This book offers an in-depth analysis of China's contemporary securities markets regulatory system, with a focus on regulation in practice. Examining the roles of both the China Securities Regulatory Commission and local governments, He argues that the government has built and developed markets from scratch to address the needs of the state and the economy at large. This book describes the workings of national and sub-national securities markets, and such a comprehensive approach gives insight into the ability of state regulation to guide a financial system. This book also provides a unique practical perspective, explaining of the dynamics of regulation in relation to the operation of the Chinese political system. Finally, it incorporates original empirical studies, including semi-structured interviews of professionals and a survey of retail investors. This book is an unparalleled resource for anyone interested in the regulation of securities markets, as well as finance in China in general.

Lotteries and state-sponsored gambling is big business. This is the first study that evaluates the business strategies of state lotteries on two fronts. First, it examines which of the lottery strategies produces the most consistent source of revenue for the state. Second, it analyzes possible overall gambling strategies that states will need to utilize as they seek to expand gambling revenue. This is must reading for those operating lotteries, state legislators, vendors to state lottery commissions, taxpayers, and scholars in public policy and government.

The whole question of state-sponsored gambling is explored, integrating both the business and policy strategies of operating a state lottery. Initially, gambling and lotteries were introduced into the public policy process in times of social unrest, brought on by the outbreak of war. Since regular sources of governmental revenue were diverted to the war effort, proceeds from gambling activites were used to finance the building of roads, canals, and schools. An Ethics of Tolerance also had to evolve in order to engender the public's acceptance of lotteries and gambling. Today, states are using gambling revenues to support education, public transportation, and aid to local towns and cities. Hence, gambling revenues must be maintained or increased. States now must decide whether they should introduce other gambling initiatives, possibly cannibalizing their existing activities in the process. The basic question, of whether it is actually possible for a state to establish an overall gambling strategy, is explored by an analysis of the gambling policies of Massachusetts and Pennsylvania. The future of gambling in the United States, as states move beyond lotteries to sanctioning casino gambling by private entrepreneurs, concludes this most relevant and provocative book.

The Washington financier who first proposed creation of a trust fund to retire the national debt has written a book outlining a new plan that would prevent Congress from raiding the fund to supplement the cost of regular government programs. In 1982 he suggested a temporary 5% tax on manufacturers sales. The income would go into a debt trust fund similar to the highway trust fund. The $1 trillion federal debt would have been retired in five years (by 1985 or 1986) under that proposal. In the past decade, however, federal trust fund have not fared as well. For example, contributions to the social security fund essentially are borrowed for the regular budget. The trust fund contains federal I.O.U.s. A special tax that raised secure funds exclusively for debt retirement might well get public support. Without federal interest payments, the 1992 federal deficit would have been cut to $114 billion from $314 billion.

Washington banker and attorney Charles W. Steadman, who made the 1982 proposal, now has eliminated the trust fund from his method of paying off the debt. In "The National Debt Conclusion: Establishing the Debt Repayment Plan," (Praeger Publishers, November 1993), Steadman lays out his proposal to eliminate the debt in ten years. Steadman would issue new debt bonds for existing federal government debt securities in a single exchange. A sales tax at the producers' level would be dedicated solely to paying off the new debt bonds on schedule. There would be no trust fund. The rate of the sales tax would be scheduled to raise only enough money each year to call the bonds scheduled for retirement in that year. The debt bonds could be retired only by income from the special purpose tax. Steadman's plan establishes a contract between the government and the bondholders, who would have no claim on general funds of the United States. The Congress would have no way to borrow from the debt retirement receipts. Steadman argues that America must adopt a fundamentally different fiscal structure before the debt burden ultimately causes collapse of the nation's financial structure.

