This book contains new theoretical discussion and new empirical evidence on the way people think about and cope with the risks and uncertainties of modern life. The national surveys cover areas ranging from lone parenthood to medicine, from house purchase to long-term care, from personal finance to the welfare state. People's confidence in their capacity to cope with uncertainty is closely related to social class, gender and access to support networks. Policies that assume that people are self-interested rational actors are likely to produce unsatisfactory results and to damage the essential social capital of trust.

The introduction of the thesis consists of four parts: first, we motivate our chosen macroeconomic setting by looking at some real world phenomena. For a better understanding of these phenomena, we argue that the mutual dynamic interactions between flScal policy and financial markets need to be closely examined in a macroeconomic framework. Second, we review different strands of the economic literature in order to show that most of the literature has so far exclusively concentrated either on fmancial market dynamics or on flScal policy issues. We conclude that a more integrated model setting is called for in order to explain the dynamic interactions observed in reality. Third, we discuss at length the economic assumptions underlying our model. This avoids multiple repetition later on. Finally, we outline the structure of the thesis and the objectives we pursue in the different chapters. 1. 1 Motivation Fiscal policy and financial market reactions are increasingly receiving world wide attention. The most recent examples are the Maastricht criteria about flScal control, the South-East Asia financial crisis and the resulting IMF policy stance, the high level of public debt in developed and developing countries and the effect on interest rates and economic growth. In contrast to the still underdeveloped theoretical literature on these dynamic links, finding empirical evidence that supports the existence of these links is not a very hard task."

This book reflects the futuristic scientific view of the consequences of transition to Industry 4.0 for climate change. The authors present a systemic overview of the current negative consequences of digitization for the environment, new outlines of the energy sphere in Industry 4.0 and the change of the environment pollution level in Industry 4.0. The book also analyses the ecological consequences of growth and development of Industry 4.0, and considers Industry 4.0 as an alternative to fighting climate change. The book presents a view on fighting climate change in Industry 4.0 from the positions of shifting the global community's attention from environment protection to formation of the digital economy. A logical continuation of this book is a view from the opposite side, which would allow reflecting the contribution of Industry 4.0 into fighting climate change and the perspectives of harmonization of these top-priority directions of the global economy's development. This book will be of interest to academics and practitioners interested in climate change and development of Industry 4.0, as well contributing to a national economic policy for fighting climate change and corporate strategies of sustainable development in Industry 4.0.

"Performance Based Budgeting"is the next volume in the ASPA Classics series. It covers the most influential, paramount research articles published on public budgeting and finance. The book will surely be of great interest and use to anyone concerned with public budgeting, and anyone enrolled in, or teaching, a course on this topic in an MPA program or a doctoral program in public administration, public affairs, political science, or economics/public finance.

The global financial crisis of 1997-98 and the widening US trade deficit have precipitated fresh inquiry into a set of perennial questions about global integration and the US economy. How has global integration affected US producers and workers, and overall growth and inflation? Is a chronic and widening deficit sustainable, or will the dollar crash, perhaps taking the economy with it? If the problem was one of "twin deficits," as many thought, why has the trade deficit continued to grow even as the budget deficit narrowed to zero? If US companies are so competitive, why does the trade deficit persist? Is the trade deficit a result of protectionism abroad? Will it lead to protectionism at home? What role do international capital markets have? Each chapter presents relevant data and a simple analytical framework as the basis for concise discussions of these major issues. The final section of the book provides an outlook for the deficit and suggests alternative policy courses for dealing with it. This book is designed for policymakers and others who are interested in the US role in the world economy. It is also suitable for courses in international economics, business, and international affairs.

'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.

Challenging Neighbours provides wide coverage of the German and Dutch economies, from an institutional point of view. Pensions, competition policy, labour relations, corporate governance, and health care are among the topics for which the institutional setting and performance of Germany and the Netherlands are compared. The difficulties and successes the countries have in facing pressures from aging population, developments in technology, and global competition are traced back to their institutional roots, and lead to mutual lessons for institutional reform for German and Dutch policy makers.

