Since the break-up of the Soviet Union in 1991, Russia has experienced a process of rapid fiscal decentralisation: its 88 regions are now in charge of almost half of total budgetary expenditure, while an overhaul of the revenue allocation system has given them substantial control over locally collected revenue. These regions are highly diverse in climate, natural resources and economic development, with some much better equipped than others to adjust to market conditions. Fiscal Federalism in Russia examines the combined impact of decentralisation and diversity on regional equality of service provision and in particular the provision of education. The book begins with an analysis of the system of intergovernmental transfers and goes on to explore the nature and extent of disparities in education spending, paying particular attention to regions where spending has fallen furthest. The book also contains a case study of the allocation decisions affecting the education sector within a single region, Novgorod Oblast, in North-West Russia. Based entirely on field research, the study provides a rare insight into the decision making process at regional and local level, as well as an analysis of the extent of internal revenue and spending disparities. Academics, researchers and those interested in decentralisation or the economics of transition will warmly welcome this detailed analysis of the direction and impact of inter-governmental transfers in Russia.

The valuation of the liability structure can be determined by real options because the shares of a company can be regarded as similar to the purchase of a financial call option. Therefore, from this perspective, debt can be viewed as the sale of a financial put option. As a result, financial analysts are able to establish different valuations of a company, according to these two financing methods. Valuation of the Liability Structure by Real Options explains how the real options method works in conjunction with traditional methods. This innovative approach is particularly suited to the valuation of companies in industries where an underlying asset has high volatility (such as the mining or oil industries) or where research and development costs are high (for example, the pharmaceutical industry). Integration of the economic value of net debt (rather than the accounting value) and integration of the asset volatility are the main advantages of this approach.

Law and the Financial System: Securitization and Asset Backed Securities provides students and practitioners with a comprehensive source of materials and references for understanding the process and issues that surround the conversion of illiquid financial assets into tradable securities. The book begins with an overview of the financial system and the place of securitization in the system. The book focuses on the process and law of securitization and is derived largely from Tamar Frankel's treaties, Securitization (2nd ed. 2005). The book concludes with a global view of securitization and an assessment of the impact and future of securitizing financial assets. The legal text is enhanced with case studies and simulation exercises that bring context and practical application to the subject. Study questions covering law, business and public policy provide students with an opportunity to discuss and debate areas where answers are complex and often indeterminate. Simulation exercises enable students to test their own ideas with their peers using real world examples. The book can be used as a stand alone course on securitization or as a supplementary text for courses on financial regulation. Practitioners will find the book a useful desk reference. This is the second book co-authored by Mark Fagan and Tamar Frankel. The first was "Trust and Honesty in the Real World" (2007). About the authors: Tamar Frankel authored Fiduciary Law (2008), Trust and Honesty, America's Business Culture at a Crossroad (2006), Securitization (2d.ed 2006), The Regulation of Money Managers (2d ed. 2001 with Ann Taylor Schwing), and more than 70 articles. A long-time member of the Boston University School of Law faculty, Professor Frankel was a visiting scholar at the Securities and Exchange Commission and at the Brookings Institution. A native of Israel, Professor Frankel served in the Israeli Air Force, was an assistant attorney general for Israel's Ministry of Justice and the legal advisor of the State of Israel Bonds Organization in Europe. She practiced in Israel, Boston and Washington, D.C. and is a member of the Massachusetts Bar, the American Law Institute, and The American Bar Foundation. Mr. Fagan's research centers on the role of regulation in competitive markets. He has written about the impact of deregulation in the financial, transportation and electricity sectors. He teaches courses and guest lectures at Boston University School of Law and at Harvard Kennedy School. He has been a frequent seminar speaker at Harvard Kennedy School's Mossavar-Rahmani Center for Business and Government; recent topics include the subprime disaster, securitization, Ponzi schemes, and financial bubbles. Mark Fagan is a founding partner of Norbridge, Inc. a general management consulting firm. He works with clients in the transportation, telecommunications and utility industries as they grapple with increasing shareholder value in a deregulated world. Prior to Norbridge, he was a Vice President of Mercer Management Consulting.

Money, Coordination and Prices explains the phenomenon of nominal price rigidity as a characteristic of a monetary economy by means of an innovative combination of insights, using several strands of economic thought, to analyse the monetary economy. The work connects neoclassical and New Keynesian explanations of the use of money and nominal price rigidity and provides heterodox analyses of the two phenomena. The author integrates the mainstream approach with views from institutional and evolutionary economics, as well as post Keynesian economics. Analyses include: * theories of money and nominal price stickiness * conventions and institutions in coordination problems * trust in a monetary economy * the stability of the monetary economy * the monetary economy as an open self-organizing system. This book will appeal to institutional, monetary, post Keynesian and neoclassical/mainstream economists and academics alike.

