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When Orange County, California, filed for Chapter 9 protection on December 6, 1994, it became the largest municipality in United States history to declare bankruptcy. In the first comprehensive analysis of this momentous fiscal crisis, Mark Baldassare uncovers the many twists and turns from the dark days in December 1994 to the financial recovery of June 1996. Utilizing a wealth of primary materials from the county government and Merrill Lynch, as well as interviews with key officials and players in this drama, Mark Baldassare untangles the causes of this $1.64 billion fiasco. He finds three factors critical to understanding the bankruptcy: one, the political fragmentation of the numerous local governments in the area; two, the fiscal conservatism underlying voters' feelings about their tax dollars; three, the financial austerity in state government and in meeting rising state expenditures. Baldassare finds that these forces help to explain how a county known for its affluence and conservative politics could have allowed its cities' school, water, transportation, and sanitation agencies to be held hostage to this failed investment pool. Meticulously examining the events that led up to the bankruptcy, the local officials' response to the fiscal emergency, and the road to fiscal recovery - as well as the governmental reforms engendered by the crisis - "When Government Fails" is a dramatic and instructive economic morality tale. Eminently readable, it underlines the dangers inherent in a freewheeling bull economy and the imperatives of local and state governments to protect fiscal assets. As Baldassare shows, Orange County need not - and should not - happen again.
After the recent financial crisis has hooked the banking system to its very foundations, Hartmut Brinkmeyer contributes to the question of how bank characteristics influence bank loan supply during crisis periods by developing a well-founded theoretical framework. The econometrical design deploys a number of remarkably innovative ideas such as the implementation of a bank-specific, self-chosen target capital ratio or a very convincing approach to the disentanglement of loan supply and demand. The results of this study deliver a profound insight into the lending behavior of European banks and explicitly urge academic and practical discussion.
The public debt crisis that Eurozone countries have experienced since 2010 has been accompanied by a resurgence of sovereign risk. Greece was obliged to restructure its debt in 2012. The credit position of even the wealthy countries is shakier than at any time since the Great Depression. Now more than ever it is essential to understand sovereign risk because the default of a country, or even its lack of credibility, is bound to jeopardize political stability and weaken the credit standing of all other economic actors. This book reviews and analyzes the different means used to forestall and protect against sovereign defaults. In light of the Eurozone's 2010-2012 sovereign debt crisis, this book also emphasizes the roots of sovereign creditworthiness. Chapter 1 establishes a typology of sovereign defaults. A sovereign "bankruptcy" may take many forms (debt repudiation, moratorium, restructuring, etc.). Chapter 2 presents the different contractual and legal tools used to protect against sovereign defaults. Chapter 3 investigates how some investors have been able to interfere with the debtor's economic policy by insisting that measures be taken to reduce the risk of default in the short and medium term. Such interference can be direct or may be more subtle. There is a specific focus on the conditionality imposed by the International Monetary Fund. Chapter 4 studies the various tools that investors can use to discriminate among borrowers and forecast debt crises (bond yields and spreads as well as ratings provided by Fitch, Moody's, Standard & Poor's, and Euromoney Country Risk). Chapter 4 also demonstrates that sovereign debtors must overcome seven types of risk in order to preserve their creditworthiness: natural disaster, geopolitical risk, institutional and political risk, economic risk, monetary and exchange rate risk, fiscal and tax-system risk, and debt-related risk.
Economic growth continues to transform the economic and political landscape of Asia. Equally the policies now being adopted to promote private sector participation, re-structure state entities, and reduce the presence of the state in the provision of public goods and services, are tied to fundamental transformations in Asia's state-society relations. The global cast of contributors present a timely analysis of the impact of neo-liberalism on Asia's developmental policies and the organisation of Asian states and markets. Ironically, the "developmental state" that has historically driven Asia's rapid economic transformation is now threatened by an increasingly dominant neoliberal agenda that aims to roll back the state in the name of market fundamentalism.
In the turbulent years between passage of the Federal Reserve Act (1913) and the Bretton Woods Agreement (1945), the peoples of the Western world suffered two World Wars, two major and several minor international financial panics, an epidemic of currency devaluations and debt repudiations, civil wars, and revolutions. They also enjoyed a decade of unprecedented prosperity and a decade of unprecedented depression and deflation. They also saw the beginning of a period of prolonged, world-wide inflation.No period in history could serve better as a case study for the analysis of applied economic policy. From his vantage point as economist for the Chase Manhattan Bank and editor of the Chase Economic Bulletin, who participated in much of what he records, Dr. Anderson here describes the climactic events of a turbulent era.Arthur Kemp is Professor Emeritus of Economics at Claremont McKenna College.
Thanks to a series of recent US Supreme Court decisions, corporations can now spend unlimited sums to influence elections, Super PACs and dark money groups are flourishing, and wealthy individuals and special interests increasingly dominate American politics. Despite the overwhelming support of Americans to fix this broken system, serious efforts at reform have languished. Campaign finance is a highly intricate and complex area of the law, and the current system favors the incumbent politicians who oversee it. This illuminating book takes these hard realities as a starting point and offers realistic solutions to reform campaign finance. With contributions from more than a dozen leading scholars of election law, it should be read by anyone interested in reclaiming the promise of American democracy.
