This study paper examines the economic consequences of immigration for public finances in Denmark. Using new figures for the period 2004-2008, net transfers are calculated and presented as an extension to the figures that already existed for the period 1991-2001. The net transfers are calculated from a marginal perspective, which means that the included public expenditures and incomes can be traced to each individual person in the sample. The study is therefore suited for analyzing the economic consequences if more/less people immigrate. A consistent pattern to emerge throughout the study is that net transfers from Western first- and second-generation immigrants to state funds are positive, while those from non-Western first- and second-generation immigrants are negative. The new calculations show that net transfers from non-Western first- and second-generation immigrants fell from DKK (Danish Kroner) -12.8 billion in 2004 to DKK -9.1 billion in 2008, largely due to the improved employment situation in Denmark. However, the results also show that the composition chosen of the group of non-Western immigrants has a significant effect on the calculation of net transfers, in that these transfers are reduced to DKK -2.2 billion if refugees are excluded from this group.

In "Debt and Development" Stuart Corbridge offers an exciting new approach to the study of both debt and development, focusing on the international debt crisis of the 1980's and 1990's, and it's economic and geo-political consequences. Moving far beyond the framework of a narrative account, the author demonstrates that interpretations of this crisis - and attempts to manage it - are themselves reflections of wider assumptions about the dynamics of development and the organization of the global economy.

Part I sets out to provide the 'standard narrative' of the debt crisis from the OPEC oil price rises onwards, ending with the most recent attempts at crisis management. After establishing, as much as is possible, the facts of the crisis, the author then provides in part II a demonstration of how this crisis might be interpreted from three quite different perspectives: a free market 'system stability' approach; a Keynesian 'system-correction' approach; and a Marxian 'system instability' approach. In a conclusion, the author considers how these competing perspectives on debt and development might be judged.

Based on wide teaching experience in the field," Debt and Development" will be welcomed by students and teachers of geography, developmental studies, economics, international relations and political science.

An intelligent analysis of the dangers, opportunities, and consequences of global sovereign debt

Sovereign debt is growing internationally at a terrifying rate, as nations seek to prop up their collapsing economies. One only needs to look at the sovereign risk pressures faced by Greece, Spain, and Ireland to get an idea of how big this problem has become. Understanding this dilemma is now more important than ever, that's why Robert Kolb has compiled "Sovereign Debt." With this book as your guide, you'll gain a better perspective on the essential issues surrounding sovereign debt and default through discussions of national defaults, systemic risk, associated costs, and much more. Historical studies are also included to provide a realistic framework of reference.Contains up-to-date research and analysis on sovereign debt from today's leading practitioners and academicsDetails the dangers of defaults and their associated systemic risksExplores the past, present, and future of sovereign debt

The repercussions of a national default are all-encompassing as global markets are intricately interwoven in the modern world. "Sovereign Debt" examines what it will take to overcome the challenges of this market and how you can deal with the uncertainty surrounding it.

Enacted on 1 August 2011, the Budget Control Act (BCA) as amended sets limits on defense spending between FY2012 and FY2021 that are playing a significant role in the debate about the appropriate level of defense spending. Each year, if Congress enacts a spending level that exceeds BCA caps for the defense base budget, the President is required to sequester or levy across-the-board cuts to each type of defense spending to meet the BCA caps. These spending levels are sometimes referred to as revised or "sequester" caps. War-designated funding (for "Overseas Contingency Operations") is not subject to BCA caps. To help frame the choices about how to respond to the BCA revised or "sequester" caps on defense spending, this book explains congressional adjustments of the caps and Administration reactions; describes the Administration's position and DOD concerns; analyzes defense spending levels in the FY2016 annual budget resolution; places BCA caps in historical perspective; outlines different types of savings that could help comply with the caps; analyses DOD's current plan for compliance, and describes budget uncertainties faced by DOD in responding to spending limits.

