Public finance and taxation Books

Book SynopsisTrade Review"Winner of the Immanuel Wallerstein Memorial Book Award, Political Economy of the World-System Section of the American Sociological Association""Roos has given us a thought-provoking book that will repay the investment of any reader with an interest in sovereign debt."---Michael Reddell, Central Banking Journal"[A] fresh and painstakingly researched approach that raises vital questions for economists, political scientists and policymakers."---Aleksandr V. Gevorkyan, LSE Review of Books"[A] timely and thoroughly researched book—destined to become an obligatory reference in the field."---Veronica Santarosa, Journal of Economic History"[I've] been reading Why Not Default? at an excruciating pace for the best reason: every page or so I get inspired some subtheme or footnote and go off chasing it down."---Quinn Slobodian"Roos makes a powerful and provocative argument." * Survival: Global Politics and Strategy *"A fantastic contribution to the growing literature on sovereign debt. . . . Why Not Default? will be a mandatory reference for scholars working on financialization, debt, and structural power."---José Tomás Labarca, Finance and Society"[Why Not Default?] does a great service . . . by synthesizing a huge amount of detailed information about these crises in one place, and by clarifying the interlocking effects of a host of social, economic and political changes over the past century."---Shaina Potts, Antipode

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Book SynopsisFrom his birth into the lowest stratum of the samurai class to his assassination by right-wing militarists, Takahashi Korekiyo (1854–1936) lived through tumultuous times that shaped the course of modern Japan. This biography underscores the profound influence of the charismatic finance minister on the political and economic development of Japan.Trade ReviewJapan emerged from worldwide economic depression in the 1930s more successfully and quickly than the other modern world economies. Without denying the role of rapid militarization in prompting economic growth, this new biography of Japan's seven-time finance minister shows how Takahashi's countercyclical fiscal and monetary policies overcame a steep deflationary spiral and in the process engineered a remarkable record of growth built on a novel deficit spending approach...In telling Takahashi's story, Smethurst uncovers some of the pushes and pulls shaping Japan's modem economic growth, and it is a story he tells well. -- W. D. Kinzley * Choice *Smethurst's biography is a major achievement reflecting some 20 years of work. Not to exclude the general reader--the book is a very good read--Takahashi's biography should interest not only Japanologists, but also students of economic history everywhere. Smethurst admits that it was difficult to balance the anecdotes of Takahashi's adventures with the necessary analysis of his historic accomplishments. He has succeeded, giving us a wise and immensely competent biography of a great Japanese and a vibrant human being. -- Rod Armstrong * Asahi Shimbun *Table of ContentsIntroduction 1. A Remarkable Beginning, 1854-67 2. Takahashi in San Francisco, 1867-68 3. Many Mentors, Few Teachers: Takahashi's Career in and out of Government, 1869-81 4. Japan's First Trademark and Patent Laws, 1881-89 5. Maeda Masana and the Debate over Industrial Policy, 1882-85 6. Managing a Silver Mine in Peru, 1889-90 7. Entering the Bank of Japan, 1892-1904 8. Fundraising During the Russo-Japanese War: 1904 9. Fundraising During the Russo-Japanese War: 1905 10. The Lessons of Wars, 1906-18 11. Taisho Democracy, 1918-27 12. "Japan's Keynes": Japan and the World Depression, 1929-34 13. Takahasi's Fiscal Policies and the Rise of Militarism, 1932-36 Conclusion: Takahashi's Economic Philosophy and Its Roots Appendix: Takahashi's Memoirs Notes Works Cited Index

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Book SynopsisTrade ReviewWinner of the 2017 PROSE Award in Economics, Association of American Publishers Selected for Canada's Financial Post Best Personal Finance and Economics Books of 2016 One of Bloomberg's Best Books of 2016 One of Financial Times (FT.com) Best Economics Books of 2016 Longlisted for the Financial Times and McKinsey Business Book of the Year 2016 "In a brilliant and lucid new book, The Curse of Cash, the Harvard economist Kenneth Rogoff gives a fascinating and thorough account of the argument against cash."--John Lanchester, New York Times Magazine "An excellent book on the history and the origins of cash, which also goes into much depth on the issue of cash constraining monetary policy."--Jon Hartley, Forbes.com "The great accomplishment of his book is that his arguments are convincing... It's clear and coherent, and even if you disagree with him in the end, chances are you'll think a little bit differently about something of which most of us give no thought whatsoever."--Bethany McLean, Washington Post "Convincing... It's clear and coherent, and even if you disagree with Rogoff in the end, chances are you'll think a little bit differently about something to which most of us give no thought whatsoever."--Bethany McLean, Washington Post "[A] fascinating economic manifesto... [An] absorbing exploration of the uses, and misuses, of currency, and its intractability in controlling modern economies."--Publishers Weekly "Economist Rogoff, the former chief economist of the International Monetary Fund, offers a detailed case for eliminating paper money... For both the elimination of paper money and the employment of negative interest rates to combat deflationary recessions, Rogoff painstakingly presents both the advantages and the drawbacks... Provocative."--Library Journal "In a witty new book, The Curse of Cash, economist Kenneth Rogoff argues the human race would be better off without paper money. He's onto something."--Hiawatha Bray, Boston Globe "[The Curse of Cash] makes the case for encouraging the U.S. government to drastically scale back on $100 bills in circulation. The book ... offers a thought-provoking theory for phasing out paper money, not eliminating it."--Susan Tompor, Detroit Free Press "Meticulously written, [The Curse of Cash] covers everything needed for such a monetary reform. But the book is not excessively polemical. Rogoff details almost all the arguments against tinkering with paper currency, then labors to refute or defuse them."--Peter Garber, Finance & Development "Rogoff is always worth listening to... Where Rogoff is on very solid ground is when he says the process of weaning us further off cash should begin with the abolition of high-denomination notes."--David Smith, Sunday Times "Rogoff is always worth listening to... [He] is on very solid ground ... when he says the process of weaning us further off cash should begin with the abolition of high-denomination notes."--David Smith, Sunday Times "Rogoff makes a compelling case for the crime-fighting power of his idea."--David Nicklaus, St. Louis Post Dispatch "[Rogoff] understands that getting rid of cash ... is not exactly an easy sell. So Rogoff builds the case against cash, loading up on all the things wrong with paper money... Rogoff's case against cash is so cogently argued that it's hard to believe that we haven't already gotten rid of paper bills and coins--or at least larger bills."--Mark Gimein, Strategy+Business.com "An illuminating, provocative and fact-packed work that does make you wonder why on earth we allow so much cash to slosh around. It also exposes some well-worn pub truths as urban myths."--Patrick Hosking, The Times "An illuminating, provocative and fact-packed work that does make you wonder why on earth we allow so much cash to slosh around."--Patrick Hosking, The Times "Ken Rogoff, the Harvard economist, who argues in [his] new book that we should start to phase out cash is, for me, on the money."--Ben Chu, Independent "This book is a rare bird indeed: accessible, absorbing and often deadpan funny."--Brian Bethune, Maclean's "[The Curse of Cash] is a fascinating contribution to the debate about what might be done to help get many wealthy countries out of an economic funk."--Clancy Yeates, Sydney Morning Herald "Lively and clearly written."--Geoffrey Wood, Central Banking Journal "Recommended for readers who seek a greater understanding of negative interest rates and the possibility of eliminating cash."--Choice "You may not have any in your wallet, but $100 bills make up an astonishing 80 percent of the U.S. currency in circulation. In his new book, The Curse of Cash, Kenneth Rogoff ... proposes a plan to phase out most paper currency in the United States and other economically advanced nations, keeping only low-denomination notes to create what he terms a 'less-cash' society."--MIT Technology Review "Like a chess player playing many opponents simultaneously, Rogoff views 'the curse of cash' through several prisms, and offers a compelling rationale of the merits of a 'less cash' economy."--Venky Vembu, The Hindu "The Curse of Cash is a well-argued book and Rogoff is a good economist."--Pierre Lemieux, RegulationTable of ContentsPreface ix 1 Introduction and Overview 1 PART I: The Dark Side of Paper Currency: Tax and Regulatory Evasion, Crime, and Security Issues 2 The Early Development of Coins and Paper Currency 15 3 Size and Composition of Global Currency Supplies, and the Share Held Abroad 31 4 Holdings of Currency in the Domestic, Legal, Tax-Paying Economy 48 5 Currency Demand in the Underground Economy 58 6 Seigniorage 80 7 A Plan for Phasing Out Most Paper Currency 92 PART II: Negative Interest Rates 8 The Cost of the Zero Bound Constraint 119 9 Higher Inflation Targets, Nominal GDP, Escape Clauses, and Fiscal Policy 147 10 Other Paths to Negative Interest Rates 158 11 Other Possible Downsides to Negative Nominal Policy Rates 175 12 Negative Interest Rates as a Violation of Trust and a Step Away from Rule-Based Systems 182 PART III: International Dimensions and Digital Currencies 13 International Dimensions to Phasing Out Paper Currency 199 14 Digital Currencies and Gold 208 Afterword to the Paperback Edition 217 Final Thoughts 237 Acknowledgments 241 Appendix 245 Notes 253 References 277 Index 293

