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 volume is a follow-up to the earlier "Urban Economics, Volume 2" of "Handbook of Regional and Urban Economics," edited by Edwin Mills. The earlier volume, published in 1987, focussed on urban economic theory. This new handbook, in contrast, focuses on applied urban research. The difference is of course in emphasis. The earlier volume was by no means entirely concerned with theoretical research and this one is by no means entirely concerned with applied research.

There have certainly been important theoretical developments during the last decade, and they are surveyed at appropriate places in this volume. However, there has been an outpouring of high quality applied research in urban economics, as in other specialties. The reasons for the rapid growth of applied research are not difficult to identify; improved theoretical frameworks within which to do applied research; improved econometric techniques and software; more and better data; and, probably most important, ever cheaper computing power, which is being ever more widely distributed within the research community, providing increasingly easy access to and analysis of, data.

Selection and classification of topics to include in this handbook has inevitably depended on the editors' perceptions of subjects on which important research has been undertaken. It has also depended on the availability of authors who were able and willing to write critical surveys of large amounts of international research. An attempt was made to include authors and have them survey research from a variety of countries. However, there is still a US bias in applied urban research, partly related to the availability of data and computers but also to the sheer size of the US research community.

For more information on the Handbooks in Economics series, please see our home page on http: //www.elsevier.nl/locate/hes

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

This insightful book brings together both academics and researchers from a variety of international organizations and aid agencies to explore the complexities of public private partnerships (PPPs) as a resurgent, hybrid mode of educational governance that operates across scales, from the community to the global. The contributors expertly study the different types of partnership arrangements and thoroughly critique the value of PPPs. Some chapters explore how PPPs, as a policy idea, have been constructed in transnational agendas for educational development and circulated globally, while other chapters explore the role and implications of PPPs in developing countries, providing arguments for and against an expanding reliance on PPPs in national educational systems. The theoretical framing of the book draws upon leading theories of international relations to develop a unique perspective on the global governance of education. It will prove insightful for both scholars and policy makers in public policy and education. Contributors: F. Barrera-Osorio, Z. Bhanji, A. Draxler, S. Fennell, M. Ginsburg, J. Guaqueta, J. Harma, A.V. Jaimovich, A.A. Marphatia, F. Menashy, K. Mundy, S.-A. Oh, H.A. Patrinos, S.L. Robertson, M. Ron-Balsera, P. Rose, P. Srivastava, J. van Fleet, A. Verger

This volume - the summary of a five-year research programme - describes and assesses the Scandinavian approach to local public finance. A key role of local finance in Scandinavia is redistribution in the form of a wide array of social services that are largely financed at the central level.

The Japanese population is aging faster than any other in the world. The per centage of Japan's population aged 65 and above was only 7.1% in 1970, but just 30 years later, in 2000, it reached 17.2%. A declining birth rate and a rising average life expectancy will continue to push this trend further. This situation is causing serious problems for Japanese society.Structural reforms, especially tax and social security reforms, to accommodate this drastic demographic change have become an urgent policy issue. The purpose of this book is to establish guidelines for tax and social security reforms in Japan in terms that are both efficient and equitable. In this study, an extended life-cycle general equilibrium model is employed to rigorously take account of the rapidly aging Japanese population. The simulation approach adopted in our analysis permits us to calculate the effects of alternative policy packages on capital accumulation and economic welfare. This enables us to make proposals for concrete economic policies."

At a time when state assistance to the arts sector has come under considerable scrutiny both in Europe and the United States, this book comprehensively examines the evolution of, and rationale for, state involvement with the so-called 'high' arts on both continents. This book offers an overview of the key economic issues arising in relation to the state and the arts in these regions, with a detailed analysis of the European and American models of state assistance to the high arts sector.John O'Hagan examines in detail the various channels - regulation, taxation and direct expenditure - through which the state interacts with the arts and compares and contrasts the experiences of America and Europe. Regulatory measures considered include the guarantee of artistic freedom, copyright, resale royalties for artists, and trade restrictions. He also considers taxation measures to support the arts, including deductions for charitable contributions to the arts, property tax exemption, and relief on artists' income. The discussion on direct expenditure covers state ownership of institutions, revenue funding and matching grants as well as new avenues of expenditure such as community arts/arts centres, and new revenue sources for this expenditure, such as lottery funding. Finally the book covers the non-profit making arts sector, and examines why it, and not the commercial sector, receives private and state funding. The State and the Arts will be indispensable for students and academics of public and social policy, cultural economics and public management. It will also be of considerable interest to policymakers and key players in the arts sector.

The New Energy Paradigm provides an overview of the current energy policy debate, contextualized by the oil shock from 2000, and considers how the trends in international energy markets impact on security of supply and climate change. It includes a discussion of market design, looks at carbon and oil markets, and considers best practice for effective policy design.

The choice of currency denomination, indexation, and maturity structure of public debt is an increasingly important aspect of policy in a world of high debts and and financially integrated markets. This book surveys theories and evidence on public debt composition and debt returns with the goal of emphasizing the main policy issues.

This authoritative collection presents seminal papers from leading academics charting recent developments in public finance. The two-volume set encompasses numerous sections including the public sector in a market economy, market imperfections, growth implications of public policies and efficiency and distributive implications of public policies. Professor Tanzi and Dr Zee have selected key papers to reflect the scholarly debates and pivotal arguments surrounding this field of study. This indispensable collection, with an original introduction by the editors, will be of immense value to students, scholars and practitioners interested in this topical and relevant subject.

This new four volume collection gathers together the key literature from the field of Infrastructure Finance from the past 20 years. Organized thematically, and drawing on a range of disciplines, the collection will discuss economic principles and policy, explore project financing, public-private partnership policy and finance, and examine infrastructure as an asset class.