A ruling party decides each of two periods on the level of public goods which it finances by means of taxation and internal debt. The debt has to be honoured by the government of the second period. Between the two periods elections take place, which may change the ruling party.
The book analyzes the fiscal decision of the first government which aims to maximize the long run utility of its representative voter. Conditions under which the government uses debt strategically in order to stay in power are identified. It is also shown how the fiscal decisions hinge on the populations' political structure and its beliefs about the future government.

This book discusses the Indian economic crisis and brings out what went wrong and the correction necessary for getting the economy back to high growth trajectory, leading to economic transformation. To do so, the book covers trends in performance of Indian economy since the Global Financial Crisis to the COVID-19 effect, bringing out factors that have determined the same. The book questions the approach to macroeconomic policy of both the RBI and the government and brings out what it takes for macroeconomic policy to be supportive of high growth. It contains revealing contrasts with East Asia and China, although India has the same potential to grow with an expansion of manufacturing. Overall, it argues that macroeconomic policies (as much as structural, industrial, and trade policies) have been deficient and even good initiatives on the industrial policy and trade flounder for the lack of a strategic approach to macroeconomics. The book highlights the special opportunities present in an emerging economy with vast under and utilised labour and the macroeconomic policy initiatives that can take advantage of this key feature. It covers the macroeconomic data on growth using multiple indicators, then the external shocks and the internal policy measures/responses; besides, GVA/GDP, credit, exports, external transactions, interest and policy rates, yields, exchange rates, money, capital flows, indices of industrial sector, price indices and inflation, government expenditures, tax rates, fiscal deficits, market uncertainty measures to present a holistic picture of the economy and the shocks and policy actions that have followed. The book uses an innovative method of presentation and the consistency of the trends/stances of both monetary and fiscal policy using these large number of variables. It discusses the debate on overestimation of GDP/GVA growth estimates over the years from 2011-12 to about 2016-17 comprehensively. There is special coverage of GST with a comparison with China. Coverage also includes performance since the COVID-19 crisis again using a large number of indicators and an explanation for the same in terms of the limitations of the government's initiatives to counteract. The book is a quick and ready reference of what has happened in macroeconomic terms to those interested in the relevant facts. It is of interest to international economists, policy analysts, and investors whose need to understand that the Indian economy in macroeconomic terms and in terms of the stances and penchant of the government and the RBI is of value.

Social Issues is a text for courses on social issues and policies. Given recent cuts in government budgets, issues such as taxation, welfare, health care, social security, and environmental protection are drawing increasing attention to the basic problems of how to divide resources equitably among all members of society. By combining perspectives from ethics, politics and economics, Social Issues delineates a `social ethics' which can be combined with basic economic theory to analyse and address these public policy problems.

Population aging raises a number of issues regarding the optimality of public debt policy and the systems of public pension provisions that are in use in developed countries. The studies in this book address these questions using computable general equilibrium models. They give illuminating insights and new empirical estimates of future prospects of pay-as-you-go pension schemes in the "big seven" OECD countries, the possible distortions introduced by the pension systems in four large European economies, the effects of lifetime uncertainty in analyzing a potential reform of the Dutch pension system, effects of increasing international mobility of financial capital to pension policies, and public debt reduction policies in relation to possible adverse effects of taxation on wage formation and unemployment.

This book presents a standardized framework for the analysis of family development and family policies in Europe. It offers an accessible and coherent account of how harmonized--or not--the various countries are in terms of cultural and political attitudes towards the family, as well as institutions.

Public policies increasingly emphasize active consumerism, entrepreneurship on the part of service providers and professionals, privatization, and an expanded role for markets. This text draws on research by economists, psychologists, sociologists and public policy experts. The research demonstrates that the traditional rational choice model of economic behaviour is unsatisfactory in providing accounts of the way people choose in relation to work, saving, spending, investment and social welfare. It also shows that the public policies of active consumerism, public sector entrepreneurship, and privatization based on this approach may be flawed.

This book provides a comprehensive treatment of traditional as well as newer topics in local public, fiscal and financial management principles and practices. It covers traditional topics of local public management, local revenue administration with special emphasis on property tax administration, local budgeting and accounting, and methods of capital finance. Newer topics covered include political economy of local government, fiscal rules for local fiscal discipline, local government integrity and performance accountability, and municipal mergers and inter-municipal cooperation based upon relative importance and political, fiscal and administrative autonomy of local governments. The treatment is non-technical and suitable for a wide variety of audiences including scholars, instructors, students, policy advisors, and practitioners.

