Maastricht will induce changes to the EC budget the various dimensions of which are explored in this volume. Based on the theory of fiscal federalism the author discusses important aspects of multilayer government finance for existing federations - Australia, Germany, Switzerland and the USA. He sketches the effects of an Economic and Monetary Union (EMU) onto the Community budget, and concludes with a systematic treatment of revenue instruments for its future financing

This volume contains 24 of the contributions made to the conference on "Economic Decision-making in a Changing World" held in 1988. Within the general framework of reference the editors focus on six major issues and feature articles on each as separate subject areas.

Investigates various aspects of inflation - the recent history of inflation as well as potential sources of changes, the technical issues regarding the measurement of inflation, the indicators for future inflation, and the policy implications to achieve and maintain price stability.

Alberto Heimler and Daniele Meulders In the last decade the modelling of the interrelationship between public finance and the rest of the economy has seen substantial advances, reflected in many of the papers delivered to the Applied Econometrics Association Conference held at Confindustria, Rome, on 30 November and 1 December 1989. In particular, the development of the literature on applied general-equilibrium modelling has found most of its applications in the field of taxation, enlarging and completing the estimation of the welfare loss due to distortionary taxes. In this context an important extension has been the introduction of overlapping-generation models. Furthermore, it has become clear that most individual decisions, especially the decision whether or not to work, are dependent upon the tax system, in the sense that the higher the marginal income tax the larger the wedge between labour cost and take-home pay, the last one being the decision variable in the demand for leisure. Finally, in the European context, the completion of the internal market has brought about the necessity to harmonize fiscal systems in the EEC member countries. A number of papers study, therefore, the effects of fiscal reform on efficiency, welfare and growth.

Presents the policies and strategies of a wide-ranging group of ministerial personalities, central bankers, regulators and chief or senior executives of major financial and industrial groups. Their vision of the future is based on their high-level experience.

'...very valuable for both policy-makers and researchers...' Professor Athar Hussain, Director, Development Economics Research Programme, STICERD, The London School of Economics and Political Science 'The really novel idea is to bring together the experience of three rather diverse countries and then to discuss Eastern Europe in the light of this experience. State holding companies are likely to play a major role in Eastern Europe over the next ten years or more but very little has been written on them and few of the people advising the East Europeans have any real knowledge about them.' Professor Robert Rowthorn, University of Cambridge '...rich and substantial...' Professor John Toye, Institute of Development Studies, University of Sussex '...most informative...The conclusions are appropriately restrained, well-balanced and wise...The emphasis on the differences between portfolio management and enterprise management is a distinction that East Europe will eventually have to learn.' Raymond Vernon, Emeritus Professor, John F.Kennedy School of Government, Harvard University Large and poorly performing state-owned enterprises pose a problem for countries attempting to move away from government controls towards more liberal economic environments. Privatization is an unproven solution which is proving difficult to implement on a major scale. Intermediate solutions may therefore prove to be the way forward. This book focuses on one of these: the state holding company. It first discusses the state holding company as a managerial form, which permits decentralised public enterprise management, and offers a framework for its analysis. Then, drawing upon the experience of both developed and developing countries, it examines the extent to which the indirect state ownership of public enterprises through holding companies can contribute to transition processes. It shows that the experience of countries like Italy, Egypt and Algeria has direct relevance for institutional structures evolving in the newly transforming countries of Eastern Europe, which are struggling to find a balance between public enterprise ownership and efficiency.

Highlighting recent revolutionary changes, this volume deals with the transformation from central planning towards more efficient economic structures in Eastern and Central Europe and the (former) Soviet Union. Political democracy and the creation of market economies have now become realistic aims; but the process of reform is only just beginning and is likely to take many years. The papers and discussion in this book deal with systematic changes, deregulation, abolition of price controls and macroeconomic fiscal and monetary policies needed to stablize the economies and to implement appropriate structural changes.

This book describes the complex of economic processes which sustains inflationary pressure in nations with severe inflation problems. Paul Beckerman uses an innovative approach to study the strategies inhabitants of economies with lengthy inflation experience use to maintain their purchasing power despite inflation. He examines how these tactics function as 'feedback mechanisms', economic processes by which inflation in any given time period generates inflationary pressure in subsequent periods, and how they complicate the efforts of policy-makers to achieve stabilization.

Using Thai-language archival material, this book examines a crucial element in the dismantling of the traditional government structure and the installation of a Western-style administration - the creation of a modern Ministry of Finance.

Despite the various policy approaches tried over the years, the essential problem of the Latin American debt remains unabated - that financing the debts' burden impairs the developmental efforts of the region. This book argues that emphasis should be made towards a recognition of debt impact.

This book describes the complex of economic processes which sustains inflationary pressure in nations with severe inflation problems. Paul Beckerman uses an innovative approach to study the strategies inhabitants of economies with lengthy inflation experience use to maintain their purchasing power despite inflation. He examines how these tactics function as 'feedback mechanisms', economic processes by which inflation in any given time period generates inflationary pressure in subsequent periods, and how they complicate the efforts of policy-makers to achieve stabilization.

