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.

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.

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.

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.

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.

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.

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.

Tax Havens for International Business is a special management report that shows how the establishment of a tax haven operation, in any of many locations worldwide, can save more money than any internal tax-shelter programme. This volume provides a comprehensive, step-by-step plan that simplifies the myriad complexities surrounding the formation and incorporation of branch offices and subsidiary companies within such tax havens as the Bahamas, Bermuda, the Cayman Islands, Greece, Hong Kong, Luxembourg, Malta, The Netherlands, Panama, Puerto Rico, and Switzerland. In addition, it presents detailed information on each tax haven's economic, legal, political, cultural and geographical aspects, which must be considered if such an enterprise is to operate successfully.

It is really no longer necessary to stress the importance of availing of sound statistical information on the environment. Originally .limited to circles of insiders and experts this message has now fully reached political decision makers and the general public at large. In this procedure macro-economics has - sumed a particular role, e.g. when evaluating related financial implications but also when propagating alarming overall figures on the harm this generation is doing to our environment. Accordingly, the need is o >vious to further promote the development of international standards and - operation in the field of environment statistics in general and environmental economic accounts in p- ticular. Therefore, the AiJstrian Statistical Society (ASS) together with the Austrian Central Statistical Office (ACSO) with pleasure hosted the IARIW Special Conference on Environmental Economic Accounts, in May 1991. These institutions are similarly pleased that now this publication on the proceedings of this Conference can be presented. They connect this with grateful thanks to all those who contributed to the successful completion of this work, in particular the authors and the editors. The impression seems warranted that the outcome of this coordinated overall endeavour was more than just better mutual understanding, viz. something like an increasing consciousness of the common - nominator tending to expand.

This work challenges the theories of public goods, public enterprise and public choice on three fronts. Government action reflects wider interests and commitments than just the material self-interest assumed as primary by the three theories. Government contributes to the productivity and quality of the modern mixed economy in ways not captured by theories stressing the inherent superiority of private markets. Lastly, old and new ideas within established traditions of political thought justify government action beyond the libertarian argument for limited government.

T he generational wars are about to begin: competing for entitlements, wrestling over taxes, dancing around the deficit. Today's children and grandchildren are tomorrow's taxpayers and social fabric. The authors of Payment Due contend that our current policies of federal overspending are setting those children up for economic disaster. Former Representative Tim Penny (D-MN) knows how volatile the politics of the situation are; he retired because he couldn't locate in Congress at large the institutional will (or stomach) to deal with the issues squarely. Political scientist Steven Schier understands the way in which the politics work against economics to solve the problem. Together, they take us inside the Capitol corridors to show us the lobbying, arm-twisting, and pork barrel politicking that goes on to derail policies designed to reduce the federal deficit. We get to play the "Washington Monument game" along with the worst of the offenders and to see firsthand how three schools of deficit thought-the wolves, pussycats, and termites-approach the prospect of cutting back federal outlays and weaning the great middle class from its own welfare dependency. A hallmark of the book is its three-tiered set of long-term entitlement reform proposals, complete with careful documentation of the contribution each recommended item makes toward reducing the federal deficit (or at least slowing its increase). Along with suggested short-term plans, these proposals give students the opportunity to try to solve both short- and long-term problems. Students will appreciate the timeliness and relevance of the book's argument to their generation's future plight, and all readers will benefit from the clear presentation of complex economic concepts and arguments essential to understanding the federal deficit debate-and to confronting the political, social, and moral payments now coming due.

For years now, Americans have called for a balanced budget, debt reduction, and fiscal sanity. Yet the federal government continues to spend beyond its income, driving the level of federal debt up and public confidence down. Why is that? Why have the monsters of public finance--pork-barrel spending, entitlements, and the deficit--remained unchecked for so long? What effects have they had on our economy and our politics? What, if anything, can be done to tame them?This concise, well-written primer of American political economy offers answers to these questions and more, all the while covering a vast and complicated intellectual terrain in an accessible and engaging way. Political scientist G. Calvin Mackenzie and economist Saranna Thornton combine forces here to clear up some of the mysteries of contemporary economic theory and practice. They take us on a sweeping tour of the economic turning points in our national history and then go on to discuss what it will take to make sound economic policy and, ultimately, good government for the twenty-first century.Everyone--but especially students of American government, public policy, economics, and business--should have a copy of this on the shelf to help them make sense of the economic news and its political ramifications.

This book discusses the role of public-private partnerships (PPPs) in global transportation infrastructure. Seen as a way to provide vital services in an era of shrinking government budgets, public-private partnerships have become an increasingly important part of travel infrastructure worldwide. This book describes and analyzes the structure of various models of PPPs in various countries, evaluating their effectiveness, and drawing policy implications for future use. Written by leading international researchers and practitioners in the transportation field, each chapter is a case study on the adoption, implementation, and outcome of transportation services in different municipalities. Taken together, these diverse case studies provide an integrated framework for evaluating and using PPPs. Providing rigorous empirical analysis of PPPs in transportation, this volume will be of interest to researchers in public administration, political science, and economics as well as practitioners and policymakers involved in establishing and monitoring PPPs in transportation.

A survey of governmental industrial policy in Britain from 1900 to 1990, revealing both the macroeconomic context of such policy and the microeconomic effects. Dr Tomlinson is a reputable scholar of government policy over this period, and this book illuminates both the formation of policy, and the capacity of each government to fulfil its aims.

Studies of the recent financial crisis have been largely dominated by economists, but the similarities and differences between European countries' response reflect both economic and political perspectives which have resulted in considerable differences in their decisions. Drawing on uniquely comprehensive research data, this book presents an in-depth comparative analysis of how 14 European governments tackled the challenge of fiscal consolidation, and analyses the political decision-making behind these measures. By exploring national responses not just in fiscal terms, but also from a political perspective, it reveals that decision making has been driven by political factors with profound effects on public administration and management. This ground-breaking book fills an important gap in the research literature for scholars of public management, public administration and policy, and will be a benchmark for future work on the global economic crisis.