This contributed volume explores the political economy and socioeconomic aspects of the Greek Financial Crisis both within the country's borders and as part of the global economy. With chapters authored by international experts, this book examines and explicitly deals with specific and important issues that have been ignored by the dominant socioeconomic theory and practice, which have largely focused on the causes and broad economic consequences of the crisis. Discussions include the efficacy of new EU institutions created to address the crisis, the rise of unregistered economic activity, and comparisons with financial crises in countries beyond Europe. This diverse collection argues that the Greek Financial Crisis was not just an economic crisis, but a political and social crisis as well, one with repercussions beyond Europe.

In a multi-level government system institutional legacy and the assignment of roles and responsibilities between the federal and the subnational governments create imbalances. These imbalances in economic terms are a result of a mismatch between revenue-raising capacity and the spending responsibilities of the different levels of the government. Intergovernmental Transfers in Federations presents a synthesis of recent international experience of large federations in addressing the most fundamental issues of horizontal and vertical imbalances through the prism of intergovernmental transfers. It compares mature federal systems and the maturing federations of the world. Contributors delve into the various aspects of policymaking as well as policy choices in selecting an efficiency path for a meaningful fiscal devolution aimed at integrating performance and incentives to reach an expenditure mix that facilitates better service delivery. Chapters include empirical, theoretical and methodological contributions as well as case studies that illustrate important policy or methodological lessons for future work. This collection is essential reading for researchers, practitioners, policy makers and students wishing to understand the choices made by different countries in response to the overarching principles of needs, equity and efficiency for sharing of resources.

Some of the best writings on public budgeting and finance can be found in the journals that ASPA publishes or sponsors. For this volume editor Irene Rubin has brought together the best of these articles - emerging classics that address the most important theoretical and practical problems underlying public budgeting.The anthology is organized topically rather than historically, with an effort to delineate the issues needed to understand some of the more recent controversies in the field. Rubin's introductory essay and section openers frame the key issues and provide historical context for each article. The collection begins with descriptions of what public budgeting is, where it comes from, and what it is for. It moves on to the relationship between budget processes and outcomes, constraints on budgeting, the legal context in which it operates, and adaptations to those constraints such as contracting out.The book concludes with a discussion of the ethics and norms that underlie budgeting in a democracy. Throughout the anthology, the emphasis is on areas of disagreement and debate, so students can get involved and explore different viewpoints.

The Economics of Budget Deficits provides a comprehensive overview of the scholarly literature exploring the causes and consequences of deficit spending and the public debt. Incorporating classical, Keynesian and public choice analyses of debt-financed public expenditures, the two volumes contain major theoretical and empirical contributions to the debate. They cover such critical fiscal policy issues as the history and measurement of budget deficits, the question of who bears the burden of the public debt, the use of deficits to solve problems of dynamic policy inconsistency and the relative effectiveness of fiscal rules and constitutional constraints as mechanisms for achieving budget balance. The editors provide an authoritative introduction to the two volumes and separate overviews of each of the seven parts. The Economics of Budget Deficits is an indispensable reference for all scholars and students interested in fiscal policy and for all policymakers.

This book explores the incentives and effects of modern welfare policy, contrasted with outcomes of global basic income pilots in the past seventy years. The author contends that paternalistic and counterproductive eligibility rules in the modern American welfare state violate the human dignity of the poor and make it nearly impossible to escape the "poverty trap." Furthermore, these types of restrictions are absent from expenditures aimed at middle and upper-income households such as mortgage interest deductions and tax-sheltered retirement accounts. Case examples from the author's years as a front-line social worker and interviews with basic income pilot recipients in Ontario, Canada, are woven throughout the book to better illustrate the effects of the current system and the hidden potential of more radical alternatives such as a universal basic income.