Even before the advent of COVID19, India's economy was in a depression. The condition of vast masses of people, particularly those in the informal sector, was grave. Then the Indian government, responding to the COVID pandemic, imposed the most stringent lockdown measures in the world. The lockdown had a particularly severe impact on the majority of India's people, who number well over one billion. At the same time, the Indian government, compared to other world governments, has provided virtually no financial aid to cushion economic blows to its population. Crisis and Predation explains that this shocking tightfistedness stems from the fact that global financial interests, as well as India's ruling neofascist government, explicitly oppose any sizable expansion of government spending by India. Crisis and Predation, a project of the Mumbai based Research Unit for Political Economy, lays out in meticulous and harrowing detail the economic - and human - crisis currently unfolding in India. As the COVID situation unfolds and pandemic deaths skyrocket, prevailing emergency conditions encourage reliance on security forces, state surveillance, detention of political activists, and censorship of independent media. And yet, this book contends, India could defy the pressures of global finance in order to address the basic needs of its people, an objective within the reach of India's present material capacity. But this would require imposing controls on destabilizing flows of foreign capital and being prepared to forgo foreign capital flows in the future, in other words, a course of democratic national development. For that, Indian rulers would need just what they currently lack: a positive vision of democracy and class alliance to bring it about. This hard hitting and carefully researched book, offering devastating financial analysis, also offers hope for change.

This book provides a comprehensive examination of the effect of ageing population in China on labour market. The delay in releasing 2020 census data in China once again drew world's attention to the ageing population in China: the births have fallen to their lowest level since the 1960s. The relaxation of one-child child policy seems to have little impact to reverse the declining birth rate starting in the 2010s. Rising longevity have made China - the most populous country in the world- fast becoming an ageing society. Within a few decades, it will become the country with the largest ageing population in the world. This book adopts a multi-disciplinary approach to explore the effects of ageing population on labour market at three levels: Macro, organizational and individual levels. Population ageing in China is of interest to researchers, practitioners and policy makers across the world. Population ageing has profound effects on various parts of the society, and this book will focus on the labour market, aiming at producing a comprehensive picture of how population ageing affecting the composition of workforce and the way people work from the perspective of individuals, organization and society as a whole. This book examines China's population ageing through the lens of economics, management and sociology, in order to produce a comprehensive understanding of this issue. This book includes cutting-edge research and most up-to-date statistics for arguably China's most important social change for the next few decades. This book encases high quality research on China's ageing population and is expected to the reliable source of information for future research and policy development. This book presents a collection of chapters examining the impact of population ageing at three levels in order to provide a holistic view of this matter and allow readers to choose the topic that meet their interests.

When federal agencies and programs lack funding after the expiration of full-year or interim appropriations, the agencies and programs experience a funding gap. If funding does not resume in time to continue government operations, then, under the Antideficiency Act, an agency must cease operations, except in certain situations when law authorises continued activity. The criteria that flow from the Antideficiency Act for determining which activities are affected are complex. Government shutdowns have necessitated furloughs of several hundred thousand federal employees, required cessation or reduction of many government activities, and affected numerous sectors of the economy. This book discusses causes of shutdowns, including the legal framework under which they may occur; processes related to how agencies may plan for the contingency of a shutdown; effects of shutdowns, focusing especially on federal personnel and government operations; and issues related to shutdowns that may be of interest to Congress.

Fiscal policy is an important factor influencing the growth performance of countries. However, compared to the large empirical literature on the effects of monetary policy on economic activity, fiscal policy has received less attention. In this book, the authors present current research in the study of fiscal policy and the macroeconomy as well as the challenges of fiscal policy in the current global environment. The book brings a global perspective to the practice of fiscal policy by presenting case studies from the United States, the European Union, and the Caribbean. Topics discussed in the book include international dimensions of fiscal policy, public debt and the economy, austerity versus stimulus and economic growth, the correction of economic imbalances in Europe, the long term impact of fiscal devaluation, the cyclicality of fiscal policy, the appropriate debt ceilings for small states, lessons from the banking union framework in the Euro Area, fiscal policy and competitiveness, policy lessons from debt restructuring in Jamaica, estimating the structural fiscal balance in small islands and fiscal policy rules and fiscal performance.

