Public finance and taxation Books

Book SynopsisThis timely book reveals that the budget deficits and accumulating debts that plague modern democracies reflect a clash between two rationalities of governance: one of private property and one of common property. The clashing of these rationalities at various places in society creates forms of societal tectonics that play out through budgeting. The book demonstrates that while this clash is an inherent feature of democratic political economy, it can nonetheless be limited through embracing once again a constitution of liberty. Not all commons settings have tragic outcomes, of course, but tragic outcomes loom large in democratic processes because they entail conflict between two very different forms of substantive rationality; the political and market rationalities. These are both orders that contain interactions among participants, but the institutional frameworks that govern those interactions differ, generating democratic budgetary tragedies. Those tragedies, moreover, are inherent in the conflict between the different rationalities and so cannot be eliminated. They can, as this book argues, be reduced by restoring a constitution of liberty in place of the constitution of control that has taken shape throughout the west over the past century. Economists interested in public finance, public policy and political economy along with scholars of political science, public administration, law and political philosophy will find this book intriguing. Contents: Preface 1. Budgeting: The Elusive Quest for Fiscal Responsibility 2. Budgeting and Political Economy: A Theoretical Framework 3. Budget Deficits, Ricardian Equivalence, and Macro-Micro Supervenience 4. Property Rights, Societal Tectonics, and the Fiscal Commons 5. Parliamentary Assemblies as Peculiar Market Bazaars 6. Taxation, Fiscal Politics, and Political Pricing 7. Regulation as Alternative Taxation 8. Public Finance for a Constitution of Liberty Bibliography IndexTrade ReviewDeficits, Debt, and Democracy is an important book which should hopefully shakeup public finance. Wagner's focus on the entanglement of politics and markets and on budgetary outcomes as the products of competition and spontaneous ordering on the fiscal commons is insightful. His framework provides plausible explanations for observed budgetary outcomes (e.g., persistent deficits) and casts serious doubt on continued efforts to correct them. It also injects a welcome degree of complexity to an area which for far too long has been treated as relatively easy to model. As such, it is a welcome addition to the literature, and presents a formidable challenge to those who would espouse the merits and conclusions of more traditional approaches.' --George R. Crowley, Review of Austrian Economics'With Wagner's book, we now have a theoretical ice pick to pierce through the obvious outcomes on the surface to get a glimpse at the processes behind it.' --Wolf von Laer, Journal of the History of Economic Thought'Richard Wagner's Deficits, Debt, and Democracy: Wrestling with Tragedy on the Fiscal Commons is essentially a sequel to his 2007 book, Fiscal Sociology and the Theory of Public Finance. . . Wagner's framework merits wide attention. Specialists in public choice or public nance should put both Deficits, Debt and Democracy and Fiscal Sociology at the top of their reading lists. Wagner's framework could shed light on a great many questions beyond public finance, leading one to hope that this book is but one sequel in an ongoing franchise.' --Adam Martin, Zentralblatt MATHTable of ContentsContents: Preface 1. Budgeting: The Elusive Quest for Fiscal Responsibility 2. Budgeting and Political Economy: A Theoretical Framework 3. Budget Deficits, Ricardian Equivalence, and Macro–Micro Supervenience 4. Property Rights, Societal Tectonics, and the Fiscal Commons 5. Parliamentary Assemblies as Peculiar Market Bazaars 6. Taxation, Fiscal Politics, and Political Pricing 7. Regulation as Alternative Taxation 8. Public Finance for a Constitution of Liberty Bibliography Index

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Book SynopsisThrough her judicious selection of previously published material, Dr Konzelmann investigates the key social, political and financial developments that have shaped the evolution of austerity economics. These include the early classical debates, the politicization of austerity, the Keynesian challenge to existing thought and the revival of pre-Keynesian 'Neo-Liberal' ideas during the 1970s. Discussion of the radical changes to economic thought and policy in the decades before the 2007-8 financial crisis and the key dimensions of the post 2007-8 debate bring the account right up to the present day.The editor's insightful and lucid introduction provides an illuminating guide to this crucial topic. The volume will be an invaluable resource for students and scholars seeking a wider understanding of austerity economics. Table of ContentsContents: Acknowledgements Introduction Suzanne J. Konzelmann PART I THE CLASSICAL DEBATE ABOUT AUSTERITY 1. Bernard Mandeville ([1714, 1732] 1924/1988), ‘The Grumbling Hive or Knaves Turned Honest’ and ‘An Enquiry into the Origin of Moral Virtue’ 2. Isaac De Pinto (1774), ‘New Means of increasing the Sinking Fund of England, and paying off Part of the National Debt’ 3. David Hume ([1742, 1777] 1985), ‘Of Public Credit’ 4. Adam Smith ([1776] 1976), ‘Of publick Debts’ 5. David Ricardo ([1821] 1846), ‘Essay on the Funding System’ 6. John Stuart Mill ([1848] 1965), ‘Of a National Debt’ PART II FROM WARFARE TO WELFARE – THE POLITICIZATION OF AUSTERITY 7. John Ruskin (1862-63), ’Laws and Government: Labour and Riches’ 8. W.H. Beveridge (1931), ‘Conclusion’ 9. J.A. Hobson (1909), ‘Socialism and the Social Income’ 10. C.E. Ayres (1918), ‘The Function and Problems of Economic Theory’ PART III THE BRITISH “TREASURY VIEW”, THE “KEYNESIAN” CHALLENGE AND THE POLITICS OF AUSTERITY 11. R.G. Hawtrey (1925), ‘Public Expenditure and the Demand for Labour’ 12. John Maynard Keynes and Hubert Henderson ([1929] 2012), ‘Can Lloyd George Do It?’ 13. Winston Churchill (1929), ‘Disposal of Surplus’ 14. Paul H. Douglas (1927), ‘The Modern Technique of Mass Production and its Relation to Wages’ 15. David Laidler and Roger Sandilands (2002), ‘Memorandum Prepared by L.B. Currie, P.T. Ellsworth and H.D. White (Cambridge, Mass., January 1932)’ 16. United States Congress, House, Committee on Ways and Means (1932), ‘Memorandum to Hon Samuel B. Pettengill, dated April 26th, 1932’ 17. J.M. Keynes ([1933] 2012), ‘Open Letter to President Roosevelt, New York Times, 31 December 1933’ 18. D.H. Macgregor, A.C. Pigou, J.M. Keynes, Walter Layton, Arthur Salter and J.C. Stamp ([1932] 2012), ‘Letter to the Editor of The Times 17 October 1932’ 19. T.E. Gregory, F.A. Von Hayek, Arnold Plant and Lionel Robbins (1932), ‘Letter to the Editor of The Times, October 19, 1932’ 20. D.H. Macgregor, A.C. Pigou, J.M. Keynes, Walter Layton, Arthur Salter and J.C. Stamp ([1932] 2012), ‘Letter to the Editor of The Times, 21 October 1932’ 21. John Maynard Keynes ([1933] 2012), ‘The Means to Prosperity’, in Elizabeth Johnson and Donald Moggridge (eds), The Collected Writings of John Maynard Keynes. Volume 9: Essays in Persuasion, Cambridge: Cambridge University Press for the Royal Economic Society, 335-6, 338-66 [31] 22. J.M. Keynes ([1937] 2012), ‘“How to Avoid a Slump: I. The Problem of the Steady Level”, The Times, 12 January, 1937’ 23. J.M. Keynes ([1937] 2012), ‘“How to Avoid a Slump: II. “Dear” Money. The Right Time for Austerity”, The Times, 13 January 1937’ 24. J.M. Keynes ([1937] 2012), ‘“How to Avoid a Slump: III. Opportunities of Policy”, The Times. 14 January, 1937’ 25. Abba P. Lerner (1943), ‘Functional Finance and the Federal Debt’ 26. J.K. Galbraith (1939), ‘Fiscal Policy and the Employment-Investment Controversy’ 27. M. Kalecki (1943), ‘Political Aspects of Full Employment’ PART IV NEO-LIBERALISM, DEFICIT GROWTH AND EXPOSURE TO FINANCIAL MARKETS 28. Joan Robinson and Frank Wilkinson (1977), ‘What has become of Employment Policy?’ 29. Nigel Lawson (1984), ‘The British Experiment’ 30. Evelyne Huber, Charles Ragin and John D. Stephens (1993), ‘Social Democracy, Christian Democracy, Constitutional Structure, and the Welfare State’ 31. Paul Pierson (1996), ‘The New Politics of the Welfare State’ 32. Francesco Giavazzi and Marco Pagano (1990), ‘Can Severe Fiscal Contractions Be Expansionary? Tales of Two Small European Countries’ 33. Olivier Jean Blanchard (1990), ‘Comment on Francesco Giavazzi and Marco Pagano, “Can Severe Fiscal Consolidations Be Expansionary? Tales of Two Small European Countries”’ 34. Giuseppe Bertola and Allan Drazen (1993), ‘Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity’ 35. Robert J. Barro (1989), ‘The Ricardian Approach to Budget Deficits’ 36. B. Douglas Bernheim (1989), ‘A Neoclassical Perspective on Budget Deficits’ 37. Robert Eisner (1989), ‘Budget Deficits: Rhetoric and Reality’ 38. Mario Seccareccia (2012), ‘The Role of Public Investment as Principal Macroeconomic Tool to Promote Long-Term Growth: Keynes’s Legacy’ 39. Robert M. Solow (2005), ‘Rethinking Fiscal Policy’ PART V THE ECONOMICS OF AUSTERITY IN THE WAKE OF THE 2007/8 FINANCIAL CRISIS 40. John H. Cochrane (2011), ‘Understanding Policy in the Great Recession: Some Unpleasant Fiscal Arithmetic’ 41. P. Krugman (2012), ‘Austerity is So Wrong!’ 42. Simon Wren-Lewis (2010), ‘Macroeconomic Policy in Light of the Credit Crunch: The Return of Counter-cyclical Fiscal Policy?’ 43. Robert H. Wade and Silla Sigurgeirsdottir (2012), ‘Iceland’s Rise, Fall, Stabilisation and Beyond’ 44. Robert Boyer (2012), ‘The Four Fallacies of Contemporary Austerity Policies: The Lost Keynesian Legacy’ 45. Yiannis Kitromilides (2011), ‘Deficit Reduction, the Age of Austerity, and the Paradox of Insolvency’ 46. International Monetary Fund (2010), ‘Will It Hurt? Macroeconomic Effects of Fiscal Consolidation’ 47. Jeffrey A. Frieden (2009), Global Imbalances, National Rebalancing and the Political Economy of Recovery, Center for Geoeconomic Studies and International Institutions and Global Governance Program Working Paper

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Book SynopsisThe recent global financial crisis has challenged conventional wisdom, and our conception of globalization has been called into question. This challenging and timely book revisits the relationship between globalization, the crisis and the state from an interdisciplinary perspective, with law, economics and political science underpinning the analysis.The expert contributors consider the Washington Consensus and its aftermath across Australia, China, the EU, New Zealand and South Africa in light of the financial crisis, encompassing public policy issues including banking reform, privatisation and state owned enterprise. The clash between market and state capitalism and the response of market capitalism to the crisis are also explored.This book draws together truly multidisciplinary discussions of the main issues for contemporary society in the face of globalization, and defines how these issues relate to each other. As such, it will prove a stimulating read for academics, researchers, postgraduate students and policymakers with an interest in law, economics and politics.Contributors: M. Ariff, T. Booth, L. Boulle, J. Bröhmer, J. Chen, J.H. Farrar, G.A. Hodge, C.-C. Huang, D.G. Mayes, A. Noon, L. Parsons, M. Regan, C.D. Stoltenberg, S. Watson, M. Wilson, X. YangTable of ContentsContents: 1. Globalisation, the Crisis and the State: Introduction John H. Farrar and David G. Mayes PART I: INTERNATIONAL PERSPECTIVES 2. Modernising the State: The New Zealand Experience Margaret Wilson 3. Rebuilding State Systems Post-GFC: The South African Case Laurence Boulle 4. Chinese Multinationals and the State: An Institutional Perspective Xiaohua Yang and Clyde D. Stoltenberg 5. The EU and the Member States: Germany and Supranationalism in Times of Financial Crises Jürgen Bröhmer PART II: COMMERCIAL PERSPECTIVES 6. Corporatisation in Australia: A Queensland Perspective Tahnee Booth and Adrian Noon 7. Putting ‘Why’ Before ‘How’: Evaluating the Rationales for Partial Privatisation of State-owned Enterprises in New Zealand Chye-Ching Huang, Susan Watson and Jenny Chen 8. Public Project Procurement and the Case for Public–Private Partnerships Michael Regan 9. Rethinking the State through the Lens of Regulatory Governance Graeme A. Hodge 10. Developments in Central Banking After the GFC: Central Banks, the State, Globalisation and the GFC Louise Parsons 11. The Euro Crisis David G. Mayes 12. The Governance and Regulation of Sovereign Wealth Funds and Foreign Exchange Reserves in a Post-GFC World Mohamed Ariff and John H. Farrar Index

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Book SynopsisThis insightful book brings together both academics and researchers from a variety of international organizations and aid agencies to explore the complexities of public private partnerships (PPPs) as a resurgent, hybrid mode of educational governance that operates across scales, from the community to the global. The contributors expertly study the different types of partnership arrangements and thoroughly critique the value of PPPs. Some chapters explore how PPPs, as a policy idea, have been constructed in transnational agendas for educational development and circulated globally, while other chapters explore the role and implications of PPPs in developing countries, providing arguments for and against an expanding reliance on PPPs in national educational systems. The theoretical framing of the book draws upon leading theories of international relations to develop a unique perspective on the global governance of education. It will prove insightful for both scholars and policy makers in public policy and education. Contributors: F. Barrera-Osorio, Z. Bhanji, A. Draxler, S. Fennell, M. Ginsburg, J. Guaqueta, J. Harma, A.V. Jaimovich, A.A. Marphatia, F. Menashy, K. Mundy, S.-A. Oh, H.A. Patrinos, S.L. Robertson, M. Ron-Balsera, P. Rose, P. Srivastava, J. van Fleet, A. VergerTrade Review'Far from simply being a form of cost sharing between the ''state'' and the ''market,'' PPP has been celebrated by some, and condemned by others, as the champion of change in the new millennium. This book has been written by the best minds in education policy, political economy, and development studies. They convincingly argue that public private partnership represents a new mode of governance that ranges from covert support of the private sector (vouchers, subsidies) to overt collaboration with corporate actors in the rapidly growing education industry. The analyses are simply brilliant and indispensable for understanding how and why this particular best/worst practice went global.' --Gita Steiner-Khamsi, Columbia University, New York, USTable of ContentsContents: 1. An Introduction to Public Private Partnerships and Education Governance Susan L. Robertson, Karen Mundy, Antoni Verger and Francine Menashy PART I: THE RISE OF PPPs IN EDUCATION: HISTORY AND CONCEPTUAL DEBATES 2. Governing Education through Public Private Partnerships Susan L. Robertson and Antoni Verger 3. International PPPs in Education: New Potential or Privatizing Public Goods? Alexandra Draxler 4. Public Private Partnerships, Neoliberal Globalization and Democratization Mark Ginsburg PART II: UNDERSTANDING TRANSNATIONAL PPP ACTORS 5. The Role of the International Finance Corporation in the Promotion of Public Private Partnerships for Educational Development Karen Mundy and Francine Menashy 6. The GATS Game-changer: International Trade Regulation and the Constitution of a Global Education Marketplace Antoni Verger and Susan L. Robertson 7. Private Foundations, Philanthropy and Partnership in Education and Development: Mapping the Terrain Prachi Srivastava and Su-Ann Oh 8. A Disconnect between Motivations and Education Needs: Why American Corporate Philanthropy Alone Will Not Educate the Most Marginalized Justin van Fleet 9. Microsoft Corporation: A Case Study of Corporate-led PPPs in Education Zahra Bhanji PART III: THE IMPACT OF PPPs IN EDUCATION: EVIDENCE FROM THE FIELD 10. The Role and Impact of Public Private Partnerships in Education Felipe Barrera-Osorio, Juliana Guaqueta and Harry Anthony Patrinos 11. Do Public Private Partnerships Fulfil the Right to Education? An Examination of the Role of Non-state Actors in Advancing Equity, Equality and Justice Maria Ron-Balsera and Akanksha A. Marphatia 12. Is Low-fee Private Primary Schooling Affordable for the Poor? Evidence from Rural India Joanna Härmä and Pauline Rose 13. Why Girls’ Education Rather than Gender Equality? The Strange Political Economy of PPPs in Pakistan Shailaja Fennell 14. The Role of Central Management Structures in Public Private Partnerships: The Case of Fe y Alegría Schools in Peru Analía V. Jaimovich Index

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Book Synopsis'Carrera and Dunleavy provide a crystal clear and comprehensive account of the complex issues involved in how best to improve the productivity of government services. They offer a nuanced but powerful explanation of productivity puzzles, conundrums and dilemmas in the public sector. But they also offer solutions to many of these problems. Finally, I have found a text on public economics that makes sense, gives genuine management insights and offers real suggestions to practitioners as to what to do next.'- Barry Quirk, Chief Executive, London Borough of Lewisham, UK'This book presents a welcome and sobering analysis of productivity performance in UK central government - a subject that has received remarkably little serious academic attention up to now, in spite of decades of general commentary on managerialism.'- Christopher Hood, All Souls College, UK'Leandro Carrera and Patrick Dunleavy have performed an amazing feat in this book through their rigorous examination of a thorny topic that has dogged pundits and academics alike. Just how efficient is government and how well does it do its job? As a result of an impressive - but accessible - set of data analyses, the authors make an authoritative attack on the proponents of the New Public Management, and offer some clear recommendations for reform based on better use of new technology.'- Peter John, University College London, UKProductivity is essentially the ratio of an organization's outputs divided by its inputs. For many years it was treated as always being static in government agencies. In fact productivity in government services should be rising rapidly as a result of digital changes and new management approaches, and it has done so in some agencies. However, Dunleavy and Carrera show for the first time how complex are the factors affecting productivity growth in government organizations - especially management practices, use of IT, organizational culture, strategic mis-decisions and political and policy churn.With government budgets under stress in many countries, this pioneering book shows academics, analysts and officials how to measure outputs and productivity in detail; how to cope with problems of quality variations; and how to achieve year-on-year, sustainable improvements in the efficiency of government services.Trade ReviewDunleavy and Carrera have performed a difficult, burdensome, original, practical and innovative service to the public sector practitioners and academic observers of public administration and public sector management. This is a book that simply had to be written, but it took a colossal amount of time, effort and experience to do so, and to do it so well. --LSE Review of BooksThis is an innovative book that aims to address lacunae in both the public administration and management literature. It is an informed disquisition on how to measure and thence to increase productivity in the delivery of public services. . . . The book is both an original research-based treatise and a practical guide to action. In this reader's eyes it is required reading for both academics and practitioners. . . . Dunleavy and Carrera have performed a difficult, burdensome, original, practical and innovative service to the public sector practitioners and academic observers of public administration and public sector management. This is a book that simply had to be written, but it took a colossal amount of time, effort and experience to do so, and to do it so well. --LSE review of booksThis is an important book, one that should be read by academics and practitioners alike. . . The authors address what is a central issue both for academic public administration and for the ''real thing''. How can the productivity of governments be improved? Given the large sizes of public sectors throughout the OECD [this question] has become an absolutely vital one. The field of public administration and public policy needs more work like this - academically thorough, yet hard-hitting, policy-relevant and willing to come forward with broad proposals for improving how governments run their (our) affairs. --Christopher Pollitt, International Review of Administrative SciencesTable of ContentsContents: Preface 1. Introduction: Why has Government Productivity been so Neglected in Economics and Public Management? Part I: Nationally Provided Government Services 2. Studying National Agencies’ Productivity 3. Rapid Productivity Growth – Customs Regulation 4. Growing Productivity Gradually – Tax Services 5. How Productivity can Remain Unchanged Despite Major Investments – Social Security 6. Broadening the Picture – Two National Regulatory Agencies Part II: Analysing Decentralized Government Services 7. Methods and Quality Issues in Analysing Complex and Localized Services 8. Hospital Productivity in England’s National Health Service Part III: Sustainable Increases in Productivity 9. Embracing Digital Change and Enhancing Organizational Learning 10. Pushing through to Productivity Advances References Index

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Book SynopsisIn the efficient delivery of local public services, size matters. Many countries around the world have vertical government structures that are perceived as inefficient because of their high levels of jurisdictional fragmentation. This timely volume examines the different strategies used to address local government fragmentation and their observed results and consequences.Expert contributors in economics and political science offer a comprehensive breakdown of the issue of local jurisdiction fragmentation and provide recommendations for successful policy reform. Topics discussed include economies of scale, the costs and benefits of voluntary and forced amalgamation programs, the correlation between government size and corruption, privatization, and inter-municipal cooperation. A combination of theory and empirical evidence provides depth and makes this book an invaluable addition to the literature.Economists, public administrators and political scientists will find much of interest in this innovative volume, as will professors, students and international institutions with an interest in local government structure and reform.Contributors: R. Andrews, G. Bel, N. Charron, B. Dafflon, L. de Mello, B. Dollery, J. Fernández-Albertos, N. Fiorino, E. Galli, J.L. Gómez-Reino, B. Grant, M. Kortt, S. Lago-Peñas, V. Lapuente, J. Martinez-Vazquez, M.A. Nelson, F. Padovano, M.E. WarnerTrade Review'This set of essays does a remarkably good job of revisiting the question of local government size. The editors (Lago-Penas and Martinez-Vazquez) have cast the net broadly with an interesting update on thinking about how the question of city size fits into the contemporary literature of fiscal federalism. . . This is a reference book that will have a place on the shelf of those who study fiscal federalism. . . This is a reference book that will have a place on the shelf of those who study fiscal federalism.' --Roy Bahl, Oxford JournalsTable of ContentsContents: 1. Introduction to the Volume Santiago Lago-Peñas and Jorge Martinez-Vazquez 2. An International Perspective on the Determinants of Local Government Fragmentation Juan Luis Gómez-Reino and Jorge Martinez-Vazquez 3. Small is Different: Size, Political Representation and Governance Nicholas Charron, José Fernández-Albertos and Victor Lapuente 4. Corruption and the Size of Local Governments: Are they Related? Michael A. Nelson 5. Do Fiscal Decentralization and Government Fragmentation Affect Corruption in Different Ways? Evidence from a Panel Data Analysis Nadia Fiorino, Emma Galli and Fabio Padovano 6. Local Government Size and Efficiency in Capital-Intensive Services: What Evidence is there of Economies of Scale, Density and Scope? Germà Bel 7. Local Government Size and Efficiency in Labor-Intensive Public Services: Evidence from Local Educational Authorities in England Rhys Andrews 8. Voluntary Amalgamation of Local Governments: The Swiss Debate in the European Context Bernard Dafflon 9. Local Government Cooperation for Joint Provision: The Experiences of Brazil and Spain with Inter-Municipal Consortia Luiz de Mello and Santiago Lago-Peñas 10. Options for Rationalizing Local Government Structure: A Policy Agenda Brian Dollery, Michael Kortt and Bligh Grant 11. Does Local Government Size Matter? Privatization and Hybrid Systems of Local Service Delivery Mildred E. Warner Index

