Your cart is empty
Corruption has been part of our economic and political life since ancient times. During the past few years, there has been a resurgence of interest in understanding the impact that corruption has on our societies. The objective of this volume is to stimulate further studies on corruption by providing a review of existing work in this field and raising some questions that warrant further research. Contributors to this volume synthesize studies dealing with various aspects of corruption and present some new questions regarding the origin and impact of corruption. Accordingly, this volume has two aims. First, it attempts to bring together essential elements of different approaches that have been used to understand corruption. Second, many of the contributors in this volume propose a shift in the focus of studies on corruption away from bribery-type activities to corruption that results in distortion of economic policies. Economics of Corruption seeks to define and model corruption. The contributions in this volume examine the political economy of corruption - that is, why it continues to exist - as well as its consequences, and what measures, if any, can be brought to bear on this phenomenon.
CLAUDEJEANRENAUD NILS SOGUEL Smoking is a very common habit all over the world. The prevalence rate ranges from 20% - 40% in industrialised countries, and is dramatically increasing in the developing world. Smoking is risky and there is ample scientific evidence to support this statement. We know that smoking is a major cause of disease and premature death, in view of the fact that 3 million people die each year worldwide as a result of their smoking habit. Twenty years ago, the U. S. Surgeon General identified smoking as the single most important cause of morbidity and premature death (USDHEW, 1979). Tobacco consnmption reduces life expectancy vastly. Epidemiological research shows that people who have died from a smoking-related disease would, on average, have lived for an additional 15 years had they not been smokers (Warner, 1987). The economic analysis of tobacco consumption is a complex and challenging issue, which entails addressing many different questions. What is the economic burden of smoking and do smokers "pay their way"? How do individuals perceive their own health risks? What is the effect of the addicting properties of nicotine on the behaviour of a rational, utility maximizing individual? Lastly, what is the most effective way to discourage tobacco consumption? In this context, the assessment of the social burden of smoking using a cost-of-illness framework has played a central role since the beginning of the seventies."
This chapter has set out in detail the models which are employed below in order to analyse the labour market effects of changes in tax rates and in alterations in the tax structure. The fundamental mechanisms underlying the different approaches have been pointed out. Moreover, vital assumptions have been emphasised. By delineating the models which are used for the subsequent analyses, implicitly statements have also been made about topics or aspects which this study does not cover. For example, all workers and firms are identical ex ante. However, ex-post differences are allowed for, inter alia, if unemploy ment occurs or if some firms have to close down. These restrictions indicate areas of future research insofar as that the findings for homogeneous workers or firms yield an unambiguous proposal for changes in tax rates or the tax structure in order to promote employment. This is because it would be desir able for tax policy to know whether the predicted effects also hold in a world with ex-ante heterogeneity. Furthermore, the product market has not played a role. Therefore, repercussions from labour markets outcomes on product demand - and vice versa - are absent. 55 Moreover, neither the process of capital accumulation, be it physical or human capital, nor substitution pos sibilities between labour and capital in the firms' production function are taken into account. Finally, international competition is not modelled.
The Telecommunications Act of 1996 envisioned a competitive free-for-all in the U.S. telecommunications industry with removal of barriers to entry in local telecommunications markets and the lifting of the artificial restrictions that kept the Regional Bell Operating Companies (RBOCs) out of the interLATA long-distance market. After close to 5 years, only one RBOC has been granted permission (controversially) to enter the interLATA market, and local competition has yet to provide most consumers with meaningful choices. In addition, the wave of mergers across the industry has raised the specter of putting the former Bell System back together again. Policymakers now openly question whether the Act can deliver what it promised. Three principal themes are developed in this book. First, there has been a coordination failure between Congress and the FCC in translating the principles embodied in the Act into practice. The authors provide evidence for this by analyzing stock market reactions to legislative and regulatory actions. This coordination failure was largely predictable, given the ambiguity in the Act, as well as conflicting jurisdictions between the FCC and the states. Second, the Act calls for wholesale prices to be `based on cost.' Regulators adopted a costing standard (TELRIC) that provides a means to subsidize competitive entry in local telephone service markets. The ready adoption of the TELRIC standard by regulators is shown to be tied to the third theme: price cap regulation provides regulators with `insurance' against the adverse effects of competition in local telephone markets. Statistical analysis reveals that regulators in price cap states set uniformly lower unbundled network element prices (lower barriers to entry) in comparison with regulators in rate-of-return and earnings sharing states. The result is a triumph of regulatory processes over market processes - the antithesis of the purpose of the Act.