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Book SynopsisTrade Review"Few scholarly, well-researched books have been written on long-term private investing. Victoria Ivashina and Josh Lerner have undertaken a real public service in writing what will undoubtedly become the definitive book on the subject. My only regret in reading this book is that I did not write it."—David Rubenstein, Co-Founder and Co-Executive Chairman, The Carlyle Group "You may not think your life depends on long-term investors, but it does—the health of your company's pension plan, your state or country's social security fund, indeed the very comfort of your retirement, depends on the success of long-term investing. In this very readable book, Ivashina and Lerner, two of the foremost experts on the subject, tell you what is going wrong, and how to set it right. It is a must-read for every anxious investor and every concerned taxpayer."—Raghuram Rajan, University of Chicago" 'The trees that are slowest to grow bear the best fruit,' Molière says. And that is why this lucid and refreshing account of how to overcome the barriers to long-term investment deserves the attention of pension funds, insurers, sovereign wealth funds, and endowments. After all, the potential fruits are not just quality returns, but significant benefits to society."—Dominique Senequier, President, Ardian"The antidote for short-term horizons in public markets is long-term investment in private markets. In Patient Capital, Ivashina and Lerner survey the private equity world, employing an engaging combination of captivating anecdotes and solid academic research. A must-read for all who care about the future of capitalism."—David F. Swensen, Chief Investment Officer, Yale University“This book provides a thorough and thoughtful analysis of the role that patient, long-term capital plays in the economy. Ivashina and Lerner do a wonderful job of combining clear and intuitive explanations with entertaining anecdotes that keep the reader’s attention and make it easier to understand the underlying ideas. At every point their in-depth knowledge shines through and makes for a very enjoyable read.”—Antoinette Schoar, MIT Sloan School of Management“Patient Capital is a compelling and thought-provoking book about an important but poorly understood aspect of finance—the role of long‐term investors in our capital markets. It will appeal to finance scholars; those who work for pension funds, endowments, insurance companies, sovereign wealth funds, and the venture capital and private equity industries; and entrepreneurs who rely on them for financing.”—Jeffrey R. Brown, Dean of the University of Illinois’s Gies College of Business and Investment Committee Chair for TIAA

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Book SynopsisWITH NEW AND UPDATED MATERIALBillionaire Warren Buffet, currently the third wealthiest man in the world, paid the lowest rate of tax among his office staff, including his receptionist.In 2006 the world''s three biggest banana companies did nearly 400 million worth of business in Britain but paid just 128,000 in tax between them.In January 2009, US law enforcement fined Lloyds TSB $350 million after it admitted secretly channelling Iranian and Sudanese money into the US banking system.Tax havens are the most important single reason why poor people and poor countries stay poor. They lie at the very heart of the global economy, with over half the world trade processed through them. They have been instrumental in nearly every major economic event, in every big financial scandal, and in every financial crisis since the 1970s, including the latest global economic downturn. In Treasure Islands, Nicholas Shaxson shows how this hapTrade ReviewAn utterly superb book -- Jeffrey SachsShaxson combines meticulous research with amusing anecdotes, resulting in a very readable account of the murky world of offshore and a strong moral message that the system needs to be changed * Financial Times *Excellent... Shaxson comes as close as anyone ever has in getting the crux of the tax haven conundrum, which is to attempt to answer the question: why are they tolerated? - Evening Standard * Evening Standard *A fascinating, chilling book -- Paul KrugmanNot just a crucial exposé of the corrupt systems endemic in the global economy, but also a rousing call to do something about them -- Holly Kyte * Sunday Telegraph *

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Book SynopsisCovers the five main UK taxes: 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), and National Insurance Contributions

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Book SynopsisTrade ReviewWinner of the 2017 PROSE Award in Economics, Association of American Publishers Selected for Canada's Financial Post Best Personal Finance and Economics Books of 2016 One of Financial Times (FT.com) Best Economics Books of 2016 One of Bloomberg's Best Books of 2016 Longlisted for the Financial Times and McKinsey Business Book of the Year 2016 "In a brilliant and lucid new book, The Curse of Cash, the Harvard economist Kenneth Rogoff gives a fascinating and thorough account of the argument against cash."--John Lanchester, New York Times Magazine "An excellent book on the history and the origins of cash, which also goes into much depth on the issue of cash constraining monetary policy."--Jon Hartley, Forbes.com "The great accomplishment of his book is that his arguments are convincing... It's clear and coherent, and even if you disagree with him in the end, chances are you'll think a little bit differently about something of which most of us give no thought whatsoever."--Bethany McLean, Washington Post "[A] fascinating economic manifesto... [The Curse of Cash] is an absorbing exploration of the uses, and misuses, of currency, and its intractability in controlling modern economies."--Publishers Weekly "Economist Rogoff, the former chief economist of the International Monetary Fund, offers a detailed case for eliminating paper money... For both the elimination of paper money and the employment of negative interest rates to combat deflationary recessions, Rogoff painstakingly presents both the advantages and the drawbacks... Provocative."--Library Journal "In a witty new book, The Curse of Cash, economist Kenneth Rogoff argues the human race would be better off without paper money. He's onto something."--Hiawatha Bray, Boston Globe "[The Curse of Cash] makes the case for encouraging the U.S. government to drastically scale back on $100 bills in circulation. The book ... offers a thought-provoking theory for phasing out paper money, not eliminating it."--Susan Tompor, Detroit Free Press "Meticulously written, [The Curse of Cash] covers everything needed for such a monetary reform. But the book is not excessively polemical. Rogoff details almost all the arguments against tinkering with paper currency, then labors to refute or defuse them."--Peter Garber, Finance & Development "Rogoff is always worth listening to... Where Rogoff is on very solid ground is when he says the process of weaning us further off cash should begin with the abolition of high-denomination notes."--David Smith, Sunday Times "Rogoff makes a compelling case for the crime-fighting power of his idea."--David Nicklaus, St. Louis Post Dispatch "[Rogoff] understands that getting rid of cash ... is not exactly an easy sell. So Rogoff builds the case against cash, loading up on all the things wrong with paper money... Rogoff's case against cash is so cogently argued that it's hard to believe that we haven't already gotten rid of paper bills and coins--or at least larger bills."--Mark Gimein, Strategy+Business.com "An illuminating, provocative and fact-packed work that does make you wonder why on earth we allow so much cash to slosh around. It also exposes some well-worn pub truths as urban myths."--Patrick Hosking, The Times "Ken Rogoff, the Harvard economist, who argues in [his] new book that we should start to phase out cash is, for me, on the money."--Ben Chu, Independent "This book is a rare bird indeed: accessible, absorbing and often deadpan funny."--Brian Bethune, Maclean's "The idea is not as crazy as it may sound. In a recent book, The Curse of Cash, Rogoff, says boring old paper (or plastic, in our case) bank notes are a major barrier to monetary policy--changing interest rates--fulfilling its potential. The book ... is a fascinating contribution to the debate about what might be done to help get many wealthy countries out of an economic funk."--Clancy Yeates, Sydney Morning Herald "[The Curse of Cash] is a fascinating contribution to the debate about what might be done to help get many wealthy countries out of an economic funk."--Clancy Yeates, Sydney Morning Herald "Lively and clearly written."--Geoffrey Wood, Central Banking Journal "Recommended for readers who seek a greater understanding of negative interest rates and the possibility of eliminating cash."--Choice "You may not have any in your wallet, but $100 bills make up an astonishing 80 percent of the U.S. currency in circulation. In his new book, The Curse of Cash, Kenneth Rogoff ... proposes a plan to phase out most paper currency in the United States and other economically advanced nations, keeping only low-denomination notes to create what he terms a 'less-cash' society."--MIT Technology Review "Like a chess player playing many opponents simultaneously, Rogoff views 'the curse of cash' through several prisms, and offers a compelling rationale of the merits of a 'less cash' economy."--Venky Vembu, The Hindu "The Curse of Cash is a well-argued book and Rogoff is a good economist."--Pierre Lemieux, Regulation,Table of ContentsPreface ix Chapter 1: Introduction and Overview 1 PART I: The Dark Side of Paper Currency: Tax and Regulatory Evasion, Crime, and Security Issues Chapter 2: The Early Development of Coins and Paper Currency 15 Chapter 3: Size and Composition of Global Currency Supplies, and the Share Held Abroad 31 Chapter 4: Holdings of Currency in the Domestic, Legal, Tax-Paying Economy 48 Chapter 5: Currency Demand in the Underground Economy 58 Chapter 6: Seigniorage 80 Chapter 7: A Plan for Phasing Out Most Paper Currency 92 PART II: Negative Interest Rates Chapter 8: The Cost of the Zero Bound Constraint 119 Chapter 9: Higher Inflation Targets, Nominal GDP, Escape Clauses, and Fiscal Policy 147 Chapter 10: Other Paths to Negative Interest Rates 158 Chapter 11: Other Possible Downsides to Negative Nominal Policy Rates 175 Chapter 12: Negative Interest Rates as a Violation of Trust and a Step Away from Rule-Based Systems 182 PART III: International Dimensions and Digital Currencies Chapter 13: International Dimensions to Phasing Out Paper Currency 199 Chapter 14: Digital Currencies and Gold 208 Final Thoughts 217 Acknowledgments 221 Appendix 225 Notes 233 References 257 Index 273

