Rich with data available in no other source, this is the first comprehensive study of the allocation of state and public financial resources in the Russian Federation. Working with the Russian Ministry of Finance, the Ministry of Economy, the Ministry of Taxes and Duties, and the Russian Statistical Agency, the authors have compiled a dynamic analysis of financial flows between the center and the units of the federation, including both budgetary redistribution and off-budget outlays (e.g., for social insurance and pensions). Among the problems documented in the analysis are the very high differentiation of the regions in terms of levels of development, public welfare, and self-sufficiency; inefficiencies in the taxation system and the prevalence of barter; and the non-transparency of money flows and their role in corruption.

This book gathers invited top experts on Public-Private partnership (PPP) in China, from both theoretical and practical fields, to present the most comprehensive analyses of PPP's practice in China up to 2017. This timely book offers researchers and practitioners a thorough understanding of the PPP's development in China, including its definition, its modes, its features as well as its many kinds of applications into different industries including medical care, environmental protection, education, public works, park development, etc. It addresses diverse themes in PPP analyses such as quantitative analyses and qualitative analyses; data statistics and case study, theoretical framework modeling and field study verification. The book is an overview of the Chinese PPP development through 2017.

This book sheds new light on if and why, between 2009 and 2015, European governments succeeded or failed in initiating and actually realizing some of the farthest-reaching austerity plans in modern history. The author analyzes the economic and political context and the underlying causes of austerity and economic adjustment packages during the Euro crisis. In doing so, he shows that austerity has its roots in an institutional mismatch between capitalist diversity in the Eurozone on the one hand, and an ill-conceived common economic regime on the other. In this context, austerity trumped politics, and even democracy itself. The book will appeal to scholars of political science and comparative political economy, as well as governmental policymakers and practitioners in the finance sector.

This book focuses on the impact on financial regulation and examines the impact of financial regulation on bank performances from different perspectives. More specifically, this study investigates how bank sector reforms and bank regulation and supervision affect the competition, stability and risk-taking behavior in banking system.

This book elaborates on how Norway has managed to convert a large fraction of its endowment of hydrocarbons below the seabed of Norwegian waters into financial wealth, invested in the world's capital markets. Further, it explains how this wealth is managed. Under the current guidelines, only the assessed return on investment may be allotted to public budgets. This ensures that the wealth will benefit both current and future generations. The capital is gathered in the Sovereign Wealth Fund - or State Pension Fund Global (SPF-G) -, which is intended to maximize capital value without exceeding acceptable risks. The book offers new insights into the history and management of the fund, examines its successes,and discusses future challenges. Given its scope, it appeals to scholars of economics, finance and political science, and to anyone interested in the sustainable investment of natural resource-based revenues.

Exploring the negative social impact of cyber-attacks, this book takes a closer look at the challenges faced by both the public and private sectors of the financial industry. It is widely known amongst senior executives in both sectors that cybercrime poses a real threat, however effective collaboration between individual financial institutions and the public sector into detecting, monitoring and responding to cyber-attacks remains limited. Addressing this problem, the authors present the results from a series of interviews with cybersecurity professionals based in Canada in order to better understand the potential risks and threats that financial institutions are facing in the digital age. Offering policy recommendations for improving cybersecurity protection measures within financial institutions, and enhancing the sharing of information between the public and private sector, this book is a timely and invaluable read for those researching financial services, cybercrime and risk management, as well as finance professionals interested in cybersecurity.