Who and what a government taxes, and how the government spends the money collected, are questions of primary concern to governments large and small, national and local. When public revenues pay for high-quality infrastructure and social services, citizens thrive and crises are averted. When public revenues are inadequate to provide those goods, inequality thrives and communities can verge into unrest—as evidenced by the riots during Greece’s financial meltdown and by the needless loss of life in Haiti’s collapse in the wake of the earthquake. In The Public Good and the Brazilian State, Anne G. Hanley assembles an economic history of public revenues as they developed in nineteenth-century Brazil. Specifically, Hanley investigates the financial life of the municipality—a district comparable to the county in the United States—to understand how the local state organized and prioritized the provision of public services, what revenues paid for those services, and what happened when the revenues collected failed to satisfy local needs. Through detailed analyses of municipal ordinances, mayoral reports, citizen complaints, and financial documents, Hanley sheds light on the evolution of public finance and its effect on the early economic development of Brazilian society. This deeply researched book offers valuable insights for anyone seeking to better understand how municipal finance informs histories of inequality and underdevelopment.

At the turn of this century, the American national debt stood at just under $6 trillion and the deficit at a mere $86 billion. Today, the national debt has topped $15 trillion, and the yearly deficit for 2012 is projected at a whopping $1.2 trillion. This new, second edition of Deficits: Why Should I Care? updates all the statistics, charts, and forecasts, while adding a new chapter on how global economies now, for better or worse, affect the U.S. debt and the annual budget deficit. It also includes a new appendix detailing how the U.S. political parties view the debt issue. According to the U.S. Treasury Department's Annual Report on the Public Debt, the debt is estimated to hit $19.6 trillion by 2015. The federal government has borrowed roughly 40 percent of its total budget for the last several years, a trend that could leave the U.S. in an economic crisis. Astronomical interest payments, a debt burden to your children and grandchildren, and an increased reliance on foreign creditors are just a few of the problems. Although the U.S. has experienced soaring unemployment, stagnant production, and a crippled housing market, foremost on many economists' minds are rising deficits and ballooning debt.Others feel fears of the national debt are overblown or pale in comparison to today's economic problems. This clear, concise book will give you the need-to-know on the debt. You will learn: * How to calculate deficits and the national debt * The history of U.S debt and its recent unparalleled growth over the years * How and why the government borrows money * The economic arguments for, and against, accruing a debt * Could we become like Greece if we don't cut our deficit? * The impact of the debt on interest rates and inflation * The impact of the debt on the value of the dollar and U.S. economic power This book also answers key questions: Can the government go bankrupt? Why have there seemingly been no repurcussions of the large debt to date and is that likely to change? When the interest on the debt becomes higher than the revenue of the government, what happens? And many more practical insights into the government debt controversy. Business professionals, parents, retirees, and students are all concerned about the debt. This quick read will provide an understanding of the ramifications of the rising debt and what the consequences may be.What you'll learn * Why the debt now could be a problem when people have been crying wolf about it for for the last 40 years * How the world economy affects the U.S. debt and deficit * What the government can do to reduce the debt and the implications--especially for such programs as Medicare and Social Security * The long-term implications of the debt * Methods and tactics for balancing the budget * When accruing a debt makes sense and when it does not * Action steps for monitoring the debt Who this book is for Deficit: Why Should I Care? is written for the busy business professional, concerned parent, retired worker, or student. While academic and theoretical texts on the subject lack brevity, this book will help you understand the seriousness of the debt issue in a clear, concise format. This work has been condensed into eight need-to-know chapters, each containing the key points necessary for understanding this complex economic issue affecting the economic future of all Americans.Whether you are a businessperson concerned about the economy, a parent anxious about the debt burden of your children and grandchildren, a retiree fretful about programs like Social Security, or a student who needs additional information to supplement a textbook, this is the book for you. The appendix provides a website selection covering government agencies, economic sources, and academic sites to assist you in finding the most up-to-date information on the debt drama.

