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Central banks came out of the Great Recession with increased power and responsibilities. Indeed, central banks are often now seen as 'the only game in town', and a place to put innumerable problems vastly exceeding their traditional remit. These new powers do not fit well, however, with the independence of central banks, remote from the democratic control of government. Central Banking in Turbulent Times examines fundamental questions about the central banking system, asking whether the model of an independent central bank devoted to price stability is the final resting point of a complex development that started centuries ago. It dissects the hypothesis that the Great Recession has prompted a reassessment of that model; a renewed emphasis on financial stability has emerged, possibly vying for first rank in the hierarchy of objectives of central banks. This raises the risk of dilemmas, since the Great Recession brought into question implicit assumptions that the pursuit of price stability would also lead to financial stability. In addition, the border between monetary and fiscal policy was blurred both in the US and in Europe. Central Banking in Turbulent Times asks whether the model prevailing before the Great Recession has been irrevocably altered. Are we entering, as Charles Goodhart has hypothesized, into the 'fourth epoch' of central banking? Are changes to central banks part of a move away from the global liberal order that seemed to have prevailed at the turn of the century? Central Banking in Turbulent Times seeks to answer these questions as it examines how changes can allow for the maintenance of price stability, while adapting to the long-term consequences of the Great Recession.
A fast-paced, behind-closed-doors account of the Federal Reserve's decision making during the 2008 financial crisis, showing how Fed policymakers overcame their own assumptions to contain the disaster. The financial crisis of 2008 led to the collapse of several major banks and thrust the US economy into the deepest recession since the Great Depression. The Federal Reserve was the agency most responsible for maintaining the nation's economic stability. And the Fed's Open Market Committee was a twelve-member body at the epicenter, making sense of the unfolding crisis and fashioning a response. This is the story of how they failed, learned, and staved off catastrophe. Drawing on verbatim transcripts of the committee's closed-door meetings, Mitchel Abolafia puts readers in the room with the Federal Reserve's senior policymaking group. Abolafia uncovers what the Fed's policymakers knew before, during, and after the collapse. He explores how their biases and intellectual commitments both helped and hindered as they made sense of the emergency. In an original contribution to the sociology of finance, Stewards of the Market examines the social and cultural factors that shaped the Fed's response, one marked by missed cues and analytic failures but also by successful improvisations and innovations. Ideas, traditions, and power all played their roles in the Fed's handling of the crisis. In particular, Abolafia demonstrates that the Fed's adherence to conflicting theories of self-correcting markets contributed to the committee's doubts and decisions. A vivid portrait of the world's most powerful central bank in a moment of high stakes, Stewards of the Market is rich with insights for the next financial downturn.
These guidance notes describe good practice for conducting robust 'willingness-to-pay' (WTP) surveys in small towns, using the Contingent Valuation Method (CVM), as part of a demand-responsive approach to the supply of services. The urban water sector in low- and middle-income countries requires good quality data to justify future investment proposals; develop a better understanding of user perceptions and preferences; support the selection of preferred service options; and to set out the scope for future tariff increases. CVM surveys are a reliable means of generating such valuable information. Key areas covered in this book include how to design and implement a WTP survey, as well as how to best use the survey information to inform project design and policy-making. Its aim is to encourage wider use of WTP surveys, particularly for small towns where it is inappropriate to merely assume which service options users prefer and are willing to pay for. This book has been developed as part of the DFID Knowledge and Research project R7852 Optimised Management of Watsan Services in Small Towns.
Like its current citizens, the United States was born in debt-a debt so deep that it threatened to destroy the young nation. Thomas Jefferson considered the national debt a monstrous fraud on posterity, while Alexander Hamilton believed debt would help America prosper. Both, as it turns out, were right.
"One Nation Under Debt" explores the untold history of America's first national debt, which arose from the immense sums needed to conduct the American Revolution. Noted economic historian Robert Wright, Ph.D. tells in riveting narrative how a subjugated but enlightened people cast off a great tyrant-"but their liberty, won with promises as well as with the blood of patriots, came at a high price." He brings to life the key events that shaped the U.S. financial system and explains how the actions of our forefathers laid the groundwork for the debt we still carry today.