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Book SynopsisIn recent decades countries around the world have seen a wide diversity of tax reforms, both in major systematic changes, and through more specific areas of tax, such as value-added and income tax. The results of these reforms, however, have been unequal, and many issues remain unresolved. With advances in globalization, technology and regional integration, the issue of adapting tax systems in developing countries to new economic environments is becoming ever more pressing. This research review surveys the best research from the past three decades on tax reform in developing countries to highlight the state of knowledge of tax reform, analyse useful policy options and present new and critical approaches to this critical issue.Table of ContentsContents: Acknowledgements Introduction James Alm and Jorge Martinez-Vazquez PART I TRENDS IN TAX STRUCTURE 1. Roy W. Bahl and Richard M. Bird (2008), ‘Tax Policy in Developing Countries: Looking Back—and Forward’, National Tax Journal, LXI (2), June, 279–301 2. Saeid Mahdavi (2008), ‘The Level and Composition of Tax Revenue in Developing Countries: Evidence from Unbalanced Panel Data’, International Review of Economics and Finance, 17 (4), October, 607–17 3. Roger Gordon and Wei Li (2009), ‘Tax Structures in Developing Countries: Many Puzzles and a Possible Explanation’, Journal of Public Economics, 93 (7–8), August, 855–66 4. Michael Keen and Ben Lockwood (2010), ‘The Value Added Tax: Its Causes and Consequences’, Journal of Development Economics, 92 (2), July, 138–51 5. Jorge Martinez-Vazquez, Violeta Vulovic, and Yongzheng Liu (2011), ‘Direct Versus Indirect Taxation: Trends, Theory, and Economic Significance’,in Emilio Albi and Jorge Martinez-Vazquez (eds), The Elgar Guide to Tax Systems, Chapter 2, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing Ltd, 37–92 6. Klara Sabirianova Peter, Steve Buttrick, and Denvil Duncan (2010), ‘Global Reform of Personal Income Taxation, 1981–2005: Evidence from 189 Countries’, National Tax Journal, 63 (3), September, 447–78 7. Jorge Martinez-Vazquez and Robert M. McNab (2000), ‘The Tax Reform Experiment in Transitional Countries’, National Tax Journal, LIII (2), June, 273–98 8. Vito Tanzi and Howell H. Zee (2000), ‘Tax Policy for Emerging Markets: Developing Countries’, National Tax Journal, LIII (2), June, 299–322 PART II TAX REFORM AND REVENUES 9. Richard M. Bird, Jorge Martinez-Vazquez and Benno Torgler (2008), ‘Tax Effort in Developing Countries and High Income Countries: The Impact of Corruption, Voice and Accountability’, Economic Analysis and Policy, 38 (1), March, 55–71 10. Emmanuelle Auriol and Michael Warlters (2005), ‘Taxation Base in Developing Countries’, Journal of Public Economics, 89 (4), April, 625–46 PART III TAX REFORM AND INCOME DISTRIBUTION 11. Thomas Piketty and Nancy Qian (2009), ‘Income Inequality and Progressive Income Taxation in China and India, 1986–2015’, American Economic Journal: Applied Economics, 1 (2), April, 53–63 12. Jean-Yves Duclos, Paul Makdissi and Abdelkrim Araar (2014), ‘Pro-Poor Indirect Tax Reforms, with an Application to Mexico’, International Tax and Public Finance, 21 (1), February, 87–118 13. Dillon Alleyne (2007), ‘The Evolution of Jamaica’s Tax Burden’, Public Finance Review, 35 (1), January, 150–71 14. Jorge Martínez-Vázquez, Violeta Vulovic and Blanca Moreno-Dodson (2012), ‘The Impact of Tax and Expenditure Policies on Income Distribution: Evidence from a Large Panel of Countries’, Hacienda Pública Española/Review of Public Economics, 200 (4), 95–130 15. Richard M. Bird and Eric M. Zolt (2005), ‘Redistribution via Taxation: The Limited Role of the Personal Income Tax in Developing Countries’, UCLA Law Review, 52 (6), August, 1627–95 16. Norman Gemmell and Oliver Morrissey (2005), ‘Distribution and Poverty Impacts of Tax Structure Reform in Developing Countries: How Little We Know’, Development Policy Review, 23 (2), March, 131–44 17. Jorge Martinez-Vazquez (2008), ‘The Impact of Budgets on the Poor: Tax and Expenditure Benefit Incidence Analysis’, in Blanca Moreno-Dodson and Quentin Wodon (eds), Public Finance for Poverty Reduction, Chapter 5, Washington, DC: The World Bank, 113–62 PART IV TAX REFORM, EFFICIENCY AND GROWTH 18. Ehtisham Ahmad and Nicholas Stern (1984), ‘The Theory of Reform and Indian Indirect Taxes’, Journal of Public Economics, 25 (3), December, 259–98 19. David M. Newbery (1997), ‘Optimal Tax Rates and Tax Design during Systemic Reform’, Journal of Public Economics, 63 (2), January, 177–206 20. M. Shahe Emran and Joseph E. Stiglitz (2005), ‘On Selective Indirect Tax Reform in Developing Countries’, Journal of Public Economics, 89 (4), April, 599–623 21. Michael Keen (2008), ‘VAT, Tariffs, and Withholding: Border Taxes and Informality in Developing Countries’, Journal of Public Economics, 92 (10–11), October, 1892–906 22. Emmanuelle Auriol and Michael Warlters (2012), ‘The Marginal Cost of Public Funds and Tax Reform in Africa’, Journal of Development Economics, 97 (1), January, 58–72 23. Young Lee and Roger H. Gordon (2005), ‘Tax Structure and Economic Growth’, Journal of Public Economics, 89 (5–6), June, 1027–43 24. Jens Matthias Arnold, Bert Brys, Christopher Heady, Åsa Johansson, Cyrille Schwellnus and Laura Vartia (2011), ‘Tax Policy for Economic Recovery and Growth’, Economic Journal, 121 (550), February, F59–F80 Index Volume II Acknowledgements An introduction to both volumes by the editors appears in Volume I PART I TAX REFORM AND FOREIGN DIRECT INVESTMENT 1. S.M. Ali Abbas and Alexander Klemm (2013), ‘A Partial Race to the Bottom: Corporate Tax Developments in Emerging and Developing Economies’, International Tax and Public Finance, 20 (4), August, 596–617 2. Céline Azémar and Andrew Delios (2008), ‘Tax Competition and FDI: The Special Case of Developing Countries’, Journal of the Japanese and International Economies, 22 (1), March, 85–108 3. Timothy Goodspeed, Jorge Martinez-Vazquez and Li Zhang (2011), ‘Public Policies and FDI Location: Differences between Developing and Developed Countries’, FinanzArchiv/Public Finance Analysis, 67 (2), 171–91 4. Howell H. Zee, Janet G. Stotsky and Eduardo Ley (2002), ‘Tax Incentives for Business Investment: A Primer for Policy Makers in Developing Countries’, World Development, 30 (9), September, 1497–1516 5. Alexander Klemm (2010), ‘Causes, Benefits, and Risks of Business Tax Incentives’, International Tax and Public Finance, 17 (3), June, 315–36 PART II TAX REFORM AND THE HARD-TO-TAX 6. James Alm, Jorge Martinez-Vazquez and Friedrich Schneider (2004), ‘“Sizing” the Problem of the Hard-to-Tax’, in James Alm, Jorge Martinez-Vazquez and Sally Wallace (eds), Taxing the Hardto- Tax: Lessons from Theory and Practice, Chapter 2, Amsterdam, the Netherlands: Elsevier, 11–75 7. James Alm, Roy Bahl and Matthew N. Murray (1991), ‘Tax Base Erosion in Developing Countries’, Economic Development and Cultural Change, 39 (4), July, 849–72 8. Benjamin A. Olken and Monica Singhal (2011), ‘Informal Taxation’, American Economic Journal: Applied Economics, 3 (4), October, 1–28 9. Arindam Das-Gupta, Shanto Ghosh and Dilip Mookherjee (2004), ‘Tax Administration Reform and Taxpayer Compliance in India’, International Tax and Public Finance, 11 (5), September, 575–600 10. Henrik J. Kleven and Mazhar Waseem (2013), ‘Using Notches to Uncover Optimization Frictions and Structural Elasticities: Theory and Evidence from Pakistan’, Quarterly Journal of Economics, 128 (2), May, 669–723 PART III TAX REFORM AND SUBNATIONAL TAXES 11. Roy Bahl and Richard Bird (2008), ‘Subnational Taxes in Developing Countries: The Way Forward’, Public Budgeting and Finance, 28 (4), Winter, 1–25 12. James Alm and Yongzheng Liu (2014), ‘China’s Tax-for-Fee Reform and Village Inequality’, Oxford Development Studies, 42 (1), 38–64 13. Jorge Martínez-Vázquez (2007), ‘Revenue Assignments in the Practice of Fiscal Decentralization’, in Núria Bosch and José M. Durán (eds), Fiscal Federalism and Political Decentralization: Lessons from Spain, Germany and Canada, Chapter 2, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing Ltd, 27–55 PART IV TAX REFORM AND TAX ADMINISTRATION 14. Richard Goode (1993), ‘Tax Advice to Developing Countries: An Historical Survey’, World Development, 21 (1), January, 37–53 15. Knud J. Munk (2008), ‘Tax-Tariff Reform with Costs of Tax Administration’, International Tax and Public Finance, 15 (6), December, 647–67 16. Lawrence W. Kenny and Stanley L. Winer (2006), ‘Tax Systems in the World: An Empirical Investigation into the Importance of Tax Bases, Administration Costs, Scale and Political Regime’, International Tax and Public Finance, 13 (2–3), May, 181–215 17. Charles L. Vehorn (2011), ‘Fiscal Adjustment in Developing Countries through Tax Administration Reform’, Journal of Developing Areas, 45 (1), Fall, 323–38 18. Richard M. Bird (2004), ‘Administrative Dimensions of Tax Reform’, Asia-Pacific Tax Bulletin, 10 (3), March, 134–50 19. Jorge Martinez-Vazquez and Andrey Timofeev (2010), ‘Choosing between Centralized and Decentralized Models of Tax Administration’, International Journal of Public Administration, 33 (12–13), 601–19 PART V THE POLITICS OF TAX REFORM 20. Odd-Helge Fjeldstad and Mick Moore (2008), ‘Tax Reform and State-Building in a Globalised World’, in Deborah A. Bräutigam, Odd-Helge Fjeldstad and Mick Moore (eds), Taxation and State- Building in Developing Countries: Capacity and Consent, Chapter 10, Cambridge, UK: Cambridge University Press, 235–60, bibliography 21. John Toye (2000), ‘Fiscal Crisis and Fiscal Reform in Developing Countries’, Cambridge Journal of Economics, 24 (1), January, 21–44 22. Micael Castanheira, Gaëtan Nicodème and Paola Profeta (2012),’ On the Political Economics of Tax Reforms: Survey and Empirical Assessment’,International Tax and Public Finance, 19 (4), August, 598–624 23. Walter Hettich and Stanley L. Winer (1988), ‘Economic and Political Foundations of Tax Structure’, American Economic Review, 78 (4), September, 701–12 24. Antonis Adam (2009), ‘Fiscal Reliance on Tariff Revenues: In Search of a Political Economy Explanation?’, Review of Development Economics, 13 (4), November, 610–25 25. Malcolm Gillis (1985), ‘Micro and Macroeconomics of Tax Reform: Indonesia’, Journal of Development Economics, 19 (3), December, 221–54 Index

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Book SynopsisThis is a very stimulating book which should be read by everyone who wants to gain an understanding of the latest developments in the shadow economy.'- Friedrich Schneider, Johannes Kepler University of Linz, Austria'Professor Williams is to be congratulated for this timely contribution - a fresh addition to the literature. As he explains, the recognition that the shadow economy is diverse and extensive has led to a rethinking of how to tackle it. In a reader-friendly fashion, the author explains the variable magnitude of and variable character of the shadow economy; he then discusses policy approaches, deterrence measures and incentives. The result is of interest to the policy-maker as well as to academics.'- Léo-Paul DANA, Groupe Sup de Co Montpellier Business School, FranceThis authoritative monograph explores the effectiveness and transferability of the rapidly expanding range of policy approaches and measures available as weaponry in the fight against the shadow economy.Beginning with a review of the extent of undeclared work, the author discusses the discrepancies between regions and the potential impacts of the economic crisis, comparing the nature of the potential solutions available with those actually adopted. The way forward, the book concludes, is to move away from increasing the costs of engaging in hidden work using repressive measures, and concentrate more on developing initiatives that enhance the benefits of engaging in declared work and increase the likelihood of compliance by engendering a commitment to tax morality.This insightful and unique exposition will have considerable appeal to academics, practitioners and policy-makers across the globe involved in the fight against undeclared work.Contents: 1. Introduction Part I Extent and Nature of the Shadow Economy 2. The Variable Magnitude of the Shadow Economy 3. The Variable Character of the Shadow Economy Part II Policy Approaches 4. Evaluating the Policy Options 5. A Typology of Policy Measures Part III Direct Controls 6. Deterrence Measures 7. Supply-Side Incentives for Businesses 8. Supply-Side Incentives for Individuals 9. Demand-Side Incentives Part IV Indirect Controls 10. Commitment Measures 11. Broader Economic and Social Policies 12. Conclusions References IndexTrade Review‘An impressive work of substantial scholarship, Confronting the Shadow Economy: Evaluating Tax Compliance and Behaviour Policies is a critical important contribution to academic and governmental library economics references collections and supplemental studies lists.’ -- The Midwest Book Review'This is a very stimulating book which should be read by everyone who wants to gain an understanding of the latest developments in the shadow economy.' -- Friedrich Schneider, Johannes Kepler University of Linz, Austria'Professor Williams is to be congratulated for this timely contribution – a fresh addition to the literature. As he explains, the recognition that the shadow economy is diverse and extensive has led to a rethinking of how to tackle it. In a reader-friendly fashion, the author explains the variable magnitude of and variable character of the shadow economy; he then discusses policy approaches, deterrence measures and incentives. The result is of interest to the policy-maker as well as to academics.' -- Léo-Paul DANA, Groupe Sup de Co Montpellier Business School, FranceTable of ContentsContents: 1. Introduction Part I Extent and Nature of the Shadow Economy 2. The Variable Magnitude of the Shadow Economy 3. The Variable Character of the Shadow Economy Part II Policy Approaches 4. Evaluating the Policy Options 5. A Typology of Policy Measures Part III Direct Controls 6. Deterrence Measures 7. Supply-Side Incentives for Businesses 8. Supply-Side Incentives for Individuals 9. Demand-Side Incentives Part IV Indirect Controls 10. Commitment Measures 11. Broader Economic and Social Policies 12. Conclusions References Index

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Book SynopsisEconomics has a very strong paradigm, grounded in rational choice behavior and concepts of equilibrium in markets. But it has its weaknesses. These were never more apparent than in recent years after the failure to predict, or even understand the financial crisis of 2007-8 and the subsequent crisis of the euro. Exactly what these weaknesses are is of course the subject of much debate. But the crisis and the associated failures of the dominant paradigm have had at least one salutary side effect, of providing room for other ways of thinking to come forward and to be heard. This volume focuses on alternative approaches to public economics. It surveys a number of alternative approaches, and also provides some unusual perspectives. It includes contributions by well known economists such as Giorgio Brosio and Pierre Salmon, and a chapter by Coco and Fedeli employing a Marxian economic approach to public economics. Some of the chapters are very novel, including two chapters on cognitive dissonance and one on the role of memory in modeling cycles of extreme events. There are also chapters on Austrian economics. And there is a welcome discussion of economic approaches to religion and values, including a chapter on religion by the distinguished economist Dennis Mueller, and contributions on the role of values and ethics in politics and public economics. All in all, the book provides a most welcome sourcebook of new and sometimes very different ways of thinking about public economics.'- Ronald Wintrobe, Western UniversityThis comprehensive and thought-provoking Handbook reviews public sector economics from pluralist perspectives that either complement or reach beyond mainstream views.The book takes a comprehensive interdisciplinary approach, drawing on economic elements in the fields of philosophy, sociology, psychology, history and law. The expert contributors present new methodological approaches across these disciplines in five distinct sections:- 'Revisiting the Theoretical Foundations' compares and contrasts Austrians, Marxists, public choice theorists and Keynesians- 'Revisiting the Values' is concerned with justice, welfare, religions and civil rights- 'Beyond Rationalistic Rational Choice' includes chapters devoted to memory, information and group motivation- The final sections on 'Optimal Government and Government Failure' and 'Public Economics of Public Bads' deal with competition among governments, their suboptimal size, regulation, corruption, the informal economy, cognitive dissonance, rent seeking, the UN and criminal cycles.Academics, researchers and students with an interest in economics - particularly public sector economics and Austrian economics - and public policy will find this Handbook to be an invaluable reference tool.Contributors: F. Acacia, J. Alm, G. Brady, G. Brosio, M. Caputo, M. Casson, G. Coco, M. Cubel Sanchez, S. Fedeli, M. Florio, F. Forte, N. Goldschmit, A. Habisch, M. Holler, J. Huerta de Soto, J.P. Jimenez, A. Koziashvili, M.A. Leroch, C. Magazzino, M. Mantovani, D. Montolio, R. Mudami, D.C. Mueller, S. Nitzan, D.M.A. Patti, P. Salin, P. Salmon, F. Sobbrio, V. Tanzi, Y. Tobol, B.A. Wickström, R. ZanolaTrade Review'A Handbook of Alternative Theories of Public Economics edited by Francesco Forte with co-editors seeks to rejuvenate public economics by examining the relevance of schools of economics which compete with the current mainstream. The approaches of public choice, Austrian, Marxian, supply side economics, and new institutional schools are contrasted to the neo-Keynesians and the new political economics. The Handbook highlights features of these schools and points out their long neglected importance in understanding the political economy of the public sector. The Handbook is an insightful, unconventional and imaginative book well worth reading by public choice experts, public sector analysts and practitioners.' -- Gordon Tullock, formerly of George Mason University School of Law, US‘A Handbook of Alternative Theories of Public Economics is especially welcome because it gathers studies on the problems of public economics from widely different angles. Long gone is the time when it was enough to study Musgrave to be up to date in the economics of government and social welfare. The field is now hotly disputed, so that this Handbook will prove informative about parts of the literature of which the specialist may be unaware. Prof. Forte, the principal editor, is co-author of four empirical studies on questions of the size, the finance and some particular effects of government. One of these is within a section on "Public bads" that includes articles on corruption and the informal economy not usually found in texts on public economics. There are essays extending the research programme of the Austrian School on the State to cycle theory and the euro. No less interesting are the articles on government failure. For me the collection has proved especially interesting for the number of essays on justice, fairness, utility and rationality: it is very convenient to have the different approaches to these contentious questions treated with no attempt to paper over the cracks.’ -- Pedro Schwartz, San Pablo University, Madrid, Spain‘Economics has a very strong paradigm, grounded in rational choice behavior and concepts of equilibrium in markets. But it has its weaknesses. These were never more apparent than in recent years after the failure to predict, or even understand the financial crisis of 2007-8 and the subsequent crisis of the euro. Exactly what these weaknesses are is of course the subject of much debate. But the crisis and the associated failures of the dominant paradigm have had at least one salutary side effect, of providing room for other ways of thinking to come forward and to be heard. This volume focuses on alternative approaches to public economics. It surveys a number of alternative approaches, and also provides some unusual perspectives. It includes contributions by well known economists such as Giorgio Brosio and Pierre Salmon, and a chapter by Coco and Fedeli employing a Marxian economic approach to public economics. Some of the chapters are very novel, including two chapters on cognitive dissonance and one on the role of memory in modeling cycles of extreme events. There are also chapters on Austrian economics. And there is a welcome discussion of economic approaches to religion and values, including a chapter on religion by the distinguished economist Dennis Mueller, and contributions on the role of values and ethics in politics and public economics. All in all, the book provides a most welcome sourcebook of new and sometimes very different ways of thinking about public economics.’ -- Ronald Wintrobe, Western University, CanadaTable of ContentsContents: PART I: REVISITING THE THEORETICAL FOUNDATIONS 1. The Neglected Importance of the Austrian Thought in Public Economics Pascal Salin 2. In Defense of the Euro: An Austrian Perspective Jesús Huerta de Soto 3. Marxian Public Economics. With a Comment by Massimo Florio Giuseppe Coco and Silvia Fedeli 4. The Laffer Curve Muddle Vito Tanzi 5. Deficits, Tax Burden and Unemployment Silvia Fedeli and Francesco Forte PART II: REVISITING THE VALUES 6. Theories of Justice and Empirical Results Manfred Holler and Martin Leroch 7. Strategic Voting and Happiness Francesca Acacia and Maria Cubel Sanchez 8. Religious Parties Dennis C. Müller 9. Western Religion, Social Ethics and Public Economics Nils Goldschmit and Andre Habisch 10. Indigenes, Immigration, and Integration: A Welfare-Economics Approach to Minority Rights Bengt Arne Wickstrom PART III: BEYOND RATIONALISTIC RATIONAL CHOICE 11. The Role of Memory in Modeling Social and Economic Cycles of Extreme Events Michele Caputo 12. Expanding the Theory of Tax Compliance from Individual to Group Motivations James Alm 13. The Political Economy of News Media: Theory, Evidence and Open Issues Francesco Sobbrio PART IV: OPTIMAL GOVERNMENT AND GOVERNMENT FAILURE 14. How Significant is Yardstick Competition among Governments? Three Reasons to Dig Deeper Pierre Salmon 15. Optimal Size of Government and Optimal Ratio between Current and Capital Expenditure Francesco Forte and Cosimo Magazzino 16. Government Failures in Railway Public Policy. The British Case Mark Casson 17. Cognitive Dissonance, Iron Triangle and Rent seeking. Sequester and the Fiscal Cliff Gordon Brady 18. Cognitive Dissonance, Efficient and Inefficient Rent Seeking. Public Aid to the Movies Francesco Forte and Michela Mantovani PART V: PUBLIC ECONOMICS OF PUBLIC BADS 19. Bargaining in International Conflicts Resolution: UN Involvement and Conflict Settlement Dario Maimone Ansaldo Patti and Daniel Montolio 20. The Norm of Profits Extraction from Corruption by Bureaucracy and Market Size Arkadi Koziashvili, Shmuel Nitzan and Jossef Tobol 21. Alternative Views on the Origins and Impact of the Informal Economy Giorgio Brosio, Juan Pablo Jimenez and Roberto Zanola 22. Long-run and Shorter-run Criminal Cycles in the Economics of Public Bads Michele Caputo, Francesco Forte and Michela Mantovani