In recent years, household indebtedness in the United States reached its highest levels in history. From mortgages to student loans, from credit card bills to US deficit spending, debt is widespread and increasing. Drawing on scholarship from economics, accounting, and critical rhetoric and social theory, Kellie Sharp-Hoskins critiques debt not as an economic indicator or a tool of finance but as a cultural system. Through case studies of the student-loan crisis, medical debt, and the abuses of municipal bonds, Sharp-Hoskins reveals that debt is a rhetorical construct entangled in broader systems of wealth, rule, and race. Perhaps more than any other social marker or symbol, the concept of “debt” indicates differences between wealthy and poor, productive and lazy, secure and risky, worthy and unworthy. Tracking the emergence and work of debt across temporal and spatial scales reveals how it exacerbates vulnerabilities and inequities under the rhetorical cover of individual, moral, and volitional calculation and equivalency. A new perspective on a serious problem facing our society, Rhetoric in Debt not only reveals how debt organizes our social and cultural relations but also provides a new conceptual framework for a more equitable world.

From TikTok star and Your (favorite) Rich BFF Vivian Tu, the definitive book on personal finance for a new generation.

When Vivian Tu started working on Wall Street fresh from undergrad, all she knew was that she was making more money than she had ever seen in her life. But it wasn’t until she found a mentor of her own on the trading floor that she began to understand what wealthy people knew intuitively—the secrets to beating the proverbial financial game that has, for too long, been male, pale, and stale.

Building on the lessons she learned on Wall Street about money and the markets, Vivian now offers her best personal finance tips and tricks to readers of all ages and demographics, so that anyone can get rich, whether you grew up knowing the rules to the game or not. Vivian will be your mentor, dispensing fresh, no-BS advice on how to think like a rich person and create smart money habits.

Throughout the pages of Rich AF,Vivian will break down her best recommendations to help you:

• Maximize your earnings to get more out of your 9-to-5
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Flying into the Future explores the organization of air transport in the European Union. It analyses the nature of the industries supplying air transport services, the institutional structure of air transport services, and impediments to increased efficiency in the provision of air transport. The reduction in institutional barriers and regulations has led to a more efficient provision of air transport services in the EU. This book assesses the improvements in the efficiency of air transport services, and highlights institutional and physical problems impeding further efficiency gains. The authors examine airline operations, and the ability of two or more transport systems to operate effectively in tandem. They also consider how to make the boundaries between different transport networks invisible, as well as discussing issues of national organization and the juridical structures which impede operations. The analysis examines both the internal European Union market for air transport services and the links between it and the rest of the world. Other key issues discussed include: * EU air transport developments in the context of global markets * comparisons of recent developments in aviation policy between the EU and the United States * the problems of congestion in the air transport industry in Europe * the growth and significance of airline alliances. The authors not only consider the economics of European air transport but also legal, political, technical and geographical issues. They explore the problems of providing air transport in the context of inadequate information, institutional constraints, inherent market imperfections and imprecise objectives. Flying into the Future will be essential reading for industrialists, policymakers and academics interested in transport economics and transport policy.

This study explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to one another. It builds the case for the pension-improving benefits of global asset diversification, and analyses the implications of financial reform.

Global Bank Regulation: Principles and Policies covers the global regulation of financial institutions. It integrates theories, history, and policy debates, thereby providing a strategic approach to understanding global policy principles and banking. The book features definitions of the policy principles of capital regularization, the main justifications for prudent regulation of banks, the characteristics of tools used regulate firms that operate across all time zones, and a discussion regarding the 2007-2009 financial crises and the generation of international standards of financial institution regulation. The first four chapters of the book offer justification for the strict regulation of banks and discuss the importance of financial safety. The next chapters describe in greater detail the main policy networks and standard setting bodies responsible for policy development. They also provide information about bank licensing requirements, leading jurisdictions, and bank ownership and affiliations. The last three chapters of the book present a thorough examination of bank capital regulation, which is one of the most important areas in international banking. The text aims to provide information to all economics students, as well as non-experts and experts interested in the history, policy development, and theory of international banking regulation.

This book provides an overview of private real estate markets and investments. The 14 chapters are divided into three sections for conventional and alternative real estate investments and regulatory issues. Conventional investable real assets examined are retail spaces, apartments, offices, and industrial facilities owned by corporate entities. Alternative real estate assets are uniquely and extensively addressed. These include healthcare, both for facilities and the pricing to make it an investable asset; infrastructure contains roads, bridges, and public utilities; and resources are in land, agriculture, oil, and gas. The regulatory section includes appraisal and valuation, brokerage and transaction costs, sustainability, and green buildings. Readers should gain a greater appreciation of what is needed to be successful when investing in private real estate markets.
The share of real estate in institutional portfolios has risen above a previous 5% target, as investors avoid the risks of low interest rates. The world's wealth is shifting to emerging markets where real estate is already a dominant asset class and public securities markets are limited. Institutions with long horizons avoid publicly traded markets because they want to capture any premium from illiquidity. Real estate involves local and cultural restrictions on land usage, sustainability and on the regulation of the illiquidity.
For information about public real estate, read Public Real Estate Markets and Investments.