As an economically tenuous nation by Revolution's end, America's people struggled to get on their feet. Wright outlines how the formation of a new government originally reduced the nation's debt-but, as debt was critical to this government's survival, it resurfaced, to be beaten back once more. Wright then reveals how political leaders began accumulating massive new debts to ensure their popularity, setting the financial stage for decades to come.
Wright traces critical evolutionary developments-from Alexander Hamilton's creation of the nation's first modern capital market, to the use of national bonds to further financial goals, to the drafting of state constitutions that created non-predatory governments. He shows how, by the end of Andrew Jackson's administration, America's financial system was contributing to national growth while at the same time new national and state debts were amassing, sealing the fate for future generations.
Public-private collaboration in infrastructure projects takes place in a variety of institutional frameworks worldwide. This volume considers the different cultural, political and legal settings in the US, UK, Japan and other countries and regions where policymakers are reconsidering traditional mechanisms for raising and deploying capital. By focusing on concrete examples in specific countries, the editors and contributors draw useful lessons for strong sector performance in telecommunications, power, water and social infrastructure. Innovative strategies that work can be modified and refined in other sectors and other countries. Going beyond ideological debate, this volume presents a pragmatic approach to best practice, one that combines market-oriented solutions with governmental oversight according to the specific cultural and institutional situations. Regulators, academics, policymakers, politicians, and students in public policy, finance and economics will find this volume practical and original.
Non-communicable diseases have surpassed infectious diseases as the leading cause of morbidity and mortality in developed countries. Prevention and treatment of the causes and consequences of lifestyle-related diseases forms an important part of health policy in the twenty-first century. Public health economics - from quantifying the problem, to evaluating interventions and developing toolkits to assist decision makers - is an essential area for any postgraduate student and researcher with an interest in applied economics to understand. There are a wide range of techniques from mainstream economics and health economics that can be applied to the evaluation of public health policy and public health issues. In this book, Brown presents examples from developed countries to illustrate how economic tools can be applied to public health. Further, cross-country comparisons illustrate how contextual factors related to healthcare systems, demographics and environmental factors may impact on outcomes and the cost-effectiveness of public health policies, in order to aid understanding and help students apply theory into practice.
The collapse in January 2018 of the construction giant Carillion, outsourcer of huge Government building contracts, is one of the great financial scandals of modern times. When it folded it had only GBP29 million in the bank and debts and other liabilities adding up to a staggering GBP7 billion. When the total losses were counted it was established that the banks were owed GBP1.3 billion in loans and that there was a hole in the pension fund of GBP2.6 billion.That left British taxpayers picking up the tab to salvage the pensions owed to Carillion workers. On one level, this is a familiar story of directors who systematically looted a company with the aim of their own enrichment. But in a wider context the Carillion catastrophe exposes everything that is wrong about the state we are in now - the free-for-all of company laws which govern directors' dealings, the toothless regulators, the crime and very little punishment of the Big Four auditors, and a government which is a prisoner of a broken model born of a political ideology which it cannot forsake. Through the story of Carillion, Bob Wylie exposes the lawlessness of contemporary capitalism that is facilitated by hapless politicians, and gives a warning for the future that must be heeded. Bandit Capitalism charts, in jaw-dropping detail, the rise and rise of the British Oligarchy.
In this innovative book the author examines the link between environmental, trade and industrial policies within an interregional setting. He models how regional governments, using tax rates on real capital and pollutant emissions, determine policies to favour their residents in terms of the provision of public goods and reduction in environmental degradation. Regions or countries engage in competition for mobile capital in a world where production causes pollution and tax revenues are required to finance public goods. In Fiscal Policy and Environmental Welfare the author considers the efficiency consequences when governments act strategically and seek to manage trade, capital flows and emissions. Using formal models, which extend and modify existing literature, the author demonstrates that interjurisdictional competition typically leads to inefficiencies. He argues that although interjurisdictional competition may lead to the overprovision of public goods and to an inefficiently high environmental quality, often the opposite seems to occur. This book will be welcomed by environmental economists, and those scholars interested in welfare and fiscal policy.