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Book SynopsisTaxation and Development highlights the importance of better understanding the ways in which taxes and expenditure are linked. Focusing on developing countries, the book argues for a broader approach to the topic, with a secondary focus on developing and applying new modeling techniques to country-specific data.The contributors demonstrate the critical importance of considering tax issues within the specific context of each country, taking into account not only the level and structure of its economic development but also its history, regional location, and political institutions. Individual chapters cover a range of issues both past and present, and offer insightful recommendations for future research and policy implementation. While a great deal of work has been done on the subject in recent decades, this comprehensive book reveals just how much more we have to learn.Taxation and Development will be of great interest to scholars and researchers of economics in general and in particular, taxation, development and public sector economics.Contributors: R. Bahl, R.M. Bird, M.R. Cyan, A. Feltenstein, W.F. Fox, R. Kelly, L. Lopes, Y.N. Madhoo, J. Martinez-Vazquez, T. Matheson, C.E. McLure, Jr., M.N. Murray, S. Nath, V. Perry, J. Porras-Mendoza, P. Smoke, C. Veung, V. Vulovic, S. Wallace, E.M. ZoltTable of ContentsContents: 1. Sustainable Development Requires a Good Tax System Jorge Martinez-Vazquez and Richard M. Bird PART I: TAXATION AND DEVELOPMENT: SURVEYING THE TERRAIN 2. New Approaches to Measuring Tax Effort Musharraf Rasool Cyan, Jorge Martinez-Vazquez and Violeta Vulovic 3. Modeling Tax Reform in Developing Countries Andrew Feltenstein, Luciana Lopes, Janet Porras-Mendoza, and Sally Wallace 4. Foreign Advice and Tax Policy in Developing Countries Richard M. Bird PART II: KEY ISSUES IN TAX POLICY 5. Territorial vs. Worldwide Corporate Taxation: Implications for Developing Countries Thornton Matheson, Victoria Perry, and Chandara Veung 6. Taxing the Small: Fostering Tax Compliance among Small Enterprises in Developing Countries William F. Fox and Matthew N. Murray 7. Taxation and Inequality in the Americas: Changing the Fiscal Contract? Richard M. Bird and Eric M. Zolt 8. Reforming Subsidies for Fossil Fuel Consumption: Killing Several Birds with One Stone Charles E. McLure, Jr. PART III: BELOW THE CENTER: SUBNATIONAL TAXATION 9. Why Theory and Practice are Different: The Gap between Principles and Reality in Subnational Revenue Systems Paul Smoke 10. Implementing Sustainable Property Tax Reform in Developing Countries Roy Kelly 11. Beneficiary Charges: The Cinderella of Subnational Finance Yeti Nicha Madhoo and Shyam Nath Part IV: LOOKING FORWARD 12. A Retropective on Taxation in Developing Countries: Will the Weakest Link be strengthened? Roy Bahl Index

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Book SynopsisHow can governments control spending pressure from influential groups, often representing powerful regional interests? This book is concerned with institutional solutions that allow modern nation states to balance historically grown cultural, political and economic diversity.Laura von Daniels combines different literatures in economics and political science, and draws on interviews with former government leaders, and country experts from international organizations. She applies this research to topics such as fiscal institutions and budget balances, presenting a critical review of different institutional approaches to resolving fiscal imbalances and public indebtedness.Students and scholars of various disciplines, including politics, public and social policy, economics and business will find the discussions and detailed description of institutional reforms in emerging market nations to be of use to their research. It will also be of interest to practitioners working on fiscal decentralization and budget control.Trade ReviewThis book makes an excellent contribution to our understanding of the role of budgetary institutions in fiscal stabilization in emerging market economies. Focusing on the governance structure Laura Von Daniels broadens the standard perspective in political science by analyzing the interplay between fiscal federalism and incentives of budget players. The theoretical underpinnings, case studies and empirical analysis are well-written and highly educational. The book holds interesting policy lessons which could inspire the debate on improving fiscal rules and budgetary institutions and procedures --Ludger Schuknecht, Chief Economist, Ministry of Finance, GermanyFiscal Decentralization and Budget Control makes a simple, but very powerful argument: fiscal decentralization can only work if it is supported by sound national fiscal institutions. Laura von Daniels analyzes in an elegant and succinct manner cases of institutional reforms in Latin America and draws important conclusions for the region and beyond. --Achim Kemmerling, CEU, BudapestTable of ContentsContents 1. Fiscal Institutions and Budget Balances 2. Overview: Institutional Approaches to Fiscal Imbalance and Public Indebtedness 3. Fiscal Institutions and Their Effects on Public Households 4. Fiscal Imbalances in Latin American and Caribbean Countries 5. Fiscal Stabilization, Subnational Fiscal Indiscipline and Institutional Reform in Brazil 6. Fiscal Federalism under Decentralized Budgetary Institutions in Argentina 7. Comparing Institutional Reform Success in Argentina and Brazil 8. Conclusion: Balancing Subnational Fiscal Autonomy and Overall Fiscal Stability References Index

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Book SynopsisThe ability of a nation to finance its basic infrastructure is essential to its economic well-being in the 21st century. This book covers the municipal securities market in the United States from the perspective of its primary capital financing role in a fiscal federalist system, where subnational governments are responsible for financing the nation s essential physical infrastructure.Using the latest financial research and theory, Johnson, Luby and Moldogaziev use data-driven analysis to inform current public policy debates regarding the future of subnational government debt finance, including the regulation of professional financial service providers. The theories, research and practical examples in the book illustrate the policies and practices that helped governments navigate through the recent financial crisis and great recession, and those policies and practices that contributed to government shipwrecks. The book is designed to help officials make good, sound fiscal choices in a fast changing, complex financial world, and within the constraints imposed by fiscal rules and institutions.State and Local Financial Instruments will be of interest to academics, students and researchers interested in economics, finance, international studies and public policy. It is also an excellent reference tool for government officials, public policymakers and professionals working in finance.Contents: 1. Introduction 2. The Tax-Exemption of Municipal Debt 3. States as Fiscal 'Sovereigns' - Implications for Ability and Willingness to Pay in Full and on Time 4. The Federalist Framework: Fiscal Sovereignty, Federal Regulation and Disclosure 5. Subnational Government Debt Financial Management I - Financing Principles and Policies v6. Subnational Government Debt Financial Management II - Bringing an Issue to Market: Networks and Practices 7. The Serial Debt Issue Structure 8. Secondary Market Disclosure 9. Financial Engineering 10. Reducing Debt Service by Refunding Debt 11. Lessons Learned From the Birth, Growth and Collapse of the Municipal Auction Rate Securities (MARS) Market 12. Enhancing Municipal Credit 13. 'Non-Traditional' Capital Financing Mechanisms 14. Conclusion IndexTrade Review'Three of the sharpest analysts of municipal financing have produced a cutting-edge book that helps to demystify the complexities of the financial markets and instruments employed to achieve public purposes. This book is for professionals engaged in the practice of municipal securities as well as students and researchers devoted to learning market practices.' --W. Bartley Hildreth, Georgia State University, US'Johnson, Luby, and Moldogaziev provide an important addition to the often-convoluted literature on state and local debt. Beyond examining the financial mechanisms of structuring and selling these offerings, they provide an analysis of how and why this debt market is different. Students, academics, and practitioners can all learn from this thoughtful volume and avoid financial market mistakes that have haunted these governments in recent years.' --John L. Mikesell, Indiana University, USTable of ContentsContents: 1. Introduction 2. The Tax-Exemption of Municipal Debt 3. States as Fiscal "Sovereigns" - Implications for Ability and Willingness to Pay in Full and on Time 4. The Federalist Framework: Fiscal Sovereignty, Federal Regulation and Disclosure 5. Subnational Government Debt Financial Management I - Financing Principles and Policies 6. Subnational Government Debt Financial Management II - Bringing an Issue to Market: Networks and Practices 7. The Serial Debt Issue Structure 8. Secondary Market Disclosure 9. Financial Engineering 10. Reducing Debt Service by Refunding Debt 11. Lessons Learned From the Birth, Growth and Collapse of the Municipal Auction Rate Securities (MARS) Market 12. Enhancing Municipal Credit 13. "Non-Traditional" Capital Financing Mechanisms 14. Conclusion Index

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Book SynopsisExamining the taxation and regulation of banks, this book highlights the views of practitioners, tax experts, policy makers and academics on the appropriateness and effectiveness of bank taxation in the light of the financial crisis. It covers the topical issues of whether the EU should introduce a financial transactions, 'Tobin' or 'Robin Hood' tax and whether VAT should be extended to financial services. This comprehensive book offers an ethical perspective on bank taxation and financial stability to complement the traditional political economy approach. It also considers how a bank levy or financial activities tax, could be used to ensure that big banks make a 'true and fair' contribution to their insurance by taxpayers.Covering a range of topics on bank and financial sector taxation, this book will prove a valuable resource for academics, policy makers and financial regulators.Contributors: D. Bamford, G. Capelle-Blancard, S.M. Chaudhry, J. Dempsey, D. Gong, O. Havrylchyk, S. Hu, M. Keen, A. Kerrigan, Y. Luo, A. Mullineux, T. Sorell, S. Tanna, I. YoungTable of ContentsContents: Foreword Michael Keen 1. Introduction Sajid M. Chaudhry and Andy Mullineux 2. Taxation and Bank Risk-Taking Yun Luo and Sailesh Tanna 3. Tax Distortions in Securitization: An Overview Shiwei Hu and Di Gong 4. The Burden of Bank Taxation: Corporate Income Gunther Capelle-Blancard and Olena Havrylchyk 5. Banks and Tax: Recent UK Experiences Ian Young 6. Securities Transaction Tax in Europe: First Impact Assessments Gunther Capelle-Blancard 7. Effects of VAT on Financial Services Arthur Kerrigan 8. Ethical Taxation and Finance Douglas Bamford 9. Ethics and Bank Taxation Tom Sorell and James Dempsey 10. The Concluding Panel Discussion Index

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Book SynopsisThe last several decades have seen major advances in the ways in which public economists investigate behavioural responses to taxation. Recent research has utilized new data sets and has applied new empirical methods, including laboratory experiments and natural and controlled field experiments. The application of behavioural economics has contributed insights from other disciplines, especially psychology. Here James Alm and Sebastian Leguizamon discuss the lessons from all this work. Covering such topics as labour supply, charitable giving, savings, capital gains realisations, mobility, bequests, family structure, reported income and tax evasion, they highlight the current state of knowledge in this area. They present new thinking about the relevant issues and an analysis of useful policy options.Table of ContentsContents: PART I LABOUR SUPPLY 1. Richard Blundell, Alan Duncan and Costas Meghir (1998), ‘Estimating Labor Supply Responses using Tax Reforms’, Econometrica, 66 (4), July, 827–61 2. Sören Blomquist and Whitney Newey (2002), ‘Nonparametric Estimation with Nonlinear Budget Sets’, Econometrica, 70 (6), November, 2455–80 3. Anil Kumar (2008), ‘Labor Supply, Deadweight Loss and Tax Reform PART II TAXABLE INCOME 4. Austan Goolsbee (2000), ‘What Happens When You Tax the Rich? Evidence from Executive Compensation’, Journal of Political Economy, 108 (2), April, 352–78 5. Emmanuel Saez (2010), ‘Do Taxpayers Bunch at Kink Points?’, American Economic Journal: Economic Policy, 2 (3), August, 180–212 6. Wojciech Kopczuk (2005), ‘Tax Bases, Tax Rates and the Elasticity of Reported Income’, Journal of Public Economics, 89 (11–12), December, 2093–119 PART III TRANSFERS AND INCOME TAX CREDITS 7. Raj Chetty, John N. Friedman and Emmanuel Saez (2013), ‘Using Differences in Knowledge Across Neighborhoods to Uncover the Impacts of the EITC on Earnings’, American Economic Review, 103 (7), December, 2683–721 8. Jeffrey Grogger (2003), ‘The Effects of Time Limits, the EITC, and Other Policy Changes on Welfare Use, Work, and Income among Female-Headed Families’, Review of Economics and Statistics, 85 (2), May, 394–408 9. Bruce D. Meyer and Dan T. Rosenbaum (2001), ‘Welfare, the Earned Income Tax Credit, and the Labor Supply of Single Mothers’, Quarterly Journal of Economics, 116 (3), August, 1063–114 PART IV MOBILITY 10. Henrik Jacobsen Kleven, Camille Landais and Emmanuel Saez (2013), ‘Taxation and International Migration of Superstars: Evidence from the European Football Market’, American Economic Review, 103 (5), August, 1892–924 11. Charles L. Ballard and Jaimin Lee (2007), ‘Internet Purchases, Cross-Border Shopping, and Sales Taxes’, National Tax Journal, LX (4), December, 711–25 12. Austan Goolsbee (2000), ‘In a World without Borders: The Impact of Taxes on Internet Commerce’, Quarterly Journal of Economics, 115 (2), May, 561–76 PART V CAPITAL GAINS AND ENTREPRENEURIAL ACTIVITIES 13. Zoran Ivković, James Poterba and Scott Weisbenner (2005), ‘Tax-Motivated Trading by Individual Investors’, American Economic Review, 95 (5), December, 1605–630 14. Julie Berry Cullen and Roger H. Gordon (2007), ‘Taxes and Entrepreneurial Risk-Taking: Theory and Evidence for the U.S.’, Journal of Public Economics, 91 (7–8), August, 1479–505 15. Åsa Hansson (2012), ‘Tax Policy and Entrepreneurship: Empirical Evidence from Sweden’, Small Business Economics, 38 (4), May, 495–513 PART VI SAVING 16. Esther Duflo, William Gale, Jeffrey Liebman, Peter Orszag and Emmanuel Saez (2006), ‘Saving Incentives for Low- and Middle- Income Families: Evidence from a Field Experiment with H&R Block’, Quarterly Journal of Economics, 121 (4), November, 1311–46 17. Alexander M. Gelber (2011), ‘How Do 401(k)s Affect Saving? Evidence from Changes in 401(k) Eligibility’, American Economic Journal: Economic Policy, 3 (4), November, 103–22 18. James Alm and Asmaa El-Ganainy (2013), ‘Value-Added Taxation and Consumption’, International Tax and Public Finance, 20 (1), February, 105–28 PART VII BEQUESTS 19. David Joulfaian (2000), ‘Estate Taxes and Charitable Bequests by the Wealthy’, National Tax Journal, LIII (3, Part 2), September, 743–63 20. Wojciech Kopczuk and Joel Slemrod (2003), ‘Dying to Save Taxes: Evidence from Estate-Tax Returns on the Death Elasticity’, Review of Economics and Statistics, 85 (2), May, 256–65 21. B. Douglas Bernheim, Robert J. Lemke and John Karl Scholz (2004), ‘Do Estate and Gift Taxes Affect the Timing of Private Transfers?’, Journal of Public Economics, 88 (12), December, 2617–34 PART VIII FAMILY STRUCTURE 22. James Alm and Leslie A. Whittington (1997), ‘Income Taxes and the Timing of Marital Decisions’, Journal of Public Economics, 64 (2), May, 219–40 23. Jeff Grogger and Stephen G. Bronars (2001), ‘The Effect of Welfare Payments on the Marriage and Fertility Behavior of Unwed Mothers: Results from a Twins Experiment’, Journal of Political Economy, 109 (3), June, 529–45 24. Reagan Baughman and Stacy Dickert-Conlin (2009), ‘The Earned Income Tax Credit and Fertility’, Journal of Population Economics, 22 (3), July, 537–63 PART IX TAX EVASION 25. James Alm, Betty R. Jackson and Michael McKee (2009), ‘Getting the Word Out: Enforcement Information Dissemination and Compliance Behavior’, Journal of Public Economics, 93 (3–4), April, 392–402 26. Henrik Jacobsen Kleven, Martin B. Knudsen, Claus Thustrup Kreiner, Søren Pedersen and Emmanuel Saez (2011), ‘Unwilling or Unable to Cheat? Evidence from a Tax Audit Experiment in Denmark’, Econometrica, 79 (3), May, 651–92 27. Yuriy Gorodnichenko, Jorge Martinez-Vazquez and Klara Sabirianova Peter (2009), ‘Myth and Reality of Flat Tax Reform: Micro Estimates of Tax Evasion Response and Welfare Effects in Russia’, Journal of Political Economy, 117 (3), June, 504–54 PART X CHARITABLE GIVING 28. Dean Karlan and John A. List (2007), ‘Does Price Matter in Charitable Giving? Evidence from a Large-Scale Natural Field Experiment’, American Economic Review, 97 (5), December, 1774–93 29. Arthur C. Brooks (2007), ‘Income Tax Policy and Charitable Giving’, Journal of Policy Analysis and Management, 26 (3), Summer, 599‒612 30. Gerald E. Auten, Holger Sieg and Charles T. Clotfelter (2002), ‘Charitable Giving, Income, and Taxes: An Analysis of Panel Data’, American Economic Review, 92 (1), March, 371–82 PART XI SALIENCE, SELF-CONTROL, AND BEHAVIOURAL ECONOMICS 31. Raj Chetty, Adam Looney and Kory Kroft (2009), ‘Salience and Taxation: Theory and Evidence’, American Economic Review, 99 (4), September, 1145–77 32. Amy Finkelstein (2009), ‘E-ZTax: Tax Salience and Tax Rates’, Quarterly Journal of Economics, 124 (3), August, 969–1010 33. Raj Chetty, John N. Friedman, Søren Leth-Petersen, Torben Heien Nielsen and Tore Olsen (2014), ‘Active vs. Passive Decisions and Crowd-Out in Retirement Savings Accounts: Evidence from Denmark’, Quarterly Journal of Economics, 129 (3), August, 1141–219 Index

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Book SynopsisHow do we incorporate analytical thinking into public policy decisions? Stuart Shapiro confronts this issue in Analysis and Public Policy by looking at various types of analysis, and discussing how they are used in regulatory policy-making in the US. By looking at the successes and failures of incorporating cost-benefit analysis, risk assessment, and environmental impact assessment, he draws broader lessons on its use, focusing on the interactions between analysis and political factors, legal structures and bureaucratic organizations as possible areas for reform.Utilizing empirical and qualitative research, Shapiro analyzes four different forms of analysis: cost-benefit analysis, risk assessment, environmental impact assessment, and impact analysis. After interviewing nearly fifty individuals who have served in high levels of government, and who have made countless regulatory policy decisions in their careers, Shapiro argues that advocates must become less ambitious and should craft requirements for simpler and clearer analysis. Such analysis, particularly if informed by public participation, can do a great deal to improve government decisions.As this book details the relationship between analysis and institutional factors such as politics, bureaucracy, and law, it is appropriate for a variety of readers, such as scholars of policy, students, scholars of regulation, and congressional and state legislative staff looking to create new analytical requirements.Trade ReviewStuart Shapiro is a realist, an incrementalist, and centrist,comfortable with bureaucracy, politics, nuance, and imperfection in the serviceof slow and steady progress inenvironmental policy and economic efficiency. He has earned the right to this position,given his solid scholarship, research, and experience with the American administrative state in the 21stcentury.-- Tracy Mehan, Environmental ForumIn this outstanding book, Stuart Shapiro transcends the long-standing impasse in the academic literature about the value of various analysistools - cost-benefit analysis in particular - and moves the scholarlyconversation in a much more productive and useful direction. -- Wendy Wagner Journal of Comparative Policy AnalysisTable of ContentsContents: 1. Policy Analysis: Roots and Branches 2. Regulation in the United States and Comprehensive-Rational Analysis 3. Cost-Benefit Analysis and the Regulatory Process 4. Risk Assessment and the Regulatory Process 5. Environmental Impact Assessment 6. Impact Analysis and the Regulatory Process 7. The Use of Analysis 8. Using Analysis to Further Democracy, not Technocracy 9. Building Better Branches Index

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Book SynopsisThe Handbook of Research on Environmental Taxation captures the state of the art of research on environmental taxation. Written by 36 specialists in environmental taxation from 16 countries, it takes an interdisciplinary and international approach, focusing on issues that are universal to using taxation to achieve environmental goals.The Handbook explores the conceptual foundations of environmental taxation, essential elements for designing environmental tax measures, factors that influence the acceptance of environmental taxation, the variety of ways to implement environmental taxes, their environmental and economic impact and, finally, the larger question of the role of taxation among other policy approaches to environmental protection. Intermixing theory with case studies, the Handbook offers readers lessons that can be applied around the world. It identifies key bodies of research for people who are already working in the field or entering the field and highlights issues that call for more research in the future.With systematic analysis of key issues in environmental taxation, this book will appeal to researchers, governments, think tanks, NGOs, and academics in law, economics, political science and public finance, as well as students specializing in environmental taxation and other market-based instruments.Contributors include: M.S. Andersen, H. Ashiabor, J.-P. Barde, N.A. Braathen, N.J. Chalifour, P. Ekins, M.G. Faure, O. Godard, P.M. Herrera, M. Jaccard, W.K. Jaeger, Å. Löfgren, M. Mehling, J.E. Milne, A. Muller, H.Ø. Nielsen, B.E. Olsen, T. Palmer-Tous, J. Pavel, P. Preiss, A. Riera-Font, M. Rodi, M.A.G. Ruiz, R. Sairinen, K. Schlegelmilch, C.D. Soares, S. Speck, T. Sterner, P. Thalmann, E. Traversa, L. Vitek, H. Vollebergh, H. Vos, S.E. Weishaar, Y. XuTrade Review‘Ingeniously organized in a life cycle format, the Handbook covers environmental taxation concepts, design, acceptance, implementation, and impact. The universal themes discussed in each area will appeal to a broad range of readers.’ -- Larry Kreiser, Cleveland State University, US‘This book is a smart and useful reader’s guide providing analytical tools for a full comprehension of environmental taxes, with an interdisciplinary approach that looks at all the different phases of environmental taxation: from the design to the implementation, the political acceptance and the impact on the economy. The authors’ effort is very successful in endowing academicians, policy makers and the general public with an excellent proof of the effectiveness of environmental taxes and green tax reforms.’ -- Alberto Majocchi, University of Pavia, Italy‘Putting the words “environment” next to “taxation” might not always be the flavour of the month, but no modern society can ignore the value of the natural environment and the need to maintain its good quality and no competitive economy can prosper without the necessary tax revenues to function. Environmental taxation offers the prospect of moving towards a more resource-efficient economy, where preference is given to tax more what we burn, less what we earn. I welcome this contribution to the literature.’ -- Commissioner Connie Hedegaard, European Commission‘The Milne and Andersen volume provides a splendid treatment of environmental taxation that encompasses the basic conceptual issues, problems of tax design and implementation, and several insightful case studies that show how environmental taxes actually work in practice. It is the best overall treatment of environmental taxation available: comprehensive, rigorous, and readable.’ -- Wallace Oates, University of Maryland, College Park, USTable of ContentsContents: 1. This Book’s Approach to Environmental Taxation Janet E. Milne PART I: CONCEPTUAL FOUNDATIONS 2. Introduction to Environmental Taxation Concepts and Research Janet E. Milne and Mikael Skou Andersen 3. Economic Principles of Environmental Fiscal Reform Jean-Philippe Barde and Olivier Godard 4. Legal Authority to Enact Environmental Taxes Michael Rodi and Hope Ashiabor PART II: DESIGN 5. Design Options and their Rationales Pedro M. Herrera Molina 6. Earmarking Revenues from Environmentally Related Taxes Claudia Dias Soares 7. Designing Environmental Taxes in Countries in Transition: A Case Study of Vietnam Michael Rodi, Kai Schlegelmilch and Michael Mehling 8. Externality Research Philipp Preiss PART III: ACCEPTANCE 9. Regressivity of Environmental Taxation: Myth or Reality? Katri Kosonen 10. The Political Acceptability of Carbon Taxes: Lessons from British Columbia Mark Jaccard 11. Gaining Intergovernmental Acceptance: Legal Rules Protecting Trade Birgitte Egelund Olsen 12. The Double Dividend Debate William K. Jaeger 13. The Political Economy of Environmental Taxation Nils Axel Braathen PART IV: IMPLEMENTATION 14. Multilevel Governance: The Implications of Legal Competences to Collect, Administer and Regulate Environmental Tax Instruments Nathalie Chalifour, María Amparo Grau-Ruiz and Edoardo Traversa 15. Transaction Costs of Environmental Taxation: The Administrative Burden Jan Pavel and Leoš Vítek 16. Structuring Road Transport Taxes to Capture Externalities: A Critical Analysis of Approaches Teresa Palmer-Tous and Antoni Riera-Font 17. Environmental Taxation in China: The Greening of an Emerging Economy Yan Xu 18. A Review of Selected Databases on Market-based Instruments Hans Vos PART V: IMPACT 19. Decoupling: Is There a Separate Contribution from Environmental Taxation? Adrian Muller, Åsa Löfgren and Thomas Sterner 20. The Role of Environmental Taxation in Spurring Technological Change Herman Vollebergh 21. Impacts on Competitiveness: What do we know from Modeling? Paul Ekins and Stefan Speck PART VI: POLICY MIX 22. The Role of Environmental Taxation: Economics and the Law Michael G. Faure and Stefan E. Weishaar 23. Regulatory Reform and Development of Environmental Taxation: The Case of Carbon Taxation and Ecological Tax Reform in Finland Rauno Sairinen 24. Bounded Rationality in an Imperfect World of Regulations: What if Individuals are Not Optimizing? Helle Ørsted Nielsen 25. Global Environmental Taxes Philippe Thalmann PART VII: CONCLUSION 26. The Future Agenda for Environmental Taxation Research Mikael Skou Andersen and Janet E. Milne Index