Foreign aid has been an area of active scholarly investigation since the end of the Second World War, but particularly since the early 1950s when a large number of the erstwhile colonies became independent. Few areas of public policy involving the developed and developing countries have aroused more passion and ideological debate than foreign aid. In spite of the massive amount of research in the field, there is still not enough work in two areas: the first involves the mechanisms through which aid influences the economies of the donor and the recipient countries; and the second, country-specific assessments of the effectiveness of foreign aid. Foreign Aid: New Perspectives is aimed at making a contribution in these two areas. The contents of this volume are divided into four parts. Part I deals with some theoretical aspects of foreign aid, while the second part analyzes some general policy aspects. Part III turns to the donor experience and includes one paper on the Danish experience. The last part considers the recipient experience and consists of five case studies.
The Post-Uruguay Round era has seen a proliferation of regional preferential trade agreements (PTAs) as well as progressive multilateral trade liberalization initiatives. This has stimulated theoretical discussion on whether the policy of pursuing PTAs will have a malign or a benign impact on multilateralism. In the former case, proliferation of PT As may increase protection in global trade due to trade diversion effects, thereby creating impediments to multilateral freeing of global trade. In the latter case, the expansion of PTA membership could ultimately lead to non-discriminatory global free trade. At the core of this discussion is the question of how to explain the preference for PTA membership. While some economists view the expansion of PTA membership as exogenously determined, participants of the Fourth Annual Workshop of the Network EU-LDC Trade and Capital Relations also considered endogenous factors explaining increased PTA membership. This book offers a closer look at the motives of policy makers in both developed and developing countries to still adhere to PTAs, notwithstanding the theoretical superiority of multilateralism, and addresses the question of how to bring order into the world trading system. These issues are dealt with in 9 chapters by scholars from both the EU and LDCs. Each paper is discussed in terms of its policy relevance by a policy maker as well as by an academic specialized in the field.
Public Accountability: Evaluating Technology-Based Institutions presents guidelines for evaluating the research performance of technology-based public institutions, and illustrates these guidelines through case studies conducted at one technology-based public institution, the National Institute of Standards and Technology (NIST). The aim of this book is to demonstrate that a clear, more precise response to the question of performance accountability is possible through the systematic application of evaluation methods to document value. The authors begin with a review of the legislative history of fiscal accountability beginning with the Budget and Accounting Act of 1921, and ending with the Government Performance and Results Act of 1993. A discussion of existing applicable economic models, methods, and associated metrics follows. The book concludes with evaluation case studies.
The health care sector has become a major component of the contemporary econo mies of Japan and the United States. It absorbs significant proportions of the GDP in both countries and places increasing stress on private, government and corporate budgets. As their income rises, the citizens ofJapan and the United States choose to allocate increasing portions of it on health care services because ofthe direct contri bution of health care services to prolonged life expectancy, reduced morbidity, or other indicators of improved health and well-being. The health care sector is a ma jor source ofemployment and affects the lives of all citizens. Adequate health care services are expected to have an important contribution to the quality of human life in any society. With so much at stake, arrangements for planning, financing, and operating health care service systems have increasingly come to be regarded as im portant economic and political issues. The political importance of health care is evidenced by the health care reform proposals of the Clinton administration in the United States and the deep involve ment of the government in the medical care security system in Japan. As policy makers in both countries look ahead to the coming decades, they realize that the imperatives of economic restructuring, globalization, and their rapidly aging socie ties will affect the way in which health care is organized, delivered, and financed.