Contaminated land policy is a key concern of governments and policy makers across the globe, yet discussion has traditionally focused on the particular experience of the United States. This major new book develops a framework for assessing laws and regulations regarding contaminated land and polluted properties, their clean up and reuse, and the assignment of costs and responsibilities for reclamation. In Contaminated Land, the authors, a European and two Americans, lay out a framework for cross- national comparisons of policy contexts as well as ways of examining the outcomes of different approaches to contaminated land and systematically compare approaches to this issue in both the EU and US. The use of this framework leads to a reassessment of specific policies, such as the polluter pays principle, which may be more successful in the EU than it has been in the US, and subsidiarity which, while problematic in Europe, may hold promise in a US application. Specific issues discussed include the nature and extent of the contaminated land problem, legal implications, regulation in the US, the 1980 Comprehensive Environmental Liability, Compensation and Reclamation Act, European experience and EU environmental policy, integrated comparative analysis and some lessons for the future. Contaminated Land offers valuable insights on policy responses to the problem of badly polluted land from the perspectives of planning, economics and sociology. In particular, this volume offers frameworks for comparison of different national settings to help determine the preferred and most promising approaches to contaminated land in any social, economic and legal policy context.
The Internal Revenue Service (IRS) continued to make progress in addressing information security control weaknesses and improving its internal control over financial reporting; however, weaknesses remain that could affect the confidentiality, integrity, and availability of financial and sensitive taxpayer data. During fiscal year 2013, IRS management devoted attention and resources to addressing information security controls, and resolved a number of the information security control deficiencies that were previously reported by GAO. This book discusses weaknesses that place financial and taxpayer data at risk. It also examines the growing imbalance between the demand for services and resources; the IRS ability to improve examinations by adopting certain research program practices; and long-term strategy needed to improve interactive services.
This book provides a summary and legislative history of P.L. 111-139, focusing on the features of the Statutory Pay-As-You-Go (PAYGO) Act of 2010. PAYGO establishes a process intended to enforce a rule of budget neutrality on new revenue and direct spending legislation. As a budget enforcement tool, it is aimed at preventing, or at least discouraging, net deficit increases arising from the enactment of direct spending and revenue legislation. Any costs designated as emergencies are excluded from the scorecards, and significant costs associated with four specified categories of legislation may be excluded as well. The statutory PAYGO process does not address deficit increases, stemming from changes in direct spending or revenue levels, that are projected to occur under existing law.
Nobody who has even a passing acquaintance with economics could fail to realise that Western governments are highly indebted. Current generations have been consuming at the expense of future generations. However, just how indebted are we? The government measures how much it has borrowed to meet past spending commitments, but it does not measure how much money it needs to meet all the future pensions and healthcare promises it has made to tomorrow s older generations. Furthermore, no funds have been set aside to provide for these costs. Governments are allowed to produce accounting information in such a cavalier fashion, using methods that would be illegal for private sector companies. Fortunately, though, scholars have been able to examine the detail of government policy and the financial commitments of future governments in order to determine just how indebted we are. This IEA publication brings such calculations to life by showing by how much spending will need to be cut and taxes raised in order to make the government s fiscal position sustainable. This work should be of interest to politicians, to students and teachers of economics and, indeed, all who are interested in public policy and the sustainability of Western economies.
Build a strong understanding of today's public finance and public policy with the economics-oriented approach in Hyman's PUBLIC FINANCE: A CONTEMPORARY APPLICATION OF THEORY TO POLICY, 12E. Popular author and respected economist Dr. David Hyman clearly illustrates the role government plays in today's economy as he explains how and why the public sector makes decisions. This timely edition addresses public issues confronting the United States and other nations throughout the new millennium. You examine expenditure and tax topics as you develop analytical tools to understand major government policy and finance issues. Packed with current, real examples, this edition sparks lively discussion and debate with its coverage of hot topics, such as today's national defense and homeland security, pollution rights, Social Security reform, federal tax reform and the Iraq war. Numerous study tools and exercises help you sharpen your economic insights.
Prior to the outbreak of the financial crisis in 2008 Belgium's fiscal balances and debt ratios seemed to be on a firm consolidation path. Today, however, Belgium is facing a major budgetary challenge, albeit to a lesser degree than other European countries. A proper understanding of the current situation and the design of the most appropriate policy response always benefit from an in-depth analysis of the recent past. This book offers that closer look at the evolution of public finance in Belgium over the decade 2000 2010.
The Return of the Deficit presents a collection of original essays written by the best public finance scholars in Belgium. It covers Belgium s macroeconomic environment, its budgetary policy, changes to the tax system and social security, the evolution of public expenditure, debt management, and fiscal federalism This is the seventh volume in the authoritative History of Public Finance in Belgium published under the auspices of the Belgian Institute of Public Finance. It is introduced with a foreword by Herman Van Rompuy, President of the European Council.
