This book offers a comprehensive guide to modern day taxation issues. It presents a thorough overview of many of the crucial aspects of applied taxation and current tax systems, and presents evidence that supports taxation as an important policy issue requiring immediate address globally. Contributions seek to address the core question of how to design a tax policy mix that can serve primarily efficiency, growth and possibly equity goals at a time where fiscal spending, for many economies, is not a viable option. Chapters provide a historical perspective on taxation, then go on to cover aspects of the modern theory of optimal taxation and tax design and provide valuable international perspectives on current tax practices and much required tax reforms. Empirical analysis on taxation and related economic data help the readers to understand how data-based observations and results are linked to the theory of taxation, and more importantly economic growth, before offering appropriate policy prescriptions. This book will be of interest to scholars and practitioners interested in learning more about taxation and why it matters today in the global economy.

This book informs the American Education Stakeholders about the importance of empowering our learners with new knowledge, skills, and ability to help them become more effective and influential in society. The United States ranks 25th on the list of OECD countries in its overall poverty gap between people in poverty and affluent people, and ranks 26th in its poverty gap for children born into poverty and children from affluent families. Considering new educational funding measures at the federal, state, and local levels, the American educational system must focus on implementing programs that equip children with multidimensional human capital that enables them to be upwardly mobile, particularly in an era of intense technological change with the expansion of automation and artificial intelligence. These goals are not new. We believe that now is an important time to articulate and commit to the transmission of human capital for children and identify the practices that best promote it. This book aims to make recommendations to educational programming that should be invested in that has shown potential in mitigating the opportunity gap and increasing human capital. With long aftershocks, the pandemic's dramatically decreased educational opportunities may mean that America's future workforce will be devastated by the declining number of children in our pre-K-12 system, a phenomenon predicted to begin showing its effects in 2025, with a higher number of students projected to be below grade level in skilled areas. Simply increasing funding will have little impact in driving improved outcomes if the funds are not used wisely; indeed, expenditures per student have roughly tripled since 1960. This book recommends a systems-level approach to the American education system. The authors believe that without deeply considering the underlying incentives and governance of educational programming initiatives, more money alone will not solve the skills gap and declining out comes among learners. This handbook will be essential to state and local entities to make systemic recommendations to practitioners, college professors, and researchers.

The 27 articles reprinted in this volume are among Peter Mieszkowski's most important contributions to public, urban and regional economics. Several of these pieces concern income distribution theory and policies for promoting equality in wages, housing and education.The first part of this book includes studies of labour markets, tax incidence and the distributive effects of trade unions and wage subsidies. Two important conclusions presented in these papers concern the local property tax: it is a tax on capital and it results in under-provision of local public goods. The second and third parts of the book address, respectively, the decentralization of cities and and tax reform. Issues discussed include: racial discrimination in housing markets, the design of land use regulation, the negative income tax, consumption taxes, and tax reform in transition countries, particularly Eastern European countries. These outstanding essays bring together, in an accessible form, the work of one of the most important scholars in the field of public finance and urban economics.

This book informs the American Education Stakeholders about the importance of empowering our learners with new knowledge, skills, and ability to help them become more effective and influential in society. The United States ranks 25th on the list of OECD countries in its overall poverty gap between people in poverty and affluent people, and ranks 26th in its poverty gap for children born into poverty and children from affluent families. Considering new educational funding measures at the federal, state, and local levels, the American educational system must focus on implementing programs that equip children with multidimensional human capital that enables them to be upwardly mobile, particularly in an era of intense technological change with the expansion of automation and artificial intelligence. These goals are not new. We believe that now is an important time to articulate and commit to the transmission of human capital for children and identify the practices that best promote it. This book aims to make recommendations to educational programming that should be invested in that has shown potential in mitigating the opportunity gap and increasing human capital. With long aftershocks, the pandemic's dramatically decreased educational opportunities may mean that America's future workforce will be devastated by the declining number of children in our pre-K-12 system, a phenomenon predicted to begin showing its effects in 2025, with a higher number of students projected to be below grade level in skilled areas. Simply increasing funding will have little impact in driving improved outcomes if the funds are not used wisely; indeed, expenditures per student have roughly tripled since 1960. This book recommends a systems-level approach to the American education system. The authors believe that without deeply considering the underlying incentives and governance of educational programming initiatives, more money alone will not solve the skills gap and declining out comes among learners. This handbook will be essential to state and local entities to make systemic recommendations to practitioners, college professors, and researchers.

