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Institutional reforms and their contribution to development and growth have been a source of renewed interest as well as of many challenges over the last two decades. Identifying the forces that push towards reform and the conditions that determine the success or failure of reforms, building organizational arrangements needed to make modifications to the rules of the game sustainable, and understanding the limits to the transfer of reforms and to the help that international organizations and foreign institutions can provide to support change, raise intellectually difficult and politically highly sensitive issues. This book attempts to address these issues from an economic perspective. Combining knowledge and field experience, it develops an analysis of institutional changes and organizational transformations based on the experience of the public procurement reforms carried out in sub-Saharan Africa. This highlights the economic significance of procurement and the formidable obstacles that institutional changes face. Using an original dataset, it explores the gap between the expectations and what has been achieved. It develops a framework that intends to capture the complex interaction between the different components of reform and aims to provide useful insights for researchers and policy makers.
This monograph highlights the benefits of public-private partnerships (PPP) for Sub-Saharan Africa. By studying the intertwinement of mainstream and Islamic finance, the author shows how PPPs have emerged as a viable and efficient organizational vehicle for fair rules of economic cooperation where the trade-offs between profit maximization and social justice values required by Islamic finance occur within the organization. The book shows the assumptions under which such compromise is beneficial to all parties, including public entities, multicultural societies and private Islamic and conventional investors. It places particular emphasis on changing the principle of allocating public resources in the uncertain legal and economic environment of the region discussed. Given the cultural idiosyncrasies, political instability, and socio-economic turmoil but high development potential in Sub-Saharan Africa, PPPs with a heterodox approach may prove to be a game-changer in the region and a platform to find a compromise between the interests of various types of investors.
In the turbulent years between passage of the Federal Reserve Act (1913) and the Bretton Woods Agreement (1945), the peoples of the Western world suffered two World Wars, two major and several minor international financial panics, an epidemic of currency devaluations and debt repudiations, civil wars, and revolutions. They also enjoyed a decade of unprecedented prosperity and a decade of unprecedented depression and deflation. They also saw the beginning of a period of prolonged, world-wide inflation.No period in history could serve better as a case study for the analysis of applied economic policy. From his vantage point as economist for the Chase Manhattan Bank and editor of the Chase Economic Bulletin, who participated in much of what he records, Dr. Anderson here describes the climactic events of a turbulent era.Arthur Kemp is Professor Emeritus of Economics at Claremont McKenna College.
This book provides a comparative analysis of performance budgeting and financing implementation, and examines failures and successes across both developed and developing countries. Beginning with a review of theoretical research on performance budgeting and financing, the book synthesises the numerous studies on the subject. The book describes the situation in the US, Australia, New Zealand, Germany, Austria and Switzerland, Netherlands and Italy, as well as in seven developing countries - Bulgaria, Czech Republic, Slovakia, Slovenia, Ukraine, Russia and South Africa, at the national, and at the local level. Each chapter provides historical and descriptive details of successful or failed experiments in performance budgeting and performance financing.
Chinese multinationals have grown in size and increased their global presence dramatically over the last decade. They have emerged as formidable competitors for western incumbents. These firms have instigated profound changes, such as displaced trade and investment flows, new business models, and the emergence of a new geography of global innovation. In a single volume, The Era of Chinese Multinationals captures the forces driving the disruptive growth of Chinese multinational corporations. Following a presentation of the surge of Chinese companies, the book turns to corporate characteristics of those firms and how they compare with western multinationals in terms of revenues, profits, branding, and business strategy. The book uses data and case studies to depict the relevant issues with the goal of providing insights to global executives on collaborating and competing with Chinese companies.
When States Go Broke collects insights and analysis from leading academics and practitioners that discuss the ongoing fiscal crisis among the American states. No one disagrees with the idea that the states face enormous political and fiscal challenges. There is, however, little consensus on how to fix the perennial problems associated with these challenges. This volume fills an important gap in the dialogue by offering an academic analysis of the many issues broached by these debates. Leading scholars in bankruptcy, constitutional law, labor law, history, political science and economics have individually contributed their assessments of the origins, context and potential solutions for the states in crisis. It presents readers - academics, policy makers and concerned citizens alike - with the resources to begin and continue that important, solution-oriented conversation.
