Raising money was one of the great successes of the Irish government, as the funds provided the sinews of war with which to fight Britain. This book details the history of the financing of the Irish revolution from both domestic and international loans. Divisions in Irish society over the Anglo-Irish Treaty and the creation of the Irish Free State led to the outbreak of the Civil War. The Free State's ability to deny the anti-Treaty forces access to the loan funds through a ten-year court battle would prove a powerful weapon in defeating the Republicans.

The Dail government depended on the loans to finance their operations, and the failure of the anti-Treaty forces was due in part to their shortage of funds. International complications arose for the Free State when courts in Dublin and New York disagreed over dispersal of the money. Upon his return to government office, Eamon de Valera appealed to bond holders, particularly those in the United States, to give the loan money to him to found an opposition newspaper. Only when de Valera himself formed a government would all of the bond money be repaid. These events would raise questions of international law, and the results would shape Irish relations with the United States for a decade.

This book clarifies some misunderstandings about money by tying the concept of money to the goods and services sector of the economy. In addition, it demystifies the process of money creation on the part of central banks. The phenomenon of money is ubiquitous; it has been around for tens of thousands of years, if not longer. Indeed, no modern economy could function without money. For many, however, the concept of money remains elusive. Worse still, misinformation abounds, which leaves the uninitiated vulnerable to fraud. This lack of understanding has serious policy implications as well. When policymakers lack a firm grasp of the concept, policy is likely to be flawed and its effects are likely to be detrimental to the body politic. After providing a brief history of money, the author details the role of money in the division of labor and specialization, in economic growth, and in an interconnected world. Throughout the book, he points out the pitfalls of fallacious thinking. In recent policy debates, such thinking has led to proposals ranging from the re-institution of the gold standard to supplying limitless money as suggested by Modern Monetary Theory.

Operations research tools are ideally suited to providing solutions and insights for the many problems health policy-maker's face. Indeed, a growing body of literature on health policy analysis, based on operations research methods, has emerged to address the problems mentioned above and several others. The research in this field is often multi-disciplinary, being conducted by teams that include not only operations researchers but also clinicians, economists and policy analysts. The research is also often very applied, focusing on a specific question driven by a decision-maker and many times yielding a tool to assist in future decisions. The goal of this volume was to bring together a group of papers by leading experts that could showcase the current state of the field of operations research applied to health-care policy. There are 18 chapters that illustrate the breadth of this field. The chapters use a variety of techniques, including classical operations research tools, such as optimization, queuing theory, and discrete event simulation, as well as statistics, epidemic models and decision-analytic models. The book spans the field and includes work that ranges from highly conceptual to highly applied. An example of the former is the chapter by Kimmel and Schackman on building policy models, and an example of the latter is the chapter by Coyle and colleagues on developing a Markov model for use by an organization in Ontario that makes recommendations about the funding of new drugs. The book also includes a mix of review chapters, such as the chapter by Hutton on public health response to influenza outbreaks, and original research, such as the paper by Blake and colleagues analyzing a decision by Canadian Blood Services to consolidate services. This volume could provide an excellent introduction to the field of operations research applied to health-care policy, and it could also serve as an introduction to new areas for researchers already familiar with the topic. The book is divided into six sections. The first section contains two chapters that describe several different applications of operations research in health policy and provide an excellent overview of the field. Sections 2 to 4 present policy models in three focused areas. Section 5 contains two chapters on conceptualizing and building policy models. The book concludes in Section 6 with two chapters describing work that was done with policy-makers and presenting insights gained from working directly with policy-makers.

This book explores Portugal's response to the 2008 economic crisis and how the country regained the trust of the global capital markets through investor support. The experiences and successes of Portugal are compared with the other Eurozone countries, in particular Greece which had to negotiate a series of assistance programs, to highlight the strategies which helped lessen the impact of the debt crisis. This book aims to provide insight into the global investor ecosystem and to how financial globalization works in practice, illustrating how the multinational investor universe, the financial media, rating agencies, and how investment banks interact. It will be relevant to students and researchers interested in financial markets and political economy, and also financial market practicioners and policy makers.