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Book SynopsisFifty years on from the introduction of Value Added Tax (VAT) across the European Union and its Member States, this comprehensive book provides a practical commentary on, and analysis of, the harmonised system of VAT in the EU. This meticulously researched reference work not only analyses legislation and case law, but also examines them in the broader context of the operation of EU law. Written by a team of expert practitioners led by KPE Lasok QC, an authority on European law with extensive practical experience of VAT and Customs cases, this book includes a detailed discussion of the relevant case law of the Court of Justice of the European Union, considering cases critically with a view to identifying underlying trends and principles. Key features include: consideration of the broader context in which EU law operates comprehensive, simultaneous analysis of legislation and case law critical examination of principles underpinning relevant case law a definitive exposition of the present state of the harmonised EU VAT system. EU Value Added Tax Law will prove to be an indispensable source of practical knowledge and background information for tax practitioners advising clients and in-house tax advisers assisting their employers in relation to VAT in the EU, as well as officials of tax authorities in EU Member States. Academics researching or teaching VAT will also find this book's detailed and critical coverage invaluable. Contributors include: S. Black, E. Hellier, T. Lall, KPE Lasok, H.L. McCarthyTable of ContentsContents: Preface PART I GENERAL PRINCIPLES OF VAT 1. Nature and origins of Value Added Tax 2 KPE Lasok QC 2. The interrelationship between EU and national VAT legislation 38 KPE Lasok QC 3. Field of application of VAT 117 KPE Lasok QC PART II THE INTERNAL SYSTEM 4. Taxable persons 129 KPE Lasok QC 5. Taxable transactions 174 KPE Lasok QC 6. The place of taxable transactions 238 KPE Lasok QC 7. Chargeable event and chargeability of tax 296 KPE Lasok QC 8. Taxable amount 310 Tarlochan Lall 9. Rates of tax 367 KPE Lasok QC 10. Exemptions 384 KPE Lasok QC 11. Input tax deduction 452 KPE Lasok QC PART III TAXATION OF INTRA-COMMUNITY AND EXPORT TRADE 12. Intra-Community trade in goods 542 Tarlochan Lall 13. Intra-Community trade in services 597 Tarlochan Lall 14. Supplies outside the EU 655 Tarlochan Lall 15. VAT and EU customs duty 679 Tarlochan Lall PART IV SPECIAL SECTORS 16. Special schemes 718 KPE Lasok QC 17. Simplification measures 799 KPE Lasok QC 18. Immovable property 809 Tarlochan Lall 19. Financial services and insurance 868 KPE Lasok QC 20. Charities and local authorities 919 Hui Ling McCarthy QC and Edward Hellier 21. Internet transactions, telecommunications 942 Hui Ling McCarthy QC and Sarah Black PART V ACCOUNTING AND ENFORCEMENT 22. Accounting for VAT 1007 KPE Lasok QC 23. Administrative cooperation between taxing authorities 1050 KPE Lasok QC Index 1097

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Book SynopsisThis is a timely, important book for fiscal policy-makers and budget practitioners. It assesses why some advanced democracies were prepared for the global financial crisis and others were not, and how some countries responded in ways that exacerbated fiscal instability. Its dozen country cases offer highly relevant lessons for mitigating cyclical disturbances that frequently beset national budgets and for managing public finances during turbulent times. The key takeaway message is that government capacity and budget policies matter and should dispel the notion that all countries are helpless when crisis strikes.'- Allen Schick, University of Maryland, USThe global financial crisis of 2007-09 constituted the biggest shock to the economies of the OECD nations since the Second World War, testing budgetary systems and causing most of their governments to move into intense crisis mode. Policy responses by governments and international authorities included massive interventions to stabilize markets and economies, and significant adjustments to fiscal policy regimes. How governments reacted to the crisis, which was manifested differently in each jurisdiction, had significant political implications for sitting governments and led to reforms of fiscal policy and budgetary regimes, which have since continued to wrestle with slow economic growth and strained public finances.This singular shock provides the editors and authors of this book with an intriguing opportunity to examine how different OECD budgetary systems performed. The contributions frame and assess how governments responded to the challenge and how their budget systems evolved in the aftermath, with a focus on strategy, decision-making and balancing competing demands. Chapters cover the EU, North America and Asia, including comparison between countries that fared well, those who were moderately affected and those countries massively affected by the global financial crisis.This timely book will appeal to students and academics seeking an international understanding and analysis of the effects and consequences of the global financial crisis.Contributors: M.G. Arghyrou, R. Boyle, S. Davidsen, T. Degen, D.M. Fantone, D.A. Good, M. Horie, L. Jensen, E. A. Lindquist, M. Mulreany, P.T. Pereira, P.L. Posner, J. de Vries, J. Wanna, L. Wemans, E. Zapico-GoñiTrade Review‘This is a timely, important book for fiscal policy-makers and budget practitioners. It assesses why some advanced democracies were prepared for the global financial crisis and others were not, and how some countries responded in ways that exacerbated fiscal instability. Its dozen country cases offer highly relevant lessons for mitigating cyclical disturbances that frequently beset national budgets and for managing public finances during turbulent times. The key takeaway message is that government capacity and budget policies matter and should dispel the notion that all countries are helpless when crisis strikes.’ -- Allen Schick, University of Maryland, College Park, USTable of ContentsContents: Acknowledgements 1. Meeting the Challenge of the Global Financial Crisis in OECD Nations – Fiscal Responses and Future Challenges Evert A. Lindquist, Jouke de Vries and John Wanna 2. The United States Response to the Global Financial Crisis – From Robust Stimulus to Fiscal Gridlock Paul L. Posner and Denise M. Fantone 3. Canada’s Reactive Budget Response to the Global Financial Crisis – From Resilience and Brinkmanship to Agility and Innovation David A. Good and Evert A. Lindquist 4. Australian and New Zealand Responses to the ‘Fiscal Tsunami’ of the Global Financial Crisis – Preparation and Precipitous Action with the Promise of Consolidation John Wanna 5. Budgeting in Japan after the Global Financial Crisis – Postponing Decisions on Crucial Issues Masahiro Horie 6. Budgetary Challenges in The Netherlands – Resuming Business after a Turbulent Time Jouke de Vries and Tom Degen 7. The Global Financial Crisis in Denmark and Sweden – A Case of Management ‘Lite’ Lotte Jensen and Sysser Davidsen 8. Spain Facing the Global Financial Crisis – Cutting Public Spending and Struggling with Structural Reforms Eduardo Zapico-Goñi 9. Portugal and the Global Financial Crisis – Short-sighted Politics, Deteriorating Public Finances and the Bailout Imperative Paulo T. Pereira and Lara Wemans 10. The Global Financial Crisis in Greece – Its Background Causes, Escalation and Prospects for Recovery Michael G. Arghyrou 11. Managing Ireland’s Budgets During the Rise and Fall of the ‘Celtic Tiger’ Richard Boyle and Michael Mulreany 12. Readiness, Resilience, Reform and Persistence of Budget Systems after the GFC – Conclusions and Implications Evert A. Lindquist, Jouke de Vries and John Wanna Index

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Book SynopsisThis extensive research review discusses more than one hundred of the very best and most influential scholarly articles on the sovereign debt of central governments around the world. It examines discussions of the debt of many emerging nations as well as the largest sovereign debtors in the world thus providing a thorough understanding of sovereign debt as seen by the best economists from around the world. This research review is an essential tool to libraries, academic institutions, economic scholars and students alike.Trade Review‘Bob Kolb has assembled this outstanding collection of research articles, which could have been called the Greatest Hits of Sovereign Debt. The future of all people on the planet depends heavily on understanding what really happens when governments borrow. Bringing the body of knowledge of this subject under this umbrella is a masterful and thankless achievement.’ -- Don M. Chance, Louisiana State University, USTable of ContentsContents: Volume I Research Review Robert W. Kolb PART I THE THEORY OF SOVEREIGN DEBT 1. Robert J. Barro (1974), ‘Are Government Bonds Net Wealth?’, Journal of Political Economy, 82 (6), November–December, 1095–117 2. Robert J. Barro (1979), ‘On the Determination of the Public Debt’, Journal of Political Economy, 87 (5, Part 1), October, 940–71 3. Martin Feldstein (1985), ‘Debt and Taxes in the Theory of Public Finance’, Journal of Public Economics, 28 (2), November, 233–45 4. Jonathan Eaton and Mark Gersovitz (1981), ‘Debt with Potential Repudiation: Theoretical and Empirical Analysis’, Review of Economic Studies, XLVII (2), April, 289–309 5. Jonathan Eaton, Mark Gersovitz and Joseph E. Stiglitz (1986), ‘The Pure Theory of Country Risk’, European Economic Review, 30 (3), June, 481–513 6. Herschel I. Grossman and John B. Van Huyck, (1988), ‘Sovereign Debt as a Contingent Claim: Excusable Default, Repudiation, and Reputation’, American Economic Review, 78 (5), December, 1088–97 7. Jeremy Bulow and Kenneth Rogoff (1989), ‘Sovereign Debt: Is to Forgive to Forget?’, American Economic Review, 79 (1), March, 43–50 8. Jeremy Bulow and Kenneth Rogoff (1989), ‘A Constant Recontracting Model of Sovereign Debt’, Journal of Political Economy, 97 (1), February, 155–78 9. Harold L. Cole and Patrick J. Kehoe (1998), ‘Models of Sovereign Debt: Partial Versus General Reputations’, International Economic Review, 39 (1), February, 55–70 10. Kenneth M. Kletzer and Brian D. Wright (2000), ‘Sovereign Debt as Intertemporal Barter’, American Economic Review, 90 (3), June, 621–39 PART II SOVEREIGN DEBT BEFORE THE MODERN STATE 11. John M. Veitch (1986), ‘Repudiations and Confiscations by the Medieval State’, Journal of Economic History, 46 (1), March, 31–6 12. J. Bradford De Long and Andrei Shleifer (1993), ‘Princes and Merchants: European City Growth Before the Industrial Revolution’, Journal Of Law and Economics, XXXVI (2), October, 671–702 13. James Conklin (1998), ‘The Theory of Sovereign Debt and Spain under Philip II’, Journal of Political Economy, 106 (3), June, 483–513 14. Mauricio Drelichman and Hans-Joachim Voth (2010), ‘The Sustainable Debts of Philip II: A Reconstruction of Castile’s Fiscal Position, 1566–1596’, Journal of Economic History, 70 (4), December, 813–42 15. Mauricio Drelichman and Hans-Joachim Voth (2011), ‘Lending to the Borrower from Hell: Debt and Default in the Age of Philip II’, Economic Journal, 121 (557), December, 1205–27, technical appendix 16. Mauricio Drelichman and Hans-Joachim Voth (2011), ‘Serial Defaults, Serial Profits: Returns to Sovereign Lending in Habsburg Spain, 1566–1600’, Explorations in Economic History, 48 (1), January, 1–19 17. Mauricio Drelichman and Hans-Joachim Voth (2015), ‘Risk Sharing with the Monarch: Contingent Debt and Excusable Defaults in the Age of Philip II, 1556–1598’, Cliometrica, 9 (1), January, 49–75 18. Earl J. Hamilton (1947), ‘Origin and Growth of the National Debt in Western Europe’, American Economic Review, 37 (2), May, 118–30 19. David R. Weir (1989), ‘Tontines, Public Finance, and Revolution in France and England, 1688–1789’, Journal of Economic History, 49 (1), March, 95–124 PART III POLITICAL INSTITUTIONS AND SOVEREIGN DEBT 20. Douglass C. North and Barry R. Weingast (1989), ‘Constitutions and Commitment: The Evolution of Institutional Governing Public Choice in Seventeenth-Century England’, Journal of Economic History, XLIX (4), December, 803–32 21. David Stasavage (2002), ‘Credible Commitment in Early Modern Europe: North and Weingast Revisited’, Journal of Law Economics and Organization, 18 (1), April, 155–86 22. Kenneth A. Schultz and Barry R. Weingast (2003), ‘The Democratic Advantage: Institutional Foundations of Financial Power in International Competition’, International Organization, 57 (1), Winter, 3–42 23. Sebastian M. Saiegh (2005), ‘Do Countries Have a “Democratic Advantage”?: Political Institutions, Multilateral Agencies, and Sovereign Borrowing’, Comparative Political Studies, 38 (4), May, 366–87 24. David Stasavage (2007), ‘Cities, Constitutions, and Sovereign Borrowing in Europe, 1274–1785’, International Organization, 61 (3), July, 489–525 25. Candace C. Archer, Glen Biglaiser and Karl DeRouen Jr. (2007), ‘Sovereign Bonds and the “Democratic Advantage”: Does Regime Type Affect Credit Rating Agency Ratings in the Developing World?’, International Organization, 61 (2), April, 341–65 26. Glen Biglaiser and Joseph L. Staats (2012), ‘Finding the “Democratic Advantage” in Sovereign Bond Ratings: The Importance of Strong Courts, Property Rights Protection, and the Rule of Law’, International Organization, 66 (3), July, 515–35 27. Emanuel Kohlscheen (2007), ‘Why Are There Serial Defaulters? Evidence from Constitutions’, Journal of Law and Economics, 50 (4), November, 713–30 28. Juan Carlos Hatchondo and Leonardo Martinez (2010), ‘The Politics of Sovereign Defaults’, Economic Quarterly, 96 (3), Third Quarter, 291–317 29. Atif Mian, Amir Sufi and Francesco Trebbi (2014), ‘Resolving Debt Overhangs: Political Constraints in the Aftermath of Financial Crises’, American Economic Journal: Macroeconomics, 6 (2), April, 1–28 PART IV SOVEREIGN DEBT: THE LONG VIEW 30. Mark Dincecco (2010), ‘The Political Economy of Fiscal Prudence in Historical Perspective’, Economics and Politics, 22 (1), March, 1–36 31. Michael D. Bordo (1999), ‘International Rescues versus Bailouts: A Historical Perspective’, Cato Journal, 18 (3), Winter, 363–75 32. John Joseph Wallis (2000), ‘American Government Finance in the Long Run: 1790 to 1990’, Journal of Economic Perspectives, 14 (1), Winter, 61–82 33. Carmen M. Reinhart and Vincent R. Reinhart (2015), ‘Financial Crises, Development, and Growth: A Long-Term Perspective’, World Bank Economic Review, Annual Bank Conference on Development Economics “The Role of Theory in Development Economics” June 2–3, 2014 Washington D.C., 29 (Supplement 1), April, S57–S76 34. Carmen M. Reinhart, Vincent R. Reinhart and Kenneth S. Rogoff (2012), ‘Public Debt Overhangs: Advanced–Economy Episodes Since 1800’, Journal of Economic Perspectives, 26 (3), Summer, 69–86 35. Moritz Schularick and Alan M. Taylor (2012), ‘Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870–2008’, American Economic Review, 102 (2), April, 1029–61 Volume II Acknowledgements PART I THE “LONG” 19TH CENTURY 1. Michael D. Bordo and Eugene N. White (1991), ‘A Tale of Two Currencies: British and French Finance During the Napoleonic Wars’, Journal of Economic History, 51 (2), June, 303–16 2. Marc Flandreau and Juan H. Flores (2009), ‘Bonds and Brands: Foundations of Sovereign Debt Markets, 1820–1830’, Journal of Economic History, 69 (3), September, 646–84 3. Gerardo della Paolera and Alan M. Taylor (2013), ‘Sovereign Debt in Latin America, 1820–1913’, Revista de Historia Económica/Journal of Iberian and Latin American Economic History, 31 (2), September, 173-217 4. Richard Sicotte, Catalina Vizcarra and Kirsten Wandschneider (2010), ‘Military Conquest and Sovereign Debt: Chile, Peru and the London Bond Market, 1876–1890’, Cliometrica, 4 (3), October, 293–319 5. Marc D. Weidenmier (2005), ‘Gunboats, Reputation, and Sovereign Repayment: Lessons from the Southern Confederacy’, Journal of International Economics, 66 (2), July, 407–22 6. Michael D. Bordo and Hugh Rockoff (1992), ‘The Gold Standard as a “Good Housekeeping Seal of Approval”’, Journal of Economic History, 56 (2), June, 389–428 7. Niall Ferguson and Moritz Schularick (2006), ‘The Empire Effect: The Determinants of Country Risk in the First Age of Globalization, 1880–1913’, Journal of Economic History, 66 (2), June, 283–312 8. Theodore Roosevelt (1904) ‘President Theodore Roosevelt’s Annual Message to Congress’, delivered December 6th, 1904 9. Kris Mitchener and Marc Weidenmier (2005), ‘Empire, Public Goods, and the Roosevelt Corollary’, Journal of Economic History, 65 (3), September, 658–92 10. Kris James Mitchener and Marc D. Weidenmier (2010), ‘Supersanctions and Sovereign Debt Repayment’, Journal of International Money and Finance, 29 (1), February, 19–36 PART II THE 20TH CENTURY IN PERSPECTIVE 11. Barry Eichengreen and Ricardo Hausmann (1999) ‘Exchange Rates and Financial Fragility’ in Federal Reserve Bank of Kansas City (eds.), New Challenges for Monetary Policy, 329–68 12. Michael D. Bordo and Christopher M. Meissner (2006), ‘The Role of Foreign Currency Debt in Financial Crises: 1880–1913 versus 1972–1997’, Journal of Banking and Finance, 30 (12), December, 3299–329 13. Lyndon Moore and Jakub Kaluzny (2005), ‘Regime Change and Debt Default: The Case of Russia, Austro-Hungary, and the Ottoman Empire following World War One’, Explorations in Economic History, 42 (2), April, 237–58 14. Kim Oosterlinck and John S. Landon–Lane (2006), ‘Hope Springs Eternal - French Bondholders and the Soviet Repudiation (1915–1919)’, Review of Finance, 10 (4), 507–35 15. Barry Eichengreen and Richard Portes (1986), ‘Debt and Default in the 1930s: Causes and Consequences’, European Economic Review, 30 (3), June, 599–640 16. Barry Eichengreen (1991), ‘Historical Research on International Lending and Debt’, Journal of Economic Perspectives, 5 (2), Spring, 149–69 17. Peter Boone and Simon Johnson (2014), ‘Forty Years of Leverage: What Have We Learned About Sovereign Debt?’, American Economic Review: Papers and Proceedings, 104 (5), May, 266–71 PART III CRISES OF THE 1980s AND 1990s 18. Paolo Manasse and Nouriel Roubini (2009), ‘’Rules for Thumb’ for Sovereign Debt Crises’, Journal of International Economics, 78 (2), July, 192–205 19. Bergljot Barkbu, Barry Eichengreen and Ashoka Mody (2012), ‘Financial Crises and the Multilateral Response: What the Historical Record Shows’, Journal of International Economics, 88 (2), November, 422–35 [14] 20. Allan H. Meltzer (1984), ‘The International Debt Problem’, Cato Journal, 4 (1), Sping/Summer, 63–9 21. Jeffrey Sachs (1986), ‘Managing the LDC Debt Crisis’, Brookings Paper on Economic Activity, No. 2, 397–431 22. Jeffrey Sachs and Harry Huizinga (1987), ‘U.S. Commercial Banks and the Developing-Country Debt Crisis’, Brookings Paper on Economic Activity, No. 2, 555–601 23. Jeremy Bulow (2002), ‘First World Governments and Third World Debt’, Brookings Papers on Economic Activity, No. 1, 229–55 24. Allan H. Meltzer (2004), ‘Argentina 2002: A Case of Government Failure’, Cato Journal, 23 (1), Spring/Summer, 29–31 25. Eugenio Andrea Bruno (2006), ‘The Failure of Debt-Based Development: Lessons from Argentina’, Cato Journal, 26 (2), Spring/Summer, 357–65 PART IV THE RISKS AND COSTS OF SOVEREIGN DEFAULT 26. Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza (2007), ‘The Economics of Sovereign Default’, Economic Quarterly, 93 (2), Spring, 163–87 27. Ugo Panizza, Federico Sturzenegger and Jeromin Zettelmeyer (2009), ‘The Economics and Law of Sovereign Debt and Default’, Journal of Economic Literature, 47 (3), September, 651–98 28. Michael Tomz and Mark L. J. Wright (2013), ‘Empirical Research on Debt and Default’, Annual Review of Economics, 5, August, 247–72 29. Fernando Broner, Alberto Martin and Jaume Ventura (2010), ‘Sovereign Risk and Secondary Markets’, American Economic Review, 100 (4), September, 1523–55 30. Michael Tomz and Mark L. J. Wright (2007), ‘Do Countries Default in ‘Bad Times’?’, Journal of the European Economic Association, 5 (2–3), April–May, 352–60 31. Edward I. Altman and Herbert A. Rijken (2011), ‘Toward a Bottom-Up Approach to Assessing Sovereign Default Risk’, Journal of Applied Corporate Finance, 23 (1), Winter, 20–31 32. Federico Sturzenegger and Jeromin Zettelmeyer (2008), ‘Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998–2005’, Journal of International Money and Finance, 27 (5), September, 780–805 [26] 33. Juan J. Cruces and Christoph Trebesch (2013), ‘Sovereign Defaults: The Price of Haircuts’, American Economic Journal: Macroeconomics, 5 (3), July, 85–117 34. Miguel Fuentes and Diego Saravia (2010), ‘Sovereign Defaulters: Do International Capital Markets Punish Them?’, Journal of Development Economics, 91 (2), March, 336–47 35. Eduardo Levy Yeyati and Ugo Panizza (2011), ‘The Elusive Costs of Sovereign Defaults’, Journal of Development Economics, 94 (1), January, 95–105 Volume II Acknowledgements PART I THE CONUNDRUM OF SOVEREIGN DEBT 1. Alberto Alesina and David Dollar (2000), ‘Who Gives Foreign Aid to Whom and Why?’, Journal of Economic Growth, 5 (1), March, 33–63 2. Alberto Alesina and Beatrice Weder (2002), ‘Do Corrupt Governments Receive Less Foreign Aid?’, American Economic Review, 92 (4), September, 1126–37 3. Craig Burnside and David Dollar (2000), ‘Aid, Policies and Growth’, American Economic Review, 90 (4), September, 847–68 4. Robert J. Barro and Jong-Wha Lee (2005), ‘IMF Programs: Who is Chosen and What Are the Effects?’, Journal of Monetary Economics, 52 (7), October, 1245–69 5. William Easterly (2002), ‘How Did Heavily Indebted Poor Countries Become Heavily Indebted? Reviewing Two Decades of Debt Relief’, World Development, 30 (10), October, 1677–96 6. Serkan Arslanalp and Peter Blair Henry (2005), ‘Is Debt Relief Efficient?’, Journal of Finance, LX (2), April, 1017–51 7. Federico Sturzenegger and Jeromin Zettelmeyer (2007), ‘Creditors’ Losses Versus Debt Relief: Results From a Decade of Sovereign Debt Crises’, Journal of the European Economic Association, 5 (2–3), April–May, 343–51 8. Rutsel Silvestre J. Martha (1990), ‘Preferred Creditor Status under International Law: The Case of the International Monetary Fund’, International and Comparative Law Quarterly, 39 (4), October, 801–26 9. Raghuram G. Rajan (2005), ‘Institutional Reform and Sovereign Debt Crises’, Cato Journal, 25 (1), Winter, 17–24 PART II THE EUROZONE SOVEREIGN DEBT CRISIS 10. Nouriel Roubini and Jeffrey Sachs (1989), ‘Government Spending and Budget Deficits in the Industrial Countries’, Economic Policy, 4 (8), April, 99–132 11. Marina Azzimonti, Eva de Francisco and Vincenzo Quadrini (2014), ‘Financial Globalization, Inequality, and the Rising Public Debt’, American Economic Review, 104 (8), August, 2267–302 12. Viral Acharya, Itamar Drechsler and Philipp Schnabl (2014), ‘A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk’, Journal of Finance, LXIX (6), December, 2689–739 13. Mark Aguiar, Manuel Amador, Emmanuel Farhi and Gita Gopinath (2014), ‘Sovereign Debt Booms in Monetary Unions’, American Economic Review: Papers and Proceedings, 104 (5), May, 101–6 14. Laurence J. Kotlikoff (2004), ‘Fiscal Policy and the Future of the Euro’, Cato Journal, 24 (1–2), Spring/Summer, 51-5 15. Jerome L. Stein (2011), ‘The Diversity of Debt Crises in Europe’, Cato Journal, 31 (2), Spring/Summer, 199–215 16. Philip R. Lane (2012), ‘The European Sovereign Debt Crisis’, Journal of Economic Perspectives, 26 (3), Summer, 49–67 17. Kevin H. O’Rourke and Alan M. Taylor (2013), ‘Cross of Euros’, Journal of Economic Perspectives, 27 (3), March, 167–91 18. John Beirne and Marcel Fratzscher (2013), ‘The Pricing of Sovereign Risk and Contagion During the European Sovereign Debt Crisis’, Journal of International Money and Finance, 34, April, 60–82 PART III THE UNITED STATES TODAY AND THE FUTURE OF THE INDUSTRIALIZED NATIONS 19. Carmen M. Reinhart and Kenneth S. Rogoff (2010), ‘Growth in a Time of Debt’, American Economic Review, 100 (2), May, 573–78 20. Thomas Herndon, Michael Ash and Robert Pollin (2014), ‘Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff’, Cambridge Journal of Economics, 38 (2), December, 257–79 21. Ugo Panizza and Andrea F. Presbitero (2013), ‘Public Debt and Economic Growth in Advanced Economies: A Survey’, Swiss Journal of Economics in Statistics, 149 (2), 175–204 22. Anja Baum, Cristina Checherita-Westphal and Philipp Rother (2013), ‘Debt and Growth: New Evidence from the Euro Area’, Journal of International Money and Finance, 32, February, 809–21 23. Alan J. Auerbach, Jagadeesg Gokhale and Laurence J. Kotlikoff (1994), ‘Generating Accounting: A Meaningful Way to Evaluate Fiscal Policy’, Journal of Economic Perspectives, 8 (1), Winter, 73–94 24. Pierre Lemieux (2013), ‘American and European Welfare States: Similar Causes, Similar Effects’, Cato Journal, 33 (2), Spring/Summer, 227–32 25. Michael Tanner (2013), ‘Is America Becoming Greece?’, Cato Journal, 33 (2), Spring/Summer, 211–25 26. John H. Cochrane (2011), ‘Inflation and Debt’, National Affairs, Fall, 56–78 27. Carmen Reinhart and M. Belen Sbrancia (2015), ‘The Liquidation of Government Debt’, Economic Policy, 30 (82), April, 291–333 PART IV SOVEREIGN DEBT: CONTEMPORARY SOCIAL AND ETHICAL ISSUES 28. James M. Buchanan (1986), ‘The Ethics of Debt Default’, in James M. Buchanan, Charles K. Rowley and Robert D. Tollison (eds.), Deficit, Oxford, UK: Basil Blackwell, 361–73 29. Geoffrey Brennan and Giuseppe Eusepi (2002), ‘The Dubious Ethics of Debt Default’, Public Finance Review, 30 (6), November, 546–61 30. Seema Jayachandran and Michael Kremer (2006), ‘Odious Debt’, American Economic Review, 96 (1), March, 82–92 31. Albert H. Choi and Eric A. Posner (2007), ‘A Critique of the Odious Debt Doctrine’, Law and Contemporary Problems, 70 (3), Summer, 33–51 32. Nouriel Roubini (2002), ‘Do We Need a New Bankruptcy Regime?’, Brookings Papers on Economic Activity, 1, 321–33 33. Andrei Shleifer (2003), ‘Will the Sovereign Debt Market Survive?’, American Economic Review, 93 (2), May, 85–90 34. Rohan Pitchford and Mark L. J. Wright (2012), ‘Holdouts in Sovereign Debt Restructuring: A Theory of Negotiation in a Weak Contractual Environment’, Review of Economic Studies, 79 (2), April, 812–37 35. Robert W. Kolb (2015), ‘The Virtue of Vultures: Distressed Debt Investors in the Sovereign Debt Market’, Journal of Social, Political, and Economic Studies, 40 (4), Winter, 368–412 Index