Contributors: K. Algoed, Office of the Minister of Budget, Flanders; B. Cantillon, University of Antwerp; J. Deboutte, Public Debt Agency; E. de Callatay, Bank Degroof; A. Decoster, University of Leuven; F. Denil, Federal Ministry of Finance; G. De Smet, Federal Ministry of Budget; M. Gerard, Catholic University of Louvain-la-Neuve; N. Gilson, Catholic University of Louvain-la-Neuve; J. Hindriks, Catholic University of Louvain-la-Neuve; G. Langenus, National Bank of Belgium; G. Quaden, University of Liege; R. Savage, Federal Ministry of Finance; J. Smets, National Bank of Belgium; F. Thys-Clement, University of Brussels; C. Valenduc, Federal Ministry of Finance; F. Vandenbroucke, University of Leuven; A. Van de Voorde, Federal Ministry of Finance; L. Van Meensel, National Bank of Belgium; H. Van Rompuy, European Council"
Discussions about the appropriate levels of spending for various policy objectives of the federal government have played an important role in congressional deliberations over funding measures for FY2011, and are expected to play a central role as Congress considers decisions affecting the FY2012 budget. This book provides a graphical overview of historical trends in discretionary budget authority from 1976-2010, with estimates for 2011 spending, and the levels consistent with President Obama's proposals for 2012-2016.
The federal government is the world's largest and most complex entity, with about $3.5 trillion in outlays in the fiscal year of 2010, funding a broad array of programs and operations. This book examines government operations that have been identified as high risk due to their greater vulnerabilities to fraud, waste, abuse and mismanagement or the need for transformation to address the economy, efficiency or effectiveness challenges. Since 1990, there have been over 50 areas designated as high risk and subsequently removed. Solutions to high risk problems offer the potential to save billions of dollars, improve service to the public, and strengthen the performance and accountability of the U.S. government.
Financialisation, or the disproportionate importance of financial considerations in economic decisions, has been a defining feature of the economic history of the last twenty-five years. The wave of deregulation that accompanied the neoliberal agenda in the US, aided by the dominance of US dollar and American economy, has resulted in the globalisation of finance. This book examines the rise of financialisation globally, while charting its drawbacks and prescribing suggestions for a definitive overhaul of the structure. Bringing together various strands of the latest research and evidence generated in recent years, empirical analysis, and views of reputed experts in the field, it presents a counter-point to the canonical ideas of analysing financial market dynamics and financial globalisation. It proposes a revision of the current monetary policy paradigm to correct its excessive focus on equity markets and their 'wealth effect', embrace a more symmetric response to the economic cycle, and a mandate to focus on financial stability as much as price stability.
Economic Effects of Natural Disasters explores how natural disasters affect sources of economic growth and development. Using theoretical econometrics and real-world data, and drawing on advances in climate change economics, the book shows scholars and researchers how to use various research methods and techniques to investigate and respond to natural disasters. No other book presents empirical frameworks for the evaluation of the quality of macroeconomic research practice with a focus on climate change and natural disasters. Because many of these subjects are so large, different regions of the world use different approaches, hence this resource presents tailored economic applications and evidence.
Why are some nations wealthy and others poor? How did the wealthy nations become rich? What are the components of wealth? How should nations manage their wealth for the future? These are among the most important questions in economics. They are also impossible to answer without defining wealth, and understanding how it can be created, destroyed, stored, and managed. National Wealth: What is Missing, Why it Matters assembles a collection of high-quality contributions to define the key concepts and address the economic and policy issues around national wealth. It considers insights from economic history, addresses the impacts of the changes to national accounting, and teases out the policy implications for both rich and poor countries and the institutions within them. Using expert analysis and theory backed by empirical work, this book evaluates the progress that has been made in measuring national wealth, as well as the recent developments in theory and practice which tell us that the change in real wealth (net saving) is an essential indicator of economic progress. Net national saving, measured comprehensively and adjusted to reflect the investment in and the depreciation of the full range of assets measured in national wealth, is an indicator of the change in future wellbeing. Governments can use this measure to answer a fundamental question: How much does the stream of future wellbeing of the population rise or fall as a result of policy actions today? The book is organized into four parts. Part one provides the political context and defines the key concepts. Part two examines the history of wealth creation and destruction. Part three provides a more detailed analysis of the individual components of wealth, and finally, part four examines the lessons for managing wealth for sustainable national prosperity.