How do health insurance regulations affect the care of persons with mental illness? And how do such persons, in turn, affect the economy through lost productivity, reduced labor supply, and deviant behavior at the workplace? In "Economics and Mental Health," Richard G. Frank and Willard G. Manning, Jr., bring together a distinguished group of health care economists to explore the new and rapidly growing field of mental health economics.
The authors begin by discussing the issue of care for severely mentally ill patients as it is influenced by differing modes of reimbursement. They then offer labor market analyses that shed light on the economic costs of mental illness. They analyze the interaction of health insurance and the demand for mental health care. And they present case studies that outline experimental systems of delivering health care.
Public spending on infrastructure plays an important role in promoting economic growth and poverty alleviation. Empirical studies unequivocally show that under-investment in infrastructure limit economic growth. At the same time, numerous other studies have shown that investment in infrastructure can be a highly effective tool in fighting poverty reduction1. In that context, the financing of infrastructure has been a critical element of most economic growth and poverty reduction strategies in developing countries, since the start of this millennium. This bookprovides a comparative analysis of the aggregate and sectoral implications of higher spending on infrastructure in three very different Asian countries: China, Pakistan, and the Philippines. Particular attention is paid to the role of alternative financing mechanisms for increasing public infrastructure investment, namely distortionary and non-distortionary means of financing. The book will be of interest to scholars and policy-makers concerned with economic growth in developing countries."
Denmark and Switzerland are small and successful countries with exceptionally content populations. However, they have very different political institutions and economic models. They have followed the general tendency in the West toward economic convergence, but both countries have managed to stay on top. They both have a strong liberal tradition, but otherwise their economic strategies are a welfare state model for Denmark and a safe haven model for Switzerland. The Danish welfare state is tax-based, while the expenditures for social welfare are insurance-based in Switzerland. The political institutions are a multiparty unicameral system in Denmark, and a permanent coalition system with many referenda and strong local government in Switzerland. Both approaches have managed to ensure smoothly working political power-sharing and economic systems that allocate resources in a fairly efficient way. To date, they have also managed to adapt the economies to changes in the external environment with a combination of stability and flexibility.
In recent years, the usual optimization techniques, which have proved so useful in microeconomic theory, have been extended to incorporate more powerful topological and differential methods, and these methods have led to new results on the qualitative behavior of general economic and political systems. These developments have necessarily resulted in an increase in the degree of formalism in the publications in the academic journals. This formalism can often deter graduate students. The progression of ideas presented in this book will familiarize the student with the geometric concepts underlying these topological methods, and, as a result, make mathematical economics, general equilibrium theory, and social choice theory more accessible.
Why does Japan, with its efficiency-oriented technocracy, periodically adopt welfare-oriented, economically inefficient domestic policies? In answering this question Kent Calder shows that Japanese policymakers respond to threats to the ruling party's preeminence by extending income compensation, entitlements, and subsidies, with market-oriented retrenchment coming as crisis subsides. "Quite simply the most ambitious and strongly argued interpretation of a key dimension of Japanese political life to appear in English this decade."--David Williams, Japan Times "Historically dense and conceptually rich.... Forces] readers' attention to the domestic underpinnings of Japanese foreign policy."--Donald S. Zagoria, Foreign Affairs "Punctures the myth of Japan Inc. as a cool, rational monolith...."--Kathleen Newland, Millennium "A bold reinterpretation of Japanese politics that will force us to rethink many of our current assumptions and will influence our research agenda."--Steven R. Reed, Journal of Japanese Studies
As a contribution to the search for suitable and sustainable solutions to finance rising medical care expenditures, the book proposes a typology of healthcare financing and insurance schemes, based on the dimensions of basic vs. supplementary services and mandatory vs. voluntary coverage, to analyse the design and the complex interactions between various financing and insurance arrangements in several OECD countries. This study provides a better understanding of the strengths and weaknesses of the financial and organisational structures of different countries' healthcare financing and insurance schemes. Its main contributions are the development of a novel and rigorous theoretical framework analysing the economic rationales for the optimal design of healthcare financing and insurance schemes, and an empirical and institutional analysis investigating the consequences for efficiency and affordability of the complex interactions between basic and supplementary sources of financing.
This book studies the sustainability and optimality of public debt under different scenarios: the closed economy, the small open economy, and a two-country setting. Sustainability refers to the existence and the stability of the long-run equilibrium. Optimality relates to the path of public debt that maximizes discounted utility. The analysis is conducted within the framework of the Solow model, the overlapping generations model and the infinite horizon model. The government can follow different strategies, it either fixes the deficit ratio or the tax rate. As a result, a fixed deficit ratio generally can be sustained. By contrast, a fixed tax rate generally cannot be sustained. Depending on the chosen fiscal strategy, there exists either an optimal deficit ratio or an optimal tax rate that maximizes the sum of consumption and government purchases per capita.
