This book argues that despite the hype within many policy circles, there is actually very little evidence to support the presumed benefits of Public Private Partnerships (PPPs) in reducing poverty and addressing inequalities in the provision of and access to public services. Taking a cross-sectoral comparative approach, this book investigates how PPPs have played out in practice, and what the implications have been for inequalities. Drawing on a range of empirical case studies in education, healthcare, housing and water, the book picks apart the roles of PPPs as financing mechanisms in several international and national contexts and considers the similarities and differences between sectors. The global COVID-19 pandemic has raised significant questions about the future of social provision and through its analysis of the emergence and expansion of the role of PPPs, the book also makes a vital contribution to current discussion over this rapidly changing landscape. Overall, this wide-ranging guide to understanding and evaluating the role of PPPs in the Global South will be useful to researchers within development, international relations, economics, and related fields, as well as to policy makers and practitioners working in development-related policy.

Current inquiries into the political economy of financial policymaking in Malaysia tend to focus on the high-level drama of crisis politics or simply point to the limited impact of post-crisis financial reforms, given that politico-business relations have remained close. In so doing, pundits ignore a number of intriguing questions: what is the relationship between financial development and financialisation and how has it played out in the Malaysian context? And more generally: how can a country like Malaysia become significantly more financially developed, yet fail to emancipate the financial system from political control; a core element of the financial development discourse? To unravel the complexities of this puzzle, this book subjects the history and contemporary practices of financial policymaking in Malaysia to scrutiny. It argues that to understand financial development in Malaysia, its progress and reversals, it is important to conceptualise it as a political, rather than a merely technical process. In so doing, the book echoes a more profound concern in the political economy literature, namely the evolving relationship between states and markets, and the supposed retreat or reassertion of the state at a time of increasing (financial) globalisation. The book can generate further insights into the evolving role of the state with regard to broader processes of development and marketisation, as they relate specifically to finance.

This handbook is a comprehensive and up to date work of reference that offers a survey of the state of financial geography. With Brexit, a global recession triggered by the COVID-19 pandemic, as well as new financial technology threatening and promising to revolutionize finance, the map of the financial world is in a state of transformation, with major implications for development. With these developments in the background, this handbook builds on this unprecedented momentum and responds to these epochal challenges, offering a comprehensive guide to financial geography. Financial geography is concerned with the study of money and finance in space and time, and their impacts on economy, society and nature. The book consists of 29 chapters organized in six sections: theoretical perspectives on financial geography, financial assets and markets, investors, intermediation, regulation and governance, and finance, development and the environment. Each chapter provides a balanced overview of current knowledge, identifying issues and discussing relevant debates. Written in an analytical and engaging style by authors based on six continents from a wide range of disciplines, the work also offers reflections on where the research agenda is likely to advance in the future. The book's key audience will primarily be students and researchers in geography, urban studies, global studies and planning, more or less familiar with financial geography, who seek access to a state-of-the art survey of this area. It will also be useful for students and researchers in other disciplines, such as finance and economics, history, sociology, anthropology, politics, business studies, environmental studies and other social sciences, who seek convenient access to financial geography as a new and relatively unfamiliar area. Finally, it will be a valuable resource for practitioners in the public and private sector, including business consultants and policy-makers, who look for alternative approaches to understanding money and finance.

In the past China's capital market featured prevalent state ownership and a weak legal environment. It has, however, achieved very substantial development in the past two decades. China has surpassed Japan as the world's second-largest stock market and has also emerged as a leading player in green bonds and Fintech markets. The chapters in this book provide insights on Chinese listed firms and advance the understanding of China's unique institutions. Some important questions are covered including the governance role of foreign investors in partially privatized firms, the financial implications of political connections, the "Chinese model" of commercial banks and regulatory reforms that promote the marketization of the stock markets, among others. These studies have important implications for other emerging economies, on the recent China-US trade conflicts and about the Trump administration's complaints about the role of the Chinese government in capital markets. This book selectively includes the most influential articles from two special issues of The European Journal of Finance, which were based on selections of papers presented at a series of conferences on the Chinese Capital Markets.