'This is essential reading for anybody interested in global history.' -Professor Ugo Panizza, The Graduate Institute of Geneva, Switzerland This illuminating book offers a compact survey and new interpretation of trends and policies in the US economy from the end of the nineteenth century to the initial period of the Trump administration. Valli maps three stages in this period of US economic history: first, the economic and demographic consequences of the frontier; second, the Fordist model of growth; and third, the attempt to build an economic empire through economic and financial globalization, military and political power and rapid technological progress. Examining pivotal moments from the Wall Street Crash and the World Wars to the recent Great Recession, Obamacare and Trump's electoral promises and first controversial decisions, this book is essential reading for all those interested in American economic power and its future.
Climate scientists have determined that we must act now to prevent an irreversible and catastrophic climatic tipping point, beyond which neither our own nor many other species can be assumed likely to survive. On the way to that bleak ending, moreover, extreme socio-economic injustice and associated political breakdown-now well underway in nations already hard-hit by environmental crisis-can be expected to hasten as well. The time has thus come to plan carefully, thoroughly, and on a scale commensurate with the crisis we face. This book, written by one of the key architects of the Green New Deal and prefaced by Representative Alexandria Ocasio-Cortez's former Chief of Staff, indicates how to structure Green New Deal finance in a manner that advances the cross-cutting goals of maximum financial and economic inclusion, maximally democratic decision-making, and an appropriate division of roles both among all levels of government and among public and private sector decision-makers. Integrating into one complete and coherent financial architecture such bold ideas as a 'People's Fed,' an interdepartmental National Investment Council, integrated state and regional public banks, a Democratic Digital Dollar and digital Taxpayer Savings and Transaction Accounts made part of the monetary policy transmission belt, and an economy-wide Price Stabilization Fund, this book is critical reading for policymakers and citizens looking for a fresh path forward towards a revived and sustainable, progressive and productive America.
Public-Private Partnerships (PPPs) - cooperative institutional arrangements between public and private sector actors - are now an increasingly relevant and globally popular public policy option. The authors argue that even though PPPs are still evolving, there is now sufficient research to bring these joint ventures to account and to provide lessons for the future. The aim of the book is to investigate how PPP reforms function in comparison to the more traditional methods of providing public sector services and infrastructure and who typically experiences the successes and failures of these reforms. The Challenge of Public-Private Partnerships advances recent thought on PPPs in the areas of risk transfer, financial implications, contractual matters, politics, management and accountability. International case studies are presented from the United Kingdom, Europe, the US and Australasia, and the authors delineate the experience of PPPs in areas such as infrastructure and human services. A strong thread of accountability is woven throughout the book, synthesizing common issues, separating the rhetoric from the performance reality and providing strategies for better meeting the various international challenges for future PPPs. Re-examining the myriad meanings and definitions given to PPPs, and presenting a range of theories and frameworks to improve understanding of PPP events and outcomes, this book will be of great interest to those involved in public administration and public policy-making.
FISCAL ADMINISTRATION, Tenth Edition, gives you the power to understand public finances as a participant who can put the process together, not just as a bystander. With U.S. federal, state, and local budgets, financial reports, and other documents, you can see how policymakers and administrators operate and learn skills needed to function in those systems. Chapters illustrate concepts and issues with case studies from the private and nonprofit sector as well as from government finance.
CONTENTS: Urban Public Finance; An Introduction; Trends in Municipal Finances in India; The Impact of Municipal Finance & Governance on Urban Sprawl; Financing Urban Infrastructure: Innovative Financial Instruments for Cities; Unconventional Methods of Financing Urban Development: The Role of Public-Private Partnership (PPP); Expanding Local Government Resources for Capital Projects through Municipal Borrowing & other Market-Based Financing; Local Government Finance in India: Trends & Patterns of Select Municipal Corporations; Innovative Financing of Urban Infrastructure in India through Market-based Financing & Public-Private Partnership; Public Finance Challenges for Chinese Urban Development; Local Revenue Mobilization in Urban Settings in Africa.
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