The Asian-Pacific countries as well as India and Russia offer multinational companies all the benefits of booming economies in a world of recession. However, the investor must be aware of the tax regime under which he will operate. This survey presents the rates, definitions of taxable income and the incentives available in a complete, yet concise form. It goes on to review tax minimisation strategies and concludes with a comparison of the overall tax burdens for investors in each country derived from the Devereux/Griffith formulae - a methodology well known within the EU, but applied to this region for the first time.

This book brings together important essays by Richard F. Kahn, Keynes's pupil and literary executor and one of the most influential economists in the Cambridge tradition. The essays address issues, including imperfect competition, pricing mechanisms, inflation, unemployment, and the regulation of international trade and finance, that are highly relevant and topical They are addressed from a Keynesian perspective, with the interface between economic theory and policy explored. With the inclusion of a new introduction, the essays are placed in their own context and offer the key to understand their relevance for the present. Richard F. Kahn: Collected Economic Essays is a fitting companion to the 1972 collection of essays, edited by Kahn himself. It will be of interest to scholars and students as a key to an outstanding economist and a great figure in the Keynesian tradition.

This book outlines the considerable increase in public expenditure in the UK from around 10 per cent of GDP in the 1870s to 40 per cent and above in the21st century. Clive Leeexplores the fluctuations in state spending, highlighting theongoing political conflictover the size and extent of welfare provision.

In this book, an expert in the field explains why the United States is the world's largest debtor nation and how America's relationship to creditor states is of growing economic, diplomatic, and even national security concern. Foreign countries are not merely investing in U.S. corporations but are purchasing them outright: Abu Dhabi bought Citigroup securities, Kuwait purchased a large block Merrill Lynch stock, and China bought Morgan Stanley's convertible securities-and this happened before the September 2008 meltdown of Wall Street. The means by which wealthy foreign states make these purchases are sovereign wealth funds, their surplus capital that they are seeking to invest in order to generate the greatest return. Currently, the largest sovereign wealth funds are held by the United Arab Emirates (of which Abu Dhabi is part), Norway, Singapore, Kuwait, and the People's Republic of China; Qatar and Libya are also in the top ten. The United States has no such fund (although the state of Alaska does). This book takes a close look at China's and Norway's sovereign wealth funds to explain how they work. The author also uses domestic examples (Harvard's endowment, the California's state employees' retirement fund) to propose how the United States could create a sovereign wealth fund, speculating that such a fund could solve the looming Social Security funds shortfall. Most important, the book elucidates the national security aspects of not having an American sovereign wealth fund when so many other nations-both friend and foe-have them.

This book presents a scientific view of fighting climate change in the economy of the future, the foundations of which are being set around the world. The authors substantiate the potential of Industry 4.0 in stimulating sustainable development in environmental protection and preservation of natural resources. This book considers the modern experience of fighting climate change based on possibilities of Industry 4.0 at the national scale in view of developed and developing countries with a special focus on Russia and at the corporate scale by the example of transnational corporations. It determines the future contribution of Industry 4.0 into development of responsible production and consumption, and compiles the "outlines" of "green" economy in Industry 4.0. It offers recommendations for control of climate change in Industry 4.0, and presents the authors' vision of ecological responsibility in Industry 4.0 for implementing the sustainable development goals. This book will be of interest to academics and practitioners interested in climate change and development of Industry 4.0, as well contributing to a national economic policy for fighting climate change and corporate strategies of sustainable development in Industry 4.0.

Why are historically Catholic countries and regions generally more corrupt and less competitive than historically Protestant ones? How has institutionalization of religion influenced the prosperity of countries in Europe and the Americas? This open access book addresses these critical questions by elucidating the hegemonic and emancipatory religious factors leading to these dissimilarities between countries. The book features up-to-date mixed methods from interdisciplinary research contributing to existing studies in the sociology of religion field by demonstrating-for the first time-the effect of the mutually reinforcing configuration of multiple prosperity triggers (religion-politics-environment). It demonstrates the differences in the institutionalization of Roman Catholicism and Protestantism by applying quantitative and qualitative methods and by performing a qualitative comparative analysis (QCA) of 65 countries. The author also provides a comprehensive survey and results of empirical research on different theories of development, focusing on the influence of religion.

