This book clarifies some misunderstandings about money by tying the concept of money to the goods and services sector of the economy. In addition, it demystifies the process of money creation on the part of central banks. The phenomenon of money is ubiquitous; it has been around for tens of thousands of years, if not longer. Indeed, no modern economy could function without money. For many, however, the concept of money remains elusive. Worse still, misinformation abounds, which leaves the uninitiated vulnerable to fraud. This lack of understanding has serious policy implications as well. When policymakers lack a firm grasp of the concept, policy is likely to be flawed and its effects are likely to be detrimental to the body politic. After providing a brief history of money, the author details the role of money in the division of labor and specialization, in economic growth, and in an interconnected world. Throughout the book, he points out the pitfalls of fallacious thinking. In recent policy debates, such thinking has led to proposals ranging from the re-institution of the gold standard to supplying limitless money as suggested by Modern Monetary Theory.

The effects of the intergovernmental grant system have long been a topic of debate among politicians, economists, and political scientists. Until now, however, the question of the impact of grants on the aggregate public sector has been largely neglected. In this volume, Schwallie offers the first detailed study of the extent to which grants-in-aid have affected the size of government. In the process, he provides a good introduction to both the normative and positive theories of intergovernmental grants and a useful summary of grants-in-aid research over the past 25 years. With the aid of economic models that analyze governmental fiscal decision making, econometric findings, and recent empirical studies, Schwallie develops a well-defined theory that explains how a system of intergovernmental grants might affect aggregate public sector size.

Schwallie relates models of fiscal decision making to the effect of intergovernmental grants on recipient government fiscal decisions and defines the optimal behavior of both grantor and recipient governments. Several chapters offer a measured critique of both the empirical research on intergovernmental grants and theoretical models proposed to explain grantor and recipient behavior. Finally, Schwallie proposes his own general equilibrium theory of intergovernmental grants, which not only explains the existence of intergovernmental grants, but also provides a structure for measuring their impact on aggregate public sector size. Tables, figures, and diagrams illustrate points made in the text. Students of public finance, economists, grant administrators, and policymakers will find this an illuminating discussion of the impact, focus, and implications of the present intergovernmental grant system.

This book is based upon a comparative public administration research project, initiated by the Hertie School of Governance (Germany) and the Bertelsmann Foundation (Germany) and supported by a network of researchers from many EU countries. It analyzes both the regimes and the practices of local fiscal regulation in 21 European countries. The book brings together key findings of this research project. The regulatory discussion is not limited to the prominent issue of fiscal rules but focuses on every component of regulation. Beyond this, the book covers affiliated topics such as the impact of regulation for local governments, evolution of regulation, administrative costs and crisis prevention. The various book chapters throughout provide a broad picture of local public finance regulation in theory and in practice, using different theoretical and national lenses for the analysis. Furthermore, the authors investigate the effects of budgetary constraints and higher-level regulatory efforts on local governments and on democracy and public services in every European country. This book fills a gap with respect to the lack of discussion on local government finance from an international, comparative perspective and, in particular, the regulation of local public finance. With its mix of authors, this book will be useful for practitioners as well as for scholars and for theory-driven research.

This book provides a comprehensive analysis of current techniques for profit shifting and tax base erosion in the area of corporate taxation and measurement. Firstly, it explains the relevance of the issue at hand - profit shifting and base erosion in the context of the 21st century. In turn, the book provides a comprehensive analysis of available techniques for the identification and measurement of profit shifting and base erosion, which adopt both the macro and micro perspective. It also provides examples from selected post-communist countries now in the EU, including the Czech Republic, Poland and Hungary. Concrete recommendations for economic policy round out the coverage.

"The athor views the fiscal crisis as both a product and the process of class struggle. . . . Interview data and documents are combined to present a useful and interesting counter-perspective sensitive to the contingencies of struggle." Choice

At a time when there is growing concern in many countries over the funding of expanding public sectors, this important new book brings together leading specialists in public finance to re-examine the economics of public sector growth. Several chapters document changes in the size of the public sector over recent decades for major OECD and Third World economies. Subsequent chapters then explore prominent explanations including public choice perspectives, bureaucracy models, relative price effects and Wagner's Law, and assess their contribution to current knowledge. The book also provides a number of new case studies of specific government activities - education, health and social security.

