This book, first published in 1971, presents an analysis of the taxes levied on wealth or capital - death duties, annual wealth taxes and capital gains taxes. It provides a comprehensive study of these taxes, and recommends a series of measures, including the replacement of certain taxes, that would promote equality. The book also provides a masterly historical summary of death duties in the UK.

The recent global financial crisis has challenged conventional wisdom, and our conception of globalization has been called into question. This challenging and timely book revisits the relationship between globalization, the crisis and the state from an interdisciplinary perspective, with law, economics and political science underpinning the analysis.The expert contributors consider the Washington Consensus and its aftermath across Australia, China, the EU, New Zealand and South Africa in light of the financial crisis, encompassing public policy issues including banking reform, privatisation and state owned enterprise. The clash between market and state capitalism and the response of market capitalism to the crisis are also explored. This book draws together truly multidisciplinary discussions of the main issues for contemporary society in the face of globalization, and defines how these issues relate to each other. As such, it will prove a stimulating read for academics, researchers, postgraduate students and policymakers with an interest in law, economics and politics. Contributors: M. Ariff, T. Booth, L. Boulle, J. Broehmer, J. Chen, J.H. Farrar, G.A. Hodge, C.-C. Huang, D.G. Mayes, A. Noon, L. Parsons, M. Regan, C.D. Stoltenberg, S. Watson, M. Wilson, X. Yang

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.

Latin American experiments with pension reform began when Chile converted its public pay-as-you-go system to a system of private individual accounts in 1981. In the 1990s, several other countries followed suit, inspired both by Chile's reforms and World Bank recommendations that stressed adopting compulsory government-mandated individual savings accounts. Following the lead of Latin America, individual accounts were subsequently introduced in a number of countries in both Europe and Asia. The World Bank and governments in the region have now begun to seriously re-evaluate these privatisations, with the most dramatic effort to 'reform the reform' coming from Chile, where President Michelle Bachelet backed a comprehensive initiative aimed at making the system more efficient and equitable. This volume is the first to assess pension reforms in this new 'post-privatization' era.
Section 1 of the book begins with a discussion on demographic trends by Nobel laureate Robert W. Fogel and is followed by chapters on system design and their policy implications, including chapters on demographic trends, pension system default options, and an analysis of World Bank's policies and how they have evolved (by three former and current World Bank experts). This section concludes with two chapters with differing views on reform and the role of gender (an important and understudied topic). Section 2 contains in-depth chapters on major reform efforts in the United States, Canada, Mexico, Costa Rica, Brazil, Peru, Uruguay and Argentina.
In addressing the most pressing policy issues and highlighting a broad range of country experiences, this volume provides an unparalleled account of the lessons frompension reform in the Americas.

The central goal of this volume was to assemble outstanding scholars and policymakers in the field of financial markets and institutions and have them articulate significant market developments in their particular areas of expertise during the past few decades.Not just a celebratory volume, Public Policy and Financial Economics selected internationally recognized financial economists who have worked with Professor Kaufman during his years of scholarly research, and have a combined mastery of specialized financial markets themes and, very importantly, knowledge of public policies in the areas. All 15 chapters offer unique, innovative, and exciting expositions of several critical topics in financial economics.

"Advances in Taxation" publishes articles dealing with all aspects of taxation. Articles can address tax policy issues at federal, state, local, or international level. The series primarily publishes empirical studies that address compliance, computer usage, education, legal, planning, or policy issues. These studies generally involve interdisciplinary research that incorporates theories from accounting, economics, finance, psychology, and/or sociology.

The main objective of this book is to develop a strategy and policy measures to enhance the formalization of the shadow economy in order to improve the competitiveness of the economy and contribute to economic growth; it explores these issues with special reference to Serbia. The size and development of the shadow economy in Serbia and other Central and Eastern European countries are estimated using two different methods (the MIMIC method and household-tax-compliance method). Micro-estimates are based on a special survey of business entities in Serbia, which for the first time allows us to explore the shadow economy from the perspective of enterprises and entrepreneurs. The authors identify the types of shadow economy at work in business entities, the determinants of shadow economy participation, and the impact of competition from the informal sector on businesses. Readers will learn both about the potential fiscal effects of reducing the shadow economy to the levels observed in more developed countries and the effects that formalization of the shadow economy can have on economic growth.

