The choice of currency denomination, indexation, and maturity structure of public debt is an increasingly important aspect of policy in a world of high debts and and financially integrated markets. This book surveys theories and evidence on public debt composition and debt returns with the goal of emphasizing the main policy issues.

This authoritative collection presents seminal papers from leading academics charting recent developments in public finance. The two-volume set encompasses numerous sections including the public sector in a market economy, market imperfections, growth implications of public policies and efficiency and distributive implications of public policies. Professor Tanzi and Dr Zee have selected key papers to reflect the scholarly debates and pivotal arguments surrounding this field of study. This indispensable collection, with an original introduction by the editors, will be of immense value to students, scholars and practitioners interested in this topical and relevant subject.

A revealing look at austerity measures that succeed-and those that don't Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. Bringing needed clarity to one of today's most challenging economic issues, three leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt, shows that austerity is not necessarily the kiss of death for political careers as is often believed, and charts a sensible approach based on data analysis rather than ideology.

This new four volume collection gathers together the key literature from the field of Infrastructure Finance from the past 20 years. Organized thematically, and drawing on a range of disciplines, the collection will discuss economic principles and policy, explore project financing, public-private partnership policy and finance, and examine infrastructure as an asset class.

Although citizen engagement is a core public service value, few public administrators receive training on how to share leadership with people outside the government. Participatory Budgeting in the United States serves as a primer for those looking to understand a classic example of participatory governance, engaging local citizens in examining budgetary constraints and priorities before making recommendations to local government. Utilizing case studies and an original set of interviews with community members, elected officials, and city employees, this book provides a rare window onto the participatory budgeting process through the words and experiences of the very individuals involved. The central themes that emerge from these fascinating and detailed cases focus on three core areas: creating the participatory budgeting infrastructure; increasing citizen participation in participatory budgeting; and assessing and increasing the impact of participatory budgeting. This book provides students, local government elected officials, practitioners, and citizens with a comprehensive understanding of participatory budgeting and straightforward guidelines to enhance the process of civic engagement and democratic values in local communities.

This volume argues that the West may have emerged victorious in the conflict of ideologies, but no nation can be considered truly wealthy if a significant proportion of its citizens are forced into unemployment or early retirement. Apart from the personal hardship and indignity caused, unemployment and early retirement create a huge funding problem for the state which has to resort to high taxation and borrowing to fund this in a humane society. This high level of taxation and borrowing in turn depresses economic activity and wellbeing. The main obstacles to reform are ignorance of an alternative economic strategy and the reluctance of economists to admit their error, though the latter is changing. John Young focuses on today's conundrum: why is it that with modern technology, which can produce in a day - or even hours - what had taken weeks or months before, there is still grinding poverty, and, paradoxically, the greatest poverty is often found side by side with the greatest wealth in the world's major cities. A growing number of economists are admitting that conventional economics cannot solve the problem of poverty and unemployment. This book offers a way forward that would also take into consideration environmental concerns. John Young is the author of "Reasoning Things Out"

The English poll taxes of 1377, 1379, and 1381 taxed householders, wives, dependants, and servants individually. The tax records therefore provide information about people who are rarely, if ever, mentioned in other documents - frequently including details of occupations and relationships. The widely varying documents associated with the taxes are being published in three volumes, to make this massive resource accessible to social and economic historians, demographers, and genealogists. This first volume, which covers all three taxes for Bedfordshire to Leicestershire, includes extensive editorial descriptions of the documents, explanations of the collection and recording processes, and a discussion of the relevance and value of this exciting material. Full indexes of original and contemporary place names and a glossary of occupations will appear in the third volume.

This major Handbook addresses fiscal relations between different levels of government under the general rubric of 'fiscal federalism', providing a review of the latest literature as well as an invaluable guide for practitioners and policy makers seeking informed policy options. The contributors include leading lights in the field, many of whom have themselves made seminal contributions to the literature. Comprehensive and wide in coverage, the issues covered range from federal systems to other forms of intergovernmental relations, such as supra-national constructs - namely, the European Union - unitary states, regional systems, and more decentralized operations, including community level organizations. The political economy approach emphasizes the importance of institutional arrangements, including the legal, political and administrative aspects, and information flows to ensure that there are appropriate incentives and sanctions to generate good governance. This Handbook also devotes attention to emerging issues, such as environmental protection, the sharing of natural resources among levels of government, corruption and the impact of federalism and decentralization on national unity. It will be a vital reference tool for the area for many years to come.