As digitalization and social media are increasingly blurring the boundaries between traditional societal, political, and economic institutions, this book provides a cross-disciplinary examination of value co-creation. From various standpoints, it examines how institutions contribute to service ecosystems and how digitalization is transforming value co-creation in these ecosystems. Further, the book shares new perspectives on relational dynamics among government, companies, and citizens. These insights fill the gaps between service science and political science by integrating institutional logics into the concept of value co-creation. The book subsequently examines society as an interaction space. Topics discussed include the new logic and transformation mechanisms of economic activities, citizen participation, governance, and policy-making in the face of technological innovations, market-based reforms, and the risk of disconnect between citizens and policy-making. Here the focus is on value co-creation in complex adaptive systems where institutions, individuals, and businesses negotiate value and interests in networked relations. In closing, the book presents a range of empirical case studies on value co-creation, which provide examples of active networked citizenship, innovative governance and policy-making, democratic leadership, and trust-building dialogue among institutions. The studies address the context of Nordic countries, recognized as world-leading democracies. Pursuing a systems approach, the book articulates a social reality composed of interacting and interconnected elements that cannot be captured with only micro or macro levels of analysis. Service ecosystems are considered as configurations of people and technologies embedded in institutionalized rules, cultural meanings, and practices, offering valuable insights into the service-centered view of markets and society. Given the breadth and depth of its coverage, the book offers a valuable resource for all students and scholars interested in understanding and envisioning the future democratic landscape.

This book features an in-depth comparative study of South American National Development Bank's governance systems. It explores the relationship between bank governance and performance frameworks, both in terms of financial-economic indicators and development impact. It seeks to observe, analyze, and compare governance arrangements used by different development banks as tools to overcome the challenges associated with state-ownership while remaining financially sustainable and aligned with their policy mandates.

This book offers a series of statistical tests to determine if the "crowd out" problem, known to hinder the effectiveness of Keynesian economic stimulus programs, can be overcome by monetary programs. It concludes there are programs that can do this, specifically "accommodative monetary policy." They were not used to any great extent prior to the Quantitative Easing program in 2008, causing the failure of many fiscal stimulus programs through no fault of their own. The book includes exhaustive statistical tests to prove this point. There is also a policy analysis section of the book. It examines how effectively the Federal Reserve's anti-crowd out programs have actually worked, to the extent they were undertaken at all. It finds statistical evidence that using commercial and savings banks instead of investment banks when implementing accommodating monetary policy would have markedly improved their effectiveness. This volume, with its companion volume Why Fiscal Stimulus Programs Fail, Volume 2: Statistical Tests Comparing Monetary Policy to Growth, provides 1000 separate statistical tests on the US economy to prove these assertions.

The book is a collection of essays written since 2010, and dealing, in one way or another, with the place of values in economic analysis. The centrality of values in the collection is not surprising, given that the thematic concerns informing the essays in the book relate principally to methodological issues in economic enquiry, to the normatively constrained aggregation of personal preferences into collective choice, and to problems of logical coherence and ethical appeal in the axiom systems underlying the measurement of economic and social phenomena such as poverty, inequality and literacy. While many of the essays are more or less technical in nature, they are all explicitly motivated by considerations that go beyond the formalisms of presentation to an involvement with the role of moral reasoning in economic analysis. In particular, the essays emphasize the importance of 'ought propositions' in a science which is all too often regarded as being wholly and exclusively 'positive' in its orientation. The book should be of particular interest to researchers, students, and public policy makers.

This book gathers selected papers from the 28th Eurasia Business and Economics Society (EBES) Conference, held in Coventry, United Kingdom. While the theoretical and empirical papers presented cover diverse areas of economics and finance in various geographic regions, the main focus is on the latest research concerning the economics of innovation, finance and macroeconomics. The book also includes regional studies.

This volume presents interviews that have been conducted from the 1980s to the present with important scholars of social choice and welfare theory. Starting with a brief history of social choice and welfare theory written by the book editors, it features 15 conversations with four Nobel Laureates and other key scholars in the discipline. The volume is divided into two parts. The first part presents four conversations with the founding fathers of modern social choice and welfare theory: Kenneth Arrow, John Harsanyi, Paul Samuelson, and Amartya Sen. The second part includes conversations with scholars who made important contributions to the discipline from the early 1970s onwards. This book will appeal to anyone interested in the history of economics, and the history of social choice and welfare theory in particular.