This book addresses the gaps in the present institutional structure of inclusive finance framework in India. It provides a comprehensive review of the role of banks in financial inclusion policy and micro-finance landscape in India at present. It identifies the key issues within the banking system which prove to be obstacles in the way of achieving financial inclusion and sustainable growth. The book conceptualizes inclusive banking, delves into the theoretical foundations thereof and suggests an institutional framework to avoid overlapping of their functions in order to ensure profitability. It reviews the existing market structure and competition in the inclusive finance arena while considering the role of banks, micro-finance institutions and SHGs in financing the poor. The book proposes a distinct change to the existing business model, examines the bank business model for inclusion and how the banks can and should treat the micro lending clientele as their core client base to counter the issues of profitability and competition in today's banking sector. It also discusses some of the latest initiatives in inclusive finance and the importance of entrepreneurship development experiments in India and their efficacy in comparison with the micro-lending model.

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.

Climate scientists have determined that we must act now to prevent an irreversible and catastrophic climatic tipping point, beyond which neither our own nor many other species can be assumed likely to survive. On the way to that bleak ending, moreover, extreme socio-economic injustice and associated political breakdown-now well underway in nations already hard-hit by environmental crisis-can be expected to hasten as well. The time has thus come to plan carefully, thoroughly, and on a scale commensurate with the crisis we face. This book, written by one of the key architects of the Green New Deal and prefaced by Representative Alexandria Ocasio-Cortez's former Chief of Staff, indicates how to structure Green New Deal finance in a manner that advances the cross-cutting goals of maximum financial and economic inclusion, maximally democratic decision-making, and an appropriate division of roles both among all levels of government and among public and private sector decision-makers. Integrating into one complete and coherent financial architecture such bold ideas as a 'People's Fed,' an interdepartmental National Investment Council, integrated state and regional public banks, a Democratic Digital Dollar and digital Taxpayer Savings and Transaction Accounts made part of the monetary policy transmission belt, and an economy-wide Price Stabilization Fund, this book is critical reading for policymakers and citizens looking for a fresh path forward towards a revived and sustainable, progressive and productive America.

Handbook of Economic Stagnation takes a broad view, including contributions from orthodox and heterodox economists who examine situations in countries and worldwide regions, including Japan and the Euro area. To be sure, stagnation is periodically relieved by short economic bursts usually brought on by unsustainable asset price bubbles. Once the bubbles burst, stagnation returns. This book's fresh, comprehensive approach to the topic makes it the premier source for anyone affected by these cycles.

There is a lot of attention for happiness, but there is also a lot of confusion, about the concept and the nature of happiness. This book wants to reduce this confusion, to make the deliberations and discussions about happiness more productive. A reduction of confusion will also make it easier to assess happiness as a possible standard in our personal life and in politics. Acceptance of happiness as a standard will have positive effects. Acceptance in personal life will make individuals more critical, and less vulnerable for adversity and manipulation. Acceptance in politics will contribute to a better detection and analysis of social-economic problems. Such positive effects are important for well-being. Well-being is usually defined as 'objective well-being' by experts, like medical specialists or psychologists. They apply their professional standards like blood pressure or personality characteristics. Happiness, on the other hand, is 'subjective well-being' as experienced by the people themselves. This happiness is the appreciation of one's own life as a whole, and this appreciation is based on standards people have adopted themselves, knowingly or unknowingly. Happiness as subjective well-being, and objective well-being as defined by experts, are complementary. It is important to asses objective and subjective well-being simultaneously, and it is incorrect to ignore one of them.