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Book SynopsisTax compliance issues enjoy an unprecedented degree of public attention today and are of great importance to governments and policymaking. This research review provides an overview of some of the most significant contributions to the economic analysis of tax avoidance and evasion and also sheds light on broader questions of social organization, behaviour, and compliance with the law. This research review provides researchers and students with a guide to the fundamental intellectual developments that have shaped the economic understanding of tax avoidance and evasion, along with a framework for placing these contributions in their intellectual context.Trade Review‘Tax evasion and avoidance are nowadays headline news and combating them plays a central role in tax design. Dhammika Dharmapala has done an outstanding job in bringing together the key economics literature on these topics, going back nearly 50 years. Major contributions from the seminal theory of the early 1970s to recent large-scale empirical analyses are included, with much in between. The volume provides a great reference for academics, policy makers and anyone else interested in tax evasion and avoidance.’ -- Michael Devereux, University of Oxford, UKTable of ContentsContents: Introduction Dhammika Dharmapala PART I PIONEERING CONTRIBUTIONS TO THE THEORY OF TAX EVASION 1. Michael G. Allingham and Agnar Sandmo (1972), ‘Income Tax Evasion: A Theoretical Analysis’, Journal of Public Economics, 1 (3-4), 323–38 2. T.N. Srinivasan (1973), ‘Tax Evasion: A Model’, Journal of Public Economics, 2 (4), 339–46 3. Shlomo Yitzhaki (1974), ‘A Note on Income Tax Evasion: A Theoretical Analysis’, Journal of Public Economics, 3 (2), 201–2 PART II PIONEERING EMPIRICAL STUDIES OF TAX EVASION 4. Charles T. Clotfelter (1983), ‘Tax Evasion and Tax Rates: An Analysis of Individual Returns’, Review of Economics and Statistics, LXV (3), August, 363–73 5. Jonathan S. Feinstein (1991), ‘An Econometric Analysis of Income Tax Evasion and its Detection’, RAND Journal of Economics, 22 (1), Spring, 14–35 6. James Alm, Gary H. McClelland and William D. Schulze (1992), ‘Why do People Pay Taxes?’, Journal of Public Economics, 48 (1), June, 21–38 7. Joel Slemrod, Marsha Blumenthal and Charles Christian (2001), ‘Taxpayer Response to an Increased Probability of Audit: Evidence from a Controlled Experiment in Minnesota’, Journal of Public Economics, 79 (3), March, 455–83 8. Marsha Blumenthal, Charles Christian, Joel Slemrod and Matthew G. Smith (2001), ‘Do Normative Appeals Affect Tax Compliance? Evidence from a Controlled Experiment in Minnesota’, National Tax Journal, 54 (1), March, 125–38 PART III THEORIES OF TAX AUDITING: PRINCIPAL-AGENT AND GAME-THEORETIC PERSPECTIVES 9. Jennifer F. Reinganum and Louis L. Wilde (1985), ‘Income Tax Compliance in a Principal-Agent Framework’, Journal of Public Economics, 26 (1), February, 1–18 10. Michael J. Graetz, Jennifer F. Reinganum and Louis L. Wilde (1986), ‘The Tax Compliance Game: Toward an Interactive Theory of Law Enforcement, Journal of Law, Economics and Organization, 2 (1), Spring, 1–32 11. Parkash Chander and Louis L. Wilde (1998), ‘A General Characterization of Optimal Income Tax Enforcement’, Review of Economic Studies, 65 (1), January, 165–83 PART IV TOPICS IN TAX ADMINISTRATION 12. Joel Slemrod and Shlomo Yitzhaki (1987), ‘The Optimal Size of a Tax Collection Agency’, Scandinavian Journal of Economics, 89 (2), June, 183–92 13. Parkash Chander and Louis Wilde (1992), ‘Corruption in Tax Administration’, Journal of Public Economics, 49 (3), December, 333–49 14. Dhammika Dharmapala, Joel Slemrod and John Douglas Wilson (2011), ‘Tax Policy and the Missing Middle: Optimal Tax Remittance with Firm-Level Administrative Costs’, Journal of Public Economics, 95 (9-10), October, 1036–47 15. Adnan Q. Khan, Asim I. Khwaja and Benjamin A. Olken (2016), ‘Tax Farming Redux: Experimental Evidence on Performance Pay for Tax Collectors’, Quarterly Journal of Economics, 131 (1), February, 219–71 PART IV THE IMPLICATIONS OF TAX EVASION FOR THE THEORY OF OPTIMAL TAXATION 16. Louis Kaplow (1990), ‘Optimal Taxation with Costly Enforcement and Evasion’, Journal of Public Economics, 43 (2), November, 221–36 17. Helmuth Cremer and Firouz Gahvari (1995), ‘Tax Evasion and the Optimum General Income Tax’, Journal of Public Economics, 60 (2), May, 235–49 PART VI CORPORATE TAX EVASION: THEORETICAL PERSPECTIVES 18. Kong-Pin Chen and C.Y. Cyrus Chu (2005), ‘Internal Control versus External Manipulation: A Model of Corporate Income Tax Evasion’, RAND Journal of Economics, 36 (1), Spring, 151–64 19. Keith J. Crocker and Joel Slemrod (2005), ‘Corporate Tax Evasion with Agency Costs’, Journal of Public Economics, 89 (9 -10), September, 1593–610 PART VII INFORMATION REPORTING AND THE ROLE OF INTERMEDIARIES IN TAX COMPLIANCE 20. Henrik Jacobsen Kleven, Martin B. Knudsen, Claus Thustrup Kreiner, Søren Pedersen and Emmanuel Saez (2011), ‘Unwilling or Unable to Cheat? Evidence from a Tax Audit Experiment in Denmark’, Econometrica, 79 (3), May, 651–92 21. Dina Pomeranz (2015), ‘No Taxation without Information: Deterrence and Self-Enforcement in the Value Added Tax’, American Economic Review, 105 (8), August, 2539–69 22. Henrik Jacobsen Kleven, Claus Thustrup Kreiner and Emmanuel Saez (2016), ‘Why Can Modern Governments Tax So Much? An Agency Model of Firms as Fiscal Intermediaries’, Economica, 83 (330), April, 219–46 PART VIII CROSS-BORDER TAX EVASION 23. Philippe Bacchetta and Maria Paz Espinosa (1995), ‘Information Sharing and Tax Competition among Governments’, Journal of International Economics, 39 (1-2), August, 103–21 24. Gabriel Zucman (2013), ‘The Missing Wealth of Nations: Are Europe and the U.S. Net Debtors or Net Creditors?’, Quarterly Journal of Economics, 128 (3), 1321–64 PART IX GENERAL PERSPECTIVES ON TAX AVOIDANCE 25. Joseph E. Stiglitz (1985), ‘The General Theory of Tax Avoidance’, National Tax Journal, 38 (3), September, 325–37 26. Alan J. Auerbach (1991), ‘Retrospective Capital Gains Taxation’, American Economic Review, 81 (1), March, 167–78 27. David A Weisbach (2002), ‘An Economic Analysis of Anti‐Tax‐Avoidance Doctrines’, American Law and Economics Review, 4 (1), Spring, 88–115 PART X CORPORATE TAX AVOIDANCE 28. Mihir A. Desai and Dhammika Dharmapala (2006), ‘Corporate Tax Avoidance and High-powered Incentives’, Journal of Financial Economics, 79 (1), January, 145–79 29. Mihir A. Desai and Dhammika Dharmapala (2009), ‘Corporate Tax Avoidance and Firm Value’, Review of Economics and Statistics, 91 (3), August, 537–46 30. Michelle Hanlon and Joel Slemrod (2009), ‘What does Tax Aggressiveness Signal? Evidence from Stock Price Reactions to News about Tax Shelter Involvement’, Journal of Public Economics, 93 (1-2), February, 126–41 PART XI BASE EROSION AND PROFIT SHIFTING BY MULTINATIONAL FIRMS 31. James R. Hines, Jr. and Eric M. Rice (1994), ‘Fiscal Paradise: Foreign Tax Havens and American Business’, Quarterly Journal of Economics, 109 (1), February, 149–82 32. Harry Huizinga and Luc Laeven (2008), ‘International Profit Shifting within Multinationals: A Multi-country Perspective’, Journal of Public Economics, 92 (5-6), June, 1164–82 33. Dhammika Dharmapala and Nadine Riedel (2013), ‘Earnings Shocks and Tax-motivated Income-shifting: Evidence from European Multinationals’, Journal of Public Economics, 97, January, 95–107 PART XII TAX AVOIDANCE AND THE DEADWEIGHT LOSS OF TAXATION 34. Martin Feldstein (1999), ‘Tax Avoidance and the Deadweight Loss of the Income Tax’, Review of Economics and Statistics, 81 (4), November, 674–80 35. Joel Slemrod (2001), ‘A General Model of the Behavioral Response to Taxation’, International Tax and Public Finance, 8 (2), March, 119–28 36. Raj Chetty (2009), ‘Is the Taxable Income Elasticity Sufficient to Calculate Deadweight Loss? The Implications of Evasion and Avoidance’, American Economic Journal: Economic Policy, 1 (2), August, 31–52 PART XIII BUNCHING ANALYSIS OF TAX EVASION AND AVOIDANCE: EVIDENCE FROM NOTCHES AND KINKS 37. Joel Slemrod (1985), ‘An Empirical Test for Tax Evasion’, Review of Economics and Statistics, 67 (2), May, 232–38 38. Emmanuel Saez (2010), ‘Do Taxpayers Bunch at Kink Points?’, American Economic Journal: Economic Policy, 2 (3), August, 180–212 39. Michael Carlos Best, Anne Brockmeyer, Henrik Jacobsen Kleven, Johannes Spinnewijn and Mazhar Waseem (2015), ‘Production versus Revenue Efficiency with Limited Tax Capacity: Theory and Evidence from Pakistan’, Journal of Political Economy, 123 (6), October, 1311–55 PART XIV THE CONSEQUENCES OF TAX AMNESTIES AND OF TAX HOLIDAYS FOR MULTINATIONAL FIRMS 40. James Andreoni (1991), ‘The Desirability of a Permanent Tax Amnesty’, Journal of Public Economics, 45 (2), 143–59 41. Dhammika Dharmapala, C. Fritz Foley and Kristin J. Forbes (2011), ‘Watch What I do, Not What I Say: The Unintended Consequences of the Homeland Investment Act’, Journal of Finance, 66 (3), June, 753–87 PART XV THE CHARACTERISTICS OF TAX HAVENS, AND THEIR ROLE IN TAX AVOIDANCE AND EVASION 42. Mihir A. Desai, C. Fritz Foley and James R. Hines, Jr. (2006), ‘The Demand for Tax Haven Operations’, Journal of Public Economics, 90 (3), March, 513–31 43. Dhammika Dharmapala and James R. Hines, Jr. (2009), ‘Which Countries become Tax Havens?’, Journal of Public Economics, 93 (9-10), October, 1058–68 44. Niels Johannesen and Gabriel Zucman (2014), ‘The End of Bank Secrecy? An Evaluation of the G20 Tax Haven Crackdown’, American Economic Journal: Economic Policy, 6 (1), 65–91 Index

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Book SynopsisTax and Financial Planning for the Closely Held Family Business serves as a manual to help business advisers devise strategies for clients dealing with family issues. Guiding family businesses through the complex maze of organizational, tax, financial, governance, estate planning and personal family issues is a complex, time-consuming, difficult, and sometimes emotional process. This book focuses not only on identifying the problems family businesses face, but on devising solutions and planning opportunities for both family businesses and their owners. Tax and Financial Planning for the Closely Held Family Business provides traditional planning techniques as well as many often overlooked non-traditional strategies. The authors, who are Attorneys/CPAs with extensive experience representing family businesses, discuss the role of the family business advisor in dealing with the issues that confront businesses and their owners. Many family business owners may find that the timely involvement of a wise, experienced and careful business adviser can protect the owners from business and family crises. Practitioners, law libraries and law firms will find that each chapter of Tax and Financial Planning for the Closely Held Family Business contains creative planning opportunities that can be studied and implemented in order to solve real problems in the closely held family business.Trade Review'A great desk reference for family business advisors. Easy to read and easy to follow. Advisors will learn about the dynamics of a family business and how they differ from other closely held businesses and the impact that has on operations, compensation, retirement and succession planning. The authors present their unique perspective on these matters and offer creative techniques and solutions to various issues and problems arising with regard to taxes, liquidity and transferring ownership. If you advise a family business, you need this book.' --Bruce J Belman, JD-CPA United States'I highly recommend Tax and Financial Planning for the Closely Held Family Business. It is rare to find a book that uniquely and insightfully focuses on both important family business dynamics, as well as the many crucial financial, income tax, estate planning and other legal issues that should and must be addressed by family business leaders and advisors. It is especially rare to find such a book that is readable, practical and thorough, not to mention having many creative solutions.' --Lawrence J. Eisenberg, P.C./Benefits Law Group, US'For those of us who regularly represent family owned businesses, it is difficult to find a reliable single resource that takes into consideration at a sophisticated level the cornucopia of issues that have to be considered for such work. This type of work requires the ability to nimbly apply not only legal, business and tax law principles, but also requires the advisor to be able to understand nuances of how families work in the context of the family business. Zwick and Jurinski have found a way to pull all of those issues and nuances together in a book that clearly lays out the issues and problems that advisors face in representing family businesses, gives a wide range of suggestions on how to address the various issues that family businesses face from time to time, with an emphasis on how to help make decisions on as tax efficient as basis as possible. The book looks at these issues from various points of view, just like our clients do, and recognizes that this type of work is not a cookie cutter operation. This book will be a valuable tool for advisors to help their family business clients think through complicated issues and be able to consider the use and implementation of various tax planning ideas and structures, including ideas and structures suggested by provisions of the recently enacted Tax Cuts and Jobs Act that may be of benefit to the family business and the family.' --Ronald A. Levitt, Attorney at LawTable of ContentsContents: 1. The Many Roles of the Family Business Adviser 2. Understanding Family Business 3. Family Issues in Family Business Operations 4. Dealing with Power Struggles and Protecting Minority Shareholders 5. Creative Compensation Techniques for Family Businesses 6. Creative Retirement Planning for Family Business Owners and Their Families 7. Solving Problems in Succession Planning for Family Businesses 8. Creative Estate Planning Techniques for Business Owners and Their Families 9. Special Problems in Implementing Intra-Family Transfers 10. Creative Techniques to Provide Estate Liquidity 11. Valuation Techniques and Strategies to Minimize Taxes on Family Businesses 12. Creative Life Insurance Planning for Family Businesses 13. Financing Problems and Issues 14. Income Tax Planning Opportunities for Family Businesses and Owners 15. Negotiating the Tax Code’s Related-Party Rules 16. Comprehensive Case Study Index

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Book SynopsisLegitimized by the arguments of efficiency gains, public housing, pensions, unemployment insurance and health care are all being gradually privatized. In many countries, even the state's 'night-watchmen' role of providing security is offered by private prisons and security guards. In the face of these and other developments, this book argues that on the basis of efficiency, morality and equality there is still an overwhelming need for public intervention - the res publica. Public or Private Goods? brings together leading scholars from various disciplines including economics, sociology, political science, geography and spatial planning. The book explores core public tasks that the state has traditionally provided but which are increasingly privatized and subsumed into the private sector. For example, although the state still funds and regulates core domains, it provides fewer and fewer visible goods. The authors show how this apparent invisibility of the state presents serious challenges for both income equality and democracy. This thoughtful interdisciplinary book will appeal to advanced students and academics in political science, public sector economics and public finance. It will also provide stimulating reading for politicians, policymakers and anyone interested in the provision of public services.Contributors include: F. Blank, G. Bonvissuto, J. Ferwerda, M. Getzner, G. Gutheil-Knopp-Kirchwald, J. Kadi, T. Knijn, I. Koetsier, J. Lewis, B. Unger, D. van der Linde, K. van Egmond, F. van WaardenTrade Review‘The editors have gathered an impressive multidisciplinary team of authors, which mirrors Egons Matzner's socio-economic and interdisciplinary approach to public finance: The authors are academics from economics, sociology, political science, geography and spatial planning. . . The contributions in this book form an indispensable starting point for all those who want to deal with questions of public goods and the common good in a fundamental and modern non-neoclassical way.' -- European Journal of Economics and Economic Policies: InterventionTable of ContentsContents: Foreword 1. Introduction Brigitte Unger, Loek Groot and Daan van der Linde 2. Value Based Demarcation Between the Public and the Private Domain Klaas van Egmond Part I Traditional Core Tasks of the State: Security 3. The Fight against Money Laundering: A Public Task? Joras Ferwerda 4. Natural Disasters and (Future) Government Debt Ian Koetsier Part II New Core Tasks: Social Security 5. The Advantages and Disadvantages of Different Pension System Designs Ian Koetsier 6. Pension Provision: (Still) a Public Task? Florian Blank 7. Protection Against Unemployment – A Res Publica? Brigitte Unger 8. More Health Care or More Beer? A Curious Paradox of Making Some Economic Tasks a Res Publica Frans van Waarden 9. ECEC: Childcare Markets in the Netherlands and England Trudie Knijn and Jane Lewis Part III Public Goods 10. Housing Policy and Spatial Inequality: Recent Insights from Vienna and Amsterdam Gerlinde Gutheil-Knopp-Kirchwald and Justin Kadi 11. Funding of Protected Areas: A Purely Public Task? Grazia Withalm 12. The Role of Governments in Conserving and Funding Cultural Institutions Michael Getzner 13. Income Distribution as a Public Task: The Redistributive Preferences of (Mis)informed Voters Daan van der Linde 14. Conclusions Brigitte Unger, Michael Getzner and Daan van der Linde Index