Baumol's Cost Disease is the inevitable escalation of the real costs that occur in labour-intensive industries like the arts, health care and education. The labour costs in these industries tend to increase at the same rate as other industries, but their scope for utilizing labour-saving technical progress is either small or non-existent.The book opens with an introduction by Ruth Towse in which there is an overview of William Baumol's work. In this discussion Ruth Towse examines Baumol's work in the context of the development of the economics of the arts. The volume is then divided into parts and begins by introducing William Baumol's work through several autobiographical essays. This is followed by some of his early contributions to cultural economics and the cost disease. William Baumol's leading macroeconomic work on the 'unbalanced growth model' is also included and the debate about it at its inception. In parts three and four some of the more empirical papers on the arts are presented as well as essays on policy implications for the arts. Following this are chapters on the theatre and publishing as well as historical studies of the arts and the implications of the cost disease for libraries, health care and education. This book contains William Baumol's contribution to cultural economics and spans over 30 years of writing on the subject, much of which is not widely available. It provides a real insight into the development of Baumol's analysis and his perception of the problems of the arts and other labour-intensive sectors.

This is the first book that analyzes public-private partnership (PPP) infrastructure development in developing countries by focusing on recent developments in the Philippines. Infrastructure is extremely important for economic development and poverty reduction. However, given the infrastructure gap and pressures on public expenditure, there is a growing expectation that PPP will fill this gap globally. Over the years, PPP as a mechanism for financing and procuring infrastructure has been the basis of an active and provocative debate in the Philippines, which is known to have inadequate infrastructure-twice in the 2010s, when a significant policy shift on the financing source of public infrastructure was announced by the Philippine government. Drastic policy changes concerning the roles of public finance and PPP in infrastructure development within this decade are not seen in other developing countries. There is no precedent for substantial study on the changes of infrastructure governance in the Philippines, but this book assesses policy changes in infrastructure development in the country and, as academic contributions, identifies several factors behind the changes related to infrastructure governance there, especially the drastic shifts during the Aquino III and Duterte administrations. Furthermore, the findings presented in the book, including the desirable role of public finance and PPP in developing infrastructure in developing countries, could improve infrastructure governance, such as choice of the financing mode, design, and implementation of the PPP project, in other developing countries as an operable contribution to policymakers of government and to industry and management practitioners.

The book portrays the scope and dimension of different financial inclusion strategies. It looks at the role and potential of banks involved in financial inclusion. This book focuses on the importance of financial inclusion and in measuring its important determinants. It provides an empirical insight into how the different factors influence financial inclusion of a nation, providing a guideline to the banks and the regulators to select an effective structure of bank branch and efficient composition, to ensure best utilization of their devoted resources in the context of a developing economy.

This excellent book provides a welcome collection of David Teece's most important writings in the related areas of strategy and technology and their implications for public policy.These papers are the result of an ambitious agenda to analyse concepts in economics, organizational theory and management policy to provide a uniquely integrated global view of strategy, technology and public policy. Key topics which are addressed include: fundamental issues in strategic management technology and technology transfer antitrust regulation and deregulation technology policy The volume also includes an extensive introduction which provides a biographical insight into the development of the author's career and his continuing research into the areas the articles in this volume exlore. David Teece's style of writing is succinct and logical and the material presented in this volume, and in its companion Economic Performance and the Theory of the Firm, will be of great interest to economists, managers, consultants and policy makers.

This book provides a comprehensive analysis of asset price movement. It examines different aspects of stock return predictability, the interaction between stock return and dividend growth predictability, the relationship between stocks and bonds, and the resulting implications for asset price movement. By contributing to our understanding of the factors that cause price movement, this book will be of benefit to researchers, practitioners and policy makers alike.