Richard Musgrave is one of the most eminent public finance economists of our time. In this third volume of essays, Professor Musgrave once more takes a broad view of fiscal institutions, their nature and functions. Traditions of fiscal theory and their impact on the author's work are discussed and their linkage to theories of the state and of distributive justice are examined. Selected topics include: the foundations of public finance, equity in taxation, tax reform, federalism and budget growth. Public Finance in a Democratic Society will be of interest to scholars and students of public finance, political economy and public policy.

This book explores whether foreign direct investment (FDI) can contribute to the competitiveness of industries in Central Europe and to narrowing the gap between these transition economies and countries within the European Union. The Czech Republic, Hungary, Slovakia and Slovenia have attracted substantial FDI since the beginning of their transition to a market economy. Using exhaustive empirical data, the authors demonstrate that foreign investment enterprises in Central Europe have higher allocative efficiency, promote macro- and microeconomic restructuring and foster the restructuring of the manufacturing sector in accordance with the host countries' comparative advantages. The case of Austria is used to demonstrate the possible benefits of FDI. On the other hand, high foreign penetration leads to the concentration of production and exports and makes the economy more vulnerable to external shocks. In addition, there may be unwelcome pressures on economic policy in order to maintain the country's position as a frequented investment target. However, the analysis in this book suggests that, on the whole, economies in transition can become more competitive more rapidly and more profoundly with the help of foreign direct investment. This book will be of interest to students and scholars of international economics, European studies, economies of transition and international business.

A compelling argument for placing entrepreneurship at the heart of economic development provides a guidebook for how this can be done efficiently, effectively, and equitably. Investing in Entrepreneurs: A Strategic Approach for Strengthening Your Regional and Community Economy offers a compelling argument for making the support of entrepreneurship the centerpiece of local and regional economic development—and provides a plan to make it happen. The book is organized around a tool, developed by the authors, that permits a community to strategically map and manage its business assets in a way that can transform its economy. Investing in Entrepreneurs begins with a reflection on the importance of entrepreneurship, a discussion of its diminished place in economic development, and a call for its rise back to prominence. The importance of managing entrepreneurial assets is discussed, followed by a thorough articulation of the author's tool for accomplishing this in a holistic and strategic manner. Examples drawn from the authors' fieldwork illustrate the many ways in which the tool can be utilized to guide economic development efforts. A final chapter discusses possible resistance to this innovation and how that resistance can be successfully addressed.

The Institute of Chartered Accountants Australia s Auditing, Assurance and Ethics Handbook 2013 incorporates all of the Australian Auditing and Assurance Standards in Clarity format, Guidance Statements and Professional and Ethical Standards issued as at 1 December 2012. New to the 2013 edition are: * The Standard on Assurance Engagements ASAE 3410 Assurance Engagements on Greenhouse Gas Statements * Two new Standards on Assurance Engagements ASAE 3420 and ASAE 3450, which relate to assurance engagements in the context of fundraisings * The Standard on Related Services ASRS 4450 Comfort Letter Engagements * Guidance Statement GS 020 Special Considerations in Auditing Financial Instruments * APESB Guidance Note GN 40 Ethical Conflicts in the Workplace - Considerations for Members in Business Where necessary, Standards have also been updated for the minor amendments included in the AUASB s amending Standards. For material issued after 1 December 2012, please refer to auasb.gov.au and apesb.org.au, which are regularly updated throughout the year. The companion volume to this handbook, the Institute of Chartered Accountants Australia s Financial Reporting Handbook 2013, brings together all of the Australian Accounting Standards and Interpretations as issued at 1 December 2012.

Environmental taxes are considered one of the most attractive environmental policy instruments. However, many problems still prevent their widespread implementation. This impressive book offers a comprehensive, global and innovative treatment of the environmental tax issue. The author provides detailed economic analysis as well as practical policy suggestions and presenting numerous examples that have been successful in addressing complex issues as well as considering questions including: how should the instrument be designed? what to do with the tax revenues? how taxes could be made acceptable for industry, politicians and voters an analysis of the ethical issues of environmental taxation. This comprehensive treatment of environmental taxes will ensure the book's appeal to researchers, academics and students. It will also be of immense value to those working with the environment, as well as providing practical solutions to implementation problems faced by civil servants in central and local government.

Indirect taxes have become an increasingly important revenue-raising tool for governments in developed countries. In this book, John Creedy applies his wealth of experience and expertise to the analysis of indirect taxes and, in particular, concentrates on the modelling of indirect tax reform and its distributional implications.Initially, he examines the implications of alternative indirect tax systems and provides an introductory survey of various measures of welfare change and excess burden in the context of indirect taxes. He pays particular attention to the measurement issues involved and uses partial equilibrium models to uncover various aspects of tax reform. Specifically, he: addresses the questions of measuring welfare changes arising from price changes examines the built-in flexibility of various forms of consumption taxation calculates the possible redistributive effects of indirect taxes and illustrates his methods using case study examples of the indirect tax system in Australia examines the horizontal inequity of different consumption taxes considers the optimal direction of small changes in indirect tax rates analyses the positive and negative effects of a carbon tax Modelling Indirect Taxes and Tax Reform will be useful to scholars and policymakers interested in public economics and finance and modelling taxes.