This volume is a collection of empirical and theoretical research papers regarding economics, public finance and business written by researchers from several different universities. It also includes a wide range of topics concerning issues in economics, public finance and business. This book is aimed at educators, researchers and students interested in these fields.

The Egyptian protests in early 2011 took many by surprise. In the days immediately following, commentators wondered openly over the changing situation across the Middle East. But protest is nothing new to Egypt, and labor activism and political activism, most notably the Kifaya (Enough) movement, have increased dramatically over recent years. In hindsight, it is the durability of the Mubarak regime, not its sudden loss of legitimacy that should be more surprising. Though many have turned to social media for explanation of the events, in this book, Samer Soliman follows the age-old adage--follow the money.
Over the last thirty years, the Egyptian state has increasingly given its citizens less money and fewer social benefits while simultaneously demanding more taxes and resources. This has lead to a weakened state--deteriorating public services, low levels of law enforcement, poor opportunities for employment and economic development--while simultaneously inflated the security machine that sustains the authoritarian regime. Studying the regime from the point of view of its deeds rather than its discourse, this book tackles the relationship between fiscal crisis and political change in Egypt.
Ultimately, the Egyptian case is not one of the success of a regime, but the failure of a state. The regime lasted for 30 years because it was able to sustain and reproduce itself, but left an increasingly weakened state, unable to facilitate capitalist development in the country. The resulting financial crisis profoundly changed the socio-economic landscape of the country, and now is paving the way for political change and the emergence of new social forces.

Originally published in 1985. This book examines the scope of the industry and also focuses on issues relevant to it, divided into three sections: an overview of the American nuclear power industry, an examination of the nuclear power plant licensing process and issues that face the nuclear industry, and selected case studies that illustrate issues discussed in the previous section. The growth and future of the nuclear power plant industry is discussed and industry-wide trends and relevant data are presented providing background information on the scope, diversity, capacity, and control of nuclear power in the United States. Issues examined concern safety; environmental, geological, and natural phenomenon matters; and anti-trust. The in-depth case studies on the status of selected nuclear power plants include: Three Mile Island, Enrico Fermi, Seabrook, Indian Point, R. E. Inna, Diablo Canyon, and Browns Ferry.

Microsimulation models provide an exciting new tool for analysing the distributional impact and cost of government policy changes. They can also be used to analyse the current or future structure of society. This volume contains papers describing new developments at the frontiers of microsimulation modelling, and draws upon experiences in a wide range of countries. Some papers aim to share with other modellers, experience gained in designing and running microsimulation models and their use in government policy formulation. They also examine issues at the frontiers of the discipline, such as how to include usage of health, education and welfare services in models. Other chapters focus upon describing the innovative new approaches being taken in dynamic microsimulation modelling. They describe some of the policy applications for which dynamic models are being used in Europe, Australia and New Zealand. Topics covered include retirement income modelling, pension reform, the behavioural impact of tax changes, child care demand, and the inclusion of government services within models. Attention is also given to validating the results of models and estimating their statistical reliability.

Scholars and practitioners have long hailed fiscal federalism as a critical tool for improving government services, but it has not always lived up to its promise when applied in specific countries. This book offers both an explanation for such mixed effects and a roadmap for better outcomes in the future. It argues that the benefits of fiscal federalism are contingent on a particular confluence of political institutions, namely democratic decentralization and political party integration. With this in mind, the authors emphasize the importance of striking a ''fine balance'' between the accountability benefits delivered by empowered local governments and the national coordination necessary for good policy outcomes. Such a balance can be achieved, they contend, when integrated party structures compensate for the potential downsides of a decentralized state. The book formalizes this argument for a variety of electoral democracies and, using new data on subnational political institutions, tests it with models of education, health, and infrastructure service delivery in 135 countries across 30 years. It also presents comparative case studies of Senegal and Nigeria. Academic economists and political scientists will value the book for its contribution to the literature on fiscal federalism and political decentralization, and development practitioners will benefit from its practical solutions to the problems of local governance.