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Book SynopsisThe concepts of innovation and export are traditionally considered in isolation, both within companies and within the support organizations dedicated to them. As a result, within this broad research field, very little academic work has focused on how to implement their relationship at an operational level. This book proposes a joint diagnostic tool for SMEs, highlighting good practices to be mastered in order to simultaneously improve innovation and export performance, in the form of a virtuous circle. Innovation and Export focuses on the integration of innovation and export into the strategic management of SMEs, for which the use of synergies is a powerful lever to overcome any difficulties in mobilizing significant resources.Table of ContentsAcknowledgments ix Introduction xi Part 1 The Relationship between Innovation and Export in SMEs 1 Chapter 1 The Innovation–Export Relationship: A Complex Vision 3 1.1 The innovation–export link: a controversial debate 4 1.1.1 In the industrial world: a compartmentalized vision 4 1.1.2 In the academic world: a causalist vision questioned 8 1.2 Towards a paradigm shift 16 1.2.1 Moving from analytical thinking to complex thinking 16 1.2.2 Theoretical framework: articulation of mobilized theories 21 1.2.3 The application of the complexity paradigm to SME innovation and export activities 30 Chapter 2 Joint Innovation–Export Best Practices 37 2.1 The construction of a theoretical frame of reference 37 2.1.1. Identifying innovation practices: the potential innovation index (PII) 38 2.1.2 Identification of export practices 41 2.1.3 Towards a joint reference system 44 2.2 What about the field? 55 2.2.1 Presentation of the consulted companies and method 57 2.2.2 Highlighting synergies 59 2.2.3 Discussions 65 Part 2 PE2I, or How to Model Synergies 67 Chapter 3 Design of a Joint Diagnosis Dedicated to SMEs: The PE2I 69 3.1 The methodological framework 69 3.1.1 The methodological background 70 3.1.2 The methodological tools used 72 3.1.3 PII and PEI as a basis for development 74 3.2 The construction of the PE2I 78 3.2.1 Step 1: create a maturity profile 78 3.2.2 Step 2: weighting and characterization of the evaluation model using multi-criteria analysis tools 80 3.2.3 Step 3: identify customized improvement paths 84 Chapter 4. Implementation of the PE2I: Test with French SMEs .. 87 4.1 Experimental panel and methodology 87 4.1.1 Presentation of the panel 88 4.1.2 The conduct of the interviews 89 4.2 Presentation of results and observations 91 4.2.1 Case 1: company 1 91 4.2.2 Case 2: company 2 96 4.2.3 Case 3: company 3 99 4.2.4 Case 4: company 4 103 4.2.5 Case 5: company 5 106 4.2.6 Case 6: company 6 110 4.3 Assessment 113 Chapter 5 Feedback on the PE2I Tool 115 5.1 The advantages and limitations of the PE2I tool 115 5.1.1 A customizable pedagogical representation tool 115 5.1.2 Operational difficulties 117 5.2 Prospects for improvement 120 5.2.1 Operationalizing the evaluation: reconciling the constraints of the field 121 5.2.2 Contextualization of the recommendation system: taking into account differentiating factors 123 5.2.3 Proposing evidence-based recommendations: an operational action plan to promote synergies 126 Conclusion 129 References 141

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Book Synopsis'While market activity and political activity are often analyzed independently of each other, Wagner demonstrates their interdependence. His novel analysis shows that politics has a level of complexity well beyond the way it is typically depicted in the social sciences, and shows that political activity has more in common with market activity than is commonly recognized. The book offers a wide range of insights and pushes readers to take a more nuanced view of politics.'- Randall G. Holcombe, Florida State University, USEconomists typically treat government as something outside the business realm, a sort of 'Lord of the Manor'. Richard Wagner argues that this is the wrong approach and can ultimately be destructive to capitalism and to society.Modern governments are a peculiar form of business enterprise. They face the same problems as regular businesses, such as ascertaining demand and organizing production, and act within the system in a way that can lead to a parasitical relationship with the market. Largely rooted in political economy, this book develops new theoretical ideas and formulations to explain why democracy is a difficult form of government to maintain. The author explores how and why limited governments can morph into a system of destructive politics, and looks at ways to escape this process.This dynamic book will be useful for public choice scholars, economists, political scientists, and lawyers who are interested in political economy in its various guises.Trade Review'There is more to the theory of entangled political economy than just noting superficial similarities to, say, particle physics. In this, I believe, the author has succeeded. He has devised an intriguing theoretical framework and applied it to interesting issues in public choice and public finance, and I am comfortable recommending it to all scholars working on these topics, broadly conceived.' --Alexander William Salter, Public Choice'Wagner sees a complex web of interrelations ("entanglements") between the public and private spheres of human action in which neither set of actors operates independently of the other. Combining insights from Austrian economics, such as the impossibility of economic calculation in the absence of explicit price and profit signals, the methodological individualism of public choice scholars and an analytical approach that rejects partial equilibrium models in favor of ''systems thinking'' about markets and governments, Politics as a Peculiar Business ranges widely to ask and answer important questions about the foundations of a free society, including how to undo the "Faustian bargain" between citizens and an overweening state.' --William F. Shughart II, Utah State University, US'Political competition, like market competition, is a discovery process. But politics involves many people paying different costs to settle on one outcome, where markets involve many people responding in different ways to a single market price. As Wagner points out in this lively book, the two processes are ''entangled,'' so analyses that separate politics and markets mislead. Worse, politics have ensnared markets, as mechanisms created to protect economic liberty increasingly promote political control instead. Politics in the US is a business, a peculiar business. And Wagner's book is a profound step toward understanding the reasons, and implications, of this fact.' --Michael C. Munger, Duke University, USTable of ContentsContents: 1. Public Choice and the Virginia Tradition of Political Economy 2. Alternative Paths for a Theory of Political Economy 3. Systems Theory and Parts-to-whole Relationships 4. The Logic of Economizing Action: Universal Form and Particular Practice 5. Reason, Sentiment, and Electoral Competition 6. Parasitical Political Calculation 7. Societal Tectonics and the Art of the Deal 8. Moral Imagination and Constitutional Arrangement Index

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Book SynopsisThis book analyzes how financial liberalization affected the development of the financial crisis in Europe, with particular attention given to the ways in which power asymmetries within Western Europe facilitated financial liberalization and distributed the costs and gains from it. The author combines institutional narrative analysis with empirical surveys and econometrics, as well as country-level studies of financial liberalization and its consequences before and after the 2008 Global Financial Crisis.Author Nina Eichacker charts institutional liberalization and privatization of European finance from the 1960s onward and presents a survey of descriptive statistics that show how different financial stability, financial flow and macroeconomic variables have changed in Western Europe since the early 1980s, generally increasing financial and economic instability. It also demonstrates the change in securitization, and European banks' tendencies to hold securitized assets on their balance sheets. It creates a framework for understanding the power dynamics between national, industrial, and class interests in Western Europe that promoted secular financial liberalization as well as the institutional design of the EMU that mandated financial liberalization. Finally, it examines the process of financial liberalization in detail in three states, Iceland, Ireland, and Germany. Students and researchers interested in financial liberalization and financial crises as well as policymakers will find the analyses in this book invaluable.Table of ContentsContents: 1. Introduction 2. European Financial Liberalization Since WWII 3. Empirical Trends in European Finance 4. Financial Liberalization and the Onset of Financial Crisis in Western Europe Between 1983 and 2011 5. A Political Economy of European Financial Integration 6. German Financialization, the Global Financial Crisis, and the Eurozone Crisis 7. Icelandic and Irish Financial Liberalization, Crisis, and Aftermath 8. Conclusion Bibliography Index

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Book SynopsisAs experience with decentralization has accumulated, perceptions of both the problems that often accompany decentralization and the best ways to deal with them have evolved. This book draws on experiences in developing countries to bridge the gap between the conventional textbook treatment of fiscal decentralization and the actual practice of subnational government finance. The extensive literature about the theory and practice is surveyed, and longstanding problems and new questions are addressed. There is no simple or single way to get decentralization right. To be successful, scholars of fiscal decentralization must pay close attention to the unique political, economic, and institutional context and objectives in each country. The authors focus on the key choices that must be made in decentralizing, on how economic and political factors shape the choices that countries make, and on how, by paying more attention to the need for a more comprehensive approach and the critical connections between different components of decentralization reform, everyone involved might get more for their money.Bahl and Bird have created a valuable resource for scholars, students, and practitioners from economics, public administration and management, planning, policy analysis, and political science.Trade Review‘. . .Bahl and Bird’s book is worth reading from cover to cover, but it can also serve as a reference point for some of the contentious issues in fiscal decentralisation.’ -- Local Government StudiesTable of ContentsContents: Preface Part I Why Decentralization Matters 1. Fiscal Decentralization 101 2. Has Decentralization Worked? Part II Decentralizing Expenditure 3. Expenditure Assignment and Management 4. Decentralizing and Financing Infrastructure Part III Financing Local Government: The Key to the Puzzle 5. Financing Local and Regional Government 6. Taxing Land and Property 7. Intergovernmental Transfers Part IV Summing Up 8. Financing Metropolitan Areas 9. Giving Decentralization a Chance References Index

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Book SynopsisSustainable and inclusive growth in emerging Asian economies requires high levels of public investment in areas such as infrastructure, education, health, and social services. The increasing complexity and regional diversity of these investment needs, together with the trend of democratization, has led to fiscal decentralization being implemented in many Asian economies. This book takes stock of some major issues regarding fiscal decentralization, including expenditure and revenue assignments, transfer programs, and the sustainability of local government finances, and develops important findings and policy recommendations. The book's expert contributors assess the current state of the allocation of expenditures and revenues between central and local governments in emerging Asian economies, and discuss their major strengths and weaknesses. They also present relevant case studies of experiences and reform measures related to strengthening and monitoring local government finance, including the implications of expanded fiscal capacity for infrastructure investment and other public spending. Covering the major Asian economies of the People's Republic of China, India, Indonesia, and Japan, among others, the book focuses on the economic incentives of transfer schemes, how intergovernmental fiscal equalization works, and how subnational government borrowing regulations could influence debt dynamics and the fiscal deficits of local governments. This book's insightful analysis will be essential reading for policymakers in Asian economies, and academics and researchers in the areas of economic development, public finance, and fiscal policy as well as development aid officials, multilateral banks, and NGOs.Contributors include: S. Barrios, S.-i. Bessho, P. Chakraborty, P. Das, Z. Fan, R.K. Goel, S. Li, D. Martínez-López, J. Martinez-Vazquez, P.J. Morgan, A. Nasution, J.W. Saunoris, P. Smoke, L.Q. Trinh, V. Vulovic, G. Wan, N. Yoshino, Q. ZhangTrade Review'This book is characterized by a strong team of authors including international consultants with in-depth experience in the area and regional experts. The combined first two chapters nicely summarize conceptual issues, present key regional facts, and raise issues worthy of further analysis. Of particular interest, in my opinion, is the trifecta of chapters in Part II on the Mechanisms for Promoting Fiscal Sustainability at the Local Government Level that cover much more than Asia. Finally, five countries are examined in some depth. Overall a worthwhile read for anyone interested in decentralization.' --Francois Vaillancourt, Universite de Montreal, CanadaTable of ContentsContents: Preface Part I Frameworks for Central–Local Government Relations 1. Frameworks for central–local government relations and fiscal sustainability Peter J. Morgan and Long Q. Trinh 2. Looking beyond conventional intergovernmental fiscal frameworks: principles, realities, and neglected issues Paul Smoke Part II Mechanisms for Promoting Fiscal Sustainability at the Local Government Level 3. Federalism, fiscal space, and public investment spending: do fiscal rules impose hard budget constraints? Pinaki Chakraborty 4. Fiscal equalization schemes and subcentral government borrowing Salvador Barrios and Diego Martínez-López 5. How well do subnational borrowing regulations work? Jorge Martinez-Vazquez and Violeta Vulovic Part III Country Studies of Central–Local Government Relations 6. The fiscal risk of local government revenue in the People’s Republic of China Ziying Fan and Guanghua Wan 7. Key issues of central and local government finance in the People’s Republic of China Qichun Zhang and Shufang Li 8. Government decentralization program in Indonesia Anwar Nasution 9. Case study of central and local government finance in Japan Shun-ichiro Bessho 10. Fiscal decentralization and local budget deficits in Viet Nam: an empirical analysis Peter J. Morgan and Long Q. Trinh Part IV Behavioral Implications of Central–Local Government Relations 11. Debt dynamics, fiscal deficit, and stability in government borrowing in India: a dynamic panel analysis Panchanan Das 12. Forms of government decentralization and institutional quality: evidence from a large sample of nations Rajeev K. Goel and James W. Saunoris Index

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Book SynopsisOver the past few decades, economists have witnessed with growing uneasiness their failure to explain the ballooning of public debt in most countries. Using methodological individualism and micro-economics, this book overcomes flaws inherent in the standard macro approach, according to which governments manipulate public debt to promote systemic stability. This unique analysis is grounded in the writings of Antonio de Viti de Marco, injecting current analytical contributions and formulations into the framework to offer a forthright insight into public debt and political economy. Public Debt provides an alternative orientation that explains why concepts of public debt that are relevant for authoritarian regimes are not relevant for democratic regimes. It examines public debt in cooperative and monopolistic democracies as well as the corrupting quality of public debt in democracy. Including topics such as macro guidance within a Machiavellian approach, public debt as systemic lying and as a shell game, economy as an ecology vs. economy as an engine, individual vs. group action and cooperative state as ideal type, this book is a unique and refreshing approach to the material. This comprehensive and cohesive sourcebook will serve as a critical resource for academics interested in public debt and political economy.Trade Review‘Edward Elgar is publishing high quality research volumes on the nature and value of public debt including this worthy contribution written by Giuseppe Eusepi and Richard Wagner.’ -- Stefano Solari, History of Economic Though & PolicyTable of ContentsContents: 1. Macroeconomics, fiscal policy, and public debt: conflating myth and reality 2. Political economy and the supply of macro guidance 3. Engines, ecologies, and economic systems 4. Budgeting and public debt within a system of cooperative democracy 5. Public debt within systems of monopolistic democracy 6. “Monstrous moral hybrids” and the corrupting quality of public debt Index

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Book SynopsisNetwork industries such as electricity, gas, rail, local public transport, telecommunications and postal services are recognised by the EU as crucial for fostering European social and territorial cohesion. Providing an overview of key policy reforms in these industries and an empirical evaluation, this thought-provoking book offers a critical perspective on the functioning of the networks that provide vital services to EU citizens. Key features include: analysis of policy reforms and their effects on the welfare of citizens as users an innovative focus on the neglected topic of the role of state-owned or state-invested enterprises assessment of changes in policy framework reform from the consumer's point of view a comparative country analysis evaluation of cross-cutting issues related to reform including privatisation, unbundling, performance and impact. The Reform of Network Industries will appeal to academic researchers in the fields of industrial economics, policy and regulation and the economics of European integration, as well as students of business and law. Policymakers, regulators and public administrators will also find this book a stimulating read.Contributors include: P. Bance, R. Cardinale, P. Castelnovo, A. Chassy, S. Clo, A. Cosic, L. Diestelmeier, J. Doleschel, S. Drufuca, G. Esposito, M. Florio, S. Grönblom, R. Hirsch, T. Holvad, T. Kaloud, M. Lampropoulou, A. Maxim, A. Negrelli, T.A. Nguyen, N. Rosetto, A. Roukouni, R.P. Sanchez, S. Thomas, J. Urban-Kozlowska, J. WillnerTrade Review'It is high time a cross-country, multi-sector analysis of the effects of privatization, regulation and liberalization across the EU was performed, with not just costs, efficiency and performance in mind, but also, welfare, affordability, quality and other impacts on citizens. Finally, all these questions have been brought together in this excellent volume edited by Massimo Florio.' --Judith Clifton, University of Cantabria, Spain'A book on the reform of network industries is long overdue. This edited volume makes a significant contribution to our understanding of the chain reaction of consequences following such reforms. Massimo Florio continues his impressive work in applied and public economics and has assembled a first class team of authors to research this timely topic. The volume offers an enlightening perspective at the proper level of analysis. The suggested framework allows for a careful and nuanced interpretation of the various cases presented.' --Luc Bernier, University of Ottawa, CanadaTable of ContentsContents: Preface PART I: Cross-Cutting Policy Issues 1. The empirical evaluation of regulatory policy reforms in network industries: some methodological issues Massimo Florio 2. Public and private enterprises, costs and welfare performance: an overview with suggestions for further research Johan Willner and Sonja Grönblom 3. Market reforms, governance and performance: lessons learned from the experience in the EU energy industries Steve Thomas and Stefano Clò 4. Market structure and state involvement: passenger railways in Europe Torben Holvad 5. Ownership and Firm Performance: Empirical Evidence from the European Telecommunications Industry (2006-14) Paolo Castelnovo 6. National public missions, diversity of operators and competition: Postal services in the European Union Philippe Bance PART II: Empirical Evaluations 7. Does Public Ownership provide affordable and reliable electricity to household customers? Case studies of electricity sector reforms in the UK, France, Germany and Italy Ajla Cosic, Lea Diestelmeier, Alexandru Maxim, Tue Anh Nguyen and Nicolò Rossetto 8. Telecommunications policies in Europe: past, present, future and impact on citizens Serena Marianna Drufuca, Regina Maria Hirsch, Manto Lampropoulou and Rogelio Pesqueira Sánchez 9. The changing nature of railways in Europe: empirical evidence on prices, investments and quality Giovanni Esposito, Julia Doleschel, Tobias Kaloud and Jadwiga Urban-Kozlowska 10. Local Public Transport Services: the efficiency of public enterprises competing with the private sector in the EU member States Annalisa Negrelli, Anastasia Roukouni and Angélique Chassy 11. The European gas sector: political-economy implications of the transition from state-owned to mixed-owned enterprises Roberto Cardinale Index

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Book SynopsisThis book's eminent editors and contributing authors provide an accessible and engaging account of the 'new' politics of corporate taxation, highlighting the complex and multidimensional strategies used by activists to influence public opinion, formal regulation and corporate behaviour. While campaigning is successful at exposing tax avoidance, it presents significant governance challenges. As this book reveals, the battle to establish fair and sustainable corporate tax regimes has only just begun.Chapters offer readers a timely assessment of the emerging role of new tax justice NGOs, the media and whistleblowers, as well as new governance strategies and policies targeting multinational corporations. Through the lens of political science, the authors show how civil society organisations shape the agenda of tax practices of the world's largest and most powerful corporations, including examples such as Apple and Google. A detailed evaluation is given of new private governance initiatives in the international tax arena and their relationship with traditional forms of regulation. Looking closely at the wider significance of the debate in contemporary global governance, academics and graduates in the fields of international political economy, global governance, development studies and taxation will find this book a timely and thought-provoking read.Contributors: A. Christians, R. Eccleston, A. Elbra, F. Gale, L. Johnson, A. Kellow, L. Latulippe, J. Mikler, H. Murphy-Gregory, T. Porter, K. Ronit, L. Seabrooke, L. Smith, J. Van Alstine, D. Wigan, R. WoodwardTrade Review'Multinational tax evasion entrenches economic inequality and deepens social divisions. This timely book provides the definitive contribution to understanding the challenges of the current corporate tax debate and presents a roadmap towards global tax reform that strengthens domestic economies, promotes social justice and fosters international economic development.' --Hon. Wayne Swan MP, Former Treasurer and Deputy Prime Minister of AustraliaTable of ContentsContents: Introduction: Business, Civil Society and the Politics of Corporate Tax Justice: Paying their Fair Share? Ainsley Elbra and Richard Eccleston Part I 1. The Evolution of the International Corporate Tax Regime, 1920-2008 Richard Woodward 2. BEPS and the New Politics of Corporate Tax Justice Richard Eccleston 3. Activism and the ‘New’ Politics of tax Justice Ainsley Elbra Part II 4. Tax Justice Activists in Global Wealth Chains Leonard Seabrooke and Duncan Wigan 5. Private Regulatory Approaches and International Tax Policy Aynsley Kellow 6. Large Accounting Firms and Tax Planning in a ‘Fair Tax’ Era Lynn Latulippe 7. Paying a ‘Fair Share’: Multinational Corporations’ Perspectives on Taxation John Mikler and Ainsley Elbra Part III 8. The Role of Private Actors in the International Tax Policy Process: Towards a Conceptual Framework Tony Porter and Karsten Ronit 9. The EITI and Fair Taxation: Exploring the Linkages James Van Alstine and Laura Smith 10. Tax Justice as Social License: The Fair Tax Mark Allison Christians 11. The Legitimacy of Private Standards: Lessons from Fair Trade and Forestry for International Tax Governance Fred Gale and Hannah Murphy-Gregory 12. Whistleblowing and Investigative Journalism: Reputational Damage and the Private Governance of Aggressive Tax Planning Lachlan Johnson Conclusion: Business, Civil Society and the Politics of Corporate Tax Justice: Paying their Fair Share? Richard Eccleston and Ainsley Elbra Index

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Book SynopsisThis groundbreaking book analyzes how the ecology of taxation is fundamental for the success or failure of tax systems. It specifically focuses on the role of the ecological environment on taxation; the factors that determine the ecology of taxation; and how the ecology of taxation has changed and may continue to evolve. Income taxes operate well in highly industrialized countries, characterized by large enterprises, modern accounting, thousands of workers and tangible products. There are great difficulties, however, when they operate in countries with higher levels of informality. Vito Tanzi addresses this effect and the influence of economic structure; the income distribution; globalization; technology; and various other main elements that determine the ecology of taxation. The implicit, important conclusion is that there are no permanent or universal optimal tax theories: all theories are related to this ecology. Students of taxation from various fields and economists interested in taxation and public finance will appreciate this book's new perspective on success and failure of taxes and tax systems. It will also serve as a useful resource for tax historians, policy experts, teachers, and tax theorists.Trade Review‘A very useful collection of works on a novel approach to thinking about modern taxation. It could readily be used as a resource for teachers of taxation, economics, public finance or economic history.’ -- Emily Millane, Economic Society of AustraliaTable of ContentsContents: Preface 1. Factors that influence tax systems 2. Industrialization, Globalization and Taxation 3. Complexity in Taxation 4. The Supply-side Revolution and challenges in taxing the Rich 5. Globalization and the Taxation of the Rich 6. Role of Taxation in Fiscal Imbalances before the Financial Crisis 7. Taxation and Equitable Economic Development 8. Why Developing Countries have Low Tax Levels 9. Tax Reform in Latin America: a Long-term Assessment 10. Enhancing the Fiscal Capacity of Developing Countries 11. Options for Revenue-Sharing Arrangements in Federations 12. Summing Up Index