This book delves into the many innovative changes that the financial industry has undergone in recent years. The authors investigate these developments in a holistic manner and from a wide range of perspectives: both public and private, business and consumer, regulators and supervisors. Initially, they set the framework of their analysis by discussing innovation cycles in financial services. Thereafter, they tackle the issue of financial innovations and their consequences for financial stability. They then review the new approaches to financial consumers' protection, which emerged in the aftermath of the global financial crisis. The authors underline the fact that this new approach is heavily influenced by the recent innovative drive in the financial industry. Next, they switch their attention to the public sector, examining the innovative processes in monetary policy and central banks, structural innovations in the supervisory models and systems, and they assess some specific supervisory challenges regarding blockchain and the application of mathematics in the supervisory capacity. Additionally, the book examines a range of issues related to the private sector, such as recent developments regarding risk transferring mechanisms on the financial market, artificial intelligence and natural language processing for regulatory filings, the development of process management in insurance companies and other innovative products on the market. Finally, Innovation in Financial Services discusses how the digital transformation of the financial system impacts the interaction between the public and private sectors. The book is intended for graduate and postgraduate level students, researchers, public sector officers, as well as financial sector practitioners.

This book reveals the surprising role that credit, money created ex nihilo by financiers, played in raising the British government's war loans between 1793 and 1815. Using often overlooked contemporary objections to the National Debt a startling paradox is revealed as it is shown how the government's ostensible creditors had, in fact, very little "real" money to lend and were instead often reliant for their own solvency upon the very government they were lending to. By following the careers of unsuccessful loan-contractors, who went bankrupt lending to the government, to the triumphant career of the House of Rothschild; who successfully "exported" the British system of war-financing abroad with the coming of peace, the symbiotic relationship that existed between the British government and their ostensible creditors is revealed. Also highlighted is the power granted to the (technically bankrupt) Bank of England over credit and the money supply, an unprecedented and highly influential development that filled many contemporaries with horror. This is a tale of bankruptcy, stock market manipulation, bribery and institutional corruption that continues to exert its influence today and will be of interest to anyone interested in government financing, debt and the origins of modern finance.

Public value theory speaks to the co-creation of value between politicians, citizens, and public managers, with a focus on the public manager in terms of her contributions, initiatives, and limitations in value creation. But just who are public managers? Public value regularly treats the "public manager" as synonymous with bureaucrat, government official, civil servant, or public administrator. However, the categories of public managers represent a more versatile and expansive set of agents in society than they are given credit for, and the discourse of public value has typically not delved sufficiently into the variety of possible cadres that might comprise the "public manager." This book seeks to go beyond the assumed understandings of who the public manager is and what she does. It does so by examining the processes of value creation that are driven by non-traditional sets of public managers, which include the judiciary, the armed forces, multilateral institutions, and central banks. It applies public value tools to understand their value creation and uses their unique attributes to inform our understanding of public value theory. Tailored to an audience comprising public administration scholars, students of government, public officials, practitioners, and social scientists interested in contemporary problems of values in society, this book helps to advance public administration thought by re-examining the theory's ultimate protagonist: the public manager. It therefore constitutes an important effort to take public value theory forward by going "beyond" conceptions of the public manager as she has thus far been understood.

Public procurement affects a substantial share of world trade flows, amounting to 1000 billion euros per year. In the EU, the public purchase of works, goods and services has been estimated to account on average for 16 percent of GDP. The novelty of this book is that it focuses on the new European Union Directives approved in 2014 by the EU Parliament. The book consists of original contributions related to four specific themes of interest to the procurers' day-to-day role in modern public purchasing organizations - both economists and lawyers - allowing for relevant exchanges of views and "real time" interaction. The four sections which characterize the book are Life-cycle Costing in Public Procurement; Calculating Costs and Savings of Public Procurement; Corruption and Probity in Public Procurement and Public Procurement and International Trade Agreements: CETA, TTIP and beyond. These themes have been chosen for their current relevance in relation to the new European Public Procurement Directives and beyond. The original format features, as is the case with the first three volumes, an introductory exchange between leading academics and practitioners, from differing disciplines. It offers a series of sequential interactions between economists, lawyers and technical experts who supplement one another, so as to enrich the liveliness of the debate and improve the mutual understanding between the various professions. This essential guide will be of interest to policymakers, academics, students and researchers, as well as practitioners working in the field of EU public procurement.