Pension Systems enters into the current lively debate on European pensions. The focus of the book is the analysis of public intervention in individuals' retirement choice, its rationale and the desirability of legislation introducing a sizeable and compulsory increase in retirement age, to face the prospects of swift population ageing. The book assesses the impact of different retirement rules on individual decisions, on the sustainability of social security systems and on labour market dynamics, and inquires whether mandatory retirement has not become an outdated feature of modern pension systems. The motivations behind public intervention in fixing compulsory retirement rules as well as the likely consequences of allowing the individual a higher responsibility in retirement choices are analysed. These issues are examined both theoretically and empirically and through a focus on country-specific patterns of retirement and on policy issues relevant at the European level. The impact of later retirement on the labour market is also investigated, considering the role of retirement rules in increasing employment. This comprehensive and topical book will appeal to academics and scholars of public finance as well as pensions experts and organisations.

In Educating Public Interest Professionals and the Student Loan Debt Crisis, Robert Leslie Fisher examines the student loan debt crisis and its effects on America's citizens and economies. Exploring the shortage of professionals in fields such as education, medicine, and law, Fisher analyzes the causes and effects of the student loan debt crisis in America and argues for higher wages, student loan debt forgiveness, and an updated financial model to pay for training for public interest professionals. Supported by economic research and a sociological background, Fisher proposes a path forward that will ease the student loan debt crisis and revitalize the economy.

Latin American experiments with pension reform began when Chile converted its public pay-as-you-go system to a system of private individual accounts in 1981. In the 1990s, several other countries followed suit, inspired both by Chile's reforms and World Bank recommendations that stressed adopting compulsory government-mandated individual savings accounts. Following the lead of Latin America, individual accounts were subsequently introduced in a number of countries in both Europe and Asia. The World Bank and governments in the region have now begun to seriously re-evaluate these privatisations, with the most dramatic effort to 'reform the reform' coming from Chile, where President Michelle Bachelet backed a comprehensive initiative aimed at making the system more efficient and equitable. This volume is the first to assess pension reforms in this new 'post-privatization' era.
Section 1 of the book begins with a discussion on demographic trends by Nobel laureate Robert W. Fogel and is followed by chapters on system design and their policy implications, including chapters on demographic trends, pension system default options, and an analysis of World Bank's policies and how they have evolved (by three former and current World Bank experts). This section concludes with two chapters with differing views on reform and the role of gender (an important and understudied topic). Section 2 contains in-depth chapters on major reform efforts in the United States, Canada, Mexico, Costa Rica, Brazil, Peru, Uruguay and Argentina.
In addressing the most pressing policy issues and highlighting a broad range of country experiences, this volume provides an unparalleled account of the lessons frompension reform in the Americas.

The recent global financial crisis has challenged conventional wisdom, and our conception of globalization has been called into question. This challenging and timely book revisits the relationship between globalization, the crisis and the state from an interdisciplinary perspective, with law, economics and political science underpinning the analysis.The expert contributors consider the Washington Consensus and its aftermath across Australia, China, the EU, New Zealand and South Africa in light of the financial crisis, encompassing public policy issues including banking reform, privatisation and state owned enterprise. The clash between market and state capitalism and the response of market capitalism to the crisis are also explored. This book draws together truly multidisciplinary discussions of the main issues for contemporary society in the face of globalization, and defines how these issues relate to each other. As such, it will prove a stimulating read for academics, researchers, postgraduate students and policymakers with an interest in law, economics and politics. Contributors: M. Ariff, T. Booth, L. Boulle, J. Broehmer, J. Chen, J.H. Farrar, G.A. Hodge, C.-C. Huang, D.G. Mayes, A. Noon, L. Parsons, M. Regan, C.D. Stoltenberg, S. Watson, M. Wilson, X. Yang

A complete guide to sovereign wealth funds written by and for industry practitioners

Sovereign wealth funds (SWFs) aren't new, but they are often misunderstood. As they've attracted more attention over the last decade and grown greatly in size, the need for a new and thorough resource on SWFs has never been greater. These funds will only grow more important over the coming years. In this book, expert authors who work in the industry present a comprehensive look at SWFs from the perspective of western investors.