At least six different Universal Basic Income (UBI) experiments are underway or planned right now in the United States, Canada, the United Kingdom, Finland, and Kenya. Several more countries are considering conducting experiments. Yet, there seems to be more interest simply in having UBI experiments than in exactly what we want to learn from them. Although experiments can produce a lot of relevant data about UBI, they are crucially limited in their ability to enlighten our understanding of the big questions that bear on the discussion of whether to implement UBI as a national or regional policy. And, past experience shows that results of UBI experiments are particularly vulnerable misunderstanding, sensationalism, and spin. This book examines the difficulties of conducting a UBI experiment and reporting the results in ways that successfully improve public understanding of the probable effects of a national UBI. The book makes recommendations how researchers, reporters, citizens, and policymakers can avoid these problems and get the most out of UBI experiments.
Conventional wisdom holds that legislators who bring "pork"-federal funds for local projects-back home to their districts are better able to fend off potential challengers. For more than four decades, however, the empirical support for this belief has been mixed. Some studies have found that securing federal spending has no electoral effects at best or can even cost incumbent legislators votes. In Pork Barrel Politics, Andrew H. Sidman offers a systematic explanation for how political polarization affects the electoral influence of district-level federal spending. He argues that the average voter sees the pork barrel as an aspect of the larger issue of government spending, determined by partisanship and ideology. It is only when the political world becomes more divided over everything else that the average voter pays attention to pork, linking it to their general preferences over government spending. Using data on pork barrel spending from 1986 through 2012 and public works spending since 1876 along with analyses of district-level outcomes and incumbent success, Sidman demonstrates the rising power of polarization in United States elections. During periods of low polarization, pork barrel spending has little impact, but when polarization is high, it affects primary competition, campaign spending, and vote share in general elections. Pork Barrel Politics is an empirically rich account of the surprising repercussions of bringing pork home, with important consequences in our polarized era.
he financial consequences of the recession that spanned from December 2007 through June of 2009 has increased congressional interest in the financial health of state and local governments. State and local tax revenues declined, expenditures climbed, and debt increased. Even though tax revenue has begun to rebound, expenditures for unemployment benefits and other social programs remain elevated. In response to these state and local government fiscal headwinds, several hearings have been held early in the 112th Congress to examine the health of state and local government finances and the potential effects on the economic recovery. This book provides an overview of state and local government finances and how these governments incorporate borrowing into their budget and the debt parameters of each state.
This reprinted edition of a classic and truly seminal book, written by one of the leading thinkers in the field, represents the first comprehensive treatment of the economic theory of multi-level government. It explores the specific economic roles of the various levels of government, the assignment of different forms of taxation to central, state (provincial), and local governments, and the fiscal links between tiers of government provided by intergovernmental grants. This reprinted edition includes a new preface that briefly describes the origins of the book and comments on the evolution of the theory and practice of fiscal federalism since its original publication. The primary interest in the book will come from scholars and graduate students interested in multi-level public finance and public economics.
Public finance is an important branch of economics. Over the years it has become more important, more controversial, and more complex. Much of the academic writing on it is highly theoretical, and it is often done by economists who have had little real world experience. Vito Tanzi has been continually engaged in this field for almost six decades, as a professor of public finance, a practitioner of it in many countries, and as a researcher, and has witnessed first-hand the growing gap between theoretical work and the real life practice of public finance. Public finance has come to be increasingly influenced by the pursuit of multiple government goals and by the growing complexity that now characterizes fiscal policy and government programs in many countries. Notably, the goal of simplicity has played only a small role in the practice of public finance and in academic work. Complexity puts a dense fog around many policies, making it difficult to predict and assess the results. This book aims to highlight to both economists and policymakers the need for simplicity in policies. It also aims to inform students of public finance and public policy about this growing problem and the need to pay more attention to it.
Budgeting is probably the single most important function in government, considering the amount of money a government spends each year on various expenditure programs and activities, as well as the time it spends in preparing the budget, appropriating funds for these activities and, finally, executing them. This book integrates the complex theory and practice of public budgeting into a single text. Written in a simple, concise and easy to understand manner, The Fundamentals of Public Budgeting and Finance captures the multidimensional perspective of public budgeting that students, as well as practitioners will find useful.