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Book SynopsisFinancial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation.This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges.Coverage will include:• A review of the recent regulatory changes from a legal and economic perspective• Analysis of how the economic model of financial institutions and entities is impacted by the new frameworks• How to improve securitization and new instruments under MIFID II• Issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II• How long term funding can be supplied in lieu of the non-conventional monetary policies• A new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes.Table of Contents

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Book SynopsisTrade Review"Winner of the Immanuel Wallerstein Memorial Book Award, Political Economy of the World-System Section of the American Sociological Association""Roos has given us a thought-provoking book that will repay the investment of any reader with an interest in sovereign debt."---Michael Reddell, Central Banking Journal"[A] fresh and painstakingly researched approach that raises vital questions for economists, political scientists and policymakers."---Aleksandr V. Gevorkyan, LSE Review of Books"[A] timely and thoroughly researched book—destined to become an obligatory reference in the field."---Veronica Santarosa, Journal of Economic History"[I've] been reading Why Not Default? at an excruciating pace for the best reason: every page or so I get inspired some subtheme or footnote and go off chasing it down."---Quinn Slobodian"Roos makes a powerful and provocative argument." * Survival: Global Politics and Strategy *"A fantastic contribution to the growing literature on sovereign debt. . . . Why Not Default? will be a mandatory reference for scholars working on financialization, debt, and structural power."---José Tomás Labarca, Finance and Society"[Why Not Default?] does a great service . . . by synthesizing a huge amount of detailed information about these crises in one place, and by clarifying the interlocking effects of a host of social, economic and political changes over the past century."---Shaina Potts, Antipode

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Book SynopsisThe public finance branch of economics has seen a great deal of change in prevailing attitudes regarding the role of the market and the role of government in countries with democratic institutions and market economies. Different functions have been added, over the past century, and especially after World War II, to the role that the government should play. The laissez faire ideology of the past, that minimized the government role, was progressively abandoned until the last two decades of the 20th century, when there was an attempt to reduce the ambitious role that the government had assumed, and to give a growing role back to the market. This book explains how changes in both the market and the government have made public finance a more challenging, interesting and at times frustrating branch of economics. It provides a cosmopolitan perspective and details the part that historical developments have played in shaping modern views. The author explores the real life, practical nature of public finance and de-emphasizes the role of armchair theorizing by focusing on real issues that are seen from a community rather than an individualistic perspective. The Advanced Introduction to Public Finance offers a fresh look at the field for students, researchers and policymakers in economics, public administration, taxation, policy and economic history.Trade Review‘The book is successful in presenting the advanced introduction to public finance to all diversified readers in a lucid way because the book focuses on ideas rather than techniques throughout. The author must be congratulated and thanked for this important contribution and Edward Elgar for publishing this book for the benefit of global readers.’ -- M R Narayana, Aarthika Charche'This wonderful book takes the reader through the intricacies of public finance with a simple and yet comprehensive approach. It explains institutional and historical aspects of government intervention in the economy, and it clarifies fundamental concepts in public economics. It reflects the deep knowledge of a leading economist who spent his life studying fiscal policy and advising governments throughout the world.' --Guido Tabellini, Bocconi University, ItalyTable of ContentsContents: Preface Part One: Public Finance Objectives 1. Introduction 2. Why Public Finance? 3. What kind of state is in power? Part Two: Public Finance Instruments and Techniques 4. Government Tools 5. Guiding Tax Principles 6. The Development of Modern Tax Systems 7. Tax Choices and Tax Techniques 8. From Laissez faire To Welfare States 9. On the Growing Use of Regulations 10. Fiscal Deficits and Public Debt 11. Public Spending 12. Fiscal Federalism 13. Concluding Remarks Bibliography Index

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Book SynopsisDavid Ricardo (1772-1823), the founder of the classical school of economics, applied the deductive logic of the philosopher James Mill to the analysis of monetary principles. His chief work, Principles of Political Economy and Taxation, first published in 1817, had a profound impact and remains one of the groundworks of modern economics. Ricardo's labor theory of value, as well as his elaboration of the division of incomes, and the function of wages, rent, and trade, deeply influenced the economic philosophies of Karl Marx, John Stuart Mill, Alfred Marshall, and many others.

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Book SynopsisTable of Contents1. An Introduction to the Theory and Practice of Project Finance 2. The Market for Project Finance: Applications and the Sectors 3. Project Characteristics, Risk Analysis, and Risk Allocation 4. The Role of Advisors in a Project Finance Deal 5. Valuing the Project and Project Cash Flow Analysis 6. Financing the Deal 7. Legal Aspects of Project Finance 8. Credit Risk in Project Finance Transactions Case Studies 1. Cogeneration 1 2. Italy Water System 3. Odebrecht Norbe Drilling VIII/IX 4. Watercraft Capital 5. Viveracqua Hydrobond 6. Quezon Power Ltd. Co. Appendix: The Structure and Functioning of the Simulation Model Introduction

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Book Synopsis'A shocking, enraging, sometimes hilarious exposé of a tax system that lives down to all our worst fears of further enriching the wealthy at the expense of the little guys.' - Piers Morgan'Very funny (and furious)... By the end of the book you may be spluttering with rage at the injustice of it all. Page after page shows how the rich are exploiting loopholes to reduce their tax bill.... But this is not some crazed figure on the extreme left hoping to bring down the establishment. The book is written by an accountant who has spent his career coming up with the very tax avoidance schemes the super-wealthy use to evade the clutches of HMRC.' - The Telegraph'Funny, clever and really quite brilliant. Taxtopia will make you furiously angry and possibly even filthy rich.' - Tom Peck, The Independent'If you want to know how skewed the system is and how the rich always get richer and stay that way, while you don't, then read this book. Then get angry.' - Patrick Alley, Co-founder of Global Witness and author of Very Bad People'Taxtopia's anonymous author has done the impossible - created a hilarious and deeply troubling expose about how the world's shady tax system is exploited and proves what we always suspected - that our tax system is rigged against us. Read it and weep.' - Geraint Anderson author of City Boy'Would I recommend the book? For readers of Spear's, my answer is 'yes, and it may also be worth going back over some of the more interesting ideas with your accountant' -Spear's'The book is enormously readable ... I would very much recommend reading Taxtopia because it's the most hilarious book about tax I've ever read!' - Siân Pattenden, The BunkerIn TAXTOPIA a rogue accountant breaks ranks to share his journey from clueless naïf to skilled tax consultant -and in doing so blows the lid on the murky world of making the tax burdens of the ultra-wealthy disappear.In the topsy-turvy world of tax avoidance, you can get richer by buying a yacht, the world's biggest exporter of coffee is Switzerland, and billionaires like Jeff Bezos, Donald Trump and the Duke of Westminster often pay less tax than you do.Written with sharp wit and over-brimming with inside secrets, the anonymous author shows us that not only does the global tax system encourage dubious practice which favours the rich, but that it was specifically founded with that in mind.If you suspect that tax is a rigged game, a con, designed to fleece the little guy, you are about to find out just how shockingly true that really is.Welcome to TAXTOPIA.Trade ReviewI would never ever have believed that a book about accountants could be either compelling or funny but Taxtopia manages both, it is a terrifying and brilliant book. Packed with true stories, many of them hilarious, the Rebel Accountant takes the reader deep inside the accountancy profession's often immoral banality. If you want to know how skewed the system is and how the rich always get richer and stay that way, while you don't, then read this book. Then get angry. -- Patrick Alley, Co-founder of Global Witness and author of Very Bad PeopleTaxtopia's anonymous author has done the impossible - created a hilarious and deeply troubling expose about how the world's shady tax system is exploited and proves what we always suspected - that our tax system is rigged against us. Read it and weep. -- Geraint Anderson author of CITY BOYA shocking, enraging, sometimes hilarious exposé of a tax system that lives down to all our worst fears of further enriching the wealthy at the expense of the little guys. -- Piers MorganVery funny (and furious)... By the end of the book you may be spluttering with rage at the injustice of it all. Page after page shows how the rich are exploiting loopholes to reduce their tax bill.... But this is not some crazed figure on the extreme left hoping to bring down the establishment. The book is written by an accountant who has spent his career coming up with the very tax avoidance schemes the super-wealthy use to evade the clutches of HMRC. * The Telegraph *Would I recommend the book? For readers of Spear's, my answer is 'yes, and it may also be worth going back over some of the more interesting ideas with your accountant * Spear’s *The book is enormously readable ... I would very much recommend reading Taxtopia because it's the most hilarious book about tax I've ever read! * Siân Pattenden, The Bunker *