This pioneering study shows that economic integration in the Americas is not simply a matter of removing trade barriers. Economic Integration in the Americas addresses the pervasive effects of economic integration on the economy as a whole.This important book examines elements of financial integration and capital mobility in North America and addresses in turn the effects of the North American Free Trade Association on Mexico, comparisons between NAFTA and the European Union, the impact of NAFTA on issues such as social protection, migration and Canadian agricultural policy, and finally, regionalism and multilateralism in the Western hemisphere. While drawing on the experience of European integration, the authors recognize that new, broader analyses are required in the Western hemisphere to allow for the ranges of country size, natural resource endowments and per capita incomes. Sensitive to the political interests involved in economic integration between unequal partners, Economic Integration in the Americas offers students, researchers and policymakers a better understanding of policy at both national and supranational levels.

This collection of essays is a state-of-the-art analysis of key issues confronting the European Union. Identifying European economic integration as one of the defining features of modern international economics, the authors examine many aspects and consequences of this integration which remain as yet obscure and unexplored. In this book, after addressing general issues concerned with European integration, the authors include empirical and theoretical analyses of the monetary union, social policy reform and social union, public finance in the EU, the EU's agriculture and technology policies, and direct foreign investment into the EU. In particular, the volume includes detailed discussion of Greek membership of the EU, supplying a context in which many of the general issues of industrial adjustment, investment and politics can be examined. Using a wide range of topics, methodologies and perspectives, Economic Integration and Public Policy in the European Union offers a stimulating and wide-ranging presentation which will be of interest to economic theorists, empirical social scientists, policymakers and the informed general reader.

Local communities in all countries are increasingly aware of resource scarcity and are pressing for more say in how funds are used. Developments in Local Government Finance examines key issues for economists interested in local government and, in particular, the functioning of institutions at regional and local levels.Local government organization and finance are addressed from a variety of approaches by the authors who critically examine the current intergovernmental distribution of responsibility for service provision and revenue raising. Adopting a multilateral approach to theory and policy, this major book stresses the need for real, and not just formal, devolution and greater local accountability. The contributors highlight how instruments for financing local government and for pursuing interpersonal and geographical equity can vary considerably between countries with broadly similar systems, yet be surprisingly similar for countries with quite different institutional arrangements. Particular reference is made to emerging problems in the European Union and the experience of Switzerland, a country where fiscal federalism and tax harmonization are living together in a unique equilibrium of forces. Developments in Local Government Finance presents a major contribution to the understanding of local government and finance for both students and practitioners.

The Greek economic crisis has imperilled the stability of the eurozone, generating much global anxiety. Policymakers, analysts, and the media have daily debated the course of the Greek economy, prescribing ways to move forward. This collection of essays progressively moves from an analysis of the causes of the crisis and the policy responses so far to a debate on some of the country s advantages and capabilities that should underpin its new development model and propel the return to growth. The book analytically chooses to view the glass as half-full and seeks to provide motivation and inspiration for change by indicating some of the economic sectors where Greece maintains a comparative advantage. Therefore, it challenges the emerging picture of Greece as a country doomed to failure, where everything falls apart.

Analyses the Treasury's role in public policy making and makes an original contribution to knowledge about the current work of the Treasury. The book focuses on three main areas: * the development of the Treasury from earliest times to the present * the current structure and organization of the Treasury following the radical changes which took place in 1995 as a result of the 1994 Fundamental Expenditure Review * the Treasury's role in the financing and responsibility of Next Step Agencies, including brief case studies of the Civil Service College, the Contributions Agency and the Royal Mint.

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.

This edited collection explores the historical determinants of the rise of mass schooling and human capital accumulation based on a global, long-run perspective, focusing on a variety of countries in Europe, the Middle East, Asia, Africa and the Americas. The authors analyze the increasing importance attached to globalization as a factor in how social, institutional and economic change shapes national and regional educational trends. Although recent research in economic history has increasingly devoted more attention to global forces in shaping the institutions and fortunes of different world regions, the link and contrast between national education policies and the forces of globalization remains largely under-researched within the field. The globalization of the world economy, starting in the nineteenth century, brought about important changes that affected school policy itself, as well as the process of long-term human capital accumulation. Large migrations prompted brain drain and gain across countries, alongside rapid transformations in the sectoral composition of the economy and demand for skills. Ideas on education and schooling circulated more easily, bringing about relevant changes in public policy, while the changing political voice of winners and losers from globalization determined the path followed by public choice. Similarly, religion and the spread of missions came to play a crucial role for the rise of schooling globally.

First published in 1991. Routledge is an imprint of Taylor & Francis, an informa company.