Beyond the traditional two-dimensional analyses of defense economics and defense politics lies a rapidly growing field of research: the political economy of defense. As the study of the interface between economics, politics, and defense proliferates, this collective volume sets out to identify the nature of political economy of defense inquiry, surpassing a narrower focus on the economic consequences of military spending. The starting point for this collaborative effort was a series of panel discussions, organized by Andrew L. Ross, in which most of the contributors to this volume participated. The majority of chapters were written expressly for this book and have not been previously published. These analytical and empirical investigations are intended to illustrate the broad, encompassing scope of political economy of defense research and contribute to the development of a research agenda. Andrew L. Ross has brought together a timely and significant array of inquiry into the impact of defense spending on world politics and global economics. This book will be of great interest to political scientists, defense specialists, and economists studying the military-industrial complex.

The major industrialized countries are undergoing a significant demographic transition associated with low fertility rates combined with reduced mortality rates. A major consequence of the current transition is that populations are expected to age substantially over the next forty years. This innovative book studies the effects of population ageing with the associated factor of immigration, on social expenditure and public finance. The authors begin by providing an introduction to some of the main issues concerning population ageing and migration. This is followed by a discussion of the demographic and economic aspects of the transition towards an older population which is taking place in the major industrialized countries. Within this framework the impacts of ageing on government budgets and the labour market are analysed. The book then turns to a discussion of some of the economic, social and demographic issues related to immigration. Particular emphasis is placed on the Australian economy, which provides an interesting case study in view of its high immigration levels, particularly over the last fifty years. The authors project population structure and social expenditure patterns under a variety of assumptions concerning the number and composition of immigrants. The quantitative techniques developed to produce these projections can be applied without modification to any other country. Population Ageing, Migration and Social Expenditure will be of use to academics and students with an interest in public finance, public policy and population studies.

This book examines the objectives of public debt management and the re-emerging issue of separating monetary policy formulation from fiscal and debt management. The recent Great Recession has resulted in a rethink of the objectives and working of macroeconomics, and in many countries, including India, has led to the scope of fiscal operations being expanded and debt-to-GDP ratios increasing significantly. Consequently, debt management has encountered considerable difficulties, and the need for coordination between monetary and debt management has assumed greater significance. The book discusses the important issue of the independence of central banks and the need for coordination between debt managers, monetary authorities and finance ministries if debt operations are separated from monetary management.

This volume argues that the virtues of the market system, private property, and freedom of exchange can be applied to enhance the quality of life. Although people recognize in the abstract that markets work better than government in allocating resources, government's presence in the economy increases as government intervenes to deal with different problems. This book shows how the market mechanism that has enhanced material well-being is better suited than government planning to improve the quality of life. After examining general principles guiding both market and government allocation of resources, the book then examines specific policy issues, including environmental protection, health care, regulation of product quality, and land use planning.

The book first examines the general principles that guide both market and government allocation of resources to show why market mechanisms work better than government planning to enhance the quality of life. Then specific policy issues are examined to provide examples of how market forces can be harnessed to improve the quality of life. Some of those issues are environmental protection, health care, the regulation of product quality, and land use planning.

This book studies the sustainability and optimality of public debt under different scenarios: the closed economy, the small open economy, and a two-country setting. Sustainability refers to the existence and the stability of the long-run equilibrium. Optimality relates to the path of public debt that maximizes discounted utility. The analysis is conducted within the framework of the Solow model, the overlapping generations model and the infinite horizon model. The government can follow different strategies, it either fixes the deficit ratio or the tax rate. As a result, a fixed deficit ratio generally can be sustained. By contrast, a fixed tax rate generally cannot be sustained. Depending on the chosen fiscal strategy, there exists either an optimal deficit ratio or an optimal tax rate that maximizes the sum of consumption and government purchases per capita.

The book presents arguments against the taxpayers'-funded bailing out of failed financial institutions, and puts forward suggestions to circumvent the TBTF problem, including some preventive measures. It ultimately argues that a failing financial institution should be allowed to fail without fearing an apocalyptic outcome.