This monograph highlights the benefits of public-private partnerships (PPP) for Sub-Saharan Africa. By studying the intertwinement of mainstream and Islamic finance, the author shows how PPPs have emerged as a viable and efficient organizational vehicle for fair rules of economic cooperation where the trade-offs between profit maximization and social justice values required by Islamic finance occur within the organization. The book shows the assumptions under which such compromise is beneficial to all parties, including public entities, multicultural societies and private Islamic and conventional investors. It places particular emphasis on changing the principle of allocating public resources in the uncertain legal and economic environment of the region discussed. Given the cultural idiosyncrasies, political instability, and socio-economic turmoil but high development potential in Sub-Saharan Africa, PPPs with a heterodox approach may prove to be a game-changer in the region and a platform to find a compromise between the interests of various types of investors.

This book comprehensively presents the current practice and further development paths of public sector accounting, auditing and control systems in 7 South Eastern European countries based on the contributions of highly-respected researchers. Each chapter is a study of the territorial organisation, public sector scope, formulation and execution of central government and local and regional self-government budgets, accounting and financial reporting reforms and practice, audit and other oversight (supervision) in the public sector, and challenges in the further development of public sector accounting and auditing of each country. It also provides insights into the challenges that SEE countries are faced with as they move towards the adoption of accrual accounting and the implementation of IPSAS and/or EPSAS, and offers a valuable reference resource for academics, researchers, students, auditors, public administrators, policy makers and standard setters.

This book tackles political, social, and behavioural aspects of public finance and fiscal exchange. The book combines conventional approaches toward public finance with new developments in economics such as political governance, social and individual aspects of economic behaviour. It colligates public finance and behavioural economics and gathers original contributions within the emerging field of behavioural public finance. The book addresses public finance topics by incorporating political, social, and behavioural aspects of economic decision-making, assuming the tax relationship is shaped by three dimensions of decision-making. Thus, it aims not only to reflect the interdisciplinary nature of public finance by bringing together scholars from various disciplines but also to examine public finance through the lens of political, social, and behavioural aspects. The book scrutinizes the relationship between political institutions, governance types, and public finance; it investigates the impact of social context, social capital, and societal cooperation on public finance; it explores behavioural biases of individual fiscal preferences. This book is of interest to scholars, policymakers, tax professionals, business professionals, financers, university students, and researchers in the fields of public policy and economics.

This book examines claims that aging populations will create serious economic problems for various nations. It examines the question in large part through the eyes of researchers and legislators in three target countries: Australia, Japan, and the United States. These countries were chosen because of similar states of economic development and because all were experiencing a rapid aging of their populations. A comprehensive overview is provided of the economic issues related to aging populations. Several aspects are explored in more depth. To date, it is the most complete and thorough study of economic issues associated with population aging. After a brief review of the phenomenon of demographic aging, the authors give a summary of the major economic programs offered to the aged. Extensive research is used to evaluate the concept of dependency ratios and to predict the impact on younger and older persons of future economic and demographic growth. This discussion then provides the basis for a review of evolving retirement policies in the three countries. Special attention is given to the way pension plans have been designed, especially early and mandatory retirement policies. An assessment of the adequacy of retirement income follows. The final three chapters are devoted to policy options for the future, given trends in demographic aging. Social scientists and economists will be most interested in this study.

This book analyses several aspects of Hybrid Annuity Model (HAM), a form of hybrid public-private partnership (PPP) for development of roads sector in India. The book covers contractual, financing, taxation and accounting aspects of the HAM based PPP projects in India and provides a complete multi-dimensional view for readers. It is a comprehensive guide for multiple stakeholders involved in the development of infrastructure projects in developing economies across globe. The book is authored by professionals having hands-on advisory experience for HAM PPP projects in India. Given that these are long-term concession agreements (around 15 years), there are inherent complications and the authors have tried to provide clarity on practical issues. The book adopts a novel case-study approach. Based on detailed financial and commercial assumptions for a road project in India, the authors have used around 100 numerical illustrations to provide a quantitative and qualitative understanding for readers. Another highlight of the book is use of international case-studies to provide key learnings in areas of project preparation and structuring for such hybrid PPP models. The risk allocation framework is also contrasted with the HAM PPP model to highlight the key differences. The international case studies have been selected from transport and water sector to illustrate the applicability of hybrid PPPs across multiple sectors to support sustainable infrastructure development. The target audience for this book include private sector developers, government agencies, deal practitioners, advisors, researchers and academia . This book will also serve as a useful guide for commercial lenders, development finance institutions (DFIs) and institutional investors who are looking to finance such infrastructure projects in the long term.