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Book SynopsisCity governments are going bankrupt. Even the ones that aren’t are often stuck in financial chaos. It is easy to blame pensions, poor leadership, or a bad economy. But the problems go much deeper. With decades of experience in local government, author Mark Moses showcases the inside world of the city decision-making process that has spawned these crises. It becomes clear: City governments are maxing out their budgets because they are trying to maximize services. This book, likely the most ambitious attempt by someone who has worked in government to radically examine the delivery of municipal services since 'Reinventing Government' was published more than 25 years ago, explores why city governments pursue an open-ended mission and why bailouts and trendy budgeting processes will be, at best, only temporary solutions. Of interest to current and future city council members, regional and state government officials, those covering city government, financial analysts, city management, and individuals and organizations interested in influencing city policy, this book argues that cities won’t thrive until city hall is disrupted.Table of ContentsChapter 1 : Train Wreck Spotting (The Municipal Financial Crisis Is Here).- Chapter 2: Inside City Budgeting.- Chapter 3: What City Government Does and What City Government Is.- Chapter 4: Why City Council Decisions Go Wrong.- Chapter 5: Failed Financial Analysis.- Chapter 6: Budget Non-Solutions (Why Conventional Budget Solutions Fail).- Chapter 7: More Non-Solutions (Further Misguided Attempts to Achieve Financial Stability).- Chapter 8: Zero based Activity Scoping (A New Solution).- Chapter 9: Whither City Government​.

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Book SynopsisAimed at undergraduates studying public sector economics, this text covers a comprehensive range of topics and provides a comparative perspective using data and policy ideas from a wide number of European countries.Table of Contents Introduction Economic Rationales for the State Equity and Efficiency Public Goods Externalities Asymmetric Information Benefit Analysis Public Choice Government Failure Taxation Tax Incidence and Efficiency Intertemporal Issues Taxes on Labour Social Insurance and the Welfare State Income Inequality Poverty Social Policy Pensions and Ageing Healthcare Education and Training Privatisation and Social Ownership Regulation and Competition Policy The Environment Federal Issues and the European Union

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Book Synopsis''An invaluable primer to some of the underlying tensions behind contemporary political debate'' Financial TimesIt has always been an important part of British self-image to see the United Kingdom as an ancient, organic and sensibly managed place, in striking contrast to the convulsions of other European countries. Yet, as Julian Hoppit makes clear in this fascinating and surprising book, beneath the complacent surface the United Kingdom has in fact been in a constant, often very tense argument with itself about how it should be run and, most significantly, who should pay for what.The book takes its argument from an eighteenth century cartoon which shows the central state as the ''Dreadful Monster'', gorging itself at the dinner table on all the taxes it can grab. Meanwhile the ''Poor Relations'' - Scotland, Wales and Ireland, both poor because of tax but also poor in the sense of needing special treatment - are viewed in London as an endless ''drain onTrade ReviewAn engaging account of three centuries of the UK's economic history ... Hoppit outlines an agenda for reform. -- Jonathan Portes * Prospect *A meticulous fiscal narrative of the union with Scotland, the 19th century equivalent with Ireland, and devolution of taxes more recently ... [Hoppit shows] the importance of taxation to history and contemporary politics, providing an invaluable primer to some of the underlying tensions behind contemporary political debate. -- Chris Giles * Financial Times *Hoppit shows how the history of financial relations within the United Kingdom is profoundly relevant to the current constitutional debate ... Hoppit steers the reader deftly through complex historical statistics ... provides much useful ammunition. -- Vernon Bogdanor * Daily Telegraph *

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Book SynopsisTHE SUNDAY TIMES AND NEW YORK TIMES BESTSELLER ''Superb ... It is tremendous fun, tremendously told'' The Times ''A fluid intellectual thriller'' Daily Telegraph From the global bestselling author of The Big Short, the gripping story of the maverick scientists who hunted down Covid-19 ''It''s a foreboding,'' she said. ''A knowing that something is looming around the corner. Like how when the seasons change you can smell Fall in the air right before the leaves change and the wind turns cold.'' In January 2020, as people started dying from a new virus in Wuhan, China, few really understood the magnitude of what was happening. Except, that is, a small group of scientific misfits who in their different ways had been obsessed all their lives with how viruses spread and replicated - and with why the governments and the institutions that were supposed to look after us, kept making the same mistakes time and again. This group saw what nobody else did. A pandemic was coming. We weren''t prepared. The Premonition is the extraordinary story of a group who anticipated, traced and hunted the coronavirus; who understood the need to think differently, to learn from history, to question everything; and to do all of this fast, in order to act, to save lives, communities, society itself. It''s a story about the workings of the human mind; about the failures and triumphs of human judgement and imagination. It''s the story of how we got to now. ''Lewis is a master of his form'' Sunday TimesTrade ReviewWhen the stories of our times are told, there will be no more seminal documents than the books of Michael Lewis. * Guardian *He is so good everyone else may as well pack up. * Evening Standard *Michael Lewis is one of the premier chroniclers of our age. * Huffington Post *Superb ... It is tremendous fun, tremendously told. There is a lot to take from it - about the inertia of the US civil service, about the "malignant obedience" of middle managers, about how people fearful of the pandemic were treated with the "wary indulgence of the sane in the presence of the fanatic" ... Among those truths, in a familiar lesson for much of the world this year, is the danger of hubris. -- Tom Whipple * The Times *A gripping story ... This is a book about some brave, curious people who tried hard to swim against the tide. As always in a Lewis book they are brought vividly alive ... Lewis is a master of his form. -- Christina Patterson * The Sunday Times *A fluid intellectual thriller ... As always with Lewis, the book is full of fascinating facts and personal angles. -- Steven Poole * Daily Telegraph Books of the Year 2021 *[Reading The Premonition] we see a disturbing common trait emerging in our country and others: the unwillingness to prioritise people's lives over ideas and ingrained structures. -- Kazuo Ishiguro * Observer Books of the Year 2021 *It is hard to think of a writer who has had more success than Michael Lewis at turning forbiddingly complex situations into propulsive nonfiction narratives ... Without his ever having to spell it out, Lewis's message comes across very powerfully: the US government, in its institutional dysfunction, is in danger of abandoning its citizens to a private sector that is even less equipped to deal with large-scale disasters such as Covid. -- Mark O’Connell * The Guardian *