The proceedings shed light on selected topics including economic management, public administration, and green development. Featuring scholarly works from the 4th International Conference on Economic Management and Green Development (ICEMGD 2021), this volume of proceedings showcases the papers composed with regard to a diverse range of topics situated at the intersecting field of Economic Management, Public Administration and Green Development. Arising as the top concern of the global community, issues of green development impose challenges for the academia to bridge the interdisciplinary prowess in tackling the gap of knowledge within concerned fields. ICEMGD 2021 is an annual conference initiated by the year of 2017 under the goal of bringing together intellectuals from economics, business management, public administration, and otherwise related spheres for the share of research methods and theoretical breakthroughs. The aim of the proceeding volume is for the integration of social scientific research methods with research into alarming development issues. The ICEMGD 2021 seeks to promote joint initiatives among well-established fields like macro- and microeconomics, international economics, finance, agricultural economics, health economics, business management and marketing strategies, regional development studies, social governance, and sustainable development. Featuring interdisciplinary contributions, this book will be of interest to researchers, academics, professionals and policy makers in the field of economic management, public administration, and development studies.

Business decision-makers need to think bottom line--and that means after taxes.

Drawing upon more than fifty years of professional experience between them, authors and tax experts John Karayan and Charles Swenson deftly show managers how to get to the bottom line without getting bogged down in the details of taxes.

Strategic Business Tax Planning, Second Edition is the definitive handbook on business tax planning, skipping the unnecessary and minute taxation details and focusing instead on the big picture in taxes. Organized around business processes, this reader-friendly guide shows you how to optimally put tax management principles to work in your business.

Appropriate for undergraduate finance students as well as professionals, this Second Edition is updated to include the newest federal tax acts as well as a host of key cases and administrative pronouncements.

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.

Economic theorists and finance practitioners alike turn to the seminal work of Wallace E. Oates for a systematic statement of the economic principles of fiscal federalism. In this book, Professor Oates provides an overview of fiscal federalism and analyses specific problems in a selection of his most important articles and papers. This collection includes many pieces which are not readily accessible.The papers in this volume constitute a basic reference for current discussion of the evolution both of national fiscal systems and of the fiscal structure of the European Community and other supranational organizations. The range of approaches and quality of argument will ensure that the book becomes a central reference point for the continued discussion of this important topic.

This book provides a concise and pragmatic introduction to transfer pricing. Approaching the subject from an economic and business perspective, it familiarizes the reader with the basic concepts without getting sidetracked by tax law. In turn, the book draws on case studies to demonstrate the identification and application of appropriate transfer pricing methods for the most common intercompany transactions. The intuitive step-by-step guidance, together with integrated Excel-based tools, will equip the reader to ensure compliance with the arm's length principle and thus to minimize tax risk. Based on the post-BEPS OECD Guidelines, the book's content is applicable to a global context.

This book contains selected papers of the International Conference on Industrial Economics Systems and Industrial Security Engineering (IEIS 2020), which is co-organized by Beijing Jiaotong University, Budapest University of Technology and Economics, in July 25-28 2020. This book aims to provide new research methods, theories and applications from various areas of industrial economics and engineering. In detail the included scientific papers analyze and describe communication processes in the fields of industrial economics, industrial system, industrial security and engineering and other related areas. The variety of papers delivers added value for both scholars and practitioners.

This examination of the fiscal health of local governments offers a "how-to" approach to identifying and solving financial problems. It will serve as a primer for readers interested in understanding financial processes and alternatives, and as a practical guide for those who need access to fiscal measurement tools. Its principal selling point lies in its assumptions: instead of using the vocabulary and research agendas of economists (such as Musgrave, Fisher), finance scholars (Ladd/Yinger) and political scientists (Peterson/Strachota), it will appeal to readers who lack sophisticated knowledge in these areas and nevertheless need practical advice.
The book stems from the "Fiscal Health Education Program," an applied economics program at the University of Minnesota. It uses three measures of fiscal health-financial condition, trend analysis, and financial trend monitoring system-as the basis for advocating particular fiscal strategies. The book examines the tools that can be used to assess the condition of a local government's fiscal health and some of the policy causes or remedies for certain situations, as well as some of the strategies governments can pursue to maintain and improve health.
*How-to approach will appeal to readers who lack sophisticated knowledge
* Contains discussion questions and anonymous case studies of actual cities and municipalities
* Presents practical methods for identifying and solving common fiscal problems