This collection of thirteen essays on social ethics and normative economics honouring Serge-Christophe Kolm's seminal contributions to this field addresses the following questions: How should the public sector price its production and services? What are the normative foundations of criteria for comparing distributions of riches and advantages? How should intergenerational social immobility and inequality in circumstances be measured? What is a fair way to form partnerships? How vulnerable to manipulation is the Lindahl rule for allocating public goods? What are the properties of Kolm's ELIE tax proposal? Would the addition of EU-level income taxes enhance equity? How should we compare different scenarios for future societies with different population sizes? How can domain conditions in social choice theory be justified using Kolm's epistemic counterfactuals? How can Kolm's distributive liberal contract be implemented? What are the implications of norms of reciprocity for the organization of society? The answers to these questions give major insight into the state-of-the-art of social ethics and normative economics and are thus an indispensable source for researchers in both of these fields.

This book provides a comprehensive treatment of traditional as well as newer topics in local public, fiscal and financial management principles and practices. It covers traditional topics of local public management, local revenue administration with special emphasis on property tax administration, local budgeting and accounting, and methods of capital finance. Newer topics covered include political economy of local government, fiscal rules for local fiscal discipline, local government integrity and performance accountability, and municipal mergers and inter-municipal cooperation based upon relative importance and political, fiscal and administrative autonomy of local governments. The treatment is non-technical and suitable for a wide variety of audiences including scholars, instructors, students, policy advisors, and practitioners.

This edited volume brings together international and national scholars and major activists leading or spearheading basic income guarantee political initiatives in their respective countries. Contributing authors address specific issues about major efforts to influence public policy regarding basic income guarantee, such as: who were the main advocates and thought leaders involved in support of such legislative initiatives; what were the main organizational and framing strategies and tactics used to influence public opinion and elected officials to support the idea of and policies related to basic income guarantee; what were the major obstacles they faced; and what practical and theoretical lessons might be learned from past and contemporary actions to affect social policy change regarding basic income guarantee and related measures to guide the efforts of activists and public intellectuals in the 2020 and 2024 election cycles.

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.

This book first shows that the past 40 years of China's economic reform and opening up represents the greatest magnitude of economic growth in history. Based on field trips, extensive and intensive interviews and literature surveys, this book argues that there are five general lessons for a rapid growing economy from China's economic reform and opening up, all in the area of the relationship between the government and the economy. First, the local governments need to be incentivized to help rapid entry and development of enterprises. Second, local governments need to be incentivized to help rapid land conversion from agricultural to non-agricultural. Third, financial deepening is vital; that is, inducing households to hold more and more financial assets in local currency. Financial deepening is essential to convert savings into investments. This requires financial stability, which is crucial. Fourth, the learning through opening up is the key to endogenous economic growth. The fundamental benefit of opening up is learning rather than enjoying comparative advantage. The fifth and final lesson from China is that the central government must proactively manage the macroeconomy. The rationale is that enterprises compete with each other in games of industrial organization. In order to resolve this problem, proactive measures including market-oriented means, administrative orders and reform measures should be implemented. Overall, the main lesson from China's past 40 years of reform and opening up is that proper incentives and behavior of the government, local and central, are important for economic growth. China has been conducting reforms in this regard and as a result, the government more or less has been playing the role of a "helping hand" regarding economic growth, although China's economic system is far from perfect and many reforms are still needed.

This volume features a selection of contributions presented at the 2019 Wroclaw Conference in Finance, covering a wide range of topics in finance and financial economics, e.g. financial markets; monetary policy; corporate, personal and public finance; and risk management and insurance. Reflecting the diversity and richness of research in the field, the papers discuss both fundamental and applied finance, and offer a detailed analysis of current financial-market problems, including specifics of the Polish and Central European markets. They also examine the results of advanced financial modeling. Accordingly, the proceedings offer a valuable resource for researchers at universities and policy institutions, as well as graduate students and practitioners in economics and finance at both private and government organizations.

This book provides an assessment of public financial management (PFM) reforms in developing countries using Turkey as a case study. Volume II elaborates on asset and liability management, intergovernmental fiscal relations, accounting, financial reporting, and auditing. Bringing together academics and practitioners, the book analyzes the PFM reforms in the light of theoretical explanations and practices to reveal the achievements, challenges, and future perspectives of PFM.