This book provides a self-contained presentation of the statistical tools required for evaluating public programs, as advocated by many governments, the World Bank, the European Union, and the Organization for Economic Cooperation and Development. After introducing the methodological framework of program evaluation, the first chapters are devoted to the collection, elementary description and multivariate analysis of data as well as the estimation of welfare changes. The book then successively presents the tools of ex-ante methods (financial analysis, budget planning, cost-benefit, cost-effectiveness and multi-criteria evaluation) and ex-post methods (benchmarking, experimental and quasi-experimental evaluation). The step-by-step approach and the systematic use of numerical illustrations equip readers to handle the statistics of program evaluation. It not only offers practitioners from public administrations, consultancy firms and nongovernmental organizations the basic tools and advanced techniques used in program assessment, it is also suitable for executive management training, upper undergraduate and graduate courses, as well as for self-study.
This book analyzes how the EU referendum in the United Kingdom came to pass and what the foreseeable consequences are for the UK, Europe, US and world economy. The Brexit decision represents a momentous event for Europe, which weakens the EU and shifts the global balance of power. Welfens argues the EU has lost its appeal and is not in keeping with the twenty-first century, which is being shaped by Asia and digital innovations. The subject of immigration from EU countries played a key role in the Brexit decision, with an anti-EU campaign that was profoundly biased. The estimated impact of the referendum was deeply distorted by the broadly inadequate information produced by the Cameron government, which omitted the expected 10 percent loss in income caused by leaving the EU. With this this information, there could have been a clear pro-EU majority. In the absence of a second referendum, one cannot know what the British electorate really wants. Both the Brexit decision and new President of the United States Donald Trump's approach to European disintegration dynamics also raise serious questions about the future of transatlantic relations.
This book explores the economic and social development of the Western Balkan region, a group of six countries that are potential candidates for EU membership. It focuses on the key economic issues facing these countries, including the challenge of promoting economic growth, limiting public deficits and debt, and fostering international trade relations. Given the severe impact of the recent economic crisis on social welfare in the region, it also investigates the nature and extent of social exclusion, a factor likely to produce future political instabilities if not effectively addressed by a return to sustainable economic growth. The contributions explore these issues in light of the major influence of EU policy instruments and advice, which are currently guiding the economies along an accession trajectory to future EU membership.
Public-private partnership (PPP) projects have been used throughout the world for many years to facilitate major public projects. Post credit crunch, many governments remain committed to this form of finance as part of their strategy to stimulate their economies and maintain public services. This wholly updated second edition once again examines from a commercial perspective the major sectors where PPP structures have been successfully employed. The second edition features new chapters on social housing, waste management and the use of PPP across continental Europe. Leading practitioners analyse structures and topical developments, and address overarching issues such as the role of financing institutions and EU procurement rules. If you need to understand the latest techniques relevant to a particular sector in PPP or to understand how responses have developed in jurisdictions where PPP is firmly established might be applied to new markets, this book will be an invaluable tool in your research. This new edition is essential reading for in-house counsel and private practice lawyers, facility managers, technical advisers and those working in government departments and agencies.
Handbook of Green Economics reveals the breadth and depth of advanced research on sustainability and growth, also identifying opportunities for future developments. Through its multidimensional examination, it demonstrates how overarching concepts, such as green growth, low carbon economy, circular economy and others work together. Some chapters reflect on different discourses on the green economy, including pro-growth perspectives and transformative approaches that entail de-growth. Others argue that green policies can spark economic innovation, particularly in developing and emerging market economies. Part literature summary, part analysis and part argument, this book shows how the right conditions can stimulate economic growth while achieving environmental sustainability. This book will be a valuable resource for graduate students and academic researchers whose focus is on the green economy. With an increasing interest in the topic among researchers and policymakers, users will find different theoretical perspectives and explore policy implications in this growing subject area.
This book advances a social-theoretic treatment of public finance, which contrasts with the typical treatment of government as an agent of intervention into a market economy. To start, Richard Wagner construes government not as an agent but as a polycentric process of interaction, just as is a market economy. The theory of markets and the theory of public finance are thus construed as complementary components of a broader endeavor of social theorizing, with both seeking to provide insight into the emergence of generally coordinated relationships within society. The author places analytical focus on emergent processes of development rather than on states of equilibrium, and with much of that development set in motion by conflict among people and their plans. Some of the book's defining characteristics include: * Budgets emerge through organizationally constituted political entrepreneurship * Government is construed as a process of interaction and participation and not as a unitary entity of intervention * Government and markets are incorporated into a unified theory of property which is traced to human nature and its requirements for both autonomy and solidarity. Richard Wagner's book will be of interest to researchers in public finance, public choice, Austrian economics, political science and public policy.