The books in this series aim to reflect the enormous economic and political changes that small and medium-sized nations in East and South-East Asia have been undergoing in the 1970s and 1980s and to show the impact of these changes on the world economy.

A compilation of papers given at a Conference of the International Economic Association analyze the world-wide experiences of incomes policy when, in the 1970s and early 1980s, this was seen as a crucial target for government.

A compilation of papers given at a Conference of the International Economic Association analyze the world-wide experiences of incomes policy when, in the 1970s and early 1980s, this was seen as a crucial target for government.

This collection of essays presents new insights into the analyses of public debt theory, recent historical episodes, econometric analyses of public debt and policy dilemmas and options. The subjects covered include optimal debt policy, the role of deficits as a temporary stimulus in the course of disinflation, the intergenerational equity aspects of public debt, public debt problems in developing countries, indexing public debt for inflation and various conceptual, accounting and measurement issues in obtaining accurate information on deficits and public debt as well as their impact on aggregate economic activity. The studies document the explosion of public debt, the potential benefits and costs associated with this explosion and the perceptions of the debt problems from the viewpoints of various national economies as well as the world economy. Professor Arrow was awarded the Alfred Nobel Memorial Prize in Economic Science in 1972.

This book explores how the financial system should be regulated and structured to achieve the twin goals of inclusive growth and financial stability, with a focus on African low-income countries (LICs). The subject and content of this book is original in that it attempts to draw on the lessons and radical rethinking on the financial sector in developed and middle income countries, arising in the wake of the international financial crisis. It includes four in- depth country case studies, of Kenya, Ghana, Nigeria and Ethiopia, but also analyses the empirical evidence for Sub-Saharan Africa as a whole, evaluating the relevance (or not) of such major changes for the very different financial sectors and economies in low income countries. Achieving Financial Stability and Growth in Africa has major academic and policy implications, especially for low income countries, but also more generally, on broader issues. These include the desirable size of the financial sector, as well as more specific issues, such as the high cost of borrowing of small and medium enterprises in LICs, and possible measures to reduce it. Highly topical subjects like the appropriate regulation of the financial sector and management of capital flows are discussed in depth. Though drawing on comprehensive reviews of the literature, this volume has the virtue of the large comparative academic and policy experience of researchers, as well as in-depth case studies, that take account of institutional and economic features of low- income countries. Written by senior academics and policy-makers, this book is a must read for those researching or participating in the financial sectors of low-income countries, as well as in developed economies. It is also suitable for those who study political economy and public finance.

A collection of essays presenting new insights into the analysis of public debt theory, recent historical episodes, econometric analyses and policy dilemmas and options. It also documents the perceptions of debt problems from viewpoints of national economies as well as the world economy.

This book makes a unique contribution in advancing understanding of the fiscal condition and growth potential of the New Member States of the European Union. It provides new data, policy evaluation, and offers national and regional perspectives. The core research questions are the effect of public investment in the context of macroeconomic disequilibrium and how it is possible to finance capital accumulation in the present and future conditions of mounting public sector debt. The contributors reveal that there is now a convincing case for public investment as an essential driver of convergence and growth in Europe. However, a new international and inter-generational fiscal pact to frame a more optimistic view of the role of government is needed. This book explores how public investment matters for growth, how fiscal conditions may support investment, and the role EU regional policy can have in terms of structural change and investment needs. Public Investment, Growth and Fiscal Constraints provides new data analyses on the EU New Member States in Central and Eastern Europe making it an essential tool for academics, students and practitioners interested in public finance and European Economics. The structural and public finance issues in these former transition economies raised in this book will also strongly appeal to policymakers, officials and consultants. The book is based on an independent research project of the University of Milan, supported by the European Investment Bank.

The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence"? Using scores of examples from the Fed's rich history, The Power and Independence of the Federal Reserve shows that much common wisdom about the nation's central bank is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed's place in government, its internal governance structure, and its relationships to such individuals and groups as the president, Congress, economists, and bankers. Exploring how the Fed regulates the global economy and handles its own internal politics, and how the law does--and does not--define the Fed's power, Conti-Brown captures and clarifies the central bank's defining complexities. He examines the foundations of the Federal Reserve Act of 1913, which established a system of central banks, and the ways that subsequent generations have redefined the organization. Challenging the notion that the Fed Chair controls the organization as an all-powerful technocrat, he explains how institutions and individuals--within and outside of government--shape Fed policy. Conti-Brown demonstrates that the evolving mission of the Fed--including systemic risk regulation, wider bank supervision, and as a guardian against inflation and deflation--requires a reevaluation of the very way the nation's central bank is structured. Investigating how the Fed influences and is influenced by ideologies, personalities, law, and history, The Power and Independence of the Federal Reserve offers a clear picture of this uniquely important institution.