Angesichts der tiefgreifenden A"nderungen der Transformationsprozesse im Finanzdienstleistungsbereich und in der betrieblichen Finanzwirtschaft sind innovative Financial-Management-LAsungen heute mehr denn je gefragt. Dieses Buch, welches sich gleichermaAen an EntscheidungstrAger und Fachexperten aus Praxis und Wissenschaft richtet, greift diesen Bedarf auf und prAsentiert richtungsweisende Forschungs- und Praxisarbeiten insbesondere in den Themenbereichen: Elektronische Finanzdienstleistungswirtschaft, Intermediation im elektronischen Wertpapierhandel/Online Brokerage, Risikomanagement und Kapitalallokation in Kreditinstituten und e-Insurance. Das Buch zeigt somit auf, welche vielversprechenden LAsungspotentiale durch den integrierten Einsatz informationstechnischer und finanzwirtschaftlicher Methoden und Konzepte erAffnet werden.

This interdisciplinary collection of essays takes a hard look at the gap between increasingly costs expectations of welfare including other social needs and available revenues. It shows that the issue is not a purely economic and certainly not a party-political one, but that it has significant ethical, some call it spiritual, components. From providing initially a broad account of welfare economics it presents contributions from political philosophers and theologians as well as accounts of successful initiatives to indicate the direction for solutions which will correspond to the complex realities of post-modern society.

Financial crises are recurring phenomena that result in the financial distress of systemically important banks, making it imperative to understand how to best respond to such crises and their consequences. Two policy responses became prominent for dealing with these distressed institutions since the last Global Financial Crisis: bailouts and bail-ins. The main questions surrounding these responses touch everyone: Are bailouts or bail-ins good for the financial system and the real economy? Is it essential to save distressed financial institutions by putting taxpayer money at risk in bailouts, or is it better to use private money in bail-ins instead? Are there better options, such as first lines of defense that help prevent such distress in the first place? Can countercyclical prudential and monetary policies lessen the likelihood and severity of the financial crises that often bring about this distress? Through careful analysis, authors Berger and Roman review and critically assess the extant theoretical and empirical research on many resolution approaches and tools. Placing special emphasis on lessons learned from one of the biggest bailouts of all time, the Troubled Asset Relief Program (TARP), while also reviewing other programs and tools, TARP and Other Bank Bailouts and Bail-Ins around the World sheds light on how best to protect the financial system on Wall Street and the real economy on Main Street.

This book is written primarily for a Scandinavian and European audience interested in regional policy and planning. Attention is placed on the transformation process in the Swedish economy and its implications for regional balances of socio-economic conditions and changes in spatial structures. Conditions in the United States, especially North Carolina, are used as a reference. The book is based on work originating within the framework of an international forum for exchange of ideas and co-operation between researchers, planners and practitioners, The Consortium for the Study of Perceived Planning Issues in Marginal Areas -PIMA. The group was established in 1989 and is interested in various aspects of marginal areas defined either in locational or developmental terms. Members of the core group represent universities in the United States, Sweden and Ireland. During recent years a subgroup within PIMA has focused attention on studies of areas located between urban centres and rural peripheries. These areas have been labelled Intermediate Socio-econornic Regions - ISER. Joint work between Sweden and North Carolina of a comparative nature has been conducted by the authors of this book and Professor Ole Gade and some of his students at Appalachian State University, North Carolina. This work has been published in proceedings from PIMA meetings (Planning Issues in Marginal Areas, Boone: Ole Gade, Vincent P. Miller Jr. and Lawrence M. Sommers, eds. 1991; Planning and Development of Marginal Areas, Galway: Micheal O'Cinneide and Seamus Grimes, eds.