Block grants are a form of grant-in-aid that the federal government uses to provide state and local governments a specified amount of funding to assist them in addressing broad purposes, such as community development, social services, public health or law enforcement. Block grants advocates view block grants as a means to increase government efficiency and program effectiveness by redistributing power and accountability through decentralisation and partial devolution of decision-making authority. This book provides an overview of the six grant types; examines competing perspectives concerning the use of block grants versus other grant mechanisms to achieve national goals; provides an historical overview of the role of block grants in American federalism; and examines recent changes to existing block grants and proposals to create new ones.
This book explores how the issues of transportation strategy and environmental sustainability interact in the context of megacities, especially those megacities in the developing world where the rapid rates of growth in population and economic development outpace the supply of infrastructure. While much of the current literature assumes a tradeoff between transportation and environmental sustainability, this book looks to the synergy between the two if public policies are crafted in the proper way. Transportation infrastructure capacity is typically a serious constraint in urban areas worldwide. Problems in providing additional infrastructure a" whether related to available financial resources, environmental protection, local institutional capabilities, available technology, available land and land use, social disruption, and other factors a" tend to be magnified in rapidly developing megacities. Given the reality of these constraints, there are nevertheless several ways in which the demand for transportation and the efficient operability of the available supply can be managed successfully to relieve the pressure on existing infrastructure, accommodate the time needed to build additional capacity, and balance the competing requirements among urban mobility, economic development, and environmental sustainability such that each area sees gains. This book demonstrates how transportation strategy and environmental sustainability can be pursued in a comprehensive and harmonious, rather than unconnected and potentially conflicting, set of public policies. It applies lessons from several urban areas around the world (e.g., Bogota, Singapore, Mexico City, Sao Paulo), including both"success stories" and less successful "hard-won lessons," to a case study in Guangzhou. From these examples, a number of useful guidelines emerge on how the competition for resources between transportation policy and environmental sustainability can be resolved to support continued economic development in megacities. Among the themes identified in the book that contribute to a successful, sustainable transportation strategy are the need for a comprehensive approach that is tailored to local institutional and cultural norms, the need to understand the tradeoffs among competing goals and resolve them in a balanced strategy, the importance of demand-side management as compared to traditional approaches of investment in new capacity, the usefulness of a range of options in public-private partnerships to strengthen the financial and institutional capabilities needed for sustainable transportation, and a" regardless of the policy that is finally implemented a" the critical role of government in providing leadership and the underlying institutional framework needed to ensure success.
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.
From 1978 through the turn of the century, China was transformed from a state-owned economy into a predominantly private economy. This fundamental change took place under the Chinese Communist Party (CCP), which has been ideologically and politically predisposed to suppress private ownership. In Dancing with the Devil, Yi-min Lin explains how and why such a paradoxical reality came about. He shows that private ownership became a necessary evil for the CCP because the public sector was increasingly unable to address two essential concerns for regime survival: employment and revenue. Focusing on political actors as major change agents, Lin examines how their self-interested behavior led to the decline of public ownership in the context of China's evolving demographics and fiscal system. The constraints and incentives associated with these factors help explain CCP leaders' initial decision to allow limited private economic activities at the outset of reform. They also shed light on the ballooning opportunism among lower officials, which undermined the vitality of public enterprises. Furthermore, they hold a key to understanding the timing of the massive privatization in the late 1990s, as well as its tempo and spread thereafter. Dancing with the Devil illustrates how the driving forces developed and played out in these intertwined episodes of the story. In so doing, it offers new insights into the mechanisms of China's economic transformation and enriches theories of institutional change.