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Book SynopsisThis book presents a general theory of the economics of prosperity. Drawing upon both historic and contemporary Austrian economic thinking, it looks beyond merely identifying various isolated causes of economic growth and development to describe and explain the process of economic progress. It brings together various economic principles related to production, exchange, the market division of labor, capital, technology, entrepreneurship, and economic calculation, and a further understanding of how different institutional settings and specific policies all affect the process of economic progress. It also provides a helpful critique of modern growth theory.The author argues that economic prosperity is not monocausal. It is the happy consequence of a highly developed division of labor, taking advantage of an expanding capital structure, embodied in technically advanced capital goods, all wisely invested by entrepreneurs. All these sources of prosperity require the social institutions of private property and sound money to function well together, facilitating economic progress and human civilization.The Economics of Prosperity provides a comprehensive explanation of the myriad of factors influencing economic growth and development for scholars, policy makers and economists.Trade Review‘The Economics of Prosperity marvellously shows the way in which the main concepts of Austrian economics are connected with one another, and readers of the book will get a good sense of the power of Austrian causal-realist analysis.’> -- David Gordon, Quarterly Journal of Austrian Economics‘A brilliant synthesis of Austrian theories of markets, capital, entrepreneurship, and institutions along with an insightful critique of modern growth theory. Ritenour shows how economic development results, not from the deus ex machina of exogenous technological innovation, but from gradual improvements in productivity driven by savings, capital accumulation, and an increased division of labor. He rightly emphasizes private property, sound money, and free markets as necessary preconditions for a healthy and prosperous economy and society. Highly recommended!’ -- Peter G. Klein, Baylor University, Director, John F. Baugh Center for Entrepreneurship and Free Enterprise, US‘The Economics of Prosperity is a very important and most notable book that, based on the concept and implications of the entrepreneurially driven dynamic efficiency, opens a truly new era in the field of development economics. The book is very well written and extremely clear and should be read not only by every student of economics but also by everyone interested in how to fight poverty in the 21st century.’ -- Jesús Huerta de Soto, King Juan Carlos University, Madrid‘Professor Ritenour explains why a prosperous and growing economy requires an institutional and cultural framework that encourages entrepreneurship. Economists often emphasize investment and technological developments, insufficiently recognizing the importance of the creative activity of entrepreneurs. Ritenour clearly describes the ingredients that are necessary to produce prosperity.’ -- Randall G. Holcombe, Florida State University, USTable of ContentsContents: Introduction to The Economics of Prosperity 1. Human action and the economic order 2. The market division of labor 3. Capital 4. Technology 5. Entrepreneurship 6. Modern growth theory 7. Market institutions 8. Development policy 9. Coda: The conclusion of the matter Works cited Index

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Book SynopsisThe original essays in this book connect the microeconomic and macroeconomic approaches to public debt. Through their thought-provoking views, leading scholars offer insights into the incentives that individuals and governments may have in resorting to public debt, thereby promoting a clearer understanding of its economic consequences. The authors explore public debt along two distinct but complementary analytical paths. One path concerns microeconomic aspects of public debt as it emerges through budgetary processes where individuals respond to the costs and gains of different courses of action. The other concerns the systemic properties of rational individual acting within a democratic system of political economy. Within this scheme of thought, the two levels of analysis are integrated by recognition that efforts to control macro-level outcomes must address the micro-level circumstances and conditions that promote public debt as systemic budgetary outcomes. Scholars and students, as well as policy makers in public debt and political economy, will find this critical resource invaluable to understanding this vital issue.Contributors include: A. Alupoaiei, F. Balassone, G. Brennan, S. Cecchetti, M. Cecioni, M. Cioffi, W. Cornacchia, F. Corneli, F. Dragu, G. Eusepi, E. Longobardi, K. Mause, F. Neagu, A. Pedone, A. Rieck, L. Schuknecht, G. Semeraro, L. Voinea, R.E. WagnerTable of ContentsContents: Preface PART I PUBLIC DEBT AND INDIVIDUAL RATIONALITY 1. De Viti de Marco vs. Ricardo on Public Debt: Self-Extinction or Default? Giuseppe Eusepi and Richard E. Wagner 2. Governing the Market for Sovereign Bailouts Karsten Mause 3. Political Obligations: Is Debt Special? Geoffrey Brennan 4. Debt Default and the Limits of the Contractual Imagination: Pareto and Mosca Meet Buchanan Richard E. Wagner PART II MACRO CONSEQUENCES AND IMPLICATIONS OF PUBLIC DEBT 5. Political economy of government solvency - the institutional framework for stability and sustainability Andrea Rieck and Ludger Schuknecht 6. On Some Recent Proposals of Public Debt Restructuring in the Eurozone Ernesto Longobardi and Antonio Pedone 7. Economic governance in the euro area: balancing risk reduction and risk sharing Fabrizio Balassone, Sara Cecchetti, Martina Cecioni, Marika Cioffi, Wanda Cornacchia, Flavia Corneli and Gabriele Semeraro 8. Adjustments in the balance sheets – is it normal, this “new normal”? Liviu Voinea, Alexie Alupoaiei, Florin Dragu and Florian Neagu Index

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Book SynopsisBusinesses, philanthropies and non-profit entities are increasingly successful in capturing public funds to support private provision of schooling in developed and developing countries. Coupled with market-based reforms that include weak regulation, control over workforces, standardization of processes and economies of scale, private provision of schooling is often seen to be convenient for both public authorities and businesses. This book examines how the public subsidization of these forms of private education affects quality, equality and the realization of human rights.With original research from leading experts, The State, Business and Education sheds light on the privatization of education in fragile circumstances. It illustrates the ways in which private actors have expanded their involvement in education as a business, and shows the influence of policy borrowing on the spread of for-profit education. Case studies from Argentina, Bangladesh, Brazil, China, India and Syrian refugee camps illustrate the ways in which private actors have expanded their involvement in education as a business.This book will be of interest not only to academics and students of international and comparative education, but also to education development professionals in both the private and public sectors, with its empirical assessment of case studies, and careful consideration of the lessons to be learned from each.Contributors include: M. Avelar, J. Barkan, M. de Koning, A. Draxler, C. Fontdevila, S. Kamat, F. Menashy, M.C. Moschetti, E. Richardson, B. Schulte, C.A. Spreen, G. Steiner-Khamsi, A. Verger, Z. Zakharia, A. ZancajoTable of ContentsContents: 1. Introduction Gita Steiner-Khamsi and Alexandra Draxler 2. Experimenting with educational development: International actors and the promotion of private schooling in vulnerable contexts Antoni Verger, Adrián Zancajo and Clara Fontdevila 3. Advocacy as core business: new philanthropy strategies in Brazilian education policy-making Marina Avelar 4. Private participation in the education of Syrian refugees: Understanding the roles of businesses and foundations Zeena Zakharia and Francine Menashy 5. Allies and competitors: Private schools and the state in China Barbara Schulte 6. Unfair competition: Exploring state-funded low-fee private schools’ logics of action in Buenos Aires Mauro C. Moschetti 7. From billionaires to the bottom billion: who’s making education policy for the poor in emerging economies? Carole Anne Spreen and Sangeeta Kamat 8. From low-cost to low-fee: BRAC’s transition to a for-profit private school model in Bangladesh Emily Richardson 9. Death by a Thousand Cuts: Privatizing Public Education in the USA Joanne Barkan 10. Public-private partnerships in education assessed through the lens of human rights Mireille de Koning Index

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Book SynopsisThe budget has been among the most pressing topics facing Brussels throughout the history of the EU. Features and Challenges of the EU Budget proposes a timely analysis of the most pertinent issues surrounding the EU budget with a multidisciplinary approach that includes historical, political, legal and economic interpretations.This thought provoking book considers the history of the EU budget and the European integration process, offering insight into the broader political implications of the budget for both Member State governments and for their citizens. Features and Challenges of the EU Budget also explores the legal and economic repercussions of the EU budget, examines the framework that controls it, and interrogates the budget's effects on European growth and competitiveness alongside its significance to the structural balances of Member States. At a time of uncertainty for the EU, this book provides a critical investigation of how political factors will affect the future of the EU budget. Featuring the unique contributions of academics from a range of disciplinary backgrounds, this insightful work will be of great interest to scholars and students investigating the politics, structure and economics of the EU. This book will also be useful to institutions offering courses or programmes concerning the EU and its budget. Contributors include: P. Becker, A. Isoni, R. Kaiser, M. Kölling, K. Mause, E. Perreau, M. Pierri, M. Schratzenstaller, M. Scotto, U. Villani-Lubelli, L. ZampariniTrade Review‘The book presents a consistent analysis, characterised by a step-by-step approach, as the various chapters unfold, while their contents have a truly noteworthy substantive consistency. The approach of successive stages of analysis adopted allows readers to locate the main points addressed not only with regard to their substance, but also with regard to their position in the overall examination of the EU Budget as a unique institutional, political, economic, even social instrument of the Union.’ -- Dimitrios V. Skiada, South-Eastern Europe Journal of EconomicsTable of ContentsContents: 1. Introduction Luca Zamparini and Ubaldo Villani-Lubelli Part I Historical and Political Profiles 2. The EU budget and the European integration process: a historical analysis Ubaldo Villani-Lubelli 3. The EU budget between bargaining tool and policy instrument Mario Kölling 4. “No representation without taxation”. For an history of the budgetary control in the European Union Alessandro Isoni 5. Citizens’ Attitudes towards the EU Budget: An Overview Karsten Mause 6. The Multi-Annual Financial Framework: reforms and path-dependent development of the EU budget Robert Kaiser 7. Towards a closer Intergovernmental Union? The political implications of the 2021-2027 MFF negotiations Matteo Scotto Part II Legal and Economic Profiles 8. The EU budget and the MFF between flexibility and unity Peter Becker 9. The European framework for monitoring and control of the EU budget Elsa Perreau 10. Growth, competitiveness and the EU budget Luca Zamparini 11. The relevance of the EU budget for the structural balances of Member States Maurizia Pierri 12. Brexit and the EU budget Margit Schratzenstaller 13. Conclusions Ubaldo Villani-Lubelli and Luca Zamparini Index

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Book SynopsisScholars and practitioners have long hailed fiscal federalism as a critical tool for improving government services, but it has not always lived up to its promise when applied in specific countries. This book offers both an explanation for such mixed effects and a roadmap for better outcomes in the future. It argues that the benefits of fiscal federalism are contingent on a particular confluence of political institutions, namely democratic decentralization and political party integration. With this in mind, the authors emphasize the importance of striking a ''fine balance'' between the accountability benefits delivered by empowered local governments and the national coordination necessary for good policy outcomes. Such a balance can be achieved, they contend, when integrated party structures compensate for the potential downsides of a decentralized state. The book formalizes this argument for a variety of electoral democracies and, using new data on subnational political institutions, tests it with models of education, health, and infrastructure service delivery in 135 countries across 30 years. It also presents comparative case studies of Senegal and Nigeria. Academic economists and political scientists will value the book for its contribution to the literature on fiscal federalism and political decentralization, and development practitioners will benefit from its practical solutions to the problems of local governance.Trade Review'In early work on federalism, economists and political scientists had rather distinct concerns and approaches. Second-generation theory then offered a more realistic political economy account of incentives in federal systems. This book goes further and explicitly integrates political and economic dimensions. The result is a major advance in our understanding of the political conditions that underpin decentralized service delivery.' --Joachim Wehner, London School of Economics and Political Science, UK'This volume by leading scholars, Hankla, Martinez-Vazquez and Ponce Rodríguez, makes a path breaking contribution in advancing our knowledge on decentralized governance by providing a comprehensive theoretical and empirical framework on the impact of political institutions on the provision of local public goods. The volume will hopefully re-invigorate scholarship on the third generation of fiscal federalism i.e. addressing the interaction of political institutions with fiscal and administrative institutions on equity and efficiency of public goods under decentralized governance.' --Anwar Shah, Brookings Institution, The World Bank, US and Southwestern University of Finance and Economics, China'Does fiscal decentralization really work? More to the point, under what specific conditions will decentralization actually deliver the gains that are often attributed to ''bringing government closer to the people''? It is this second and fundamental question that Charles R. Hankla, Jorge Martinez-Vazquez and Raúl Alberto Ponce Rodríguez examine in their masterly new treatise. They start with the standard Oates' ''decentralization theorem'', but they recognize the limits of this theorem in real-world political (and economic) environments. So, in a series of chapters that utilize the latest in sophisticated theoretical modeling, they extend the standard framework to incorporate considerations that reflect the key underlying realities of political institutions, especially ''democratic decentralization'' and ''party integration''. Their main conclusion is that democratic decentralization can produce the benefits predicted by Oates, but only when parties are integrated. They then test their framework in several empirical chapters, with results that largely confirm their theory. Their treatise is essential reading for anyone wanting both to understand decentralization and, more importantly, to design real-world institutions that can achieve the gains from decentralization.' --James Alm, National Tax Association and Tulane University, USTable of ContentsContents: 1. Introduction: Decentralization and Parties 2. Building the Theory: Majoritarian Electoral Systems and Party Integration 3. Building the Theory: Majoritarian Electoral Systems and Non-Integrated Parties 4. Building the Theory: Proportional Representation and Closed Party Lists 5. Building the Theory: Proportional Representation and Open Party Lists 6. Decentralization and Integrated Parties: Summarizing the Models 7. Empirically Testing the Role of Political Institutions 8. Two Comparative Case Studies: Political Parties and Local Governance in Nigeria and Senegal 9. Conclusion: A Fine Balance Bibliography Index

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Book SynopsisBased on the synthesis of a large empirical and theoretical literature on center-region relations in China and Russia, Federalism in China and Russia is one of the first attempts to integrate this literature from different disciplines into a coherent common framework. Libman and Rochlitz argue that the divergence in growth performance between Russia and China can be - at least partially - explained by a number of features of the Chinese system of center-regional relations. The authors offer a comparative analysis of the development of center-region relations in Russia and in China and explore several dimensions of these relations: fiscal ties and incentives; bureaucratic practices; flows of information; and local government practices, while addressing the determinants of divergence between both countries. They also examine how the Chinese system has recently started to change, by adopting several features of the Russian model, which might be one of the reasons for China's declining growth performance in recent years. Federalism in China and Russia should be read by scholars in public economics, political economy and comparative politics, as well as by students and policy analysts. For scholars, the book serves as a point of reference in studying the comparative evolution of the two countries. It will enrich the discussion on fiscal federalism, center-region relations and sub-national political regimes, and could potentially become an important part of syllabi in political economy, public economics and comparative politics courses. For policy analysts, the book offers a comprehensive survey of the evolution of center-periphery relations of the two countries and the differences between them, which is important to better understand the overall development of Russia and China.Trade Review'Alexander Libman and Michael Rochlitz provide an important analysis of why some Chinese regional, county, city, township and village governments have generated economic success allowing China s economy to grow at remarkable rates for more than three decades. In comparison, Russia managed significant growth only during the period of high oil prices (2000-08). With Vladimir Putin's hyper-centralization, most Russian regions have been stifled and stymied rather than supported. The authors describe how China managed to generate an institutional system supporting a successful decentralized economy, while noting that China s solution is far from perfect and its stability is not guaranteed.' --Harley Balzer, Professor Emeritus, Georgetown University, USTable of ContentsContents: 1. Introduction 2. Fiscal federalism 3. Bureaucratic incentives 4. Information, monitoring and control 5. The local state 6. Logic of divergence 7. Conclusion References Index

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Book SynopsisLarge infrastructure projects often face significant cost overruns and stakeholder fragmentation. Public-Private Partnerships (PPPs) allow governments to procure long-term infrastructure services from private providers, rather than developing, financing and managing infrastructure assets themselves. Aligning public and private interests and institutional logics to create robust, decades-long service contracts subject to shifting economic and political contexts is a significant cross-sectoral governance challenge. This work summarizes over a decade of research conducted by scholars at Stanford s Global Projects Center and multiple US and International collaborators to enhance the governance of both infrastructure projects and institutional investors, whose long term, cash flow obligations align especially well with the kinds of long term inflation-adjusted returns that PPP infrastructure projects can generate. In these pages, multiple theoretical perspectives are integrated and combined with empirical evidence to examine how experiences from more mature PPP jurisdictions can help improve PPP governance approaches worldwide. The information contained here will appeal to engineering, economics, political science, public policy and finance scholars interested in the delivery of high-quality, sustainable infrastructure services to the citizens in countries with established and emerging market economies. Officials in national, state/provincial and local government agencies seeking alternative financing and service provision strategies for their civil and social infrastructure, and legislators and their staff members interested in promoting PPP legislation will find this book invaluable. It will also be of high interest to long-term investment professionals from pension funds, sovereign funds, family offices and university endowments seeking to deploy money into the infrastructure asset class, and practitioners seeking insights into methods for enhancing stakeholder incentive alignment, reducing transaction costs and improving project outcomes in PPPs. Contributors: B.G. Cameron, G. Carollo, C.B. Casady, E.F. Crawley, K. Eriksson, W. Feng, M.J. Garvin, K.E. Gasparro, R.R. Geddes, W.J. Henisz, D.R. Lessard, R.E. Levitt, T. Liu, A.H.B. Monk, D.A. Nguyen, C. Nowacki, W.R. Scott, R. Sharma, A.J. SouthTrade Review'In conclusion, the editors of the book have collected a series of chapters that provide a valuable and contemporary look into the state of practice of PPP in the United States, it offers various interesting proposals for the improved institutional design of PPPs, and it inspires and strengthens the comparative research agenda on studying the performance and design of PPPs.' --Stefan Verweij, Public Works Management & Policy'This is the book on infrastructure development that researchers and practitioners have been waiting for. It brings together some of the world's leading scholars - several based in the Global Project Center at Stanford University - to provide a rigorous analysis and critical discussion of the challenges involved in the governance, financing and management of mature and innovative new forms of PPP transportation infrastructure projects. While the work addresses a diverse range of topics concerning the risks and opportunities for PPP provision in developing and developed countries, each chapter draws upon a shared intellectual framework and is informed by ideas and concepts from organization theory and design.' --Andrew Davies, University College London, UK'This is a remarkable contribution to the growing literature on infrastructure financing and management. Ray Levitt and his colleagues provide the fundamental conceptual building blocks for understanding how public-private partnerships can transform the market for infrastructure development. They do so with a sure feel for the theoretical issues as well as the very practical concerns that come with stitching together public, private, and community interests in infrastructure investment. Each paper is important in its own right - and the combination is unbeatable. This book will make a lasting contribution to how we understand the issues and is just as important for the emerging economic powerhouse of China and the developed economies of the West.' --Gordon Clark, Oxford University, UKTable of ContentsContents: Introduction W. Richard Scott, Raymond E. Levitt and Michael J. Garvin Part I: Public-Private Partnerships: Definitions, Myths and Institutional Challenges W. Richard Scott, Raymond E. Levitt and Michael J. Garvin 1. Public-Private Partnerships for Infrastructure Delivery Ashby H. B. Monk, Raymond E. Levitt, Michael J. Garvin, Andrew J. South, and George Carollo 2. Stakeholder Network Dynamics in Public-Private Partnerships Andrew J. South 3. Toward a Unified Theory of Project Governance: Economic, Sociological and Psychological Supports for Relational Contracting Witold J. Henisz, Raymond E. Levitt, and W. Richard Scott 4. Stakeholders, Issues, and the Shaping of Large Engineering Projects Wen Feng, Donald R. Lessard, Bruce G. Cameron, and Edward F. Crawley Part II: Governance Mechanisms in PPP Planning, Delivery, Contracting and Management Introduction to Part II Raymond E. Levitt, W. Richard Scott, and Michael J. Garvin 5. Mitigating PPP Governance Challenges: Lessons from Eastern Australia Raymond E. Levitt and Kent Eriksson 6. Contractual Risk Sharing Mechanisms in US Highway PPP Projects Duc A. Nguyen and Michael J. Garvin Part III: Leveraging Institutional Capital and Governmental Fiscal Support for PPPs to Enable the “Golden Handshake” Michael J. Garvin, W. Richard Scott, and Raymond E. Levitt 7. The Role of Institutional Investors for PPP Infrastructure Investments Ashby H. B. Monk and Rajiv Sharma 8. Framework to Assess Fiscal Support Mechanisms for Mitigating Revenue Risk in Transportation Public-Private Partnerships Ting Liu and Michael J. Garvin Part IV: Evolution of Mature PPP Institutional Fields W. Richard Scott, Raymond E. Levitt, and Michael J. Garvin 9. (Re)Assessing Public-Private Partnership Governance Challenges: An Institutional Maturity Perspective Carter B. Casady, Kent Eriksson, Raymond E. Levitt, and W. Richard Scott 10. Transportation Public-Private Partnership Market in the United States: Moving Beyond Its Current State Michael J. Garvin 11. Private Participation in US Infrastructure: The Role of Regional PPP Units Carter B. Casady and R. Richard Geddes Part V: Emerging Tools for Infrastructure Project Finance and Delivery Raymond E. Levitt, W. Richard Scott and Michael J. Garvin 12. The Financier State: Infrastructure Planning and Asset Recycling in New South Wales, Australia Caroline Nowacki 13. Community Investment and Crowdfunding as Partnership Strategies for Local Infrastructure Delivery Kate E. Gasparro Bibliography Index

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Book SynopsisThe OECD's guidance on combatting tax avoidance strategies associated with Base Erosion and Profit Sharing (BEPS) methods is complex and accompanied by a wealth of literature. This book is the first to provide a concise and accessible overview of counter BEPS measures in the OECD Model and Commentary, allowing readers to gain a practical understanding of how the measures can impact the taxation of bilateral investments protected by tax treaties. Key features include: Practical analysis of tax treaties from the perspective of the country which is the destination of foreign investment Chapters that explore specific aspects of doing business in a destination country which employs the measures set out in the OECD Model and Commentary Explanation of how BEPS treaty rules affect a range of corporate tax strategies including: permanent establishment, use of corporate vehicles and intra-group transactions Information on administrative matters associated with BEPS, focusing on dispute settlement and cooperation in enforcement. Providing a succinct and practical approach to the topic, this book will be an insightful resource for those practising in the field of international taxation as well as corporate in-house counsel. Researchers and students seeking clear information on BEPS and its real world application affecting tax treaties will also benefit from this concise guide.Trade Review'Garbarino offers his deep knowledge in international tax systems to explain the new international tax planning thresholds. Changes of tax treaty standards derived from the BEPS Project especially, those reflected in the 2017 OECD Model/Commentary offer a basis for insightful guidance from the perspective of the country of destination of the investment. Garbarino analyses the test of the permanent establishment and treaty entitlement and encompasses rules related to corporate vehicles. Investors and their tax advisors, public authorities (including tax judges) and academics will find excellent guidance for their activities in this new international tax scenario.' --Luís Eduardo Schoueri, University of São Paulo and the Brazilian Tax Law Institute, BrazilTable of ContentsContents: 1. Doing Business Through a Permanent Establishment (PE) 2. Entitlement to Tax Treaties 3. Doing Business Through Corporate Vehicles 4. Dispute Settlement and Enforcement Index