Evidence-Based Health Care Management introduces the principles and methods for drawing sound causal inferences in research on health services management. The emphasis is on the application of structural equation modeling techniques and other analytical methods to develop causal models in health care management. Topics include causality, theoretical model building, and model verification. Multivariate modeling approaches and their applications in health care management are illustrated. The primary goals of the book are to present advanced principles of health services management research and to familiarize students with the multivariate analytic methods and procedures now in use in scientific research on health care management. The hope is to help health care managers become better equipped to use causal modeling techniques for problem solving and decision making. Evidence-based knowledge is derived from scientific replication and verification of facts. Used consistently and appropriately, it enables a health care manager to improve organizational performance. Causal inference in health care management is a highly feasible approach to establishing evidence-based knowledge that can help navigate an organization to high performance. This book introduces the principles and methods for drawing causal inferences in research on health services management.
Mobilizing existing resources to meet the current and future needs of cities Crumbling streets and bridges. Poorly performing schools and other social services. These are common themes in cities, which too often struggle just to keep the lights on, much less make the long-term investments necessary for future generations. It doesn't have to be this way. This book by two Swedish experts in public finance describes a new way of restoring economic vitality and financial stability to cities, using steps that already have proven remarkably successful in some cities. The key is unlocking hidden social, human, and economic wealth in cities. A focus on public wealth shifts attention and resources from short-term spending to longer-term investments that can vastly raise the quality of life for many generations of urban residents. A crucial first step is gaining a proper understanding of the city's balance sheet-an understanding that that too many cities now lack. With this in hand, taxpayers, politicians, and investors can better recognize the long-term consequences of political decisions and make choices that mobilize real returns rather than relying on more taxes, debt, or austerity. Even poor cities own large swathes of poorly utilized real estate, or they control underperforming utilities and other commercial assets. Most cities could more than double their investments with smarter use of these commercial assets. Managing the city's assets smartly through the authors' proposed Urban Wealth Funds-at arms-length from short-term political influence-will enable cities to ramp up much needed infrastructure investments.
The federal budget is central to Congress's ability to exercise its "power of the purse". Recent economic turmoil put strain on the federal budget due to declining revenues and increasing spending levels. Subsequently, policies enacted to restrain spending, along with an improving economy, have put the federal budget on a more sustainable path in the near term. In this book, the authors discuss issues in the federal budget for FY2014 and beyond. Key questions that should be considered when evaluating balances in federal accounts are discussed, and frequently asked questions in the sequestration as a budget enforcement process are answered.
Finance departments have often been portrayed as guardians of the public purse. In The Guardian, a multidisciplinary group of contributors examines the Ministry of Finance of Ontario since the Second World War. During the last sixty years the Ministry was transformed from a relatively small 'Treasury' to a sophisticated policy machine. What started as a modest bookkeeping operation evolved into a key bureaucratic and policy agency as the government of Ontario assumed a leadership position in developing the province. These essays reveal Ontario's 'finance' as a dynamic policy issue shaped by the personalities of premiers and ministers, the energies of public servants at all levels, and a critical dialogue between political and administrative worlds. Drawing on different methodologies, this collection profiles a ministry as policy entrepreneur, spender, revenue generator, capacity builder, budget director, program manager, and intergovernmental agent. The Guardian fills a significant gap in public administration literature and in so doing describes how Ontario's Ministry of Finance defined its role as 'guardian.'
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.
Could information and communication technology (ICT) become the transformative tool for a new style of global development? Could ICT promote knowledge-based, innovation-driven, and smart, adaptive, participatory development? As countries seek a way out of the present period of economic contraction, they are trying to weave ICT into their development strategies, in the same way organizations have learned to use ICT to transform their business models and strategies. This integration offers a new path to development that is responsive to the challenges of our times.
In e-Transformation, Nagy Hanna identifies the key ingredients for the strategic integration of ICT into national development, with examples from around the world. He draws on his rich experience of over 35 years at the World Bank and other aid agencies to outline the strategic options involved in using ICT to maximize developmental impact transforming public service institutions, networking businesses for innovation and competitiveness, and empowering communities for social inclusion and poverty reduction. He identifies the key interdependencies in e-transformation and offers a holistic framework to tap network effects and synergies across all elements of the process, including leadership, cyber policies, institutions, human resources, technological competencies, information infrastructure, and ICT uses for government, business, and society.
Integrating analytical insights and practical applications across the fields of development, political economy, public administration, entrepreneurship, and technology management, the author candidly argues that e-transformation, like all bold ideas, faces implementation challenges. In particular, the aspiration-reality gap needs to be systematically addressed if ICT-enabled innovation and transformation is to become a development practice. E-transformation is first and foremost about thinking strategically and creatively about the options made possible by the information technology revolution in the context of globalization. To this end, the author provides tools and best practices designed to nurture innovation, select entry points, prioritize among competing demands, and sequence and scale up. He outlines the roles of all participants political, managerial, entrepreneurial, social and technical whose leadership is essential for successful innovation."
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