This book makes an original and significant contribution to Keynesian macroeconomics. The IS-LM model is a basic workhorse of Keynesian macroeconomics. However, its financial aspects are extremely rudimentary and the link between the real and the financial sector is extremely tenuous. Hence, neither the IS-LM model nor IS-LM-based models can be applied to the major economic issues facing today's world. This book develops alternative models in the Keynesian tradition that incorporate financial institutions and make explicit the intimate link between the processes of generation of income, saving, credit and expenditure. It subsequently uses these models to address the major current macroeconomic issues that India and the rest of the world are confronted with. In the Indian context, it focuses on the issues of unemployment, growth, recession, bank performance, banking sector reforms and corruption. It also seeks to identify the causes of economic crises in Greece and the US. The analysis reveals a common trend in the economies considered here: the policy framework within which they function is recessionary, exploitative and fosters unemployment, inequality and poverty. Further, this framework is leading these economies farther away from the goal that every civilized society should strive to achieve, namely, providing all citizens with suitably gainful jobs and adequate access to quality food, clothing, shelter, education and health care. The book seeks to identify the cause of this malady, and puts forward policies to remedy it. It thus contains takeaways for academia, think tanks as well as policy makers.

Evaluation in recent decades has evolved from a tool for project appraisals to a more widely used framework for public decision-making and operational management. Most evaluation books are focused on traditional tools of analysis such as cost-effectiveness and cost-benefit analysis to the neglect of modern tools such as multi-criteria evaluation, social marginal cost of funds analysis, data envelopment analysis, results-oriented management and evaluation and theory based evaluations. This edited volume provides an easily accessible and comprehensive survey of both traditional and modern tools of analysis that are used in the evaluation literature to evaluate public projects, programs, policies and policy analysis and advice. The book will be of interest to students, scholars, researchers, practitioners and policy makers.

In his latest work, Macesich examines democracy and its economic counterpart, the free market, and the place of money (monetary and fiscal policy as controlled by the state bureaucracy) in such a system. DeTocqueville warned in the first half of the 19th century that democracy could falter as a consequence of citizens' diminished interest in restraining central authority. And now, there is evidence that vote-maximizing behavior of politicians and politically induced cycles in such key variables as inflation, unemployment, government transfers, taxes and monetary growth have become a critical problem in American democracy. The author examines, then, how best to consider money, monetary policy and the monetary regime--increasingly a function of political/bureaucratic pressures--against the argument for a liberal, freely functioning trading world and for fully-employed, prosperous countries.

This study considers the constraints that must be placed on the exercise of discretionary authority by vote maximizing bureaucracies and political elites if democracy is to thrive and prosper. Satisfactory resolution of these issues is basic to reducing monetary uncertainty and stabilizing the long-term price level, according to Macesich. These issues are deeply rooted in traditional American ideology and experience, and the author makes this clear in weaving together historical, institutional, theoretical, philosophical, and empirical results in the case of money and monetary policy.

'In this timely book, Professor Gordon Rausser explores the changing landscape of university-industry relations, informed by his unusual background as a pioneer in Public Private Research Partnerships (PPRPs) while serving as Dean of the College of Natural Resources at UC Berkeley. Scholars, administrators, and industry executives who are interested in industry/university partnerships will find a treasure of information and insights in this beautifully written book.' - Steve P. Briggs, University of California, San Diego 'As public/private partnerships have become increasingly important to the funding of academic research, it is essential not only to learn from past institutional experience of such partnerships, but to create templates that optimize their structure for both partners. In his important book, Structuring Public-Private Research Partnerships for Success, Gordon Rausser has set himself to both tasks. All those who think about such partnerships will learn from this book.' - Carol Christ, University of California, Berkeley University research has played an essential role in economic growth by generating public good outputs that have not readily lent themselves to private market development. As funding for universities and governmental research units has declined, these institutions have turned to the private sector to augment their research and development budgets. This book presents a framework for structuring public-private research partnerships that protect both these institutions' academic freedom and the private firm's corporate interests. The authors present a four-stage framework that recognizes the critical role of 'control rights' and reveals how these rights can be effectively identified, valued, and allocated between research partners. The book provides a number of template designs for a variety of research partnerships, including tactics and strategies for implementing successful public-private research partnerships. It further provides case studies with examples of both successful and unsuccessful research partnerships. The book demonstrates that universities are empowered when they pursue private partners actively and when contracts preserve academic freedom, address confidentiality, specify intellectual property rights, define access to proprietary data, clarify the conflict resolution process, and address potential publication delays. This book is an essential and illuminating resource for academic researchers in economics and public policy departments, technology transfer offices, as well as others involved in university and public administration.