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Book SynopsisFor readers interested in an overview of what led to the adoption of the European Union’s Multiannual Financial Framework (MFF) and its aftermath, this book traces the discursive dynamics and milestones of the negotiations around the MFF and the new recovery instrument, aimed at alleviating the economic crisis caused by the Coronavirus pandemic.Covering the negotiations of the current MFF, contributions by both scholarly experts in their respective policy areas and authors close to the policy community in Brussels provide a well rounded insight into this discerning topic. Chapters explore the issues that unfolded during the negotiations of the MFF and recovery package against the backdrop of conflicts over solidarity, identity and sovereignty and thus the scope of cooperation and membership as well as institutional design and authority. EU Policymaking at a Crossroads anticipates, describes and discursively explains changes in selected policy areas, looking into the negotiations, effects and reflections surrounding them.This timely book will be a highly beneficial read for academics and students in the fields of international relations, European politics and public policy. Scholars specializing in multilevel governance of different policy areas such as sustainability, agriculture and migration will also profit from this comprehensive book.Trade Review‘Budget negotiations are often considered to be mostly rational and interest-based processes. Negotiations about the EU Multiannual Financial Framework (MFF) in particular tend to be analysed as classical domains of fierce intergovernmental bargaining between EU member states. This edited volume goes beyond the rationalist assumptions and zooms onto the “struggle over ideas”. By introducing an interpretive approach to the study of policymaking, this excellent collection makes an essential contribution to research on EU integration. With its focus on meaning as manifest in persuasion and justification, the book provides insights into the politicization and polarization encountered in different policy areas at a point in time, when the EU was, once again, considered to be “at a crossroads”.’ -- Frank Nullmeier, Bremen University, GermanyTable of ContentsContents: PART I THE NEGOTIATIONS ABOUT THE MULTIANNUAL FINANCIAL FRAMEWORK 2021–2027 AND THEIR CONTEXT 1 The EU at a crossroads. Negotiations about the Multiannual Financial Framework 2021–2027: Introduction to the book 2 Hubert Heinelt and Sybille Münch 2 The negotiations about the Multiannual Financial Framework 2021–2027: What happened when with what result? 30 Peter Becker 3 A decisive moment of governing: budgeting (in) the time of crisis 56 Marlon Barbehön 4 The Euro crisis: the battle of ideas how to address it– and its effects on European integration 75 Clément Fontan and Antoine de Cabanes PART II POLICY CHANGES 5 The CAP post-2020 reform and the EU budget process 96 Peter H. Feindt, Pascal Grohmann and Astrid Häger 6 The 2021 reform of EU cohesion policy in context of the negotiations on the Multiannual Financial Framework 123 Wolfgang Petzold 7 Sustainabilising Europe in times of crisis? The meta-policy role of the European Green Deal in the context of the COVID-19 pandemic and the negotiations on the EU’s Multiannual Financial Framework 145 Basil Bornemann 8 The Multiannual Financial Framework for 2021–2027 and the struggle over ideas about migration and border management 173 Sybille Münch 9 EU research, technological development and innovation policy 203 Matthias Weber, Peter Biegelbauer, Michael Dinges and Katja Lamprecht PART III DO WE HAVE TO RECONSIDER THEORIES OF EUROPEAN INTEGRATION? 10 Consensus politics and EU disequilibrium: the German Council Presidency 2021 and the rule of law mechanism 234 Uwe Puetter 11 What do the negotiations about the Multiannual Financial Framework 2021–2027 mean for theories of European integration? Reflections from an actor-centred constructivist perspective 252 Sabine Saurugger Index

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Book SynopsisThis comprehensive Handbook provides an insight into the main concepts and academic debates on taxation from a political science perspective. Providing a background to current debates on green taxation, taxation and inequality, taxation and gender, tax evasion and avoidance, and tax compliance, it offers potential avenues for future research.The Handbook explores the historical evolution of modern tax systems, contemporary tax politics from a comparative perspective, global tax politics from an international relations perspective, and the formation of tax policy preferences of taxpayers, voters, business associations and parties. Expert contributors analyse the foundations of the field of research and focus on key debates, including the links between colonization and taxation, international cooperation against tax evasion and avoidance, and the taxation of financial transactions.The Handbook on the Politics of Taxation will be a vital resource for academics and students of public finance and public policy. Its exploration of tax compliance and voter preferences will also be beneficial for practitioners and policymakers in these fields.Trade Review'Quite simply the best Handbook on the politics of taxation available. Comprehensive and erudite.' -- Philipp Genschel, European University Institute, Italy'This volume covers the politics of taxation in a way that few other existing studies--either single or multi-authored--can pretend to do. Hakelberg and Seelkopf have done us a great service by putting together an impressive team writing on a broad range of tax issues ranging from those deep in history to today. This Handbook is sure to be of interest to many scholars in a range of disciplines.' -- David Stasavage, New York University, USTable of ContentsContents: 1 Introduction to the Handbook on the Politics of Taxation 1 Lukas Hakelberg and Laura Seelkopf PART I THE HISTORICAL EVOLUTION OF MODERN TAX SYSTEMS 2 Premodern taxation 17 Edgar Kiser 3 War and taxation: the father of all things or rather an obsession? 32 Patrick Emmenegger and André Walter 4 Political institutions and taxation, 1800–1945 47 Per F. Andersson 5 The colonial tax state 65 Laura Seelkopf PART II COMPARATIVE TAX POLITICS A: THE BASICS 6 The domestic determinants of tax mixes 83 Achim Kemmerling and Zbigniew Truchlewski 7 Size and structure of the tax state in comparative perspective 99 Lukas Haffert 8 Political regimes and taxation: Do democratic rule and regime stability count? 114 Christian von Haldenwang 9 The politics of tax expenditures 129 Christian von Haldenwang, Achim Kemmerling, Agustin Redonda and Zbigniew Truchlewski 10 Fiscal decentralization 147 Amuitz Garmendia Madariaga B: CURRENT DEBATES 11 A race to the bottom? The politics of tax competition 167 Hanna Lierse 12 Taxation and inequality 179 Julian Limberg 13 Taxation and gender 193 Laura Seelkopf 14 The politics of green taxation 209 Lena Maria Schaffer PART III INTERNATIONAL TAX POLITICS A: THE BASICS 15 Politics and the diffusion of tax policy 230 Duane Swank 16 The politics and history of global tax governance 245 Martin Hearson and Thomas Rixen 17 The OECD’s governance of international corporate taxation: initiatives, instruments, and legitimacy 261 Richard Eccleston and Lachlan Johnson 18 The politics of taxation in the European Union 277 Indra Römgens and Aanor Roland B: CURRENT DEBATES 19 Power and resistance in the global fight against tax evasion 294 Loriana Crasnic and Lukas Hakelberg 20 The politics of taxing financial transactions in the EU 310 Saliha Metinsoy 21 Revenue challenges in developing countries: can international assistance help? 324 Ida Bastiaens 22 The politics of taxing the digital economy 339 Rasmus Corlin Christensen and Wouter Lips PART IV PREFERENCE FORMATION 23 Why do people pay taxes? Explaining tax compliance by individuals 356 Alice Guerra and Brooke Harrington 24 What do people want? Explaining voter tax preferences 375 Sarah Berens and Margarita Gelepithis 25 Business interest groups and tax policy 390 Néstor Castañeda Index

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Book SynopsisIn a multi-level government system institutional legacy and the assignment of roles and responsibilities between the federal and the subnational governments create imbalances. These imbalances in economic terms are a result of a mismatch between revenue-raising capacity and the spending responsibilities of the different levels of the government. Intergovernmental Transfers in Federations presents a synthesis of recent international experience of large federations in addressing the most fundamental issues of horizontal and vertical imbalances through the prism of intergovernmental transfers. It compares mature federal systems and the maturing federations of the world. Contributors delve into the various aspects of policymaking as well as policy choices in selecting an efficiency path for a meaningful fiscal devolution aimed at integrating performance and incentives to reach an expenditure mix that facilitates better service delivery. Chapters include empirical, theoretical and methodological contributions as well as case studies that illustrate important policy or methodological lessons for future work. This collection is essential reading for researchers, practitioners, policy makers and students wishing to understand the choices made by different countries in response to the overarching principles of needs, equity and efficiency for sharing of resources.Trade Review'Scholars and practitioners alike will find this comprehensive volume invaluable. The analytical framework and the accompanying country case studies provide constructive insights and lessons on how to successfully design and implement intergovernmental transfers within federal countries. Definitely a book that will help shape future central-local fiscal systems.' --Roy Kelly, Duke University, US'This excellent volume brings together most of the world's leading experts on intergovernmental fiscal relations. They provide important contributions to both the conceptual and practical literature on the design of intergovernmental transfers. Building on three insightful discussions of the principles of effective transfer design, the volume contains a dozen in-depth descriptions and critical analyses of grant systems in mature federations, evolving federations, and multi-level unitary governments. Policymakers, scholars, and students will all profit from the lessons about the design of intergovernmental transfers provided in this timely volume.' --Andrew Reschovsky, University of Wisconsin-Madison, US'When it comes to designing intergovernmental transfers in a federation, there is no one model that stands above the rest. This book clearly illustrates this point with case studies from ten mature and maturing federations, written by leading scholars. Even though transfers differ across countries, there are important lessons to be learned from these case studies. For policymakers, researchers, and practitioners interested in understanding the theoretical considerations in designing transfers, what works and what does not work, and how to design a better system, this book is essential reading.' --Enid Slack, University of Toronto, CanadaTable of ContentsContents: Foreword by Richard Bird xiii 1 Introduction to the volume 1 Serdar Yilmaz and Farah Zahir PART I CONCEPTUAL ISSUES 2 The architecture of intergovernmental transfers: principles and practice in low- and middle-income countries 7 Roy W. Bahl Jr 3 Issues in intergovernmental fiscal transfers: public finance and political economy considerations 21 Serdar Yilmaz and Farah Zahir 4 The practice of fiscal equalization: a political economy clarification 41 Bernard Dafflon and François Vaillancourt PART II INTERGOVERNMENTAL TRANSFERS IN MATURE FEDERATIONS 5 The German model of addressing vertical and horizontal fiscal imbalances 64 Paul B. Spahn 6 The United States grant system 86 Howard A. Chernick 7 Federal finance arrangements in Canada: the challenges of fiscal imbalance and natural resource rents 109 Marcelin Joanis and Fran.ois Vaillancourt 8 Revenue and expenditure needs equalization: the Swiss answer 134 Bernard Dafflon 9 Intergovernmental fiscal relations in Australia 163 Bob Searle 10 The economic impacts of horizontal fiscal equalization as practised in Australia 185 Jonathan Coppel PART III INTERGOVERNMENTAL TRANSFERS IN EVOLVING FEDERATIONS 11 Intergovernmental fiscal transfers and performance grants in Brazil 204 Deborah L. Wetzel and Lorena Viñuela 12 Intergovernmental fiscal transfer system in Argentina: historical evolution, current performance and reform options to promote efficiency, equity and transparency 224 Marco Larizza and Julian Folgar 13 Evolving role of the Finance Commissions in India in the last 25 years 248 Farah Zahir 14 Emerging trends in fiscal transfer systems in selected federations: implications for India 275 Jorge Martinez-Vazquez PART IV INTERGOVERNMENTAL TRANSFERS IN UNITARY FEDERATIONS 15 Intergovernmental fiscal transfers in Kenya: the evolution of revenue sharing under new devolution in a quasi-federal system 296 Jamie Boex and Paul Smoke 16 Reforming vertical programmes: the case of South African local government 323 David Savage Index 345

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Book SynopsisThis insightful book critically examines the phenomenon of public private partnerships (PPPs) through a global, theoretical, lens. It considers the reasons for merging private entities and public administration, as well as the processes and consequences of doing so. The benefits for the community as well as the radical changes in the principles and modalities of administrative activity are theorized and discussed. The authors position co-responsibility and a bottom-up approach as new routes of administrative action, showing how the dynamism and energy of both communities and administrations can come together in an effective way. The key concept of the analysis is 'governing common interests'. It reveals a revolutionary change in the traditional approach to 'public interest', as a result of the emerging role of the private sector in interpreting and taking care of the community's need. Chapters provide systematic analysis of the central ideas for governing common interests through PPPs, with reference to cases and legislation, showing the advantages, the reasons and the forms of application in national and international contexts, and the differentiation from similar models.Setting PPPs in a clear and consistent theoretical framework, this informative book will be of value to academics and students of public administrative and constitutional law, whilst also appealing to both policy makers and public officials.Trade Review'This book is a well-structured, welcome invitation for legal scholars to explore the values and relationships upon which our modern economy bases its governance. The book is recommended for researchers interested in privatization, the public-private divide, and present and future shifts in administrative law.' -- Astrid Voorwinden, Review of European Administrative Law'This book provides a timely review of the paths towards sustainable and mutually-beneficial PPPs. Consistent with UNCITRAL's recent work on this topic, the authors have demystified PPPs and located them appropriately in a good governance framework.' -- Caroline Nicholas, UNCITRAL Secretariat, United Nations'This book is a significant practical and theoretical addition to the literature on PPPs. Presenting a multi-dimensional and interdisciplinary approach to the subject matter, the authors are to be commended for distilling and explaining the tensions inherent in this field. It is not often that one comes across a book that is as in-depth, well-reasoned and well written as this. I would recommend this book to all lawyers and non-lawyers interested in public procurement, in development procurement and in PPPs.' -- Sope Williams-Elegbe, Stellenbosch University, South AfricaTable of ContentsContents: Introduction Part I 1. Public private partnership: first steps towards a juridical definition 2. Public private partnership’s juridical identity: the international dimension 3. Public private partnership’s juridical identity: the local dimension 4. Clearing the picture: overcoming common misperceptions Part II 5. Reconstructing the juridical identity of public private partnership 6. From public interest to common interests 7. Conclusion Bibliography Index

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Book SynopsisPublic private partnerships (PPPs) have been a controversial approach to procuring public infrastructure services. Against a background of recent trenchant criticism of PPPs, Mervyn K. Lewis, a leading scholar in the area, re-examines their utility. He questions what PPPs can and cannot do, why governments choose this route and whether PPPs can ever be good value for money.The author analyses the extensive use of PPPs for hospitals and transport megaprojects and outlines the key challenges to implementing them, shaping the future direction of the PPP model. Exploring the psychological influences on decision-making, the book also puts a new focus on the people delivering the project; it is not only a matter of selecting the right model. Professor Lewis concludes that, although the PPP model remains problematic, if chosen appropriately every procurement approach has its place in good policy.Providing an in-depth exploration of the features of PPPs and the complexities of megaprojects, Rethinking Public Private Partnerships will be of considerable interest to academics and students of public policy, economic regulation and governance, and public finance. Its re-assessment of the field will also prove invaluable for government procurers, advisory firms and PPP experts.Trade Review‘Rethinking Public Private Partnerships by Mervyn Lewis is an invaluable addition to the literature on the procurement of public infrastructure assets and services. It evaluates the conflicting claims in both the academic and professional literature about the relative value-for-money (VfM) to the public of bundled procurement of the financing, design, construction and operation of infrastructure assets through PPPs vs. traditional, unbundled delivery of projects through public finance and a chain of private contractors and subcontractors managed by a public agency. The book is engaging, clearly written, jargon-free, scrupulously balanced, and nuanced in its conclusions about the circumstances under which each approach delivers higher lifecycle VfM to the public. It is a ''must-read'' for academics, private infrastructure providers and public agencies contemplating the use of PPPs.' -- Raymond Levitt, Stanford University, USTable of ContentsContents: Preface 1. Setting the scene 2. How did the idea of PPPs arise? 3. Exploring what PPPs can and cannot do 4. Can PPPs ever be good value? 5. Why choose a PPP? 6. PPPs and megaprojects 7. Where to now for PPPs? 8. Conclusions References Index

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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 SynopsisThis groundbreaking book analyzes how the ecology of taxation is fundamental for the success or failure of tax systems. It specifically focuses on the role of the ecological environment on taxation; the factors that determine the ecology of taxation; and how the ecology of taxation has changed and may continue to evolve. Income taxes operate well in highly industrialized countries, characterized by large enterprises, modern accounting, thousands of workers and tangible products. There are great difficulties, however, when they operate in countries with higher levels of informality. Vito Tanzi addresses this effect and the influence of economic structure; the income distribution; globalization; technology; and various other main elements that determine the ecology of taxation. The implicit, important conclusion is that there are no permanent or universal optimal tax theories: all theories are related to this ecology. Students of taxation from various fields and economists interested in taxation and public finance will appreciate this book's new perspective on success and failure of taxes and tax systems. It will also serve as a useful resource for tax historians, policy experts, teachers, and tax theorists.Trade Review‘A very useful collection of works on a novel approach to thinking about modern taxation. It could readily be used as a resource for teachers of taxation, economics, public finance or economic history.’ -- Emily Millane, Economic Society of AustraliaTable of ContentsContents: Preface 1. Factors that influence tax systems 2. Industrialization, Globalization and Taxation 3. Complexity in Taxation 4. The Supply-side Revolution and challenges in taxing the Rich 5. Globalization and the Taxation of the Rich 6. Role of Taxation in Fiscal Imbalances before the Financial Crisis 7. Taxation and Equitable Economic Development 8. Why Developing Countries have Low Tax Levels 9. Tax Reform in Latin America: a Long-term Assessment 10. Enhancing the Fiscal Capacity of Developing Countries 11. Options for Revenue-Sharing Arrangements in Federations 12. Summing Up Index

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Book SynopsisFocusing on the developing economic challenges confronting Korea and the US in response to the aging of their populations, this timely book examines how public policies are evolving in light of demographic changes, the impact of aging on governmental expenditures, and transitions in the labor force associated with aging. International contributors comparatively analyze government approaches to population aging, illustrating the similar challenges faced across nations. Chapters draw attention to those particular issues that public policy plans must surmount, including funding pressures on retirement plans and the effects of an aging labor force on economic growth and productivity. They offer evidence on the scale of these challenges in Korea and the US and empirically evaluate how governments, employers, and individuals may respond to these issues in the years to come. Addressing fiscal sustainability and key social security programs, including the implications of the 2015 Korean pension reform and the economic difficulties entailed by the future of Medicare, this book investigates the implications of managing and sustaining welfare for an aging population. This cutting-edge book will be ideal reading for economists focusing on public policy and welfare programs, benefiting from the comparative approach to fiscal accountability and sustainability. It will also appeal to practitioners and policymakers seeking insights into the consequences of an aging population and hoping to develop innovative methods and approaches to welfare.Trade Review'Population aging tends to increase government expenditures and reduce tax revenues, thus jeopardizing fiscal sustainability. Therefore, aging urgently strengthens the case for strengthening fiscal accountability, which is indispensable for fiscal sustainability. This comprehensive book by world-class experts is a must-read for all policymakers, researchers, and general readers interested in the link between demographic change and the health of public finances.' -- Donghyun Park, Asian Development Bank, PhilippinesTable of ContentsContents: Foreword by Jeong Pyo Choi ix 1 Introduction and overview 1 Robert Clark, YoungWook Lee and Andrew Mason PART 1 FISCAL SUSTAINABILITY AND ACCOUNTABILITY 2 An evaluation of fiscal sustainability in Korea 13 SeongTae Kim 3 Implications of delaying US Social Security financing reform: a look at the measurement, structural and generational issues 35 Sylvester J. Schieber PART II IMPROVING FISCAL ACCOUNTABILITY 4 Enhancing accountability of Korea’s government funds system through consolidated management of surplus money in budget-type funds 73 Yongok Choi 5 The long-term impact of aging on the federal budget 93 Louise Sheiner 6 Improving fiscal accountability of tax expenditure: the case of the Earned Income Tax Credit in Korea 118 YoungWook Lee PART III FISCAL SOUNDNESS AND ACCOUNTABILITY 7 The future of public employee pensions in the United States 137 Andrew G. Biggs 8 Fiscal implications of the 2015 government employees pension reform in Korea 155 Dohyung Kim, Taesuk Lee and Yongok Choi PART IV FISCAL ACCOUNTABILITY SECTOR 9 Medicare financing and affordability 183 Marilyn Moon 10 SME financial policy in Korea: evaluation and recommendations 198 Chang Gyun Park 11 Enhancing economic growth and productivity through efficient public infrastructure management 224 Kang-soo Kim and Weh-Sol Moon Index 239

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Book SynopsisExpertly surveying the realm of corporate finance, this adroitly-crafted Handbook offers a wealth of conceptual analysis and comprehensively outlines recent scholarly research and developments within the field. It not only delves into the theoretical dimensions of corporate finance, but also explores its practical implications, thereby bridging the gap between these distinct strands.Featuring contributions from eminent scholars, chapters cover a wide range of central topics including corporate financing and payout policies, investment decisions and mergers and acquisitions. The Handbook also presents state-of-the-art thinking and evidence on key issues within these areas of study, namely product market competition, labour contracts and governance arrangements that protect the interests of capital providers. It further examines some of the most critical decisions made by corporate financial managers, setting out a number of unresolved issues that should be addressed in future scholarly inquiry.Innovative and accessible, the Handbook of Corporate Finance will prove to be a fundamental resource for established academics and students interested in corporate governance, economics and finance, and business and management. Practitioners in the corporate finance world will similarly find this to be a beneficial read.Trade Review‘This book offers a one-stop shop with 17 impressive chapters surveying important corporate finance topics, written by experts in each area. These up-to-date surveys provide the reader with the ability to efficiently learn about the important patterns and explanations in each area. The chapters also offer guidance for new research on unanswered questions.’ -- Jay R. Ritter, University of Florida, US‘A comprehensive and insightful overview of corporate finance.’ -- John Graham, Duke University, US‘This comprehensive Handbook, edited by Professor David Denis, brings together eminent academics who delve into various key areas, including corporate financing and payout policies, investment decisions, and governance arrangements. With a focus on the “state-of-the-art” research, this book serves as an indispensable resource for doctoral students, faculty, and practitioners seeking to explore the complexities of corporate finance. Each chapter provides a snapshot of current knowledge while highlighting unresolved issues, paving the way for future research in the field.’ -- Raghavendra Rau, University of Cambridge, UKTable of ContentsContents: Introduction to the Handbook of Corporate Finance 1 David J. Denis PART I CORPORATE OBJECTIVES 1 The corporate objective function 7 Diane Denis PART II CORPORATE FINANCING AND PAYOUT POLICIES 2 Empirical corporate capital structure 27 Murray Z. Frank and Vidhan K. Goyal 3 Corporate dividend policy 126 Mark Leary and Vasudha Nukala 4 Share repurchases 176 Alice Bonaimé and Kathleen Kahle 5 Corporate cash holdings 223 David J. Denis and Luxi Wang 6 Leveraged finance 249 Greg Nini and David C. Smith 7 Risk management 294 Kristine W. Hankins and Gerard Hoberg PART III MERGERS, ACQUISITIONS, AND TAKEOVER DEFENSES 8 The private deal process in mergers and acquisitions 323 Nihat Aktas and Audra Boone 9 Cross-border mergers and acquisitions 345 Isil Erel, Yeejin Jang, and Michael S. Weisbach 10 Merger waves: a survey of the literature 377 Jarrad Harford 11 Corporate takeover defenses 410 Jonathan M. Karpoff and Michael D. Wittry PART IV CORPORATE OWNERSHIP AND GOVERNANCE STRUCTURES 12 Survey of boards’ monitoring and advisory roles 456 Jeffrey L. Coles, Naveen D. Daniel, and Lalitha Naveen 13 The blurring lines between private and public ownership 479 Michelle Lowry 14 Information flows, organizational structure, and corporate governance 511 Nadya Malenko PART V OTHER IMPORTANT INFLUENCES ON CORPORATE FINANCE DECISIONS 15 Corporate decision-making under uncertainty: review and future research directions 548 Murillo Campello and Gaurav Kankanhalli 16 Product markets, competition and corporate finance: a review and directions for future research 591 Laurent Frésard and Gordon M. Phillips 17 Labor and corporate finance 647 Naman Nishesh, Paige Ouimet, and Elena Simintzi Index 674

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