There is a growing interest in Public-Private Partnerships (PPPs), particularly in infrastructure and public services. Under the scope of PPPs, renegotiations are becoming more relevant, as empirical evidence suggests that most PPP projects are inevitably renegotiated, i.e., the original contract needs to be adapted to new and unforeseen circumstances. Renegotiations have a substantial impact on the contract and performance of a PPP and usually represent significant costs for users and taxpayers. However, very little is known about the management and, mainly, the process of renegotiating that will, very likely, occur. This book provides a set of case-studies of PPP renegotiations in the transport sector. The authors illustrate the Portuguese experience, a country that has been using PPP extensively, particularly in transport. The case studies provide an extensive and detailed analysis on each aspect of the project and the renegotiation. What drives renegotiations? Why are some projects more renegotiated than others? What are the results? How can the performance of renegotiation processes be improved? These and other questions provide the basis for the discussions in this book. The novelty and value of the book come mainly from the extent of information available. Each case-study deals with these questions in much more detail than what is common in the case-studies approach.

The main objective of this book is to develop a strategy and policy measures to enhance the formalization of the shadow economy in order to improve the competitiveness of the economy and contribute to economic growth; it explores these issues with special reference to Serbia. The size and development of the shadow economy in Serbia and other Central and Eastern European countries are estimated using two different methods (the MIMIC method and household-tax-compliance method). Micro-estimates are based on a special survey of business entities in Serbia, which for the first time allows us to explore the shadow economy from the perspective of enterprises and entrepreneurs. The authors identify the types of shadow economy at work in business entities, the determinants of shadow economy participation, and the impact of competition from the informal sector on businesses. Readers will learn both about the potential fiscal effects of reducing the shadow economy to the levels observed in more developed countries and the effects that formalization of the shadow economy can have on economic growth.

One of the most important functions of modern government is to marshal and deploy resources to achieve desired objectives and outcomes. This task is overseen by the Central Budget Agencies (such as Ministries of Finance and Treasuries) who have the responsibility of generating tax revenue, and controlling and allocating public expenditure. This extensive comparative study investigates the changing nature and role of Central Budget Agencies (CBAs) in ten countries reflecting a spectrum of different institutional and constitutional contexts. Eighteen expert contributors offer detailed accounts of the various trajectories that have occurred within their respective CBAs, set against the changing political environment in which they operate. A recurring theme throughout is an evaluation of the power and agenda-setting roles of CBAs, assessing how their influence has grown or waned over time. An important feature of the book is that each chapter attempts to incorporate external scholarly analyses with internal practitioner views. Four key areas are examined in each of the CBAs, including: * the changing roles and responsibilities of CBAs * the politics of the budget process and the influence of CBAs * administrative and post-administrative cultures inside government * future prospects and directions for the CBAs. The original research presented in this book provides a new window into the world of CBAs, adding an important contribution to the scholarly research on public finance and government budgeting. It will also assist many CBAs to re-evaluate their roles and contributions to public budgeting and public sector management. This volume is required reading for anyone wanting to gain greater insight into whether CBAs really are the best guardians of the public purse.

Non-communicable diseases have surpassed infectious diseases as the leading cause of morbidity and mortality in developed countries. Prevention and treatment of the causes and consequences of lifestyle-related diseases forms an important part of health policy in the twenty-first century. Public health economics - from quantifying the problem, to evaluating interventions and developing toolkits to assist decision makers - is an essential area for any postgraduate student and researcher with an interest in applied economics to understand. There are a wide range of techniques from mainstream economics and health economics that can be applied to the evaluation of public health policy and public health issues. In this book, Brown presents examples from developed countries to illustrate how economic tools can be applied to public health. Further, cross-country comparisons illustrate how contextual factors related to healthcare systems, demographics and environmental factors may impact on outcomes and the cost-effectiveness of public health policies, in order to aid understanding and help students apply theory into practice.