Emerging economies arguably have different socio-fiscal dynamics compared to developed economies. On one side they have the need for corporate interventions in national development, on the other hand, they do not have enough research to support the agenda. In recent times there has been a conscious effort to legislate Corporate Social Responsibility (CSR) in some of these countries in order to bring about sustainable development. Yet, it is this legislation, which is debated among many others. This book provides its readers with a comprehensive interpretation of the various CSR perspectives in emerging economies through academic research and case studies from practice. It not only points out the challenges, the debates, but also the dynamics of implementation and the impact of such CSR spent. This book therefore is targeted both towards academics as well as practitioners in an attempt to bring about an active academic-industry interface as CSR as a management function is part of dynamic social science.

This innovative book sheds new light on the various transfer processes of economic knowledge from the academic environment to the outside world. The internationally acclaimed group of authors considers the transfer of knowledge in the teaching of economics, through public policy advice, and the spread of ideas across disciplinary boundaries. The economics profession is mainly concerned with the production of economic knowledge rather than the transfer of this knowledge outside the academic economics environment. The process of the production of knowledge and its final use has not been thoroughly investigated, and so relatively little is known about how this knowledge benefits public policy, private sector decisionmaking and the transfer of ideas across the social sciences. The leading contributors, including James M. Buchanan, Bob Coates, Bruno S. Frey, Heinz Konig, Anne Krueger and Charles Wyplosz, examine the transfer of knowledge from an interdisciplinary perspective addressing psychological, sociological and cultural issues. They also look at the theoretical analysis of the transfer of economic knowledge, focusing on public choice and political economy interpretations of economic policy advice, as well as institutional and management issues of policy advice. Finally they consider the challenges of teaching economics and explore the possibility of applying the new media for transferring economic knowledge.

Addressing the chronic underestimation of capital and operating costs in urban transportation projects, this book provides a detailed analysis of the cost estimating process using case studies from three U.S. cities and outlines a practical framework for this process. The work goes beyond a simple quantitative approach to explaining cost underestimation and looks at the planning process as a tool for both argumentation and structuring the argumentation. This approach highlights the difficulties in several components of the estimating process and suggests specific and practical actions to address these problems. The proposed framework will strengthen the estimating function and the link between analysis and decision in urban transportation planning. This work will be of interest to scholars and practitioners in transportation planning, urban planning, and transportation engineering.

This book provides an assessment of public financial management (PFM) reforms in developing countries using Turkey as a case study. The book elaborates on revenue management, expenditure management, public budget, public financial management information systems, asset and liability management, intergovernmental fiscal relations, accounting, financial reporting, and auditing. Bringing together academics and practitioners, the book analyzes the PFM reforms in the light of theoretical explanations and practices to reveal the achievements, challenges, and future perspectives of PFM.

This book examines interesting new topics in applied economics from the perspectives of the economics of information and risk, two fields of economics that address the consequences of asymmetric information, environmental risk and uncertainty for the nature and efficiency of interactions between individuals and organizations. In the economics of information, the essential task is to examine the condition of asymmetric information under which the information gap is exploited. For the economics of risk, it is important to investigate types of behavior including risk aversion, risk sharing, and risk prevention, and to reexamine the classical expected utility approach and the relationships among several types of the changes in risk. Few books have ever analyzed topics in applied economics with regard to information and risk. This book provides a comprehensive collection of applied analyses, while also revisiting certain basic concepts in the economics of information and risk. The book consists of two parts. In Part I, several aspects of applied economics are investigated, including public policy, labor economics, and political economics, from the standpoint of the economics of (asymmetric) information. First, several basic frameworks of the incentive mechanism with regard to transaction-specific investment are assessed, then various tools for market design and organization design are explored. In Part II, mathematical measures of risk and risk aversion are examined in more detail, and readers are introduced to stochastic selection rules governing choice behavior under uncertainty. Several types of change in the random variable for the cumulative distribution function (CDF) and probability distribution function (PDF) are discussed. In closing, the part investigates the comparative static results of these changes in CDF or PDF on the general decision model, incorporating uncertain situations in applied economics.

This collection of essays examines the political economy approach to military spending, primarily by the United States. The articles deal specifically with the relationships between defence spending and: (a) political-business cycles, public opinion and the US-Soviet relationship; (b) military action - ie war; (c) economic performance - the trade deficit, guns versus butter issues and fiscal policy.