Non-communicable diseases have surpassed infectious diseases as the leading cause of morbidity and mortality in developed countries. Prevention and treatment of the causes and consequences of lifestyle-related diseases forms an important part of health policy in the twenty-first century. Public health economics - from quantifying the problem, to evaluating interventions and developing toolkits to assist decision makers - is an essential area for any postgraduate student and researcher with an interest in applied economics to understand. There are a wide range of techniques from mainstream economics and health economics that can be applied to the evaluation of public health policy and public health issues. In this book, Brown presents examples from developed countries to illustrate how economic tools can be applied to public health. Further, cross-country comparisons illustrate how contextual factors related to healthcare systems, demographics and environmental factors may impact on outcomes and the cost-effectiveness of public health policies, in order to aid understanding and help students apply theory into practice.

Infrastructure is the foundation of modern economies. A robust, efficient, and well-maintained infrastructure system is critical to support the nation's economy, improve quality of life, and strengthen global competitiveness. The serious infrastructure deficit in the U.S. is well-known. State and local governments are struggling to finance the needed expansion, upgrades, and repairs. Meeting the infrastructure financing challenge has emerged as one of the most urgent issues facing the country. Despite the growing number of innovations in state and local infrastructure financing, current information on innovative infrastructure financing is scattered and time-consuming to find. Until now, there was no detailed, comprehensive assessment of current knowledge and practice in innovative infrastructure financing. This book fills that gap and offers policy suggestions for state and local government managers who are considering the adoption and implementation of innovative infrastructure financing. It provides detailed case studies and rich examples that describe innovative approaches to fund state and local infrastructure development. These experiences and lessons in applying these innovations will be particularly useful for state and local government practitioners, professors, applied policy analysts, and students in public administration, policy, and public finance.

This book is a comprehensive analysis of the major issues in state sales taxation. Topics such as taxation of services, mergers and acquisitions, nonprofit organizations, media, religious organizations, and international companies are analyzed by a group of the nation's leading experts on state taxation, including representatives of industry, government, and academia. The book identifies long-term qualitative and quantitative trends in the sales tax base and rates. Likely policy changes during the next decade are pinpointed and their implications discussed. Emerging sales tax problems are identified and analyzed, and techniques for integrating equity in sales tax design are included.

This unique volume will be of interest to tax planners and managers in business, and tax policy-makers and administrators in state and local governments.

One of the most important functions of modern government is to marshal and deploy resources to achieve desired objectives and outcomes. This task is overseen by the Central Budget Agencies (such as Ministries of Finance and Treasuries) who have the responsibility of generating tax revenue, and controlling and allocating public expenditure. This extensive comparative study investigates the changing nature and role of Central Budget Agencies (CBAs) in ten countries reflecting a spectrum of different institutional and constitutional contexts. Eighteen expert contributors offer detailed accounts of the various trajectories that have occurred within their respective CBAs, set against the changing political environment in which they operate. A recurring theme throughout is an evaluation of the power and agenda-setting roles of CBAs, assessing how their influence has grown or waned over time. An important feature of the book is that each chapter attempts to incorporate external scholarly analyses with internal practitioner views. Four key areas are examined in each of the CBAs, including: * the changing roles and responsibilities of CBAs * the politics of the budget process and the influence of CBAs * administrative and post-administrative cultures inside government * future prospects and directions for the CBAs. The original research presented in this book provides a new window into the world of CBAs, adding an important contribution to the scholarly research on public finance and government budgeting. It will also assist many CBAs to re-evaluate their roles and contributions to public budgeting and public sector management. This volume is required reading for anyone wanting to gain greater insight into whether CBAs really are the best guardians of the public purse.

First published in 1984. This book brings together and develops the economic theory relating to the design and operation of systems of non-central government - positing major developments in several areas. It considers what functions systems most suitably perform in non-central governments, and their appropriate size and structure. How these authorities might finance themselves - by taxes, charges or loans - is analysed in detail. It also examines the use of grants by higher tiers of government and how such programmes should be designed. Concentrating on contemporary economic concerns, it relates the theory to practice in countries such as Australia, Canada, West Germany, the UK and USA.