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Book SynopsisIn a capitalist economy, taxes are the most important instrument by which the political system puts into practice a conception of economic and distributive justice. Taxes arouse strong passions, fueled not only by conflicts of economic self-interest, but by conflicting ideas of fairness. Taking as a guiding principle the conventional nature of private property, Murphy and Nagel show how taxes can only be evaluated as part of the overall system of property rights that they help to create. Justice or injustice in taxation, they argue, can only mean justice or injustice in the system of property rights and entitlements that result from a particular regime. Taking up ethical issues about individual liberty, interpersonal obligation, and both collective and personal responsibility, Murphy and Nagel force us to reconsider how our tax policy shapes our system of property rights.Trade Review"Murphy and Nagel claim that pretax income is a myth, and, as such, has no moral significance.... The Myth of Ownership significantly increases the sophistication of the discussion [fairness in taxation]." --Michigan Law Review"The thoughts in this book deserve examination, especially the views of Nagel and Murphy on the self-interest each taxpayer reasonably has in the social justice purchased by hard-earned money....[They] offer ideas that would improve the national debate."--David Cay Johnston,New York Times Book Review"The Myth of Ownership...should be read by all who wish to enter the discussion regarding taxes."--William Michell Law Review"The authors very effectively argue that the taxation, such as the benefit and ability-to-pay principles, fall victim to a fatal defect. Justice in taxation cannot be assessed apart from a general theory of property rights."--The Mises Review"The best book by far on the political morality of taxation. In a clear and compelling analysis, Murphy and Nagel expose the mistake of thinking that individuals own their pretax income and they examine the social benefits of justifiable tax policy. Taking this book's message to heart would transform contemporary democratic politics."--Amy Gutmann, Provost and Laurance S. Rockefeller University Professor of Politics, Princeton University"This magnificent contribution from the distinguished philosophers Liam Murphy and Thomas Nagel reminds us that fundamental issues of justice lie at the core of often mundane debates about taxation. The provocative thesis of The Myth of Ownership that the tax system helps create, rather than conforms to, the overall system of property rights has profound policy implications. I highly recommend this engaging book and the rethinking of first principles it inspires to anyone interested in taxation and the role of government in society and the economy."--Joel Slemrod, Paul W. McCracken Collegiate Professor of Business Economics and Public Policy, University of MichiganTable of ContentsCHAPTER 1. INTRODUCTION ; CHAPTER 2. TRADITIONAL CRITERIA OF TAX EQUITY ; CHAPTER 3. ECONOMIC JUSTICE NI POLITICAL THEORY ; CHAPTER 4. REDISTRIBUTION AND PUBLIC PROVISION ; CHAPTER 5. THE TAX BASE ; CHAPTER 6. PROGRESSIVITY ; CHAPTER 7. INHERITANCE ; CHAPTER 8. TAX DISCRIMINATION ; CHAPTER 9. CONCLUSION: POLITICS

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Book SynopsisIn Global Perspectives on Income Taxation Law, Reuven Avi-Yonah, Nicola Sartori, and Omri Marian cover basic, corporate and international tax law from a comparative perspective. The book both supplements readings in US tax law courses and serves as a textbook for a comparative tax law class. The book starts with a theoretical analysis of the field of comparative tax law. It then follows the usual order of topics covered in a basic tax course as taught in most U.S. law schools, and for each topic, the authors highlight possible alternatives or policy choices. The authors frequently consider the U.S. approach as a benchmark, comparing it with approaches used in other countries which form an interesting contrast, or a telling similarity. They consider the multiple purposes of studying comparative tax law: helping to advance successful tax reforms, cultural understanding, political values, legal harmonization, and a better understanding of domestic tax laws.Trade Review"This book is a welcome addition to the literature on comparative income taxation, providing a policy-based overview of key features of the income tax systems of a goodly number of countries. The book not only describes country differences in tax rules but hazards some explanations as to why we might see such differences. The level of detail is sufficient to capture the key features of the rules, while avoiding undue burden on the reader. It makes accessible material that might otherwise be difficult to find. The analytical approach should stimulate further thinking and research." --Victor T. Thuronyi International Monetary Fund "Given our international economy, Global Perspectives on Income Taxation Law is an insightful resource for those teaching a basic income tax course or a tax policy seminar. The comparative perspective provides a thought-provoking look at the tax policy choices made by Australia, Brazil, Israel, various European countries, and the United States. The authors reward readers with an excellent synthesis of the basic principles of income tax law while proving their thesis that the comparative study of tax law leads to a deeper understanding of the implications of these tax policy choices." --Tracy A. Kaye Professor of Law, Eric Byrne Research Fellow, Seton Hall University School of Law Chair, Teaching Taxation Committee, Tax Section, American Bar AssociationTable of ContentsIntroduction ; Ch. 1: Some Theoretical Aspects of Comparative Taxation ; Ch. 2: Taxable Income ; Ch. 3: Deductions ; Ch. 4: The Taxpaying Unit ; Ch. 5: Tax Accounting ; Ch. 6: Taxation of Gains and Losses ; Ch. 7: Tax Avoidance ; Ch. 8: Selected Business Tax Issues ; Ch. 9: Selected International Tax Issues ; Conclusion

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Book SynopsisAt a time of acute interest in Scottish independence, the book charts the Treasury's response to Scottish claims from the late 19th century until the 1979 referendum. Key issues include Highland depopulation, fisheries, universities, support for farming, new towns, regional policy, North Sea Oil, budgetary responsibility and the Barnett formula.Table of ContentsEditor's introduction ; 1. The Vote and the Scottish Interest, 1885-1915 ; 2. Public expenditure and the Anglo-Scottish balance, 1916-39 ; 3. Public investment, the Scottish economy and the Block Vote, 1940-79 ; Appendix: Dramatis Personae

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Book SynopsisThis volume brings together an exciting range of new studies of top incomes in a wide range of countries from around the world. The studies use data from income tax records to cast light on the dramatic changes that have taken place at the top of the income distribution. The results cover 22 countries and have a long time span, going back to 1875.Table of Contents1. Top Indian Incomes, 1922-2000 ; 2. Income inequality and progressive income taxation in China and India, 1986-2015 ; 3. The evolution of income concentration in Japan, 1886-2005: Evidence from income tax statistics ; 4. Top incomes in Indonesia, 1920-2004 ; 5. Top incomes in a rapidly growing economy: Singapore ; 6. The rich in Argentina over the twentieth century 1932-2004 ; 7. Top Incomes in Sweden over the twentieth century ; 8. Trends in top income shares in Finland ; 9. Top incomes in Norway ; 10. Income and wealth concentration in Spain in a historical and fiscal perspective ; 11. Top incomes and earnings in Portugal 1936-2005 ; 12. Top incomes in Italy 1974-2004 ; 13. Top incomes in the long run of history

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Book SynopsisIn international commentary and debate on the effects of the Great Recession and austerity, Ireland has been hailed as the poster child for economic recovery and regeneration out of deep economic and fiscal contraction. While the genesis of Ireland''s financial, economic, and fiscal crisis has been covered in the literature, no systematic analysis has yet been devoted to the period of austerity, to the impact of austerity on institutions and people, or to the roots of economic recovery. In this book a group of Ireland''s leading social scientists present a multidisciplinary analysis of recession and austerity and their effects on economic, business, political, and social life. Individual chapters discuss the fiscal and economic policies implemented, the role of international, and, in particular, of EU institutions, and the effects on businesses, consumption, work, the labour market, migration, political and financial institutions, social inequality and cohesion, housing, and cultural expression. The book shows that Ireland cannot be viewed uncritically as a poster child for austerity. While fiscal contraction provided a basis for stabilizing the perilous finances of the state, economic recovery was due in the main to the long-established structure of Irish economic and business activity, to the importance of foreign direct investment and the dynamic export sector, and to recovery in the international economy. The restructuring and recovery of the financial system was aided by favourable international developments, including historically low interest rates and quantitative easing. Migration flows, nominal wage stability, the protection of social transfer payments, and the involvement of trade unions in severe public sector retrenchment - long-established features of Irish political economy - were of critical importance in the maintenance of social cohesion.Trade ReviewThe many strands of ruin and gradual but not complete recovery are dealt with in a style that is both scholarly and accessible. This richness makes it the best overall single-volume assessment of our recent political and social experience. * Paschal Donohoe, Minister for Public Expenditure and Reform, The Irish Times *Table of Contents1: William K. Roche, Philip O'Connell, and Andrea Prothero: Introduction 'Poster Child' or 'Beautiful Freak'?: Austerity and Recovery in Ireland 2: Seán Ó Riain: The Road to Austerity 3: Stephen Kinsella: Economic and Fiscal Policy 4: Frank Barry and Adele Bergin: Business 5: Gregory Connor, Thomas Flavin, and Brian O'Kelly: The Financial Sector 6: Blanaid Clarke: Banking Regulation 7: Marius C. Claudy, Andrew Keating, and Andrea Prothero: Consumption 8: Paul Teague: Ireland and the 'GIPS' Countries 9: David M. Farrell: Political Reform 10: Brigid Laffan: International Actors and Agencies 11: William K. Roche: Workplaces 12: Richard Boyle: Public Service Reform 13: Philip J. O'Connell: Unemployment and Labour Market Policy 14: Kathleen Lynch, Sarah Cantillon, and Margaret Crean: Inequality 15: Rob Kitchin, Rory Hearne, and Cian O'Callaghan: Housing 16: Irial Glynn and Philip J. O'Connell: Migration 17: Donald Taylor Black: Culture Index