Transport is a fundamental component of all modern economies. Transport Policy presents a wide ranging collection of previously published articles which aim to provide the reader with an understanding of the main elements of transport policy. Topics covered include: the objectives of transport policy, policy options, policy analysis and, through a series of case studies, policy implementation. This volume will be of particular interest to those academics and policymakers seeking an overview of the most important issues in the modern transport policy arena.

Basic income is one the most innovative, powerful and controversial proposals for addressing poverty and growing inequalities. This book examines the arguments for and against basic income from the point of view of economic and social justice.

This book is based upon a comparative public administration research project, initiated by the Hertie School of Governance (Germany) and the Bertelsmann Foundation (Germany) and supported by a network of researchers from many EU countries. It analyzes both the regimes and the practices of local fiscal regulation in 21 European countries. The book brings together key findings of this research project. The regulatory discussion is not limited to the prominent issue of fiscal rules but focuses on every component of regulation. Beyond this, the book covers affiliated topics such as the impact of regulation for local governments, evolution of regulation, administrative costs and crisis prevention. The various book chapters throughout provide a broad picture of local public finance regulation in theory and in practice, using different theoretical and national lenses for the analysis. Furthermore, the authors investigate the effects of budgetary constraints and higher-level regulatory efforts on local governments and on democracy and public services in every European country. This book fills a gap with respect to the lack of discussion on local government finance from an international, comparative perspective and, in particular, the regulation of local public finance. With its mix of authors, this book will be useful for practitioners as well as for scholars and for theory-driven research.

This volume presents interviews that have been conducted from the 1980s to the present with important scholars of social choice and welfare theory. Starting with a brief history of social choice and welfare theory written by the book editors, it features 15 conversations with four Nobel Laureates and other key scholars in the discipline. The volume is divided into two parts. The first part presents four conversations with the founding fathers of modern social choice and welfare theory: Kenneth Arrow, John Harsanyi, Paul Samuelson, and Amartya Sen. The second part includes conversations with scholars who made important contributions to the discipline from the early 1970s onwards. This book will appeal to anyone interested in the history of economics, and the history of social choice and welfare theory in particular.

This volume features a selection of contributions presented at the 2019 Wroclaw Conference in Finance, covering a wide range of topics in finance and financial economics, e.g. financial markets; monetary policy; corporate, personal and public finance; and risk management and insurance. Reflecting the diversity and richness of research in the field, the papers discuss both fundamental and applied finance, and offer a detailed analysis of current financial-market problems, including specifics of the Polish and Central European markets. They also examine the results of advanced financial modeling. Accordingly, the proceedings offer a valuable resource for researchers at universities and policy institutions, as well as graduate students and practitioners in economics and finance at both private and government organizations.

This book provides a comprehensive analysis of current techniques for profit shifting and tax base erosion in the area of corporate taxation and measurement. Firstly, it explains the relevance of the issue at hand - profit shifting and base erosion in the context of the 21st century. In turn, the book provides a comprehensive analysis of available techniques for the identification and measurement of profit shifting and base erosion, which adopt both the macro and micro perspective. It also provides examples from selected post-communist countries now in the EU, including the Czech Republic, Poland and Hungary. Concrete recommendations for economic policy round out the coverage.

Globalization and the information revolution have highlighted the catalytic role of local governments for improving economic and social outcomes at the local level as well as growing the national economy by enhancing international competitiveness. This comprehensive account of local public finance and economics brings together principles and better practices for improving quality and access of local public services provision. The volume covers assignment of responsibilities; jurisdictional design; local service delivery; local regulation; local self-financing options such as income, sales, property and environmental taxation, user charges and fees; infrastructure finance options; and higher order government financing of local governments. The treatment is non-technical and suitable for a wide variety of audiences including scholars, instructors, students, media, policy advisers and practitioners.