This book introduces recent developments in both theoretical and empirical analyses of local public economics. Theories of those economics as well as empirical analyses have been developed dramatically in various directions in recent years. One direction has been to reflect real economic circumstances, especially in Japan. In the early 2000s, Japan experienced the so-called great merger (or consolidation) of municipalities in the Heisei era (1999 through the present), with the number of municipalities shrinking from 3,232 to 1,821 for increasing administrative and financial efficiency. This phenomenon is mainly due to a drastic change in demography in Japan: the dimishing birthrate and aging population. Following the consolidation, regional coordination has been undertaken to raise overall administrative and financial efficiency. In sum, various types of public policies for tackling the decreasing birthrate and aging population have been carried out. Urban sprawl and the timing of municipal mergers are dealt with from a broad point of view, and public child care services and tax competition are investigated from a policy standpoint. Another direction has been to incorporate new ideas for forming theoretical frameworks for local public finance, most of which have been based on static situations. In the recent trend toward globalization, local governments have attended not only to the welfare of residents but also to the interests of regional economic development. In addition, decision making by local governments has tended to be affected by political activities. Thus, the endogenous growth setting and lobbying activities for the activities of local governments are discussed in the book. With these new directions for analyses, the author tackles the topics of tax competition, cross-border shopping, local provision of public goods, and soft budgets, thus covering a broad range of aspects of local public finance.

This is the second edition of a tax reference which brings together information on the provisions of 58 tax treaties between 12 major trading nations - Australia, Brazil, Canada, France, Germany, Italy, Japan, the Netherlands, Spain, Switzerland, UK and USA. The guide for revenue officials and tax advisors examines the background of double tax agreements and how they are brought into force. Further sections deal with matters including equipment leasing, the problem of treaty overrides and taxation of sportsmen and entertainers, and transfer pricing.;Article by article, the book reproduces the text of the the OECD Model and provides a short additional commentary. This is followed by an analysis of each countries treaties with each of the other countries dealt with in the book, including details of where they deviate from the OECD model.;"Tax Treaty Networks" also provides help in interpreting special wording used in other treaties by any of the 12 treaty partners - which should also be useful in interpreting the wording of treaties made by countries outside the present scope of the book.

The emerging markets have attained prominence of late as the recent troubles in the principal emerging markets in Asia, Russia and Latin America have threatened global stability. This book is the first detailed study of emerging markets debt and offers a unique insight into one of the world's more significant, and less understood, financial markets. It offers a comprehensive analysis of the evolution of the market in emerging markets debt from 1983 to date. In the aftermath of the debt crisis of the 1980s the banking community discovered the first disposal technique for the sovereign debt of less developed countries -- a secondary market in that debt. This market played a major role in the history and amelioration of the debt crisis, the Mexican problems in the mid-1990s, and the recent Asian economic crisis. The market focus of this study is on the indebtedness of Latin American nations, which has fanned the backbone of secondary market activity, and the recent developments in Asia. The regulatory focus is on U.S. banks and banking regulation. This book is essential reading for anyone involved with emerging markets debt: bankers, traders, investors, corporate and sovereign issuers, finance lawyers and banking regulators.

This book presents a multidimensional perspective on the interlinkage between human development, community characteristics and public service delivery with special reference to India. The chapters in the book analyze the influence of public service delivery on human development from neo-classical as well as Marxian point of view. Thus, the expositions in the book provides a balanced mix of macro and micro approaches in the study of development. The analytical discussions are supplemented by case studies and empirical estimates so as to demonstrate the applicability of the theory and the theoretical discourse about human development, community network and the success and failures of critical public services in the Indian context. The methodology followed in the chapters involves critical survey of existing literature, case studies, field survey and use of econometric techniques as well as statistical tools of index construction. While contributors are primarily scholars from neo-classical economics discipline, some are intellectuals from the field of political economy and development studies. Given the wide array of development perspectives, this book is of interest not only to students and researcher of development economics, social science and management, but also a valuable reading for development practitioners and policy makers, who would be interested in understanding how community and public institutions interact to determine access to health, education and social security services that shapes the wellbeing of disadvantaged populations. The lessons and implications are extremely pertinent to other emerging economies, in particular those in South Asia.