Cost-Benefit Analysis presents an authoritative collection of the most important published articles in the field together with an extensive new introduction by the editors. Whilst focusing on the practical side, looking at applications such as education, transportation and the value of life and health, this important volume also emphasises the essential role of economic theory, with sections on the economic costs of public funds, foreign exchange and labour. The result is an influential selection based on robust and fundamental theoretical propositions -- ones that are readily suitable for everyday applications. This timely volume provides a comprehensive synthesis of the current state of the theory and application of cost-benefit analysis. It draws from a wide range of journals to include the key articles which are the benchmarks in the development of the field. It will be invaluable to academics and practitioners alike.

Inequality is a choice. The United States bills itself as the land of opportunity, a place where anyone can achieve success and a better life through hard work and determination. But the facts tell a different story-the U.S. today lags behind most other developed nations in measures of inequality and economic mobility. For decades, wages have stagnated for the majority of workers while economic gains have disproportionately gone to the top one percent. Education, housing and health care-essential ingredients for individual success-are growing ever more expensive. Deeply rooted structural discrimination continues to hold down women and people of colour, and more than one-fifth of all American children now live in poverty. These trends are on track to become even worse in the future. Some economists claim that today's bleak conditions are inevitable consequences of market outcomes, globalisation and technological progress. If we want greater equality, they argue, we have to sacrifice growth. This is simply not true. American inequality is the result of misguided structural rules that actually constrict economic growth. We have stripped away worker protections and family support systems, created a tax system that rewards short-term gains over long-term investment, offered a de facto public safety net to too-big-to-fail financial institutions, and chosen monetary and fiscal policies that promote wealth over full employment.

First published in 1984. This book brings together and develops the economic theory relating to the design and operation of systems of non-central government - positing major developments in several areas. It considers what functions systems most suitably perform in non-central governments, and their appropriate size and structure. How these authorities might finance themselves - by taxes, charges or loans - is analysed in detail. It also examines the use of grants by higher tiers of government and how such programmes should be designed. Concentrating on contemporary economic concerns, it relates the theory to practice in countries such as Australia, Canada, West Germany, the UK and USA.

This is a very stimulating book which should be read by everyone who wants to gain an understanding of the latest developments in the shadow economy.' - Friedrich Schneider, Johannes Kepler University of Linz, Austria'Professor Williams is to be congratulated for this timely contribution - a fresh addition to the literature. As he explains, the recognition that the shadow economy is diverse and extensive has led to a rethinking of how to tackle it. In a reader-friendly fashion, the author explains the variable magnitude of and variable character of the shadow economy; he then discusses policy approaches, deterrence measures and incentives. The result is of interest to the policy-maker as well as to academics.' - Leo-Paul DANA, Groupe Sup de Co Montpellier Business School, France This authoritative monograph explores the effectiveness and transferability of the rapidly expanding range of policy approaches and measures available as weaponry in the fight against the shadow economy. Beginning with a review of the extent of undeclared work, the author discusses the discrepancies between regions and the potential impacts of the economic crisis, comparing the nature of the potential solutions available with those actually adopted. The way forward, the book concludes, is to move away from increasing the costs of engaging in hidden work using repressive measures, and concentrate more on developing initiatives that enhance the benefits of engaging in declared work and increase the likelihood of compliance by engendering a commitment to tax morality. This insightful and unique exposition will have considerable appeal to academics, practitioners and policy-makers across the globe involved in the fight against undeclared work. Contents: 1. Introduction Part I Extent and Nature of the Shadow Economy 2. The Variable Magnitude of the Shadow Economy 3. The Variable Character of the Shadow Economy Part II Policy Approaches 4. Evaluating the Policy Options 5. A Typology of Policy Measures Part III Direct Controls 6. Deterrence Measures 7. Supply-Side Incentives for Businesses 8. Supply-Side Incentives for Individuals 9. Demand-Side Incentives Part IV Indirect Controls 10. Commitment Measures 11. Broader Economic and Social Policies 12. Conclusions References Index