This book demonstrates how the reliable measurement of growth in tax revenues, both for a tax system and for its component taxes, is important for the design of tax policy. The need for discretionary changes in tax parameters (such as tax rates, income thresholds and allowances) is conditional on the expected automatic revenue growth generated by the tax system. The properties that generate these automatic revenue changes are referred to as the built-in flexibility, or revenue responsiveness, of the tax. This concept is the central focus of the analyses in this book, which provides an invaluable review and synthesis of analytical results and demonstrates how this concept can be applied in practice to yield estimates of revenue responsiveness in various countries. John Creedy and Norman Gemmell highlight how an understanding of the principal determinants of a tax system's responsiveness, and a knowledge of the relevant magnitudes, are important for the design and reform of tax policy where both revenue and redistributional considerations are typically central to the policy agenda.Providing extensions of analysis to cover indirect taxes, and direct and indirect taxes combined, as well as empirical applications for several countries, Modelling Tax Revenue Growth will be warmly welcomed by researchers and graduate students interested in public finance and government officials and those in international organisations interested in tax revenue growth.

An examination of an early version of the debate over money, debt, and taxes sheds light on current debates regarding public finance, a balanced budget, and paying off the public debt. Stabile shows that while special interest lobbying during the constitutional convention produced tax loopholes as part of the Constitution, determined leaders were able to get a reluctant population used to paying taxes and were capable of putting together plans of public finance that attained their goals. Such historical evidence challenges the view that political leaders are incapable of passing the unpopular taxes needed to balance the federal government's budget and pay off the public debt. Taking a political economy approach that describes how political leaders took economic ideas and made them work, this book combines intellectual history with economic history. Previous books on public finance history have focused on economic issues regarding taxes. Exploring the intellectual history of the debates over money, debt, and taxes as the three potential forms of public finance, Stabile provides insight into the constitutional debate alive at the end of the 20th century.

This book revisits an important chapter of financial history in the Middle East and the Balkans from 1870 1914. During this period, capital flows in the form of sovereign debt increased rapidly throughout the region. The spiral of heavy government borrowing eventually culminated in defaults on foreign obligations in the Ottoman Empire (1875), Egypt (1876), Greece (1893) and Serbia (1895). In all four cases, introducing international financial control over the finances of the debtor states became the prevalent form of dealing with defaults. The different cases of international financial control became increasingly refined and they marked important milestones in the evolution of the global governance of sovereign debt before 1914. For the defaulting states however, the immediate impact of international financial control was infringement of sovereignty. The extent of international financial control and the borrowing capacity of debtor states varied in each case as well as the degree of resistance towards it. This book documents the characteristics of international financial control in a comparative perspective. It relates sovereign debt, default and international financial control to political and fiscal systems, and raises questions about the tension between national sovereignty and global capital. It sheds light on the impact of international financial control on the long-term credibility and fiscal capacity of the debtor states in question. The author demonstrates that the governments' decisions to borrow internationally, and their attitudes towards international financial control, were heavily influenced by domestic political and fiscal factors.

How do you make taxpayers comply? This ethnography offers a vivid, yet nuanced account of knowledge making at one of Sweden's most esteemed bureaucracies - the Swedish Tax Agency. In its aim to collect taxes and minimize tax faults, the Agency mediates the application of tax law to ensure compliance and maintain legitimacy in society. This volume follows one risk assessment project's passage through the Agency, from its inception, through the research phase, in discussions with management to its final abandonment. With its fiscal anthropological approach, Shaping Taxpayers reveals how diverse knowledge claims - legal, economic, cultural - compete to shape taxpayer behaviour.

The last half of the 20th-century has seen a phenomenal increase in the volume and complexity of international business. Global economy allows multinationals to design their operations in a manner that may significantly reduce their taxes, particularly by taking advantage of tax incentives offered by many countries to attract geographically-mobile capital and activities. Since 1962, 19 countries have enacted specific statutory regimes to counteract the perceived abuse of controlled foreign companies located in tax havens. In three cases to date, controlled foreign company (CFC) legislation has been challenged in legal proceedings on the basis that it contravened a tax treaty. The author presents an in-depth analysis of the potential conflict between CFC legislation and tax treaties. The author also evaluates the potential conflict between the CFC legislation found in European Union countries and the EC Treaty. This comprehensive work should be of interest to international tax advisers.