On 8 November 1995 we organized the conference Is Inheritance Legitimate? Ethical and Economic Aspects of Wealth Transfers at the University of Antwerp (UFSIA). The conference brought together economists, philosophers and other social scientists to discuss the issues of bequest and inheritance. The conference programme featured five invited contributions; the revised versions of these five papers consitute the core of this book (Chapters 2, 3, 4, 6, and 7). Also included in this book are the written versions of the comments presented by the two discussants (Chapters 5 and 8). We also gave the opportunity to the authors who defended two radically different opinions on bequest and inheritance to comment upon one another's position (Chapters 9 and 10). Chapter 1 serves as an introduction; it situates the debate on inheritance in a broader ethical and economic framework, and summarizes the main points of the book. The conference was organized as part of a research project funded by the Flemish Fonds voor Wetenschap'pelijk Onderzoek (project number G. 0032. 95). Within UFSIA the conference was hosted by the 'Vakgroep Arbeidseconomie' of the Studiecentrum voor Economisch en Sociaal Onderzoek (SESO) and the Centrum voor Ethiek. The secretarial staff of SESO, in particular Annernarie Bunneghem and Linda Teunkens, did an excellent job in organizing the conference. Patricia De Bruyn and Tom Schatteman were extremely helpful in preparing the manuscript for the publisher. Antwerp, January 1997. Guido Erreygers and Toon Vandevelde, Editors CONTENTS Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The original theory of capital cost and capital structure put forward by Nobel Prize Winners Modigliani and Miller has since been modified by many authors, and this book discusses some of them. The book's authors have created general theory of capital cost and capital structure - the Brusov-Filatova-Orekhova (BFO) theory, which generalizes the Modigliani-Miller theory to encompass companies of an arbitrary age (and arbitrary lifetime). Despite the availability of this more general theory, the classical Modigliani-Miller theory is still widely used in practice. In this book, the authors for the first time generalize it for cases of practical relevance: for the case of variable profit; for the case of advance tax-on-profit payments and interest on debt payments; for the case of several tax-on-profit and interest on debt payments per period; and for the combination of all three effects. These generalizations lead to valuable theoretical results as well as significantly widen of practical application this theory in practice and increase of the quality of finance management of the company. As well, the book investigates the applications of said results in corporate finance, investments, taxation and ratings, where employing a generalized Modigliani-Miller theory can be very fruitful.

Economic growth and development critically depends on the quality of infrastructure. Each aspect of the economy and its infrastructure are linked systemically. Public-Private Partnerships (PPPs) are increasingly being promoted as the solution to the shortfall in financing needed to achieve the Sustainable Development Goals (SDGs). Public-private partnerships enable the public entity to utilize the expertise and efficiencies of the private sector to deliver services and facilities that traditionally have been delivered by the public sector, either through public sector employees or by traditional procurement methods. To be beneficial to all stakeholders, a PPP project requires careful planning, implementation, and strong governance. This book breaks down the steps involved and the traps to circumvent. Despite its globally growing importance, project finance has been somewhat underrepresented in research. This book analyzes project finance from an interdisciplinary perspective-finance, management, and international business-and includes international laws of arbitrage and perspectives of international financial institutions as never endeavored by any previous research projects. The book also includes case studies assessing the relevance of private-public partnerships by comparing the country expectations and the real outcomes. The gap between expectations and results does not necessarily mean that significant progress has not been made. To the contrary, the book suggests that some of the original targets set may have been unrealistic, and that the requisite financial resources-or the financial sector policies that could have generated those resources-may have been lacking.

This book provides quantitative evidence on the issues in fiscal and monetary policies in Mongolia and presents necessary policy recommendations for policymakers and academic circles. Mongolia belongs to a natural resource-based, transition economy and thus has faced the risk of the so-called resource curse-including the "Dutch Disease" and immaturity in market-based systems, particularly in financial markets. Consequently, reformations of resource allocation and policy governance in fiscal and monetary fields have been required. So far, however, there have been only a very limited number of quantitative studies in the Mongolian economy among the vast literature of Asian studies. This book applies scientific approaches to address fiscal and monetary issues, such as data-oriented and econometric methods (a structural vector auto-regression model, a spatial econometric model, and panel estimation with fixed effects, among others). In this manner, the book enriches empirical evidence in academic literature and also contributes to evidence-based policymaking. All the authors are young leaders of government officials in the Ministry of Finance, Financial Regulatory Commission, and National Statistics Office in Mongolia, who have been trained in academic research methodologies at Saitama University, Japan, on JICA-JDS scholarships. Thus, academic researchers and policymakers will be prominent members of the target audience for this work.