Inequality is a choice. The United States bills itself as the land of opportunity, a place where anyone can achieve success and a better life through hard work and determination. But the facts tell a different story-the U.S. today lags behind most other developed nations in measures of inequality and economic mobility. For decades, wages have stagnated for the majority of workers while economic gains have disproportionately gone to the top one percent. Education, housing and health care-essential ingredients for individual success-are growing ever more expensive. Deeply rooted structural discrimination continues to hold down women and people of colour, and more than one-fifth of all American children now live in poverty. These trends are on track to become even worse in the future. Some economists claim that today's bleak conditions are inevitable consequences of market outcomes, globalisation and technological progress. If we want greater equality, they argue, we have to sacrifice growth. This is simply not true. American inequality is the result of misguided structural rules that actually constrict economic growth. We have stripped away worker protections and family support systems, created a tax system that rewards short-term gains over long-term investment, offered a de facto public safety net to too-big-to-fail financial institutions, and chosen monetary and fiscal policies that promote wealth over full employment.

Cost-Benefit Analysis presents an authoritative collection of the most important published articles in the field together with an extensive new introduction by the editors. Whilst focusing on the practical side, looking at applications such as education, transportation and the value of life and health, this important volume also emphasises the essential role of economic theory, with sections on the economic costs of public funds, foreign exchange and labour. The result is an influential selection based on robust and fundamental theoretical propositions -- ones that are readily suitable for everyday applications. This timely volume provides a comprehensive synthesis of the current state of the theory and application of cost-benefit analysis. It draws from a wide range of journals to include the key articles which are the benchmarks in the development of the field. It will be invaluable to academics and practitioners alike.

"Advances in Taxation" publishes articles dealing with all aspects of taxation. Articles can address tax policy issues at the federal, state, local, or international level. The series primarily publishes empirical studies that address compliance, computer usage, education, legal, planning, or policy issues. These studies generally involve interdisciplinary research that incorporates theories from accounting, economics, finance, psychology, and sociology.

'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.

Over the last few decades universities in Australia and overseas have been criticized for not meeting the needs and expectations of the societies in which they operate. At the heart of this problem is their strategy. This book reviews the organizational-level strategies of some of Australia's prominent universities. It is based on their public documents that boldly report how they see their role in society and how they intend to navigate the future. These strategic statements are written to proclaim relevance, showcase achievements, attract students, and help to gain the support of the communities in which they operate. Using a strategy framework taught in their business schools, this book suggests that most such statements are deficient. Grand aspirations substitute for realistic operations and outcomes. The analysis also suggests that many of Australia's universities are poorly governed and have become too complex and bureaucratic. A greater focus on their core responsibilities would help alleviate their current funding predicament.

In evaluating environmental policy, researchers have tended to focus on the industry or market that is targeted by regulation and to disregard policy impacts in other parts of the economy. Recent research indicates, however, that in economies where governments rely on distortionary taxes, environmental regulation can profoundly affect costs and efficiency in areas other than the targeted industry or market. These findings signal the importance of evaluating environmental policy using a general equilibrium framework - an approach that can capture interactions across industries, sectors or markets. General equilibrium analysis can fundamentally alter the evaluation of environmental tax policies, and can overturn conventional wisdom concerning the relative cost-effectiveness of environmental taxes, emissions quotas, or mandated technologies.This volume gathers together important papers on the general equilibrium impacts of environmental regulation in the presence of distortionary taxes. Topics include optimal environmental taxation,'green tax reform' and the 'double dividend', and the choice among alternative policy instruments. The volume will be of interest to environmental economists, public finance economists and researchers interested in the economics of regulation.

This authoritative new volume contains a selection of the most important articles and papers spanning over 20 years on budgeting and managing public spending. It is divided into five succinct parts, covering the main areas of the field including the political-economic environment, approaches to expenditure budgeting and implementing the budget. Donald Savoie does not limit his examples to just one country - budgeting and spending is discussed in a variety of countries, including the UK, Australia, New Zealand, America, Canada and Spain. He has also written a new introduction to accompany the piece. All those with an interest in government spending, budgeting and how finances are controlled will find this work - which includes articles and papers not immediately accessible - an essential reference tool.