This book investigates whether legal reforms intended to create a market-friendly regulatory business environment have a positive impact on economic and financial outcomes. After conducting a critical review of the legal origins literature, the authors first analyze the evolution of legal rules and regulations during the last decade (2006-2014). For that purpose, the book uses legal/regulatory indicators from the World Bank's Doing Business Project (2015). The findings indicate that countries have actively reformed their legal systems during this period, particularly French civil law countries. A process of convergence in the evolution of legal rules and regulations is observed: countries starting in 2006 in a lower position have improved more than countries with better initial scores. Also, French civil law countries have reformed their legal systems to a larger extent than common law countries and, consequently, have improved more in the majority of the Doing Business indicators used. Second, the authors estimate fixed-effects panel regressions to analyze the relationship between changes in legal rules and regulations and changes in the real economy. The findings point to a lack of systematic effects of legal rules and regulations on economic and financial outcomes. This result stands in contrast to the widespread belief that reforms aiming to strengthen investor and creditor rights (and other market-friendly policies) systematically lead to better economic and financial outcomes.

This book focuses on ancient Chinese management thoughts, building a Chinese management theory system and defining the core concepts. Firstly, it systematically reviews the excellent management ideas in traditional Chinese culture from the perspective of modern management, summarizing the experience and wisdom of Chinese management in order to disseminate the ideas to global readers, and highlighting the soft power of Chinese culture. Secondly, based on the management practices of Chinese local enterprises, the book refines the Chinese management model, constructing a modern management theory system with Chinese characteristics to promote innovation and changes in global management theory.

This book is intended to give readers detailed information and perspectives on the reform of financial management reform practices in a variety of national settings around the world. The chapters explore the reform agenda in each nation and factors that stimulated change. Each chapter addresses the extent of the influence of ""New Public Management"" concepts and practices on reform implementation. The nations, whose experience is represented in this book, are among the most often cited examples of progressive change to be examined and perhaps emulated by governments in other nations. In the introductory chapter the editors address the question whether and to what extent the financial management reforms detailed in this book reveal real progress or a progression of questions and dilemmas faced but not solved over the past several decades.

Preface This book contains the proceedings of the International Tax Conference on the c- th th mon consolidated corporate tax base (CCCTB) that was held in Berlin on 15 - 16 may 2007. The conference was jointly organised by the German Federal Ministry of Finance, the Centre for European Economic Research (ZEW), Mannheim, and the Max Planck Institute (MPI) for Intellectual Property, Competition and Tax Law, Munich. More than 250 participants from all over Europe and other regions, scholars, politicians, business people and tax administrators, discussed the Eu- pean Commission's proposal to establish a CCCTB. Three panels of tax experts evaluated the common tax base with respect to structural elements, consolidation, allocation, international aspects and administration. The conference made clear that the CCCTB has the potential to overcome some of the most intriguing problems of corporate income taxation within the Common Market. Common tax accounting rules substantially reduce compliance and administrative costs. Consolidation of a group's profits and losses effects cro- border loss compensation which removes a major tax obstacle for European cro- border investment. At the same time, tax planning with respect to financing and transfer pricing is pushed back within the European Union. Moreover, as far as the CCCTB applies, member states are able to remove tax provisions that are targeted at cross border tax evasion and that might be challenged by the jurisdiction of the Eu- pean Court of Justice.

Public-private partnerships are becoming increasingly important in the local economic development efforts of many cities. This collection of essays compares U.S. cities with those in western Europe. Conceptual issues are discussed, and comparisons at the city level illustrate the process, pitfalls, and results of such partnerships. Readers will be able to understand the types of partnership arrangements used in each country. Factors contributing to the success of these arrangements are discussed and compared. Scholars and students of local economic development and public finance, as well as public officials and economic development practitioners will benefit from the unique comparative framework used in this volume.