Inflation plays a central role in macroeconomic and financial policy regulation, and its dynamic formation has gradually become a popular research topic in this field. This book comprehensively studies the dynamic mechanism of inflation in China from the perspective of New Keynesian economics. By combining the dynamic trajectory of price changes since China's reform and opening-up under Deng Xiaoping as well as the underlying economic operating characteristics, the book deploys a multifaceted approach to understand the mechanism of inflation dynamics. The author explores the microfoundations of inflation dynamics, and underlines their importance in the context of modern monetary policy. In particular, he builds upon the traditional New Keynesian Phillips curve to include factors of globalization and financialization within the inflation formation regime of modern China. As the book explores the dynamic mechanism of China's inflation from different perspectives including inflation cycle theory, price index internal conduction, price index chain transmission, capital rotation, and industry inflation mechanisms, international readers will gain a full understanding of China's inflation, monetary policy, and economy.

Cost-benefit analysis (CBA) is the systematic and analytical process of comparing benefits and costs in evaluating the desirability of a project or programme - often of a social nature. It attempts to answer such questions as whether a proposed project is worthwhile, the optimal scale of a proposed project and the relevant constraints. CBA is fundamental to government decision making and is established as a formal technique for making informed decisions on the use of society's scarce resources. This timely sixth edition of the classic Cost-Benefit Analysis text continues to build on the successful approach of previous editions, with lucid explanation of key ideas, simple but effective expository short chapters and an appendix on various useful statistical and mathematical concepts and derivatives. The book examines important developments in the discipline, with relevant examples and illustrations as well as new and expanded chapters which build upon standard materials on CBA. Highlights include: updated historical background of CBA extended non-market goods valuation methods the impact of uncertainty evaluation of programmes and services behavioural economics decision rules and heuristics CBA and regulatory reforms CBA in developed and developing countries value of household production other topics frequently encountered in CBA, such as costs of diseases and air pollution, and value of statistical life. This book is a valuable source and guide to international funding agencies, governments, interested professional economists and senior undergraduate and graduate students. The text is fully supported by a companion website, which includes discussion questions and PowerPoint slides for each chapter.

First published in 1997, this volume emerged in response to the need for material on the research, development, use and application of mass appraisal techniques for ad valorem property tax systems. The primary paradigms discussed include regression, base home technique, adaptive estimation procedure and artificial neural networks. Intending to address a wide range of property types, the authors explored residential, condominiums, retail, office and industrial property as well as agricultural and forestry land.

Since its inception some 40 years ago, petroleum-specific taxation in the UK has been subject to numerous modifications. Often these modifications were brought into place not only to sufficiently incentivise the investors but also to capture a fair share for the government. However, it is evident from the frequency of changes that finding the right balance between these two aims is no easy matter. Such a balance, and the consequent fiscal stability, is necessary for the long-term relationship between the parties to endure to their mutual benefit. Still, it does not take much for one or other party to feel that they are out of balance. As a consequence, one party feels that the other party is taking an undue proportion of the value generated and that they are losing out. Yet achieving that balance and fiscal stability is possible. To understand this possibility, this book first clarifies what is meant by sufficient incentivisation and fair share before developing a new fiscal system that manages this balance and stability. Such clarification yields objective criteria against which to assess not only the existing regime, but also the newly proposed regime. This approach is further complemented by the critical analysis of the fiscal legislative framework and the evaluation of the legal positions of specific contractual elements and mechanisms found within that framework. This latter analysis is important in order to reduce the legal uncertainty such elements may create, which can otherwise lead to further reactive amendments and revisions to the fiscal regime in the future.

Fiscal policy has always been a primary measure of macroeconomic control. The fiscal revenue and expenditure can influence the operation of the whole economic and social activities by changing the existing GDP distribution pattern, affecting the consumption and investment of enterprises and people, etc. Within the framework of macroeconomic analysis, this book reviews the evolution of China's fiscal policy, and the main changes China's economy has experienced since 1990s. To begin with, it makes an empirical research of China's national debts, including their relationship with macroeconomic regulation and total social demand. Besides, it examines the economic effect mechanism of national debts issuance. Then it focuses on the taxation issues, elucidating the sources of tax revenue growth and the judgments on tax burden. The issue of tax reduction is also covered, especially its complexity in China. Lastly, it provides insights into China's fiscal tendency, changes of macroeconomic policies, and financial operation in the context of the "New Normal". Scholars and students in economics, finance and Chinese economic studies will be attracted by this book. Also, it will appeal to readers interested in modern Chinese economic history.

Originally published in 1995, The Business of Higher Education focuses on innovation in student financial services. It looks at the area of banking function as a tool for colleges and universities, and how this can be used to meet the market demand for new services. It also addresses how this can be used to balance the financial aid budget. The book documents just how much each colleges and universities have changed over the last decade and how each has changed given that market forces increasingly shape institutional aspirations.