The field of economic demography has expanded in recent years because of the perceived relevance of economic constraints to family formation and to demographic behaviour. [The increased availability of household surveys from countries at all levels of development and the advances of methods for analysing such data have encouraged empirical extensions and the testing of household demand theories.]This authoritative collection presents in two volumes some of the influential ideas which have helped to adapt economic theory and methods to analysing the determinants and consequences of demographic behaviour and to relating such behaviour to the investments in human capital which account for much of modern economic growth. It focuses on the following topics: the estimation of wage functions - a key building block for economic demography because it explains how human capital formation affects human productivity and contributes to economic growth; health and longevity, the second most notable source of human capital accumulation; the evolution of the household production model; cooperative and bargaining approaches to the household entity; models dealing with fertility and female labour supply; models which examine the problems of fertility and investments in child quality; an exploration of how gender affects schooling, health and wage-earning potential; the effect on wages of the size and skill of the labour supply; some historical aspects of economic demography; the effects of population growth on economic development; and questions of savings, inheritance and the economic consequences of an aging population.

People covered by public pensions are often the subject of "pension envy": that is, their benefits might seem more generous and their contributions lower than those offered by the private sector. Yet this book points out that such judgments are often inaccurate, since civil servants hold jobs with few counterparts in private industry, such as firefighters, police, judges, and teachers. Often these are riskier, dirtier, and demand more loyalty and discretion than would be required of a more mobile labor force in the private sector. The debate challenges traditional ideas about how the public employee labor contract is structured and raises questions about how such employees are attracted to the public sector, retained and motivated on the job, and retired, via an entire compensation package of wages and benefits. Authors explore aspects of these schemes, addressing the cost and valuation debate, along with the political economy of how public pension asset pools are perceived and managed, an increasingly important topic in times of global financial turmoil. The discussion also explores ways that public pensions can be strengthened in the US, Japan, Canada, and Germany.
The volume captures a vigorous debate currently underway by academics, financial experts, regulators, and plan sponsors, all seeking to define a new future for public retirement systems. It will be of substantial interest to a wide range of readers, since public sector employees and their representatives will naturally find the comparisons and arguments over valuation of keen interest. Public pension administrators and policymakers seeking an explanation of what makes these plans so costly will gain a new understanding of how the arguments stack up. Private sector employers and plan sponsors can learn much from efforts to reform these retirement systems in states and countries around the world. Finally, investors and the taxpaying public more generally may be at risk to cover these long-term promises, so it behooves them to pay close attention to the financing and investment practices of these plans, along with their valuation.
This volume represents an invaluable addition to the Pension Research Council / Oxford University Press series as it includes actuarial, economic, and financial perspectives making it useful for academics, retirement plan administrators, and public employees wishing to understand the challenges facing public pensions.

The proceedings shed light on selected topics including economic management, public administration, and green development. Featuring scholarly works from the 4th International Conference on Economic Management and Green Development (ICEMGD 2021), this volume of proceedings showcases the papers composed with regard to a diverse range of topics situated at the intersecting field of Economic Management, Public Administration and Green Development. Arising as the top concern of the global community, issues of green development impose challenges for the academia to bridge the interdisciplinary prowess in tackling the gap of knowledge within concerned fields. ICEMGD 2021 is an annual conference initiated by the year of 2017 under the goal of bringing together intellectuals from economics, business management, public administration, and otherwise related spheres for the share of research methods and theoretical breakthroughs. The aim of the proceeding volume is for the integration of social scientific research methods with research into alarming development issues. The ICEMGD 2021 seeks to promote joint initiatives among well-established fields like macro- and microeconomics, international economics, finance, agricultural economics, health economics, business management and marketing strategies, regional development studies, social governance, and sustainable development. Featuring interdisciplinary contributions, this book will be of interest to researchers, academics, professionals and policy makers in the field of economic management, public administration, and development studies.

This collection of essays presents new insights into the analyses of public debt theory, recent historical episodes, econometric analyses of public debt and policy dilemmas and options. The subjects covered include optimal debt policy, the role of deficits as a temporary stimulus in the course of disinflation, the intergenerational equity aspects of public debt, public debt problems in developing countries, indexing public debt for inflation and various conceptual, accounting and measurement issues in obtaining accurate information on deficits and public debt as well as their impact on aggregate economic activity. The studies document the explosion of public debt, the potential benefits and costs associated with this explosion and the perceptions of the debt problems from the viewpoints of various national economies as well as the world economy. Professor Arrow was awarded the Alfred Nobel Memorial Prize in Economic Science in 1972.