Law and regulation are becoming increasingly important in any discourse involving the Islamic financial services industry. This important aspect comprises both the legal and Shari'ah aspects from the pre-contract stage up to the post-execution phase, and even post-contract termination phase. Emerging Issues in Islamic Finance Law and Practice in Malaysia focuses on emerging legal, Shari'ah and regulatory issues in the Islamic finance industry in Malaysia. Through the lens of the Malaysian legal framework, financial experts Umar A. Oseni, M. Kabir Hassan, and Rusni Hassan and their expert contributors raise and discuss issues that cut across borders and, as such, can be transposed to other Islamic finance jurisdictions. With the different perspectives and approaches adopted by various chapters, Emerging Issues is specifically designed to meet the needs of academics and practitioners of Islamic finance law to provide general legal and Shari'ah guidance on the emerging issues identified. In Emerging Issues, Oseni, Hassan and Hassan provide rigorous research for curious minds who seek to ascertain the position of Islamic law on certain new issues, such as the application of Fintech in Islamic finance and the regulation of digital currencies. Readers will also benefit from the case studies included, which are based on the Malaysian legal and Shari'ah framework since Malaysia is generally considered a model for other Islamic finance jurisdictions.

Thomas Robert Malthus (1766-1834) was a leading figure in the British classical school of economics, best-known for extending the insights of Adam Smith at a time of revolutionary improvements in agriculture and industry. This book explores the way in which he accounted for the tendency to overpopulation, the exhaustion of arable land and the deficiency of effective demand. Malthus relied on historical and empirical evidence in the spirit of Bacon and Hume, but also backed up his data with a priori hypotheses that link him to his contemporary, David Ricardo. Malthus was strongly in favour of free trade, the minimal State, the gold standard and the abolition of poverty relief. Always a pragmatist, however, he was just as much in favour of public education, contra-cyclical public works and a safety net of tariffs and bounties to encourage national self-sufficiency with regard to food. He was both an economist and a clergyman and saw the two roles as interconnected. Malthus believed that a benevolent Deity had created vice and misery in order to shake human beings out of their natural indolence that would otherwise have condemned them to still greater distress. This title provides a clear and comprehensive examination of Malthus's economic and social thought. It will be of interest to students and scholars alike.

This pathbreaking study illustrates and enhances the potential of cost-benefit analysis as a tool for decision-making. Advancing the incorporation of equity preferences in policy analysis, the authors demonstrate the application of choice modeling to the estimation of distributional weights suitable for inclusion in a cost-benefit analytical framework. A platform for discussion of the challenges and opportunities of this approach is presented in the form of a detailed case study designed to estimate community preferences for different intergenerational distributions. While the case study is focused on natural resource management and environmental policy, the conceptual and methodological advances illustrated by the authors are relevant and applicable to a wider array of policy deliberations. This book will prove a challenging and thought-provoking read for academics, students and policy makers with an interest in environmental issues and/or public sector economics. Contents: Foreword 1. Distribution and Environmental Policy 2. Distributional Weighting and Cost-Benefit Analysis 3. Choice Modelling and Distributional Preferences 4. Case Study: Design of Intergenerational Distribution Choice Experiment 5. Case Study: Results of Intergenerational Distribution Choice Experiment 6. Choice Modelling and Distributional Preferences: Challenges and Opportunities Bibliography Index