This book is especially valuable for its policy evaluation studies using both a theoretical model for policies carried out at national and regional levels and for gathering policy evaluation studies in diverse disciplines by empirical study. Policy analysis shown here employs theoretical models such as an international trade model, an optimal tariff, and spatial reorganization. At the same time, factors in well-being are taken into consideration with land development, changes in migration and local economies by natural disasters, validation of efficiency for emission control methods, the relationship between cyberspace and physical space in urban networks, and NPOs' investment activities. The empirical research reported in this volume analyzes Japan, China, and Asian-Pacific cities. In the case of Japan, studies focus on the finances of local governments, the real estate industry, the role of consumer cooperatives in a food system, and agriculture and its productivity in hilly and mountainous areas. As well, the effects of industrial clusters in megacities and investment in high-speed railways and prediction of human behavior during an earthquake are studied. In China's case, studies focus on food policy and the effect of ecology and environment on migration policy. For Asia-Pacific cities, studies show performance rankings of "super cities" in the region. The book defines the frontier of policy evaluation following a middle path between theoretical study and empirical study with regard to evaluation. In addition, the book contributes to an understanding of the relationship between the goals and targets of sustainable development. This book is highly recommended for graduate students, policymakers, and researchers concerned with policy evaluation.

"A wonderful display of the use of mathematical probability to derive a large set of results from a small set of assumptions. In summary, this is a well-written text that treats the key classical models of finance through an applied probability approach....It should serve as an excellent introduction for anyone studying the mathematics of the classical theory of finance." --SIAM

The social, political, and economic environment is ripe with opportunity to engage women and their philanthropy. Professionals working in the field of philanthropy want ideas, practical information, research, and guidance about how to work with women donors, how to build women's philanthropy initiatives, and how to integrate this subset of donors into their current fund development departments. This book offers insight into the three historical waves of women's philanthropy and provides a summary of current research and inspiring stories collected from interviews with more than 70 women philanthropists and leaders. Each chapter begins with current research, followed by interviews and examples, and ends with suggestions for fundraisers on how to implement the information into a women's philanthropy initiative using a six-step process: Awareness, Assessment, Alignment, Action, Acknowledgement and Achievement. The last several chapters focus on lessons learned from successful programs in traditional organizational settings-healthcare, higher education, and environment-and what we have yet to learn from the new and emerging philanthropic models led by Laurene Powell Jobs, Priscilla Chan, Melinda Gates, Nancy Roob, and MacKenzie Scott. Throughout the book, themes of equity, diversity, and inclusion are evident and featured in stories and programs led by women of color and younger donors. Additionally, COVID has impacted how fundraisers work, requiring the philanthropy community to adapt and create new ways to reach women donors. The final chapter is a call to action to all women, to give bigger and bolder as the fourth wave of women's philanthropy rises.

The shadow economy (also known as the black or underground economy) covers a vast array of trade, goods and services that are not part of the official economy of a country. This original and comprehensive Handbook presents the latest research on the size and development of the shadow economy, which remains an integral component of the economies of most developing and many developed countries. The volume explores the driving forces behind the shadow economy and highlights important regional variations. The expert authors address the whole spectrum of issues including tax moral, government institutions, corruption and illicit work. Importantly the book also examines recent progress in how the shadow economy is measured and estimated. This well-documented and authoritative study will appeal to economists and researchers, as well as academics and students in the fields of economics, political science and social science. It will also be of interest to anyone seeking a comprehensive investigation into the workings of shadow economy.

Benefiting from the authors' many years of teaching undergraduate and graduate students and practitioners, here is a clear, comprehensive, practice-oriented text for public budgeting courses. Rather than presenting each budgeting concern in mind-numbing detail, the book offers a commonsensical view of public budgeting and its importance to current and future public managers. The text is designed to show readers how managers relate to budgeting and how their actions make a difference in the operation and performance of public organizations. The book covers the historical development of public budgeting, sources of public revenues, revenue management, budgeting processes and formats, operating techniques, politics within public budgeting, and more. "Budgeting for Public Managers" is concise, clearly written, well illustrated, and grounded in the real-world concerns of public managers. Each chapter concludes with a helpful list of additional reading and resources for readers who want to dig deeper into budgeting practice and application.