This is the thirty-fifth volume in the Brookings Studies of Government Finance series. In the first of its four essays, "Analytical Foundations of Fiscal Policy," Alan S. Blinder of Princeton University and Robert M. Solow of the Massachusetts Institute of Technology survey the theoretical and empirical underpinnings of fiscal policy. After discussing how the influence of fiscal policy on macroeconomic activity ought to be assessed, the authors examine and find inadequate the dictum that government should balance the budget rather than the economy. They defend again both theoretically and empirically the efficacy of fiscal policy against the monetarist challenge. From an examination of the lags and uncertainties in the operation of fiscal policy and an analysis of the 1968 70 income tax surcharge, they conclude that, although much remains to be learned about the econometrics of policy multipliers, the post-surcharge experience in no way undermines the theoretical foundations of fiscal policy. Where the burdens of various taxes fall has been a matter of intense interest to economic theorists in the last twenty years. As public expenditures (and taxpayer resistance) rise, not only must policy makers try to distribute the burdens of taxation equitably, but they must also attempt to move toward national goals by judicious use of tax instruments. George F. Break of the University of California at Berkeley, in "The Incidence and Economic Effects of Taxation," a comprehensive review of recent tax literature, focuses on the theoretical studies that have helped to expand knowledge of tax incidence and the empirical studies that support newly developed hypotheses. In each area he surveys the design of theoretical and general sales and income taxes; the effect of economic choices, both of individuals and businesses, on the national well-being Break indicates the ground still to be covered and the potential benefits of further inquiry. In "Public Expenditure Budgeting," Peter O. Steiner of the University of Michigan explores the literature dealing with the hard questions underlying public expenditures. What is the public interest? How does the community decide whether the government should undertake or finance a given activity, instead of leaving it to a private action or inaction? On what basis should incremental expenditure decisions of governmental units be made? Steiner reviews the various approaches scholars have taken to the difficult questions surrounding the appropriateness of governmental provision of particular goods and services. Although he finds none of the models fully satisfactory, his work contributes to the debate concerning the process by which collective values are articulated and collective decisions come to be accepted as binding. Dick Netzer's "State-Local Finance and Intergovernmental Fiscal Relations" clarifies the debate that centered around the initial proposals for revenue sharing. The author, Dean of New York University's Graduate School of Public Administration, explores the appropriate distribution of responsibility for public services among federal, state, and local governments, the appropriate revenue systems for the subnational governments, and the appropriate means of coordinating the systems with the responsibilities.

Gordon maintains that the United States must implement policy measures to reduce the large amounts of capital it is borrowing from the rest of the world--a problem she attributes, mainly, to low private savings rates and high federal budget deficits. She explains how the United States became a debtor nation, describes the changes in global capital markets that occurred in the 1980s, and analyzes the extent of global capital requirements, the drop in the U.S. savings rate, and the policy measures that could be taken to raise it. Unlike most discussions that focus on faulty international trade practices as a cause of U.S. deficits, Gordon places a large share of the responsibility on U.S. macroeconomic policies. Concise, readable, lucid, Gordon's book will be useful to professionals in banking and finance, and to academics and upper-level students of international business, finance, and economics.

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 presents a selection of contributions on the timely topic of structural reforms in Western economies, written by experts from central banks, the International Monetary Fund, and leading universities. It includes latest research on the impacts of structural reforms on the market economy, especially on the labor market, and investigates the results of collective bargaining in theory and practice. The book also comprises case studies of structural reforms. A literature survey on the topic serves as a valuable source for further research. The book is written by and targeted at both academics and policy makers.

This volume presents new developments in the research on ancillary benefits. Twenty years after the influential OECD report on ancillary benefits, the authors discuss theoretical innovations and offer new empirical findings on various ancillary effects in different world regions. Covering topics such as ancillary health effects associated with reduced air pollution, the influence of ancillary benefits on international cooperation on climate protection, co-effects of carbon capture and storage, ancillary effects of adaptation to climate change, multi-criteria decision analysis covering multiple effects of climate protection actions, and the analysis of primary and ancillary effects within an impure public goods framework, it provides starting points for further research on integrated climate policies seeking to address a range of policy objectives simultaneously.