Originally published in 1994, International Developments in Assuring Quality in Higher Education describes a range of national and international developments which evaluate the quality of education provided by public and private tertiary institutions. The book is based on papers from a conference organized by the International Network of Quality Assurance Agencies in Higher Education, and held in Montreal in 1993. Regional perspectives from Africa, Asia and the Pacific, Latin America, North America and Western Europe are followed by an account of national quality assurance agencies in Chile, Denmark, Korea, New Zealand, South Africa, Quebec, Romania, Scotland and the USA. There are also chapters on the work of UNESCO and the World Bank in promoting quality in higher education in industrialising nations. Together these papers supplement the account of international initiatives.

Luigi Einaudi (1874-1961) was a leading liberal economist, economic historian and political figure. This book provides the English-speaking world with a first critical edition of Einaudi's - hitherto unpublished - rewriting of one of his most unique and thoughtful essays. The relevance of this essay is crucial from several perspectives: history and methodology of economic thought, role of economics and its relation to other disciplines and to social values, role of economists in the public sphere, while also encompassing the discourse on man and the economist as a "whole man". The critical edition of On Abstract and Historical Hypotheses and on Value Judgments in Economic Sciences includes a comprehensive introduction and afterword. An extensive reappraisal of this newly discovered essay will help to cast light on Einaudi's uniqueness and originality within and beyond the Italian tradition in public finance, thereby also illuminating his attempt to provide an epistemological account of his long lasting enquiry into the causes of good and bad polities. This book is of great interest to those who study economic theory and philosophy, as well as history of economic thought, public economics and legal and political philosophy.

The current degradation of sovereign balance sheets raises very real concerns about how sovereign creditworthiness is measured by credit rating agencies. Given the disastrous economic and social effects of any downgrade, the book offers an alternative and calls for more transparency about the quantitative measures used in calibrating the rating process and how sovereign ratings are validated. It argues that oversight is required and procedures improved, including subjecting methodologies of assessing default to more standardization and monitoring. Sovereign Credit Rating explains the process of sovereign creditworthiness assessment and explores the consequences of possible inaccuracies in the process. Developing an innovative new methodology to assess ratings accuracy, it shows that the announcement of each rating action by the major credit rating agencies show alarming inconsistencies. Written by an internationally recognized author and professor, this unique book will be of interest to researchers and advanced students in corporate governance, accounting, public finance and regulation.

In recent years, nonprofit and voluntary organisations have faced challenges and unanticipated pressures as a result of increased competition for funding, technological advancements, the need to comply with government regulations, and increased social and community expectations regarding greater accountability and transparency. Cost accounting and cost management tools are considered to be a means of providing adequate and quality information for management control for all sorts of organisations, including nonprofits. Using empirical evidence from the Australian nonprofit sector, this research monograph offers insight into how nonprofit and voluntary organisations control and manage the costs of their operations and projects through cost accounting and cost management tools. The book will be of benefit to a range of stakeholders in the sector, including financial and management accountants, professional accounting bodies, the government, policymakers, academics, consultants and operational managers.

Environment and sustainable development challenges are a matter of global concern. Trillions of dollars of mostly public money are invested every year in domestic and international policies and programs to address these challenges. The effectiveness of these policies and programs is critical to environmental sustainability. Performance audits that examine the effectiveness of governmental policies and programs heavily influence their implementation. Despite this, performance auditing in the environment field has received very little academic attention. This book takes a closer look at performance auditing of public sector environmental policies and programs. It examines trends in global environmental performance auditing; and how it is currently practiced drawing on a global survey and case studies from Canada, India and Australia. In doing so, it identifies issues and challenges faced by Supreme Audit Institutions in undertaking these performance audits. This book will be of interest to students, scholars and practitioners of sustainable development, environmental auditing and public sector auditing as well as to donor organisations engaged in these areas.