Rolf R. Strauch and Jiirgen von Hagen Center for European Integration Studies (ZEI), University of Bonn; ZEI, University of Bonn, Indiana University, and CEPR The large and persistent deficits, rising levels of debt and growing levels of public spending observed in many DECO economies during the past 25 years have stimulated much theoretical and empirical research on the political economy of public finance. Although a number of issues have been studied extensively, certain areas are still at an exploratory stage and need further theorizing and thorough empirical research. During the last two decades, the theoretical debate on budgeting has been dominated by the controversy between partisan and institutionalist approaches. Within the more political-science oriented, institutionalist literature, a controversy exists between the distributive and the informational perspectives, each setting forth a distinctive organizational rationale of parliaments with different fiscal implications. The papers in this volume cover these different perspectives, extend previous models, and test their empirical validity. The papers were originally written for a conference on "Institutions, Politics, and Fiscal Policy" organized by the Center for European Integration Studies at the University of Bonn, Germany, in July 1998. The book is organized in three parts each focusing on a distinctive aspect. The first part is dedicated to the partisan perspective. The second part focuses on budget institutions. The third part consists of three case studies of institutional reform of the budget process. This book is directed to academics and practitioners alike.

This important new book brings together a significant body of new essays on some of the central economic problems facing governments, firms and individuals in the 1990s. Under the direction of Paul Davidson and Jan Kregel, an international group of distinguished economists provide new perspectives on key issues including employment, corporate and work place restructuring, economic growth and development, financial integration and transformation of the former command economies. Combining rigorous scholarly assessments of the issues with policy prescription, the contributors seek to provide solutions to the problem of providing full employment, to identify the factors determining the expansion of the economy, and to analyse the impact of financial markets, financial derivatives and international regulations on domestic and global economic performance. Employment, Growth and Finance will be welcomed by all those interested in the solutions to international economic problems being developed by post Keynesian economists.

Nick Mayhew has made key contributions to fields as diverse as medieval European monetary history, numismatics, financial history, price and wage history, and macroeconomic history. These essays, in his honour, demonstrate the analytical power and chronological reach of the novel interdisciplinary approach he has nurtured in himself and others.

This book examines the role of government fiscal and non-fiscal incentives in spurring innovation and entrepreneurship in developed and developing economies. It explores and examines the role of government programs in different stages of firm growth pre-startup, startup, and scale-up. By developing a theoretical framework and reviewing international evidence, the book identifies the best combination of government incentives to stimulate innovation and entrepreneurship, and provides concrete policy recommendations for decision-makers. Some of the issues tackled in this book include national innovation policy, innovation support programs, effectiveness of the support, challenges associated with the programs, risk-sharing and partnerships for innovation. This book is of interest to academics, students, practitioners, policymakers, governmental and non-governmental organizations as well as other stakeholders who wants to be informed about the challenges, progress and current trend in stimulating innovation and entrepreneurship.

This three-volume collection - prepared by a leading scholar and practitioner - presents the subject through a collection of important published articles on the debt market. It focuses first on the classical bond market and moves on to a discussion of rational expectations, estimation and the term structure. This is followed by the modern theory of the term structure derived from modelling the stochastic movements of interest rates. The third section discusses implementation and related subtopics including taxation and the management of interest rate risk. The final section extends the discussion to corporate bonds and mortgages.

This insightful book critically examines the phenomenon of public private partnerships (PPPs) through a global, theoretical, lens. It considers the reasons for merging private entities and public administration, as well as the processes and consequences of doing so. The benefits for the community as well as the radical changes in the principles and modalities of administrative activity are theorized and discussed. The authors position co-responsibility and a bottom-up approach as new routes of administrative action, showing how the dynamism and energy of both communities and administrations can come together in an effective way. The key concept of the analysis is 'governing common interests'. It reveals a revolutionary change in the traditional approach to 'public interest', as a result of the emerging role of the private sector in interpreting and taking care of the community's need. Chapters provide systematic analysis of the central ideas for governing common interests through PPPs, with reference to cases and legislation, showing the advantages, the reasons and the forms of application in national and international contexts, and the differentiation from similar models. Setting PPPs in a clear and consistent theoretical framework, this informative book will be of value to academics and students of public administrative and constitutional law, whilst also appealing to both policy makers and public officials.