Cartels, Competition and Public Procurement uses a law and economics approach to analyse whether competition and public procurement laws in Europe and Asia deal effectively with bid rigging conspiracies.Stefan Weishaar explores the ways in which economic theory can be used to mitigate the adverse effects of bid rigging cartels. The study sheds light on one of the vital issues for achieving cost-effective public procurement - which is itself a critical question in the context of the global financial crisis. The book comprehensively examines whether different laws deal effectively with bid rigging and the ways in which economic theory can be used to mitigate the adverse effects of such cartels. The employed industrial economics and auction theory highlights shortcomings of the law in all three jurisdictions - the European Union, China and Japan - and seeks to raise the awareness of policymakers as to when extra precautionary measures against bid rigging conspiracies should be taken. Students and researchers who have a keen interest in the relationship between law and economics, competition law and public procurement law will find this topical book invaluable. Practitioners can see how economic theory can be used to identify situations that lend themselves to bid rigging and policymakers will be informed about the shortcomings of existing legislation from a legal and economics perspective and will be inspired by approaches taken in different jurisdictions. Contents: 1. Introduction Part I: Economic Theory 2. Economic Theory on Optimal Deterrence and Enforcement 3. Industrial Economics 4. Auction Theory and Collusion Part II: Legal Analysis 5. The Effectiveness of the Legal Regime Applicable to Bid Rigging in the European Union 6. Application of Auction Theory in Europe 7. The Effectiveness of the Legal Regime Applicable to Bid Rigging in China 8. Application of Auction Theory in China 9. The Effectiveness of the Legal Regime Applicable to Bid Rigging in Japan 10. The Japanese Construction Sector 11. Limits of Economic Theories and Concluding Remarks Appendix 1. Europe - An Overview of Public Procurement Law Appendix 2. China - An Overview of Public Procurement Law Appendix 3. History of Japanese Antitrust Legislation References Index

This book examines the interpretation of the risk-based approach (RBA) and its application across the banking industry. It explores the ways conflicting risk interpretation and deconstruction of money laundering risk have unintended consequences across the banking industry. Furthermore, it offers a theoretical framework that can be adopted and implemented by risk practitioners to address money laundering (ML) risks. The interpretation and application of the RBA influences the way money laundering risk is perceived, presented, and managed, often resulting in misalignment among stakeholders. Moreover, AML practitioners interpret money laundering (ML) risk as an entity that can be contained, largely in ignorance of the fact that ML risk is self-referential. The book therefore addresses complex inter-system feedback phenomena that lead to de-risking and re-risking, and offers a new ML risk communication framework on this basis. It will be of value to researchers and also to stakeholders within financial institutions, financial intelligence units and regulators in the fight against money laundering.

When taxes are introduced on carbon and energy, and the revenue is used to reduce other taxes, will a positive effect be achieved both for the environment and for the economy? In 1990 Finland was the first country to introduce a tax on CO2. Later, Sweden, Denmark, Netherlands, Slovenia, Germany and the UK followed suit with tax reforms that shifted taxation from labour to carbon and energy. Over the years, CO {2} and energy taxes have gradually been raised, so that in Europe taxes of more than 25 billion Euros a year have been shifted.
This book examines carbon-energy taxation in detail and looks at tax shifting programmes for lowering other taxes. It offers extensive analysis on the basis of historical data and seeks to answer important questions for policy-making, such as: What was the impact of tax shifting for economic performance and competitiveness? By how much were emissions of CO {2} reduced? Could energy-intensive industries cut further down on their fuel demand or did they loose market shares? To what extent was there "leakage" from Europe, so that production and CO {2} emissions were shifted to other countries or regions without CO {2} -abatement policy? The use of unique and original data, including sector-specific energy prices and taxes, as well as the use of advanced statistical techniques, such as co-integration analysis and panel-regression techniques along with the time-series estimated macro-economic model E3ME, make this a truly comprehensive volume.
On the basis of the lessons learned in Europe, this volume indicates how carbon-energy taxation could usefully be combined with emissions trading, and discusses implications for future international climate policy, including how the IPCC recommendations for a gradual escalation in carbon price could be accomplished while preventing carbon leakage.