This authoritative new volume contains a selection of the most important articles and papers spanning over 20 years on budgeting and managing public spending. It is divided into five succinct parts, covering the main areas of the field including the political-economic environment, approaches to expenditure budgeting and implementing the budget. Donald Savoie does not limit his examples to just one country - budgeting and spending is discussed in a variety of countries, including the UK, Australia, New Zealand, America, Canada and Spain. He has also written a new introduction to accompany the piece. All those with an interest in government spending, budgeting and how finances are controlled will find this work - which includes articles and papers not immediately accessible - an essential reference tool.

Cartels, Competition and Public Procurement uses a law and economics approach to analyse whether competition and public procurement laws in Europe and Asia deal effectively with bid rigging conspiracies.Stefan Weishaar explores the ways in which economic theory can be used to mitigate the adverse effects of bid rigging cartels. The study sheds light on one of the vital issues for achieving cost-effective public procurement - which is itself a critical question in the context of the global financial crisis. The book comprehensively examines whether different laws deal effectively with bid rigging and the ways in which economic theory can be used to mitigate the adverse effects of such cartels. The employed industrial economics and auction theory highlights shortcomings of the law in all three jurisdictions - the European Union, China and Japan - and seeks to raise the awareness of policymakers as to when extra precautionary measures against bid rigging conspiracies should be taken. Students and researchers who have a keen interest in the relationship between law and economics, competition law and public procurement law will find this topical book invaluable. Practitioners can see how economic theory can be used to identify situations that lend themselves to bid rigging and policymakers will be informed about the shortcomings of existing legislation from a legal and economics perspective and will be inspired by approaches taken in different jurisdictions. Contents: 1. Introduction Part I: Economic Theory 2. Economic Theory on Optimal Deterrence and Enforcement 3. Industrial Economics 4. Auction Theory and Collusion Part II: Legal Analysis 5. The Effectiveness of the Legal Regime Applicable to Bid Rigging in the European Union 6. Application of Auction Theory in Europe 7. The Effectiveness of the Legal Regime Applicable to Bid Rigging in China 8. Application of Auction Theory in China 9. The Effectiveness of the Legal Regime Applicable to Bid Rigging in Japan 10. The Japanese Construction Sector 11. Limits of Economic Theories and Concluding Remarks Appendix 1. Europe - An Overview of Public Procurement Law Appendix 2. China - An Overview of Public Procurement Law Appendix 3. History of Japanese Antitrust Legislation References Index

This book details the policy subsystems - links among members of Congress, interest groups, program beneficiaries, and federal and subnational government agencies - that blanket the American political landscape. Robert Stein and Kenneth Bickers have constructed a new data-base detailing federal outlays to congressional districts for each federal program, and use it to examine four myths about the impact of policy subsystems on American government and democratic practice. These include the myth that policy subsystems are a major contributor to the federal deficit; that, once created, federal programs grow inexorably and rarely die; that, to garner support for their programs, subsystem actors seek to universalize the geographic scope of program benefits; and that the flow of program benefits to constituencies in congressional districts ensures the reelection of legislators. The authors conclude with an appraisal of proposals for reforming the American political system, including a balanced budget amendment, a presidential line-item veto, term limitations, campaign finance reform, and the reorganization of congressional committees.