The federal budget has been in deficit since 2002, but became significantly larger in 2009. That year, the deficit topped $1 trillion for the first time ever. Relative to the overall size of the economy, budget deficits from 2009 to 2011 have been significantly larger than in any other year since World War II. This book examines and discusses the size of the projected budget deficit; how much the deficit would need to be reduced to return to long-term sustainability; President Obama's fiscal commission and other initiatives; and business investment and employment tax incentives to stimulate the economy.
As the demand for environmental quality is increasing and as the current GATT rules monitored by the WTO are not very suitable for environmental protection, either a new international environmental organization may be formed soon or new environmental regulations may be added to GATT. In either case, understanding of the interactions between trade and the environment will be vital. Trade and the Environment presents both the theoretical and empirical exposition of (i) the impact of trade liberalization on environmental quality; (ii) the impact of environmental regulations on international competitiveness; and (iii) strategic trade and environmental policies. An important feature of Trade and the Environment as compared to earlier books is that it brings together the reciprocal interactions between trade and the environment. It can be used as the main or complementary textbook for a course on trade and the environment.
Security concerns, the AIDS epidemic, environmental degradation, and financial contagion are salient features of today's landscape of threats to global stability. A characteristic of these challenges is that they cannot be solved by individual nations acting alone. Enlightened cooperation is needed. This book focuses on actions in the international arena to complement domestic efforts in addressing a set of policy challenges that has become more prominent in the age of globalization. It focuses on the strategic and practical challenges of fostering solutions that have the character of international public goods, paying particular attention to the financing of these goods.
Consumption takes place in settings or environments which have both direct and indirect effects on its dynamic path. Direct effects of environments on activities in consuming can occur through constraints that environments impose. Environment can also have indirect effects on consumption through enduring modification of internalized constructs which enter heuristics for decisions on activities. The importance of environments to consumption is increased by the definitional dependence of status on the judgements of others. This study examines microprocessing in consumer activities for status as it interacts with structure in the environments of these activities. The importance of environments in status activities provides the basis for a seperate, but related inquiry into observed differences in the form they take across societies. Conjecture on the consequences of differences in the structure of environments for consumption that typify a society is studied in the narrative statements by members of comparison societies and in the content of print advertising in these societies.Evolutionary processes which could establish observed differences in structure across societies are also considered in both their systematic and random components. I review models of random drift and stochastic resonance as candidate forms for generating observed structure in environments. Directions for the subsequent study of status through consumption are discussed.P * Introduction: Status Through Consumption; * Knowledge Use in Nonwork Activities for Status; * Interactions of Consumer Microprocessing and Structured Environments: Activity Feedback and the Stability of Structure; * Awards and Honors Systems in Structured Environments: Cross Societal Comparisons of Narrative Statements on Consuming for Status; * Comparative Analyses of Consumption Appeals in the Print Advertising of the USA and France, 1955-1991 * Random Process in the Generation of Structured Environments; * Overview and directions for Study of Status Through Consumption.
The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another. Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability. Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods.
As the public in the U.S. has grown increasingly concerned over the gaps in the health care system's attention to quality, and as the health care industry itself struggles for stability in a volatile environment, a historic opportunity presents itself. This book reviews a variety of quality monitoring approaches, identifies critical issues pertaining to assessment, measurement, implementation, and evaluation of quality initiatives, and suggests scientific approaches to put in place a core set of performance measures that reliably identify the value-added clinical and managerial behaviors in health care - for both quality and cost efficiency. The key to quality improvement has to focus on physicians and other health professionals. This book is designed to identify issues pertaining to health care quality and to formulate appropriate approaches for improving quality. It can be used by risk managers and hospital executives to guide their development, implementation, and evaluation of quality improvement programs.
