commercial and financial openness has increased their exposure to external shocks, both real and financial. This new edition of Development Macroeconomics has been fully revised to address the more open and less stable environment in which developing countries operate today. Describing the latest advances in this rapidly changing field, the book features expanded coverage of public debt and the management of capital inflows as well as new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, currency unions, and the choice of an exchange-rate regime. A new chapter on dynamic stochastic general equilibrium (DSGE) models with financial frictions has been added to reflect how the financial crisis has reshaped our thinking on the role of such frictions in generating and propagating real and financial shocks. The book also discusses the role of macroprudential regulation, both independently and through its interactions with monetary policy, in preserving financial and macroeconomic stability. Now in its fourth edition, Development Macroeconomics remains the definitive textbook on the macroeconomics of developing countries. * The most authoritative book on the subject--now fully revised and expanded* Features new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, and much more* Comes with online supplements on informal financial markets, stabilization programs, the solution of DSGE models with financial frictions, and exchange rate crises
A complete guide to sovereign wealth funds written by and for industry practitioners
Sovereign wealth funds (SWFs) aren't new, but they are often misunderstood. As they've attracted more attention over the last decade and grown greatly in size, the need for a new and thorough resource on SWFs has never been greater. These funds will only grow more important over the coming years. In this book, expert authors who work in the industry present a comprehensive look at SWFs from the perspective of western investors.
Baumol's Cost Disease is the inevitable escalation of the real costs that occur in labour-intensive industries like the arts, health care and education. The labour costs in these industries tend to increase at the same rate as other industries, but their scope for utilizing labour-saving technical progress is either small or non-existent. The book opens with an introduction by Ruth Towse in which there is an overview of William Baumol's work. In this discussion Ruth Towse examines Baumol's work in the context of the development of the economics of the arts. The volume is then divided into parts and begins by introducing William Baumol's work through several autobiographical essays. This is followed by some of his early contributions to cultural economics and the cost disease. William Baumol's leading macroeconomic work on the 'unbalanced growth model' is also included and the debate about it at its inception. In parts three and four some of the more empirical papers on the arts are presented as well as essays on policy implications for the arts. Following this are chapters on the theatre and publishing as well as historical studies of the arts and the implications of the cost disease for libraries, health care and education. This book contains William Baumol's contribution to cultural economics and spans over 30 years of writing on the subject, much of which is not widely available. It provides a real insight into the development of Baumol's analysis and his perception of the problems of the arts and other labour-intensive sectors.
Through her judicious selection of previously published material, Dr Konzelmann investigates the key social, political and financial developments that have shaped the evolution of austerity economics. These include the early classical debates, the politicization of austerity, the Keynesian challenge to existing thought and the revival of pre-Keynesian 'Neo-Liberal' ideas during the 1970s. Discussion of the radical changes to economic thought and policy in the decades before the 2007-8 financial crisis and the key dimensions of the post 2007-8 debate bring the account right up to the present day. The editor's insightful and lucid introduction provides an illuminating guide to this crucial topic. The volume will be an invaluable resource for students and scholars seeking a wider understanding of austerity economics.
Introducing... Public Finance, 10th Global Edition, by Harvey S. Rosen and Ted Gayer Rosen and Gayer's Public Finance provides the economic tools necessary to analyze government expenditure and tax policies 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. The authors' years of policy experience have convinced them 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. Enhancements and key features for this new Global Edition include: New Policy Perspectives introduce relevant and engaging examples of international policy so students can extend their understanding of theory to policymaking across the globe. New Empirical Evidence applications provide students with real-world examples that are relevant to them, from case studies about Sweden and China to global examples that compare experiences between countries. Updated end-of-chapter questions broaden critical thinking, encouraging students to apply their knowledge to international and comparative examples. The results of econometric models are used to help students understand how expenditure and tax policies affect individual behavior and how governments set policies. Integrated theory and analysis: Institutional, theoretical, and empirical material is interwoven to provide students with a clear and coherent view of how government spending and taxation relate to economic theory. Current research is presented alongside discussion of methodological and substantive controversies. The approach is modern, theoretical, and empirical, and shared by most active economists. Institutional and legal settings are described in detail, and the links between economic analysis and current political issues are emphasized. This Global Edition has been adapted to meet the needs of courses outside of the United States and does not align with the instructor and student resources available with the US edition.
China's unprecedented growth has transformed the lives of its people and impacted economies across the globe. The financial system supported this growth by providing cheap loans to boost investment and, in a virtuous cycle, rapid growth insured that these loans could be repaid. However, in recent years, this virtuous cycle has turned vicious. The financial system has continued to lend freely and cheaply as the economy has slowed, and the risk of crisis has mounted. In response, the government has initiated the most ambitious financial reforms in twenty years. Financial markets, businesses and governments are concerned about these risks and are struggling to understand what the reforms will mean for China and the rest of the world. Debt and Distortion: Risks and Reforms in the Chinese Financial System addresses the need for an up-to-date and accessible, yet comprehensive analysis of China's financial system and related reforms. It will take a systematic look at China's financial system: how it worked in the past and how it will work in the future; why reforms are needed; what risks they bring; and their impact on China and the rest of the world. By analyzing the topic in terms of a few fundamental distortions, this book makes an otherwise complex topic accessible while simultaneously providing new insights. These distortions provide a simple framework for understanding the nature of the Chinese financial system and its future prospects. Reform in China will transform the world's second largest economy and impact everything from Peruvian copper mines to the London housing market. Business people, government officials, financiers and informed citizens would all benefit from understanding how changes in China's financial system will shape the global economy in the coming decades.
This collection of essays examines the political economy approach to military spending, primarily by the United States. The articles deal specifically with the relationships between defence spending and: (a) political-business cycles, public opinion and the US-Soviet relationship; (b) military action - ie war; (c) economic performance - the trade deficit, guns versus butter issues and fiscal policy.
This book is the first volume in a completely new public health book series, edited by the Institute of Health Economics (IHE) in Edmonton, Canada.
Written by leading experts in the field, "Financing Health Care: New Ideas for a Changing Society" offers a comprehensive overview of possible health care financing from an international perspective.
Starting with various funding methods, this important reference work also features sections on different health care payment and purchasing mechanisms, as well as equity issues.
This book is an invaluable resource for all medical and allied health professionals, and those working in health care industries, insurance, and economics.
Starting in the early 1990s many emerging and developing economies (EDEs) liberalized their capital accounts, allowing greater freedom for international lenders and investors to enter their markets as well as for their residents to borrow and invest in international financial markets. Despite recurrent crises, liberalization has continued and in fact accelerated in the new millennium. Integration has been greatly facilitated by progressively looser monetary policy in the United States, notably the policies that culminated in debt crises in the United States and Europe and the ultra-easy monetary policy adopted in response. Not only have their traditional cross-border linkages been deepened and external balance sheets expanded rapidly, but also foreign presence in their domestic financial markets and the presence of their nationals in foreign markets have reached unprecedented levels. As a result new channels have emerged for the transmission of financial shocks from global boom-bust cycles. Almost all EDEs are now vulnerable irrespective of their balance-of-payments, external debt, net foreign assets and international reserve positions although these play an important role in the way such shocks could impinge on them. This is a matter for concern since the multilateral system still lacks mechanisms for orderly resolution of financial crises with international dimensions. Playing with Fire provides an empirical account of deeper integration of EDEs into the global financial system and discusses its implications for stability and growth, focusing on the role of policies in the new millennium in both EDEs and the United States and Europe.
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