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Book SynopsisLatin American experiments with pension reform began when Chile converted its public pay-as-you-go system to a system of private individual accounts in the early 1980s. Several other Latin American countries then followed suit, inspired both by Chile''s reforms and by World Bank recommendations stressing compulsory government-mandated individual saving accounts. Individual accounts were subsequently introduced in a number of countries in Europe and Asia. Many are now re-evaluating these privatisations in an effort to ''reform the reform'' to make these systems more efficient and equitable. This volume is the first to assess pension reforms in this new ''post-privatization'' era. After a discussion on demographic trends in the foreword by Nobel laureate Robert W. Fogel, Section 1 of the book includes chapters on the role of pension system default options, the impact of gender, and a discussion of the World Bank''s policies on pension reform. The chapter on the evidence from Chile''s newTable of ContentsForeword: Toward an Era of Longevity and Wealth ; 1. Overview: Lessons from Pension Reform in the Americas ; PART I: SYSTEM DESIGN AND POLICY IMPLICATIONS ; 2. The Chilean Pension Reform Turns 25: Lessons from the Social Protection Survey ; 3. The Importance of Default Options for Retirement Saving Outcomes: Evidence from the United States ; 4. The Gender Impact of Social Security Reform in Latin America ; 5. Understanding the Gendered Dimensions of Pension Reform ; 6. Reflections on Pension Reform in the Americas: From "Averting the Old-Age Crisis" to "Keeping the Promise of Old-Age Security" and Beyond ; 7. Bounded Rationality in Latin American Pension Reform ; PART II: COUNTRY STUDIES ; 8. Perspectives from the President's Commission on Social Security Reform ; 9. Reforms to Canadian Social Security, 1996/97 ; 10. A Decade of Government Mandated Privately Run Pensions in Mexico: What Have We Learned? ; 11. Pensions in Brazil: Reaching the Limits of Parametric Reform in Latin America ; 12. Costa Rica's Pension Reform: A Decade of Negotiated Incremental Change ; 13. The Peruvian Pension Reform: Ailing or Failing? ; 14. Uruguay: A Mixed Reform ; 15. The Pension System in Argentina ; 16. Epilogue: The Future of Retirement Systems in the Americas

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Book SynopsisHow much did the British Empire cost, and how did Britain pay for it? Taxing Colonial Africa explores a source of funds much neglected in research on the financial structure of the Empire, namely revenue raised in the colonies themselves. Requiring colonies to be financially self-sufficient was one of a range of strategies the British government used to lower the cost of imperial expansion to its own Treasury. Focusing on British colonies in Africa, Leigh Gardner examines how their efforts to balance their budgets influenced their relationships with local political stakeholders as well as the imperial government. She finds that efforts to balance the budget shaped colonial public policy at every level, and that compromises made in the face of financial constraints shaped the political and economic institutions that were established by colonial administrations and inherited by the former colonies at independence.Using both quantitative data on public revenue and expenditure as well as aTrade ReviewIt is rare to come across a book of such high quality, especially for an author's first monograph. Colonial fiscal policy is not the most glamorous of topics. But Gardner convincingly argues that taxation tells us much about the nature and purpose of Britain's African empire. * Nicholas J. White, The Economic History Review *Table of ContentsPreface ; 1. An Introduction to the Problem of Colonial Taxation ; PART I: BUILDING A SELF-SUFFICIENT EMPIRE IN AFRICA, 1885-1913 ; 2. Building Colonial States in Africa ; 3. Fiscal Foundations of the African Colonial State ; PART II: CRISIS MANAGEMENT IN COLONIAL PUBLIC FINANCE ; 4. From Complement to Conflict: Trade Taxes, 1914-38 ; 5. Collective Action and Direct Taxation, 1918-1938 ; 6. The Failure of Africa's 'New Deal'? ; PART III: FROM SELF-SUFFICIENCY TO NATION-BUILDING ; 7. 'Cash, Competence and Consent': Building Local Governments ; 8. Fiscal Policy and Regional Integration, 1945-63 ; 9. Fiscal Consequences of Decolonization ; Bibliography

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Book SynopsisIn 2006 residential real estate prices peaked and started to fall, then threatened the world''s financial institutions in 2007, and confronted the global economy with disaster in 2008. In the past few years, millions of people have lost very substantial portions of their wealth. And while the markets have rebounded considerably, they are still far from a full recovery. Now, professional economists, policy experts, public intellectuals, and the public at large are all struggling to understand the crisis that has engulfed us.In The Financial Crisis of Our Time, Robert W. Kolb provides an essential, comprehensive review of the context within which these events unfolded, arguing that while the crisis had no single cause, housing finance played a central role, and that to understand what happened, one must comprehend the mechanism by which the housing industry came into crisis. Kolb offers a history of the housing finance system as it developed throughout the twentieth century, and especialTrade ReviewRobert Kolb's The Financial Crisis of Our Time is an exceptional and comprehensive academic contribution toward a definitive analysis and understanding of what happened to the financial world during the 2007-09 meltdown. It provides the answers to the underlying conditions, the causes, and the principal participants that combined to create the greatest disaster of our time. For any serious researcher, Kolb's analysis is indispensable. * Leo Melamed, Chairman Emeritus, CME Group *Table of ContentsPreface ; 1. Introduction: The Financial Crisis of Our Time ; Before the Great Depression ; From the Great Depression to Financial Deregulation ; From Financial Deregulation to the Savings and Loan Crisis ; 2. From Securitization to Subprime ; The Development of Securitization ; The Process of Securitization: An Overview ; Credit Enhancement ; The Subprime Difference ; 3. Before the Deluge ; Subprime Lending: To the Peak ; The Height of Subprime Lending ; 4. From the Subprime Crisis to Financial Disaster: An Overview ; The Housing Peak to Hints of Something Wrong ; The Slide Accelerates ; Mortgage-Backed Securities and Foreclosures ; No Relief in 2008 ; The Climax? ; Back From the Brink ; 5. Extinctions ; Among the Ruins ; From Countrywide to IndyMac ; IndyMac ; Washington Mutual ; Wachovia ; Bank Extinctions, Banking Consolidation, and Too-Big-to-Fail ; 6. The End of Investment Banking ; Big Brains, Big Egos, and Big Pay ; Bear Stearns ; The Bankruptcy of Lehman Brothers ; Merrill Lynch: The Herd Goes to the Abattoir ; Goldman Sachs, Morgan Stanley and the Week that Remade Wall Street ; 7. When Zombies Walk The Earth ; Fannie Mae and Freddie Mac ; AIG ; Citigroup: The Biggest Zombie of Them All ; Zombies and the Future ; 8. Policy Responses and The Beginnings of Recovery ; Unfurling the TARP ; The Market Reacts ; The TARP Evolves ; Introduction of the TALF ; Instituting More Programs: The Public-Private Investment Program ; Support for the Auto Industry ; Support for Homeowners ; Green Shoots in the Financial Sector ; Initial Cost Assessment ; 9. Causes of the Financial Crisis: Macroeconomic Developments and Federal Policy ; The Basic Story ; Major Asset Price Collapse ; Concentrated Exposure to the Failing Asset Class ; Lack of Transparency and Freezing of the Financial System ; Macroeconomic Developments ; Federal Stimulative Policy and Legislation ; Attempts to Combat Mortgage Lending Discrimination and to Expand Home Ownership to Minorities ; National Homeownership Strategy ; The Causal Role of the GSEs ; 10. Causes of the Financial Crisis: The Failure of Prudential Regulation ; Regulation of Depository Institutions ; Regulation of Lines of Business ; Capital Requirements ; Interaction Between Capital Regulation and Credit Derivatives ; Regulation of Size and Scope-<"Too Big to Fail>" ; Restrictions on Concentration of Risk ; Regulation of Securities Markets and Supporting Institutions ; Capital Regulations ; Off-Balance Sheet Corporate Entities ; Credit-Rating Agencies ; Mark-to-Market Accounting Rules ; Complex Financial Derivatives ; The Regulation of AIG ; Poor Regulation of Mortgage Industry ; Defects in Regulatory Architecture ; 11. Causes of the Financial Crisis: From Aspiring Homeowner to Mortgage Lender ; The Borrower ; The Lender ; The Appraiser ; The Mortgage Broker ; The Mortgage Frenzy, the Originator, and Underwriting Standards ; 12. Causes of the Financial Crisis: From Securitizer to Ultimate Investor ; Purchasing Mortgages ; Creating Securities and Obtaining Ratings ; To the Ultimate Investor ; Incentives from Securitizer to Ultimate Investors ; 13. Causes of the Financial Crisis: Financial Innovation, Poor Risk Management, and Excessive Leverage ; Financial Innovation and the Creation of Complex Instruments ; Poor Risk Management ; Excessive Leverage ; 14. Causes of the Financial Crisis: Executive Compensation and Poor Corporate Governance ; Pay at Financial Firms ; Risk-Taking and Executive Compensation in the Financial Crisis ; Incentives, Risk-Taking and Compensation at Fannie Mae ; Executive Compensation and Lehman Brothers ; Incentive Conflicts ; Corporate Governance in the Financial Crisis ; 15. Consequences of the Financial Crisis and the Future It Leaves Us ; Measuring the Damage: A Warning ; The Bailout and Its Costs ; From 2006 to 2009: Our Economic World and How it Has Changed ; Reduced Circumstances: Our Economic Future ; Beyond the Merely Economic-American Recessional or American Renewal? ; Perfecting the Fatally Flawed Regulatory Regimes of the Past ; The Financial Crisis, the Great Recession, and Institutional Failures ; Fundamental Reform? ; <"Too-Big-to-Fail>" ; Corporate Governance, Executive Compensation, and Firms' Risk-Taking ; Conclusion: Dopes, Genius, Saints, Scoundrels, and Ordinary People