At least six different Universal Basic Income (UBI) experiments are underway or planned right now in the United States, Canada, the United Kingdom, Finland, and Kenya. Several more countries are considering conducting experiments. Yet, there seems to be more interest simply in having UBI experiments than in exactly what we want to learn from them. Although experiments can produce a lot of relevant data about UBI, they are crucially limited in their ability to enlighten our understanding of the big questions that bear on the discussion of whether to implement UBI as a national or regional policy. And, past experience shows that results of UBI experiments are particularly vulnerable misunderstanding, sensationalism, and spin. This book examines the difficulties of conducting a UBI experiment and reporting the results in ways that successfully improve public understanding of the probable effects of a national UBI. The book makes recommendations how researchers, reporters, citizens, and policymakers can avoid these problems and get the most out of UBI experiments.

This book compares legally allowed dismissal conditions in employment contracts in Taiwan and Japan and then examines the possibility of introducing the Taiwan-style severance payment system into Japanese employment contracts. A significant difference exists between employment regulations of Japan and Taiwan. In Japan, dismissal of an employee on the grounds of ability is not easily upheld in a court of law, and a set rule for dismissals with severance payment does not exist. On the other hand, in Taiwan, where regulations do not allow dismissal at will, an employee can still be dismissed with severance payment, as long as due process is followed. Written by labor lawyers and labor economists from both Taiwan and Japan, this book describes the procedures that must be followed in the dismissal process in the two countries. It also shows that this difference in dismissal conditions between the two countries explains the low labor mobility in Japan and high labor mobility in Taiwan, and that this difference in labor mobility, in turn, caused the shift of IT production from Japan to Taiwan in the 1990s. The final chapter of the book elucidates the need for introducing the Taiwan-style severance payment before carrying out further deregulation in Japan.

This is the story of how a small island on the edge of Europe became one of the world's major tax havens. From global corporations such as Apple and Google, to investment bankers and mainstream politicians, those taking advantage of Ireland's pro-business tax laws and shadow banking system have amassed untold riches at enormous social cost to ordinary people at home and abroad. Tax Haven Ireland uncovers the central players in this process and exposes the coverups employed by the Irish state, with the help of accountants, lawyers and financial services companies. From the lucrative internet porn industry to corruption in the property market, this issue distorts the economy across the state and in the wider international system, and its history runs deep, going back the country's origins as a British colonial outpost. Today, in the wake of Brexit and in the shadow of yet another economic crash, what can be done to prevent such dangerous behaviour and reorganise our economies to invest in the people? Can Ireland - and all of us - build an alternative economy based on fairness and democratic values?

Edwin R.A. Seligman was a leading specialist in public finance, as well as the history of economic thought. This volume publishes a set of student notes taken in his famous course in public finance at Columbia University. The lectures cover the history of public revenues, types of public revenues in general and of taxation in particular, public expenditures, public debt, and budget making.

Housing is an important commodity in the national accounts of all countries and has generated a high quality specialised literature. The papers in this scholarly collection span a thirty-five year period from 1960 when the field of housing economics was just beginning to attract attention. Topics covered include housing and urban spatial structures, housing supply, the analysis of housing demand and empirical and theoretical studies of housing quality and prices. One of the features which complicates economic analysis of housing is the severe regulation of the housing and land markets; the implications of such controls, including rent control, local taxes and housing subsidies are investigated, as are the effects of property taxes and the provision of public services on housing choice. The articles in the final section cover recent research on the linkage between housing markets and financial markets, a subject which is currently of intense interest to economists in this field.