Over the last few decades universities in Australia and overseas have been criticized for not meeting the needs and expectations of the societies in which they operate. At the heart of this problem is their strategy. This book reviews the organizational-level strategies of some of Australia's prominent universities. It is based on their public documents that boldly report how they see their role in society and how they intend to navigate the future. These strategic statements are written to proclaim relevance, showcase achievements, attract students, and help to gain the support of the communities in which they operate. Using a strategy framework taught in their business schools, this book suggests that most such statements are deficient. Grand aspirations substitute for realistic operations and outcomes. The analysis also suggests that many of Australia's universities are poorly governed and have become too complex and bureaucratic. A greater focus on their core responsibilities would help alleviate their current funding predicament.

Bureaucracy and Public Economics brings together in one volume the classic book and related articles which put forward the first formal economic theory of the behaviour of bureaucracies. William Niskanen Jr. has consistently argued that bureaucrats have personal objectives - that differ from those of both their political supervisors and the general public - which they further by use of their monopoly power. He develops his argument to contend that government budgets have become too large and should be curtailed. All of Professor Niskanen's major contributions to this field have been brought together in this one volume including his pioneering article on 'The Peculiar Economics of Bureaucracy', the full text of the book 'Bureaucracy and Representative Government' and his recent reassessment of the larger body of scholarship on the economics of bureaucracy. Scholars, students and teachers of public economics will welcome this volume which, by making some of the key contributions in the field more widely accessible, will provoke discussion, debate and further research.

Infrastructure is the foundation of modern economies. A robust, efficient, and well-maintained infrastructure system is critical to support the nation's economy, improve quality of life, and strengthen global competitiveness. The serious infrastructure deficit in the U.S. is well-known. State and local governments are struggling to finance the needed expansion, upgrades, and repairs. Meeting the infrastructure financing challenge has emerged as one of the most urgent issues facing the country. Despite the growing number of innovations in state and local infrastructure financing, current information on innovative infrastructure financing is scattered and time-consuming to find. Until now, there was no detailed, comprehensive assessment of current knowledge and practice in innovative infrastructure financing. This book fills that gap and offers policy suggestions for state and local government managers who are considering the adoption and implementation of innovative infrastructure financing. It provides detailed case studies and rich examples that describe innovative approaches to fund state and local infrastructure development. These experiences and lessons in applying these innovations will be particularly useful for state and local government practitioners, professors, applied policy analysts, and students in public administration, policy, and public finance.

This is a timely, important book for fiscal policy-makers and budget practitioners. It assesses why some advanced democracies were prepared for the global financial crisis and others were not, and how some countries responded in ways that exacerbated fiscal instability. Its dozen country cases offer highly relevant lessons for mitigating cyclical disturbances that frequently beset national budgets and for managing public finances during turbulent times. The key takeaway message is that government capacity and budget policies matter and should dispel the notion that all countries are helpless when crisis strikes.' - Allen Schick, University of Maryland, USThe global financial crisis of 2007-09 constituted the biggest shock to the economies of the OECD nations since the Second World War, testing budgetary systems and causing most of their governments to move into intense crisis mode. Policy responses by governments and international authorities included massive interventions to stabilize markets and economies, and significant adjustments to fiscal policy regimes. How governments reacted to the crisis, which was manifested differently in each jurisdiction, had significant political implications for sitting governments and led to reforms of fiscal policy and budgetary regimes, which have since continued to wrestle with slow economic growth and strained public finances. This singular shock provides the editors and authors of this book with an intriguing opportunity to examine how different OECD budgetary systems performed. The contributions frame and assess how governments responded to the challenge and how their budget systems evolved in the aftermath, with a focus on strategy, decision-making and balancing competing demands. Chapters cover the EU, North America and Asia, including comparison between countries that fared well, those who were moderately affected and those countries massively affected by the global financial crisis. This timely book will appeal to students and academics seeking an international understanding and analysis of the effects and consequences of the global financial crisis. Contributors: M.G. Arghyrou, R. Boyle, S. Davidsen, T. Degen, D.M. Fantone, D.A. Good, M. Horie, L. Jensen, E. A. Lindquist, M. Mulreany, P.T. Pereira, P.L. Posner, J. de Vries, J. Wanna, L. Wemans, E. Zapico-Goni