Many economists and experts interpret the U.S. twin-deficits, the twin-wars in Iraq and Afghanistan, the 2008 Great Recession that escalated the US debt to vertiginous altitudes" as the signs of time that the dollar is now set to repeat the history of the British Pound. But is really the role of the dollar" as a global currency and an international reserve asset" actually rewarded the United States with an exorbitant privilege? This book focuses on the opposite end of exorbitant privilege spectrum: the exorbitant burden the cost the very dollar reserve status impacts on the U.S. economy through the twin deficits. This economic and political science work is a rigorous quantitative analysis that demonstrates that although it is a privilege and a benefit for the US to have its currency, the dollar, as the leading world reserve currency, the privilege also proves to be a very significant economic and security burden imposed on the nation.

This is a challenge to conventional thinking around money and the 'debt crisis'. By re-evaluating the source of money, Mary Mellor presents a radical alternative to austerity and privatisation: public wealth, or, money used for sustainability, sufficiency and social justice. Debt or Democracy debunks the received lessons of the financial crisis of 2007. Political elites shout about a house whose finances are in disarray; a 'yawning deficit' created by reckless spending in a bloated public sector. The answer to this 'debt crisis' has been harsh austerity measures - but this is a dangerously deceptive discourse. Turning against the prevalent narrative, with its language of 'debt' and 'deficit', Mellor takes on the familiar question - 'where does money come from?'. The real solution is a return to the notion of public wealth and the public economy; of a monetary system owned by, and operated in the interests of, the majority.

Discover the keys to personal financial management with the practical, reader-friendly introduction in Garman/Forgue's market-leading PERSONAL FINANCE TAX UPDATE, 13E. This step-by-step approach teaches you how to save and invest, manage student loans, file taxes, decrease credit card debt and plan a strong financial future. The latest financial information throughout this edition incorporates significant changes to the U.S. income tax system with the "Tax Cuts and Jobs Act" of 2018. Memorable scenarios lifted from actual situations depict a variety of financial challenges - showing you the relevance of what you're learning and the importance of advice from trusted personal finance experts. Many math-based examples clearly illustrate how to achieve long-term financial goals through investing. With the latest updates and learning tools, such as an online financial planner in MindTap digital resources, this edition prepares you for personal financial success now and throughout your lifetime.

Created in 1974, the U.S. Congressional Budget Office (CBO) has become one of the most influential forces in national policymaking. A critical component of our system of checks and balances, the CBO has given Congress the analytical capacity to challenge the president on budget issues while it protects the public interest, providing honest numbers about Congress's own budget proposals. The book discusses the CBO's role in larger budget policy and the more narrow "scoring" of individual legislation, such as its role in the 2009--2010 Obama health care reform. It also describes how the first director, Alice Rivlin, and seven successors managed to create and sustain a nonpartisan, highly credible agency in the middle of one of the most partisan institutions imaginable.

"The Congressional Budget Office: Honest Numbers, Power, and Policy" draws on interviews with high-level participants in the budget debates of the last 35 years to tell the story of the CBO. A combination of political history, economic history, and organizational development, "The Congressional Budget Office" offers an important, first book-length history of this influential agency.

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.

Contains essays by historians of economic and financial history. It illuminates the relationships between government indebtedness and the development of financial markets in Europe from the late Middle Ages to the late twentieth century.

UK Taxation for Students can be used either on its own or in conjunction with other texts. It is, however, completely self-contained. This book is written in a user-friendly manner. It intersperses numerous examples throughout the text designed to illustrate particular points, and it assumes absolutely no prior knowledge about UK taxation. It covers the five main UK taxes, namely: income tax (paid by individuals); capital gains tax (paid by individuals); corporation tax (paid by companies); value added tax (levied on consumers by businesses); and inheritance tax (normally payable on the death of an individual). National Insurance Contributions are also included. Although this book is primarily aimed at students studying at undergraduate level, these are the taxes which typically form the core of the syllabuses for most of the UK's professional examinations in taxation.

The introduction of effective, competitive and innovative financial systems will be a key factor in the economic success, or failure, of Central and Eastern Europe. This important volume presents a comprehensive, up-to-date analysis of the development of financial systems in the region with contributions from leading researchers and bankers. An overview of recent developments and discussion of some of the major issues - including central bank independence, bank privatization and bankruptcy regulations - is followed by discussion of the conditions for and likely consequences of financial liberalization in Central and Eastern Europe. The contributors draw upon the experience of Austria and Finland, two West European countries that recently accomplished full financial liberalization. The final section includes a series of specific regional studies on the results and problems of financial reform in the Czech Republic, Hungary and Poland, three leading reforming countries, and Bulgaria, one of the 'second wave' of transitional economies. Providing an authoritative review of current trends, The Development and Reform of Financial Systems in Central and Eastern Europe makes a unique contribution to a neglected area in the literature on economic transformation and development in former command economies.