Federalism has generally been characterized as a system of government that is friendly to liberty. It is not obvious, though, why this should be so. Federalism is a form of government where citizens simultaneously reside in at least two governments, each of which has independent authority to tax and to regulate. By contrast, in a unitary form of government citizens face only one government with independent authority to tax and regulate. At first glance, it would seem a bit strange to claim that liberty is more secure when citizens are members of two governments with independent authority than when they are members of only one such government. The relationship between federalism and liberty turns out to be a complex one, and one that is capable of working in either direction. Whether federalism supports or erodes liberty depends on importantly on the institutional framework within which federalist governance takes place. The essays in Federalist Government in Principle and Practice examine this institutionalist theme from both theoretical and practical perspectives.
The Impact of Public Policy on Consumer Credit presents a collection of research papers and discussions commissioned to commemorate the silver anniversary of Georgetown University's Credit Research Center in 1999. Nine topics serve as focal points for the volume, with the general theme 'What do we know, what do we need to know?' about the functioning of consumer credit markets at the beginning of the 21st century. Because the growth of household debt and the consequences of household debt burden have dominated discussion in both the media and policy arenas for decades, 'Credit Growth and the Burden of Debt' is the theme for the first group of three papers. The papers address the cultural evolution of consumer credit in the U.S., the rise in consumer indebtedness and the alarming surge in personal bankruptcies.A second grouping of three papers takes a distinctly policy-oriented tack and examines questions regarding consumer access to credit (mortgage markets and evidence of discrimination), consumer protection through mandatory disclosure of information (Truth-in-Lending regulations), and the general state of financial literacy among the population of young consumers entering credit markets for the first time. The final three papers in this volume examine how technological innovations in risk management (through statistical risk scoring models), marketing (through use of personal information for targeted marketing) and finance (through securitization of consumer loans) have impacted the availability of credit products and sparked new public policy questions.
Policy Uncertainty and Risk presents a contribution to risk analysis and risk management in public policy and management at large. Special emphasis is put on the utilization of scientific knowledge by decision-makers in instances where knowledge in both spheres of science and administration is highly uncertain and contested. The book therefore contributes a model of science-practitioner interaction in a policy area of strong current relevance. The perspective is a realist constructivist one, which means that risk and policy are taken to be socially predicated insofar as we can choose and change the way we define and interact with its practices. It is realist insofar as we continually use such constructions to re-define and re-structure the world we live in. Although essentially theory-driven and conceptually oriented, the authors develop their argument for a new interpretation of policy-relevant science through a number of pressing case studies. These studies include the recent BSE/CJD crises in the UK, the introduction of Marine Protected Areas in Sweden, and the current practices surrounding risk management in corporate bodies. Drawing on empirical cases and theoretical explication, the book provides a number of suggestions as to how risk analysis and risk management may be more properly conceived of both from a practitioner as well as from an academic point of view.
The issue of asymmetric information and public decision-making has been widely explored by economists. Most of the traditional analysis of public sector activities has been reviewed to take account of the different incentive problems arising from an asymmetric distribution of relevant information among the actors of the public decision-making process. A normative approach has been developed, mainly employing the principal agent paradigm to design incentive schemes which tackle adverse selection and moral hazard problems within public organizations. Still, this analysis is under way in many fields of public economics. However, a debate is ongoing on the theoretical limitations of this approach and on its relevance for the actual public sector activities. Public Decision-Making Processes and Asymmetry of Information encompasses different contributions to these issues, on both theoretical and practical areas.The innermost problem in the current discussion arises from the fact that this normative analysis is firmly rooted in the complete contracting framework, with the consequence that, despite the analytical complexities of most models, their results rely on very simplified assumptions. Most complexities of the organization of public sector, and more generally, of writing contracts, are therefore swept away. Once the need for an incomplete contracting approach is recognized, the question becomes how to relax some of the assumptions characterizing the complete contracting framework, without getting ad hoc results. The Introduction to this book, written by Jean Jacques Laffont, sets the general grid to interpret the position of its papers in this debate. The four papers in Part 1 of the book are devoted to developing the analysis of some of the theoretical issues mentioned in the Introduction. Part 2 is devoted to discussing the applications of the theory to different public sector activities.