Managerial cost accounting is the financial and managerial tool that is used to estimate the organizational cost of products and services in business and government. In recent decades, cost accounting in the United States and other advanced industrial countries has been dominated by discussions of Activity Based Costing or ABC. While ABC can be shown to produce a more accurate estimate of cost than older and more basic types of cost accounting, ABC is not used extensively in many governments. We argue that this recent focus on ABC has stifled examination and discussion of how government cost accounting is being used and how it could be used in practice. The study of cost accounting practice reveals an important and underexplored area of financial management in government. Given the scandals that cost accounting estimates can create and that different types of cost accounting can create different estimates of cost it may be reasonable to ask whether the cost accounting exercise is worth it? Cost Accounting in Government: Theory and Applications addresses these unusual and unusually important topics through a series of studies of different government cost accounting practices. The first section of the book presents two chapters on the history and basic elements of cost accounting. The second section of the book provides further discussion and case studies of actual cost accounting practices in the main areas that cost accounting has been used in government: benchmarking the performance of government services, rate setting, grant overhead cost recovery, and cost management. The last two chapters discuss cost accounting practices in Europe and the future of cost accounting. These cases span local and federal governments and provide a much needed context to the study of cost accounting in government. Aimed at academics, researchers and policy makers in the fields of Accounting, Public Administration, and Government Studies, Cost Accounting in Government: Theory and Applications seeks to address the practical and theoretical gap in government cost accounting research with case studies of different public agencies that are using cost accounting for different purposes. The case studies illustrate that different purposes for cost accounting create unique and interesting cost accounting practices. The case studies provide useful examples of actual cost accounting systems that can inform both research and instruction

Since 2008, the world has experienced an enormous decrease of wealth. By many measures the impact of the crisis was severe. The fall in GDP, the collapse of world trade, the rise in unemployment, and the credit slump reached bigger proportions than in any other crisis since World War II. Although the economic figures seem to improve in some countries, the crisis continues being a challenging issue and is said to be one of the most important problems governments face today. The crisis has put public finances under ever increasing pressure, and governments have responded through austerity measures such as new fiscal rules and budgeting procedures and cutbacks of public spending. Public Management in Times of Austerity seeks to explore the austerity policies adopted by European governments and their consequences to public management. It asks how governments have implemented new rules leading to more stringency in public budgeting and financial management, and how they have cut back public expenditure. These questions are examined comparatively through case studies in different parts of Europe, and variations across countries are discussed and explained. Throughout the volume, the consequences of the crisis and austerity policies for public management are discussed. What is the relationship between crisis and decision-making in the public sector, and how does austerity affect public-sector organisation? As the previous crisis in the 1970s resulted in a major reform movement, which was later referred to as New Public Management, Public Management in Times of Austerity look to understand whether the current crisis also leads to a wave of public management reform, and if so what is the content of this?

Originally published in 1991, The Economic Organisation of a Financial System develops a descriptive theory of a financial system's organisation and functions and applies the theory of organisational economics to the study of a financial system. The book attempts to reconcile neoclassical financial theory and managerial finance by synthesising the main findings of these studies within an institutional economics framework. The book helps to relate the complementary perspectives of current theory and current practice and aims to strengthen the relations between both theory and practice. The book's contents provide a detailed illustration of how organisational economics can be put to work.

Originally published in 1959, the subject of this book is an aspect of economic development which, despite its importance, had rarely attracted more than incidental attention at the time. The author's interest in public enterprise in underdeveloped countries was stimulated by a year's residence in Turkey. He felt the time had come for a general comparative study. Defining comparative as (1) between developed and underdeveloped countries, and (2) between different underdeveloped countries at dissimilar stages of development or with dissimilar development perspectives. The purpose of the first is to discover what the developed can offer the underdeveloped by way of adaptable experience and relevant ideas; that of the second to examine the use of public enterprise in the many different social, economic and political contexts to be found in the less advanced parts of the world.

In both the developed world and the third world public enterprise has come to assume considerable importance in the structure and development of national economies. Originally published in 1984, this book, by an acknowledged international authority on public enterprise, explores this concept in both the major and the developing economies. He analyses how public enterprise functions and demonstrates how it may be integrated into both traditional Western mixed economies and third world economies with a much high level of state control.

How amenable is public enterprise to the implementation of national distributional policies? This is the question explored here by Professor Ramanadham. Originally published in 1988, he examines the various channels through which distributional effects take place through their operations, and draws attention to the implicit conflicts of interest among consumers, workers, and tax payers. He focuses on the problems associated with the use of public enterprises as instruments of distributional goals and examines the question of whether direct budgetary measures on the part of government would be preferable. There are detailed analyses of the distributional implications of wage incomes, prices, and surpluses in the public enterprise sector. Finally, the author comments from the distributional angle on the results of privatization. Here is a detailed study of the way in which public enterprise may be employed as an instrument of redistribution of income and wealth, also of the extent to which this is feasible.