Public Finance: A Normative Theory, Fourth Edition provides a classic text on the normative theory of government policy. This valuable and accessible resource covers the welfare aspects of public economics, with considerable coverage of European examples. The work presents detailed and comprehensive coverage of theoretical literature, empirical work, environmental issues, social insurance, behavioral economics and international tax issues. The book is organized logically, written in an engaging manner, and is both sufficiently rigid for use by those with PhDs in math and accessible to students less well trained in math.

All central banks manage the supply of money and credit in their countries, increasing and decreasing them as needed to provide what economies need to keep growing. The way central banks typically handle that job involves short-term interest rates. But when inflation is low, central banks can't use their usual methods to get money and credit into an economy that needs it. Several essays in this volume describe the work of economists who have investigated problems that central banks might have when inflation gets low. Other essays investigate related questions such as whether an economy suffers when it moves from high inflation to low inflation, what the costs of inflation are to economic welfare, and whether a little bit of inflation can actually be good for economic growth.

PREPARE FOR THE PARTNERSHIPS OF THE FUTURE

This invaluable guide through the complex but highly worthwhile partnering between public and private entities in developing and constructing a wide range of building projects offers objective, comprehensive information integral to both the public and private partners. Included here is a powerful and creative five—part approach to transforming a financially unfeasible project into a project attractive to the private capital markets that covers:

• The tangible and intangible ingredients required for a successful public/private partnership
• How to customize a partnership to meet each partner’s needs, acceptable level of risk, responsibility, and economic returns
• Step—by—step guidelines on completing the developer Request for Qualification (RFQ) and the Request for Proposals (RFP) process

Including detailed descriptions of several case studies pertinent to both sides, this unique manual will be indispensable to government and university real estate officials, developers, architects, contractors, investment bankers, consultants, attorneys, engineers, and the array of other professionals involved in the public/private finance, design, development, construction, and facility management of government, university, school district, and commercial buildings.

This book advances a social-theoretic treatment of public finance, which contrasts with the typical treatment of government as an agent of intervention into a market economy. To start, Richard Wagner construes government not as an agent but as a polycentric process of interaction, just as is a market economy. The theory of markets and the theory of public finance are thus construed as complementary components of a broader endeavor of social theorizing, with both seeking to provide insight into the emergence of generally coordinated relationships within society. The author places analytical focus on emergent processes of development rather than on states of equilibrium, and with much of that development set in motion by conflict among people and their plans. Some of the book's defining characteristics include: * Budgets emerge through organizationally constituted political entrepreneurship * Government is construed as a process of interaction and participation and not as a unitary entity of intervention * Government and markets are incorporated into a unified theory of property which is traced to human nature and its requirements for both autonomy and solidarity. Richard Wagner's book will be of interest to researchers in public finance, public choice, Austrian economics, political science and public policy.

City governments are going bankrupt. Even the ones that aren't are often stuck in financial chaos. It is easy to blame pensions, poor leadership, or a bad economy. But the problems go much deeper. With decades of experience in local government, author Mark Moses showcases the inside world of the city decision-making process that has spawned these crises. It becomes clear: City governments are maxing out their budgets because they are trying to maximize services. This book, likely the most ambitious attempt by someone who has worked in government to radically examine the delivery of municipal services since 'Reinventing Government' was published more than 25 years ago, explores why city governments pursue an open-ended mission and why bailouts and trendy budgeting processes will be, at best, only temporary solutions. Of interest to current and future city council members, regional and state government officials, those covering city government, financial analysts, city management, and individuals and organizations interested in influencing city policy, this book argues that cities won't thrive until city hall is disrupted.