The widespread debate on industrial mobility and on the consequences of industrial mobility for the income of local resources has motivated me to look closer at some immanent questions concerning optimal public policy. I think that regarding locations as endowed with some stock of local resources (especially local labour) and regarding local policy makers as interested in a high income of local resources is a quite realistic approach to the issue of rent-shifting public policy in view of industrial mobility. My attention has been especially drawn to the role of inter-industry mobility differentials for public policy. As soon as the discussion focuses on local resources, it becomes clear that the expansion of a mobile industry at some location will absorb local resources which may come from local immobile industries and that the contraction of a mobile industry will release local resources which may go to local illliIlobile industries. The present study is my dissertation for a doctorate in economics at the Universitat Mannheim. It evolved at the Universitat Mannheim, where I have been member of the Graduiertenkolleg Finanz- und Gutermarkte since October 1993, and at the University College London, where I stayed as a participant in the European Network for Training in Economic Research (ENTER) from November 1994 to April 1995. The implicit support by the Deutsche F orschungsgemeinschaft and the ERASMUS programme is gratefully acknowledged.

The book examines the effect of various public policies on economic performance in Japan. Various public policies include tax policy, regulation, macroeconomic policy, labour policy and some others. Many fields regarding economic performance are covered in this book: savings, portfolio choice, housings, investments, cost of capital, taxes, unemployment, wages, inequality, etc. Emphasis is placed on the examination of the two factor markets, namely, the capital and labour markets in Japan.

Economics for a Civilized Society incorporates both self-interest and civic value motivations to provide an understanding of how our economic system works and how we can develop economic policies that assures a prosperous and civil society. Conventional economics policies involving inflation, the money supply, unemployment, international trade and payments, require that some people suffer so that others thrive in a zero sum game context. Civilized economic policies will employ all of society's resources to work for the betterment of both individuals, families, and the community. From taxes to international trade, the Davidsons show how to surmount today's seemingly intractable economic problems with civilized programmes.

With the United States on the way to becoming an almost completely urban nation, the financing of cities has become an issue of great urgency; put simply, American cities do not have enough money. This book examines the role of local fiscal policies and fiscal politics in late nineteenth- and early twentieth-century America.

The treaty of Maastricht envisages the full economic and monetary union in Europe. With increasing real and monetary integration policy decisions in individual member countries tend to have a growing impact on the other member countries of the European Community. Against this background the following study analyses within a unified theoretical framework the impact of monetary and fiscal policy pursued by one country on its own macroeconomic performance as well as on those of the other member countries and of the rest of the world. The analysis contrasts the cases of a small and a large European union relative to the rest of the world and distinguishes very clearly between the short-run, the medium-run and the long-run effects. Based on this the consequences for union cohesion and the scope for policy coordination are discussed. Since the analytical framework is defined by a three country model many results from the traditional policy coordination literature which relies on two country models are qualified. In contrasts to most previous research in this area particular attention is paid to the implications of asymmetries between the EC member countries. Furthermore, the structural parameters are in some instances not taken as given but as responsive to the integration process. In this context numerous links to the traditional literature on optimal currency areas are established and interesting implications for union cohesion during the transition are derived.

This study was conceived while I was a research assistant in the Department of Development Economics at the University of Heidelberg. The atmosphere there stimulated my interest in the increasing importance of the instimtional dimension of development administration. Since the smdy consists of both theoretical and empirical data, a large number of very different people have helped me to successfully complete the project. For the theoretical parts and the overall framework I am indebted to my advisor Prof. Bruno Knall, Dr. Hans Christoph Rieger, and my colleague Karl Ludwig Brockmann of the Department of Development Economics. I also want to express my gratimde to Bernhard Warkentin, Micheline Beaudry-Somcynsky, Dr. Kraft, Prof. Seifert, Prof. Rifkin, Prof. Liesegang, and Prof. Kieser, who offered useful advice on the overall framework of the smdy. For the empirical parts, I am also indebted to a large number of people in many different organizations. In particular may I express my gratimde to Mr. Kano and Mr. Sasaki of nCA. With their kind assistance I could stay two times as a visiting researcher in nCA and could survey several projects in Thailand. I am greatly indebted to the nCA office and the project personnel there. The frank comments about their activities was a very useful source of information.

Locates the inefficiencies of the traditional public enterprise model within its management and contextual factors. The former include overprotection from consumer liability, statutory power to commit wrongs with impunity, and legal limitations on their liability for negligence.