"This book is able to explain and analyze what has eluded both scholars and thought leaders in business and the media - how and why populism has grabbed center stage. Highly recommendable." -David B. Audretsch, Indiana University Bloomington, USA "Welfens provides valuable insight into US politics and describes the strategic options for Europe going forward." -Barry Eichengreen, University of California, Berkeley, USA "With great skill Welfens traces the implications of US populism for the global economic system." - Jeffrey D. Sachs, Columbia University, USA "This critique of Trumps fiscal and international trade policies and their weak intellectual basis deserves the attention of US and European readers alike" -Richard H. Tilly, University of Munster, Germany What lies behind the Trump victory of 2016 and the US' new raft of economic policies? Is a populist presidency in the United States likely to be a temporary phenomenon or a structural long-term challenge? In an era of declining multilateralism, what can the US still stand to learn from Europe, where several countries have effective lifetime economic welfare equal to that of the US - and what can the EU learn from the US in return? Furthermore, what international economic dynamics can be expected from the Sino-US trade conflict and can globalization be maintained? In this timely volume, Paul Welfens provides a rare, clear-sighted and scholarly analysis of the global problems created by Trump's protectionism and economic policy. He leverages his understanding of these problems to make concrete policy suggestions that could help prevent the world economy from falling back into a variant of the Great Powers regime of the late nineteenth century.

This book focuses on development of blockchain-based new-generation financial infrastructures, in which a systematic, complete theoretical framework is proposed to explore blockchain-based securities trading platform, central securities depository (CSD), securities settlement system (SSS), central counterparty (CCP), payment system (PS) and trade repository (TR). The blockchain-based new FMI has attracted much attention in the securities industry. At present, the cross-border depository receipt (DR) business faces a dilemma between efficiency and security. In this book, the author proposes a blockchain-based new DR solution, manifesting the potential for using blockchain technology in the FMI field. In addition, using Hashed Timelock Contract (HTLC) as the underlying technology in the DR scenario, specific process and operations are proposed for delivery versus payment (DvP), delivery versus delivery (DvD) or payment versus payment (PvP) and other exchange-of-value methods. This book further studies how to carry out opening positions, end-of-day settlement of margin, forced liquidation and settlement at maturity, for exchange-traded derivatives, such as futures and options, under the blockchain-based technological framework. Blockchain technology not only naturally fits into the decentralized or non-centralized characteristic of the OTC market but also can effectively address the pain points and difficulties of the OTC market. This book provides an in-depth analysis of existing specific issues in China's bond market, regional equity markets and asset management market, among other OTC markets, and proposes relevant blockchain-based solutions. Blockchain technology does not change the public policy objectives for FMI. The blockchain-based new FMIs are still subject to compliance, safety and efficiency requirements. This book provides a comprehensive assessment of the applicability of the Principles for Financial Market Infrastructures (PFMI) to them, in particular, analyzes their legal basis, off-chain governance and system security.

This book contains selected papers of the International Conference on Industrial Economics Systems and Industrial Security Engineering (IEIS 2020), which is co-organized by Beijing Jiaotong University, Budapest University of Technology and Economics, in July 25-28 2020. This book aims to provide new research methods, theories and applications from various areas of industrial economics and engineering. In detail the included scientific papers analyze and describe communication processes in the fields of industrial economics, industrial system, industrial security and engineering and other related areas. The variety of papers delivers added value for both scholars and practitioners.

Evaluation in recent decades has evolved from a tool for project appraisals to a more widely used framework for public decision-making and operational management. Most evaluation books are focused on traditional tools of analysis such as cost-effectiveness and cost-benefit analysis to the neglect of modern tools such as multi-criteria evaluation, social marginal cost of funds analysis, data envelopment analysis, results-oriented management and evaluation and theory based evaluations. This edited volume provides an easily accessible and comprehensive survey of both traditional and modern tools of analysis that are used in the evaluation literature to evaluate public projects, programs, policies and policy analysis and advice. The book will be of interest to students, scholars, researchers, practitioners and policy makers.