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Book SynopsisThe United States is distinctive among Western countries in its reliance on nonprofit institutions to perform major social functions. This reliance is rooted in American history and is fostered by federal tax provisions for charitable giving. In this study, Charles T. Clotfelter demonstrates that changes in tax policyeffected through legislation or inflationcan have a significant impact on the level and composition of giving. Clotfelter focuses on empirical analysis of the effects of tax policy on charitable giving in four major areas: individual contributions, volunteering, corporate giving, and charitable bequests. For each area, discussions of economic theory and relevant tax law precede a review of the data and methodology used in econometric studies of charitable giving. In addition, new econometric analyses are presented, as well as empirical data on the effect of taxes on foundations. While taxes are not the most important determinant of contributions, the results of the analyse

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Book SynopsisHow is it that the United States - a country founded on a distrust of standing armies and strong centralized power - came to have the most powerful military in history? This book argues that there are profound relationships among the size and persistence of the American military complex, and growth in presidential power to launch military actions.Trade Review"Thorpe offers the most compelling argument I have seen for Congress's diminished role in the domestic politics of war during the last half-century. It's an argument, moreover, that no one has advanced so persuasively or meticulously. The American Warfare State constitutes an essential contribution to ongoing debates about the domestic politics of war." (William Howell, University of Chicago)"

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Book SynopsisHow is it that the United States-a country founded on a distrust of standing armies and strong centralized power-came to have the most powerful military in history? This book argues that there are profound relationships among the size and persistence of the American military complex, and the growth in presidential power to launch military actions.Trade Review"Thorpe offers the most compelling argument I have seen for Congress's diminished role in the domestic politics of war during the last half-century. It's an argument, moreover, that no one has advanced so persuasively or meticulously. The American Warfare State constitutes an essential contribution to ongoing debates about the domestic politics of war." (William Howell, University of Chicago)"

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Book SynopsisThe papers in this volume exploit the substantial variation in U.S. tax policy during the last two decades to investigate how taxes affect a range of household behaviour, including labour-force participation, saving behaviour, and choice of health insurance plan.Table of ContentsAcknowledgments Introduction Martin Feldstein, James M. Poterba. 1: Labor Supply and the Economic Recovery Tax Act of 1981 Nada Eissa Comment: James J. Heckman 2: The Taxation of Two-Earner Families Martin Feldstein, Daniel R. Feenberg. Comment: Harvey S. Rosen 3: Labor Supply and Welfare Effects of a Shift from Income to Consumption Taxation Gilbert E. Metcalf Comment: Gary Burtless 4: The Distributional Effects of the Tax Treatment of Child Care Expenses William M. Gentry, Alison P. Hagy. Comment: Brigitte C. Madrian 5: Tax Subsidies to Employer-Provided Health Insurance Jonathan Gruber, James M. Poterba. Comment: David F. Bradford 6: High-Income Families and the Tax Changes of the 1980s: The Anatomy of Behavioral Response Joel Slemrod Comment: Don Fullerton 7: Tax Shelters and Passive Losses after the Tax Reform Act of 1986 Andrew A. Samwick Comment: Roger H. Gordon 8: The Relationship between State and Federal Tax Audits James Alm, Brian Erard, Jonathan S. Feinstein. Comment: James W. Wetzler Contributors Author Index Subject Index

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Book SynopsisThe main topics treated in this conference volume are problems of deflation and quality change, the adequacy of the data used to construct the U.S. national accounts, and the broad theoretical evolution of the U.S. national income and product accounts. As these topics suggest, this volume represents a new stage in the study of national income and product accounts in that emphasis is placed on the information content of the system rather than on the structure of the accounts. This new emphasis is highlighted by the inclusion of a discussion among prominent users of the national accountsLawrence Klein, Otto Eckstein, Alan Greenspan, and Arthur Okunthat indicates the difficulties that confront those who utilize this information.

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Book SynopsisOnce heralded as a model welfare state, Sweden is now in transition since its economic plunge in the early 1990s. This volume examines Sweden's economic problems from a US perspective, exploring such diverse topics as income equalization, welfare and tax policy, wage determination and unemployment.Table of ContentsAcknowledgments Introduction Richard B. Freeman, Robert Topel, Birgitta Swedenborg. 1: Generating Equality and Eliminating Poverty, the Swedish Way Anders Bjorklund, Richard B. Freeman. 2: Public Employment, Taxes, and the Welfare State in Sweden Sherwin Rosen 3: Tax Policy in Sweden Erik Norrman, Charles E. McLure, Jr. 4: Wage Policy and Restructuring: The Swedish Labor Market since 1960 Per-Anders Edin, Robert Topel. 5: The Effects of Sweden's Welfare State on Labor Supply Incentives Thomas Aronsson, James R. Walker. 6: An Evaluation of the Swedish Active Labor Market Policy: New and Received Wisdom Anders Forslund, Alan B. Krueger. 7: Taxes and Subsidies in Swedish Unemployment Lars Ljungqvist, Thomas J. Sargent. 8: The Social Costs of Regulation and Lack of Competition in Sweden: A Summary Stefan Folster, Sam Peltzman. 9: Industrial Policy, Employer Size, and Economic Performance in Sweden Steven J. Davis, Magnus Henrekson. 10: A Heckscher-Ohlin View of Sweden Competing in the Global Marketplace Edward E. Leamer, Per Lundborg. Contributors Author Index Subject Index

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Book SynopsisThis volume brings together nine papers from a conference on international macroeconomics sponsored by the NBER in 1985. International economists as well as graduate students in the fields of global monetary economics, finance, and macroeconomics will find this an outstanding contribution to current research. It includes two commentaries for each paper, written by experts in the field, and Frenkel's detailed introduction, which serves as a reader's guide to the arguments made, the models employed, and the issues raised by each contributor. The studies analyze national fiscal policies within the context of the international economic order. Malcolm D. Knight and Paul R. Masson use an empirical model to show that fiscal changes in recent years in the United States, West Germany, and Japan have caused major disturbances in net savings and investment flows. Linda S. Kole uses a two-country simulation model to examine the effects of a large nation's expansion on exchange rates, interest rate

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Book SynopsisTo help assess existing tax policies and incentives, this volume presents new research on how taxes affect the investment and financing decisions of multinationals today. The contributors examine the effects of taxation on decisions about international financial management, business investment, and international income shifting.Table of ContentsIntroduction Alberto Giovannini, R. Glenn Hubbard, And Joel Slemrod I. International Financial Management 1. Taxes And The Form Of Ownership Of Foreign Corporate Equity Roger H. Gordon And Joosung Jun Comment: Alberto Giovannini 2. Impacts Of Canadian And U.S. Tax Reform On The Financing Of Canadian Subsidiaries Of U.S. Parents Roy D. Hogg And Jack M. Mintz Comment: Neil Bruce 3. The Effects Of U.S. Tax Policy On The Income Repatriation Patterns Of U.S. Multinational Corporations Rosanne Altshuler And T. Scott Newlon II. Investment 4. Taxation And Foreign Direct Investment In The United States: A Reconsideration Of The Evidence Alan J. Auerbach And Kevin Hassett Comment: James M. Poterba 5. On The Sensitivity Of R & D To Delicate Tax Changes: The Behavior Of U.S. Multinationals In The 1980s James R. Hines Jr. Comment: Bronwyn H. Hall 6. The Role Of Taxes In Location And Sourcing Decisions G. Peter Wilson Comment: R. Glenn Hubbard III. Income-Shifting 7. Explaining The Low Taxable Income Of Foreign-Controlled Companies In The United States Harry Grubert, Timothy Goodspeed, And Deborah Swenson Comment: Jeffrey K. Mackie-Mason 8. Income Shifting In U.S. Multinational Corporations David Harris, Randall Morck, Joel Slemrod, And Bernard Yeung Comment: John Mutti Contributors Author Index Subject Index