A thorough analysis of insider trading requires the integration of law and finance, and this book presents a theoretical and empirical examination of insider trading by incorporating a synthesis of securities law with that of financial theory. The book begins with a conceptual framework that explores the theoretical roles of markets, firms and publicly held corporations, including a discussion of corporate governance to determine both who may have access to nonpublic information, and their legal rights and responsibilities. The book then examines different aspects of the securities laws, including the Securities Act of 1933, the Securities Exchange Act of 1934, and a critique of the SEC disclosure rules and their ramifications for market efficiency. This is followed by a detailed chronology of insider trading regulations enacted in the U.S. since 1934 and an overview of the existing empirical literature on insider trading. Empirical evidence is presented on insider trading activities and the merit of anti-insider trading laws is evaluated on theoretical arguments and recent empirical developments. The authors conclude by arguing that insider trading laws and enforcement activities have failed and propose the decriminalization of insider trading.
Health care arguably is the single most regulated industry in industrial countries, and possibly in newly industrialized and developing countries as well. But what exactly is being regulated, what are the instruments used, and what are the effects and side-effects of such regulation? Regulation of Health: Case Studies of Sweden and Switzerland seeks to resolve problems in answering these key questions regarding the health care sector in two countries - Sweden and Switzerland. The volume contains a series of studies that compare the regulation of health and health care in these two apparently very similar countries, in considerable detail. The contributing teams acquired a great deal of knowledge about health regulation in both countries; they also derived comparative predictions when regulation differs, using actual observations to check whether these predictions are borne out. These comparisons are based on the conditions prevailing in the mid-nineties.
Domestic government debt markets play a critical role in managing public debt effectively and reducing the vulnerability of developing countries to financial crises. Many aspects of debt markets money, primary, and secondary markets; a diversified investor base; and sound securities custody and settlement systems and regulation interact in complex ways and are affected by previous policies and developments. 'Developing the Domestic Government Debt Market: From Diagnostics to Reform Implementation' draws insights from a joint pilot program set up by the World Bank and International Monetary Fund to design relevant reform and capacity-building programs in twelve countries. The experiences of these geographically and economically diverse countries Bulgaria, Colombia, Costa Rica, Croatia, Indonesia, Kenya, Lebanon, Nicaragua, Pakistan, Sri Lanka, Tunisia, and Zambia illustrate the challenges, obstacles, and progress in applying principles of market development. 'Developing the Domestic Government Debt Market' will serve government officials contemplating or in the process of reforming their practices, providers of technical assistance, and practitioners working on building capacity in debt market development. Because effective development of debt markets is one key piece in sound public debt management, readers will also be interested in the companion volume, 'Managing Public Debt', published by The World Bank in February 2007, based on the same joint pilot program."
The growing national debt seems to be of no interest in America at the present time. This is no doubt because its burden will be largely shifted forward to future generations who now are either not yet born or are only children. Many say let them worry about themselves However, a vast national debt can also impact today's society and for that reason alone, should be an important issue for voters. This book is a primer on the national debt and the issues surrounding it. CONTENTS: Preface; The Federal Government Debt: Its Size and Economic Significance; The National Debt: Who Bears its Burden?; What if the National Debt Were Eliminated? Some Economic Consequences; The Retirement of the National Debt: Will it Increase the Economic Size of the Federal Government?; The Debt Limit: The Need for Increases; How Budget Surpluses Change Federal Debt; The Debt Limit: The Need to Raise it After Four Years of Surpluses; Paying Down the Federal Debt: A Discussion of Methods; Surpluses and Federal Debt; Basic Federal Budgeting Terminology; Index.