Today, the most pressing challenges for public economics are of macroeconomic nature: pensions, debt, income distribution, and fiscal sustainability. All these problems are compounded by the phenomenon of demographic transition and aging. This graduate textbook addresses these issues with the help of state-of-the-art macroeconomic tools that are based on a sound microfoundation and rooted in empirical evidence. Different from the standard partial-equilibrium analysis in traditional textbooks on public economics, the concept of general equilibrium helps to account for compensating or amplifying side-effects of economic policy. GAUSS and MATLAB computer code as well as teaching material (slides) are available as downloads from the author's homepage.

This book sheds new light on if and why, between 2009 and 2015, European governments succeeded or failed in initiating and actually realizing some of the farthest-reaching austerity plans in modern history. The author analyzes the economic and political context and the underlying causes of austerity and economic adjustment packages during the Euro crisis. In doing so, he shows that austerity has its roots in an institutional mismatch between capitalist diversity in the Eurozone on the one hand, and an ill-conceived common economic regime on the other. In this context, austerity trumped politics, and even democracy itself. The book will appeal to scholars of political science and comparative political economy, as well as governmental policymakers and practitioners in the finance sector.

Studies in Indian Public Finance is a comprehensive analytical study of Indian public finance evaluated in the background of theories and best practice approaches. It is a comprehensive analysis of the nature and composition of public spending and its financing. Beginning with normative questions on the role of the State, the book argues that public expenditure policies in India are dominated by political economy considerations. Low revenue productivity of the tax system has constrained the ability of the government to adequately finance physical and social infrastructure at required levels causing elevated levels of large deficits and debt threatening stability, and sustainability. The book also analyses the trends and issues in Indian fiscal federalism and evaluates the effectiveness of intergovernmental transfers in a country marked with wide inter-regional disparities. The analysis also extends to the devastating effects of the COVID-19 pandemic on Indian public finances. The book will be useful to students of economics, scholars working on the subject, and policy makers.

Is there a limit to technological advancements? Are technological advancements creating a more equal and fair world? Starting from influential thinkers driving a never-ending evaluation of development discourse - incorporating theories of modernisation, endogenous growth, globalisation, neoliberalism and several others - Seung-Jin Baek answers these questions and sets out practical steps to create societies that are more equal in the Fourth Industrial Revolution. This book explores why Western-centred development strategies are unlikely to bring about similar developmental paths and outcomes in developing economies. By theoretically and empirically assessing the Technology-Development-Inequality nexus, Baek explores why a distorted developmental path has been observed in recent years, with high income countries being associated with rising inequality. This is important reading for all those seeking to understand international development in a twenty-first century context.

This volume presents new developments in the research on ancillary benefits. Twenty years after the influential OECD report on ancillary benefits, the authors discuss theoretical innovations and offer new empirical findings on various ancillary effects in different world regions. Covering topics such as ancillary health effects associated with reduced air pollution, the influence of ancillary benefits on international cooperation on climate protection, co-effects of carbon capture and storage, ancillary effects of adaptation to climate change, multi-criteria decision analysis covering multiple effects of climate protection actions, and the analysis of primary and ancillary effects within an impure public goods framework, it provides starting points for further research on integrated climate policies seeking to address a range of policy objectives simultaneously.

This open access book offers a critical perspective on intra-European mobility and migration by using new empirical data and theoretical discussions. It develops a theoretical and empirical analysis of the consequences of intra-European movement for sending and receiving urban regions in The Netherlands, Sweden, Austria, Turkey, Poland and Czech Republic. The book conceptualizes Central and Eastern European (CEE) migration by distinguishing between different types of CEE migrants and consequences. This involves a mapping of migration corridors within Europe, a unique empirical analysis of consequences for urban regions, and an analysis of governance responses. Next to the European and country perspectives on this phenomenon, the book focuses on the local perspective of urban regions where most mobile citizens settle (either permanently or temporarily). This way the book puts the analysis of intra-European movement in the perspective of broader theoretical debates in migration studies and beyond.