At the turn of this century, the American national debt stood at just under $6 trillion and the deficit at a mere $86 billion. Today, the national debt has topped $15 trillion, and the yearly deficit for 2012 is projected at a whopping $1.2 trillion. This new, second edition of Deficits: Why Should I Care? updates all the statistics, charts, and forecasts, while adding a new chapter on how global economies now, for better or worse, affect the U.S. debt and the annual budget deficit. It also includes a new appendix detailing how the U.S. political parties view the debt issue. According to the U.S. Treasury Department's Annual Report on the Public Debt, the debt is estimated to hit $19.6 trillion by 2015. The federal government has borrowed roughly 40 percent of its total budget for the last several years, a trend that could leave the U.S. in an economic crisis. Astronomical interest payments, a debt burden to your children and grandchildren, and an increased reliance on foreign creditors are just a few of the problems. Although the U.S. has experienced soaring unemployment, stagnant production, and a crippled housing market, foremost on many economists' minds are rising deficits and ballooning debt.Others feel fears of the national debt are overblown or pale in comparison to today's economic problems. This clear, concise book will give you the need-to-know on the debt. You will learn: * How to calculate deficits and the national debt * The history of U.S debt and its recent unparalleled growth over the years * How and why the government borrows money * The economic arguments for, and against, accruing a debt * Could we become like Greece if we don't cut our deficit? * The impact of the debt on interest rates and inflation * The impact of the debt on the value of the dollar and U.S. economic power This book also answers key questions: Can the government go bankrupt? Why have there seemingly been no repurcussions of the large debt to date and is that likely to change? When the interest on the debt becomes higher than the revenue of the government, what happens? And many more practical insights into the government debt controversy. Business professionals, parents, retirees, and students are all concerned about the debt. This quick read will provide an understanding of the ramifications of the rising debt and what the consequences may be.What you'll learn * Why the debt now could be a problem when people have been crying wolf about it for for the last 40 years * How the world economy affects the U.S. debt and deficit * What the government can do to reduce the debt and the implications--especially for such programs as Medicare and Social Security * The long-term implications of the debt * Methods and tactics for balancing the budget * When accruing a debt makes sense and when it does not * Action steps for monitoring the debt Who this book is for Deficit: Why Should I Care? is written for the busy business professional, concerned parent, retired worker, or student. While academic and theoretical texts on the subject lack brevity, this book will help you understand the seriousness of the debt issue in a clear, concise format. This work has been condensed into eight need-to-know chapters, each containing the key points necessary for understanding this complex economic issue affecting the economic future of all Americans.Whether you are a businessperson concerned about the economy, a parent anxious about the debt burden of your children and grandchildren, a retiree fretful about programs like Social Security, or a student who needs additional information to supplement a textbook, this is the book for you. The appendix provides a website selection covering government agencies, economic sources, and academic sites to assist you in finding the most up-to-date information on the debt drama.
This book is an introduction to the history of - and current measurement practice of - inflation for the United Kingdom. The authors describe the historical development of inflation measures in a global context, and do so without using formal mathematical language and related jargon that relates only to a few specialist scholars. Although inflation is a widely used and quoted statistic, and despite the important role inflation plays in real people's lives - through pension uprating, train tickets, interest rates and the work of economists - few people understand how it is created. O'Neill, Ralph and Smith mix historical data with a description of practices inside the UK statistical system and abroad, which will aid understanding of how this important economic statistic is produced, and the important and controversial choices that statisticians have made over time.
This book explores the role of national fiscal policies in a selected group of Euro-area countries under the European Economic and Monetary Union (EMU). In particular, the authors characterize the response of output to fiscal consolidations and expansions in the small Euro-area open economies affected by high public and private debt. It is shown that the macroeconomic outcome of fiscal shocks is strongly related to debt levels. The Euro-area countries included in the investigation are Greece, Ireland, Italy, the Netherlands, Spain, and Portugal, over the sample period 1999-2016, i.e., the EMU period. The main econometric tools used in this research are structural vector autoregressive (VAR) models, including panel VAR models. The available literature relating to the subject is also fully reviewed. A further closely investigated topic is the potential spillover effects of German fiscal policies on the selected small Euro-area economies. Moreover, in the perspective of the evolution of the Euro Area towards a full Monetary and Fiscal Union, the authors study the effects of area-wide government spending shocks on aggregate output and other macroeconomic variables during the EMU period. The closing chapter of the book considers evidence on the consequences of austerity policies for European labour markets during recent years.
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