Franklin R. Edwards Hugh T. Patrick As the 19908 unfold, we stand on the threshold of a new age of global financial markets. The seeminglyinevitable, market-driven dynamicofthe international integration of banking, securities, and futures markets is bringing about a profound transformation of financial flows and the efficiency and effectiveness of the domestic and international markets serving them. Propelled in the 1980s by a variety offorces-technological, economic, political, and (de)regulatory-the implications of international financial market integration are pervasive. This new era promises to raise a host of new public and business policy issues as well as opportunities. These include issues of financial market integrity, international competitiveness, and regulatory harmony. What will the rules of the game be? How will prudential concerns for the safety as well as the efficiency of international financial markets, and their national counterparts, be met? What are the appropriate new institutional arrangements? How and to what degree will international financial mar kets be supervised, harmonized, and regulated, and for what purposes? Whowill be makingthese decisions andimplementingthem?Thesearethe issues that confront-and bedevil-policymakers, practitioners, and scho lars alike. 1 2 INTRODUcnON The Context The 1980s were witness to major transformations of the international political, economic, andfinancial environment. Amongthe majordevelop ments was rapidly increasing international financial market integration across major nations and across financial product markets. The major sources of financial change were several, interrelated, and reinforcing."
International Finance and Financial Crises: Essays in Honor of Robert P. Flood, Jr. contains the proceedings of a conference held in honor of Robert P. Flood, Jr. Bob Flood has made important contributions to many areas of economic analysis, including regime switching, speculative attacks, bubbles, stock market volatility, macro models with nominal rigidities, dual exchange rates, target zones, and rules versus discretion in monetary policy. Contributors were invited to address any of the topics or others of their choosing. The results include five papers on topics in international finance; two of these papers, as well as the panel discussion, focus on speculative attacks and financial crises. The other three take new directions in exploring topics in which existing models leave much to be desired.
The experience of privatization of social security has been predominantly in the Latin American region. Eight countries have undertaken either full or partial privatization of pensions: Argentina, Bolivia, Chile, Colombia, El Salvador, Mexico, Peru, and Uruguay. What did the policymakers expect? Were expectations realized? Can we learn anything from the collective experience of these countries? Can they be applied to other countries that are aspiring to privatize? How did the World Bank and other international institutions affect these policies? Pension Reform in Latin America and Its Lessons for International Policymakers analyzes in detail these important questions. The book begins with a detailed account of economic conditions in Latin America. It then discusses various models that policymakers rely on. Starting with a purely demographic model, it lays out advanced models of overlapping generations of Samuelson. The book gives extensive details of privatized pensions in each of the eight reforming countries. Two chapters are devoted to analyzing the reform in each country. Finally, detailed lessons are drawn that will help shape the debate for policymakers in other countries.
You may like...
Manage Your Money Like A F*cking Grownup…
Sam Beckbessinger Paperback (3)
My Money - A Financial Planning Guide…
Gerald C. Mwandiambira Paperback (3)
Smart Woman - How To Gain Financial…
Sylvia Walker Paperback (5)
Between Debt and the Devil - Money…
Adair Turner Paperback
Personal Financial Management - The…
Swart Nico Paperback (2)
ACCA Taxation FA2019 - Study Text
BPP Learning Media Paperback
Economics Of The Public Sector
Sara Connolly, Alistair Munro Paperback R1,636 Discovery Miles 16 360
Doing More with Less 2nd edition…
B. Marr, J. Creelman Hardcover
Handbook of Debt Management
Gerald J. Miller Hardcover R7,319 Discovery Miles 73 190
Patient Capital - The Challenges and…
Victoria Ivashina, Josh Lerner Hardcover