In this book, experts from across the globe highlight the state of knowledge in intergovernmental transfer design. The essays collected in the volume represent creative new thinking about challenging policy issues and offer useful options for policy makers. The book offers academics and practitioners a thorough, thematic assessment of unresolved issues in the design of equalization grants.

This book provides a comprehensive, theory-based analysis of current issues in population economics. It addresses the most important problems caused by demographic changes using the popular overlapping generations growth model by Samuelson and Diamond. Taking into account families' fertility decisions, it examines not only the demographic changes due to longer life expectancy but also the effects of social security policy on demography and labor supply/individual retirement behaviors. Conducting all analyses in a dynamic general equilibrium setting, the book offers a valuable theoretical reference guide in the field of population economics.

This book describes the history of the IMF from its birth, through the Bretton Woods era, and in the aftermath. Special attention is paid to integrating IMF history with the macro-economic policies of member countries and of other international institutions as well. This collection of work presents a clear understanding, inter alia, of the influence of the United States over IMF policy via the National Advisory Committee; the dealings of the IMF with the UK on pound sterling policy; the institutional change of the IMF brought about by Per Jacobsson, the third managing director; and France, Italy, Germany, Canada, and Japan vis-a-vis IMF consultations. It also provides the reader with topics concerning the bankers' acceptance market function and international liquidity issues in relation to IMF policy; the final chapter sheds light on the long-standing relations between the IMF and China, from the Bretton Woods Agreement to the contemporary period. All the chapters are archive-based academic studies providing deep insights with historical background, which makes this book the first thoroughly independent achievement in the field of IMF history. This book is highly recommended to readers interested in contemporary monetary and financial history and those who seek to obtain a coherent image of postwar international institutions and markets.

The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this groundbreaking book, Ross M. Starr addresses this problem directly, by expanding the Arrow-Debreu model to include a multiplicity of trading opportunities, with the resultant endogenous derivation of money as the carrier of value among them. This fundamental breakthrough is achieved while maintaining the Walrasian general equilibrium price-theoretic structure, augmented primarily by the introduction of separate bid and ask prices reflecting transaction costs. The result is foundations of monetary theory consistent with and derived from modern price theory. This fascinating book will provide a stimulating and thought-provoking read for academics and postgraduate students focusing on economics, macroeconomics, macroeconomic policy and finance, money and banking. Central bankers will also find much to interest them within this book. Contents: Introduction: Why is There No Money? 1. Why is There Money? 2. An Economy Without Money 3. The Trading Post Model 4. An Elementary Linear Example: Liquidity Creates Money 5. Absence of Double Coincidence of Wants is Essential to Monetization in a Linear Economy 6. Uniqueness of Money: Scale Economy and Network Externality 7. Monetization of General Equilibrium 8. Government-Issued Fiat Money 9. Efficient Structure of Exchange 10. Microfoundations of Jevons's Double Coincidence Condition 11. Commodity Money Equilibrium in a Convex Trading Post Economy 12. Efficiency of Commodity Money Equilibrium 13. Alternative Models 14. Conclusion and a Research Agenda Bibliography Index

Undertakings for the Collective Investment of Transferable Securities (UCITS) involve collective investment funds, which are authorized to market their units among countries within the European Union. The objective of the original UCITS directive was to allow for open-ended funds investing in transferable securities to be subject to the same regulation in every Member State. It was hoped that once such legislative uniformity was established throughout Europe, funds authorized in one Member State could be sold to the public in each Member State without further authorization, thereby furthering the EU's goal of a single market for financial services in Europe. Unfortunately, the reality differed somewhat from the expectation. This insightful work examines the taxation of UCITS in Austria, Germany, the Netherlands, and the United Kingdom. It analyzes the tax consequences of the cross-border trade in units of UCITS for unitholders residing in the countries examined. It also features recommendations to remove the tax advantages and disadvantages that occur in cross-border trading.