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Book SynopsisAs a united global economy evolves, economists and policymakers are forced to consider whether the current system of taxing income is inconsistent with the trend toward liberalized world financial flows and increased international competition. To help assess existing tax policies and incentives, this volume presents new research on how taxes affect the investment and financing decisions of multinationals today. The contributors examine the effects of taxation on decisions about international financial management, business investment, and international income shifting. They consider the influence of tax rules on dividend policy decisions within multinationals; the extent to which tax incentives affect the level and location of research and development across countries; and the fact that foreign-controlled companies operating in the United States pay lower taxes than do domestically controlled companies. The contributors to this volume are Rosanne Altshuler, Alan J. Auerbach, Neil Br

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Book SynopsisThe future of retirement programs is troubled, both in United States and in most other developed countries with aging populations. This title examines the consequences of reforming retirement benefits in a dozen nations. It evaluates the effects of illustrative policies for countries facing the impending growth of social security benefits.

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Book SynopsisThis collection examines the global ramifications of tax policies, offering up-to-date, theoretically innovative, and empirically sound perspectives on a problem of immense significance to future economic growth around the globe.

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Book SynopsisThe rapid emergence of East Asia as an important geopolitical-economic entity has been one of the most visible and striking changes in the international economy in recent years. With that emergence has come an increased need for understanding the problems of interdependence. As a step toward meeting this need, the National Bureau of Economic Research joined with the Korea Development Institute to sponsor this volume, which focuses on the complexities of tax reform in a global economy. Experts from Taiwan, Korea, the Philippines, Japan, and Thailand, as well as the United States, Canada, and Israel examine the major tax programs of the 1980s and their domestic and international economic effects. The analyses reveal similarities between the United States and countries in East Asia in political constraints on policy making, and taken together they show how growing interdependence interacts with domestic economic and political concerns to affect issues as politically vital as tax reform. Economists, policymakers, and members of the business community will benefit from these studies.Table of ContentsIntroduction, Takatoshi Ito and Anne O. Krueger Part I 1. International Interactions between Tax Systems and Capital Flows, Assaf Razin and Efraim Sadka Comments: Toshihiro Ihori and John Whalley 2. The Role of Taxation in the Development of East Asian Economies, Vito Tanzi and Parthasarathi Shome Comment: Joseph Y. Lim Part II 3. Tax Reform in Japan, Masaaki Homma Comments: Hiromitsu Ishi and Charles E. McLure, Jr. 4. The Political Economy of Tax Reforms and Their Implications for Interdependence: United States, Charles E. McLure, Jr. 5. Tax Reform in Korea, Taewon Kwack and Kye-Sik Lee 6. An Appraisal of Business Tax Reform in Taiwan: The Case of Value-Added Taxation, Chuan Lin Comments: Ching-huei Chang and Kwang Choi Part III 7. The Dynamic Efficiency Effect of a Change in the Marginal Capital Income Tax Rate: The Nakasone-Takeshita Tax Reform Tatsuo Hatta and Hideki Nishioka Comments: Medhi Krongkaew and Assaf Razin 8. The Role of Tax Policy in Korea's Economic Growth, Irene Trela and John Whalley Comments: Anne O. Krueger 9. Aging of Population, Social Security, and Tax Reform, Yukio Noguchi Comments: Hiromitsu Ishi, Maria S. Gochoco, and, Charles E. McLure, Jr. 10. Bequest Taxes and Accumulation of Household Wealth: U.S.Japan Comparison, Thomas A. Barthold and Takatoshi Ito Comments: Ching-huei Chang and Hiromitsu Ishi 11. Taxation of Income from Foreign Capital in Korea , Kun-young Yun Comments: Toshihiro Ihori, Toshiaki Tachibanaki, and Twatchai Yonkittikul 12. Tax Policy and Foreign Direct Investment in Taiwan Ching-huei Chang and Peter W. H. Cheng Comments: Kwang Choi and Toshihiro Ihori

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Book SynopsisThe US government is the world's largest financial institution, providing credit and assuming risk through diverse activities. But the potential cost and risk of these actions and obligations remains poorly understood and only partially measured. This book contains research on the measurement and management of these costs and risks.

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Book SynopsisA history of municipal public finance in Brazil in the last half of the nineteenth century and first part of the twentieth.Trade Review"The Public Good and the Brazilian State dives deep into the interstices of municipal public goods. Stepping back from the more expected econometric analyses, this book displays the actual goods provided and the choices and trade-offs that municipalities had to make in order to meet their obligations to citizens. Slaughterhouses, vaccination centers, hospitals, schools, roads, bridges, drainage systems, water fountains, and public buildings are the stuff of this book. Hanley's richly detailed and carefully researched account will make strong contributions to the histories of municipal finance and Brazil, as well as the field of urban history more broadly." --Gail D. Triner, Rutgers University

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Book SynopsisEveryone knows that the current tax system is unfair. Some of the richest people in America pay no tax, while a huge share of the tax burden falls on the rest of us. A mere glance at the tax code confirms that it is far too complex, with volumes of rules that no ordinary person could possibly comprehend. What is to be done? Some conservatives have called for a so-called flat tax. But a flat tax is not necessarily a simple tax, and flat means more for most taxpayers: a rise in middle-class taxes to finance tax cuts for the rich. Is there another choice? In clear, easy-to-understand language, Edward J. McCaffery proposes a straightforward and fair alternative. A fair not flat tax that is consistent and progressive would tax spending, not income and savings. And if it were collected at its lower levels through a national sales tax, most people would not have to file a return. A supplemental tax on spending for the wealthiest individuals would make the national sales tax progressive. Under

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Book SynopsisWith essays on labour force participation and retirement, housing equity and the economic status of the elderly, and financing of social security and health care in the 1990s, this volume covers a broad spectrum of issues related to the economics of ageing in the United States and Japan.Table of ContentsPreface Introduction 1 Yukio Noguchi, David A. Wise. 1: Aging and Labor Force Participation: A Review of Trends and Explanations 7 Robin L. Lumsdaine, David A. Wise. 2: Social Security Benefits and the Labor Supply of the Elderly in Japan 43 Atsushi Seike, Haruo Shimada. 3: The Economic Status of the Elderly in the United States 63 Michael D. Hurd 4: Household Asset- and Wealthholdings in Japan 85 Noriyuki Takayama 5: Problems of Housing the Elderly in the United States and Japan 109 Daniel L. McFadden 6: The Cost of Aging: Public Finance Perspectives for Japan 139 Seiritsu Ogura 7: Financing Health Care for Elderly Americans in the 1990s 175 Alan M. Garber Contributors 195 Author Index 197 Subject Index 201

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Book SynopsisGovernment spending has increased in the United States since World War II despite the many rules intended to rein in the insatiable appetite for tax revenue most politicians seem to share. This book explains why these budget rules tend to fail, and proposes alternatives for imposing the fiscal discipline on our legislators.Trade Review"There are no other books on budgeting that approach this level of insight or breadth. Rules and Restraint is a fine, and finely crafted, book that will go right to the top of the list of standard textbooks for classes and references for practitioners." - Michael Munger, Duke University"

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Book Synopsis

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Book SynopsisFor dozens of developing countries, the financial upheavals of the 1980s have set back economic development by a decade or more. Poverty in those countries have intensified as they struggle under the burden of an enormous external debt. In 1988, more than six years after the onset of the crisis, almost all the debtor countries were still unable to borrow in the international capital markets on normal terms. Moreover, the world financial system has been disrupted by the prospect of widespread defaults on those debts. Because of the urgency of the present crisis, and because similar crises have recurred intermittently for at least 175 years, it is important to understand the fundamental features of the international macroeconomy and global financial markets that have contributed to this repeated instability. Developing Country Debt and the World Economy contains nontechnical versions of papers prepared under the auspices of the project on developing country debt, sponsored by the Nationa

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