Public finance and taxation Books

Book SynopsisTransport is a fundamental component of all modern economies. Transport Policy presents a wide ranging collection of previously published articles which aim to provide the reader with an understanding of the main elements of transport policy.Topics covered include: the objectives of transport policy, policy options, policy analysis and, through a series of case studies, policy implementation. This volume will be of particular interest to those academics and policymakers seeking an overview of the most important issues in the modern transport policy arena.Trade Review'The original pagination is kept on top of the present volume for ease of reference, which is most useful . . . The contents are well-chosen, international and covers most pertinent areas of transport economics and policy. It is particularly interesting to read articles from the pre-Thatcher era, saying things ignored at the time . . . This book would be a valuable addition to any reference collection with an interest in transport policy per se, particularly those which do not hold collections of the academic transport journals.' -- Place

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Book SynopsisThis important book examines the economic policies required to reduce carbon dioxide emissions - a major source of pollution throughout the world. It explores the likely impact of environmental taxes on income distribution and economic welfare.The authors consider a tax on domestic fuel and power and a carbon tax, and the likely adverse distribution effects of these on a population. The analysis allows for the direct and indirect effects (through inter-industry transactions) of taxes on prices and consumers' responses to these price changes. The welfare effects are also estimated for a variety of income groups. The authors then evaluate the inequality and social welfare measures and consider whether the distributional effects can be overcome by adjusting transfer payments to compensate lower-income groups. This study examines environmental taxes in Australia with methods which can be applied to other countries, some of which were specifically designed to overcome data limitation problems.Environmental Taxes and Economic Welfare will be of special interest to researchers, academics, policymakers and advisers on taxation and environmental policy.Trade Review'The book stands as a rigorous evaluation of structural changes required to achieve the Toronto Target in carbon emissions reduction, the order of magnitude of a carbon tax required, and the distributional and welfare effects of domestic fuel and carbon taxes in Australia.' -- Meredith Fowlie, Journal of Energy Literature'This book is a very important contribution to the debate about the economic implications of Australia's response to global change.'– Ian Lowe, Economic RecordTable of ContentsContents: 1. Introduction 2. A Minimum Disruption Approach 3. Minimum Disruption Calculations 4. Domestic Fuel Taxation 5. Modelling Demand Responses 6. Fuel Taxation with Demand Responses 7. The Effects of a Carbon Tax 8. Measuring Welfare Changes 9. The Welfare Effects of a Carbon Tax 10. Conclusions Bibliography Index

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Book SynopsisThe recent shift away from reactive to creative public policy management has caused considerable problems in Central and Eastern Europe. This book questions whether public management reforms as applied in OECD countries can make a real contribution to establishing new forms of public management in Central and Eastern Europe.The book defines the main problems facing public administrations in transitional countries and provides a comparative evaluation of the relevance for these countries of reform measures undertaken in OECD states. In the first part an historical perspective on the role of the state in Europe is presented. Parts two and three present country case studies which focus on the key areas of public management and the attempts made to address its current problems. The case studies describe the constitutional and political framework in which the system of public management operates and present a critical analysis of ongoing reform processes. They focus on reforms at the central government level, changes in local-central government relations, and the high profile areas of health and education policy. The authors look at the characteristics of the policy process, financial and human resource management and the accountability system. In conclusion, they question whether models of public administration and strategies for reform applied in Western capitalist economic systems, can really provide solutions to the particular problems of Central and Eastern Europe, or whether those problems might be aggravated by copying Western models and strategies. Innovations in Public Management will be welcomed by policy makers and practitioners in both Western Europe and OECD countries as well as those working in transitional countries through its fresh comparative approach and analysis of the real applicability of reform strategies. It will also be welcomed by academics and students interested in public administration, public policy and government.Trade Review'This volume is a highly impressive piece of work, well edited, nicely organized, and providing the most comprehensive account yet of a growing area of academic inquiry. As such, it is a welcome addition to the public management literature and will be of interest to academics, policy makers, and practitioners alike. As an academic text, it will be of value to students following public policy, public administration, and public management courses.' -- P.K. Falconer, Environment and Planning C: Government and PolicyTable of ContentsContents: Part I: Introduction and Framework for Analysis Part II: Public Management in Central and Eastern Europe: The Main Problems Part III: Public Management Reforms in OECD Countries and their Relevance for Central and Eastern Europe Part IV: Conclusions Index

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Book SynopsisWhat is the appropriate design for environmental regulation? Gert Tinggaard Svendsen sheds new light on the appropriate mix of economic instruments to implement environmental regulation in the context of the world-wide attempts to abate CO2 emissions.Gert Tinggaard Svendsen offers a detailed and comprehensive study of two alternative methods for controlling CO2 emissions - tradable permits and taxation - using examples of varying success from the United States and Europe. He applies a blend of environmental economic theory and public choice theory to analyse these methods and reveals that they both have merits. He proposes a design incorporating the best features of the two approaches because it is both cost-effective and politically and administratively feasible. In the case of C02 regulation, a CO2 permit market based on the US experience with free historical emissions should be applied in relation to industry, electric utilities and environmental organisations. The author proposes that a CO2 tax should be applied to non-organized interests, such as households and the transport sector, based on the EU experience. In particular, these policy recommendations are applied to potential CO2 permit markets in Europe and the United States.The interdisciplinary approach and the resulting policy recommendations make this book relevant to policymakers and academics across the social sciences. It will be particularly pertinent to those interested in environmental economics and public choice economics.Trade Review'This book is a valuable resource for policymakers, administrators, academics, and even for economic students. It provides a framework for understanding the theory and mechanics of markets in environmental quality and the political economy of incentive-based policy approaches. . . . The book's interdisciplinary approach and public choice orientation makes it valuable reading for policymakers as well as academic analysts. The highly detailed organizational structure of the book should recommend it even to the busy policymaker. . . . The book is a well-organized survey of the subject. It will be helpful to those policymakers who need it most and useful for economists and public choice specialists who might also find it an important resource for graduate classes.'Table of ContentsContents: 1. Introduction 2. Public Choice and Lobbyism 3. Tax Systems and Permit Markets 4. US Permit Markets 5. Lobbyism: US Interest Groups 6. Potential Co2 Market 7. Conclusion

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Book SynopsisChallenges to the Welfare State examines and assesses cultural, economic and political problems facing welfare states in Europe and North America and provides policy suggestions to alleviate these problems. An important group of authors identifies the relative merits of welfare state systems in the United States and Europe. They consider the transition of the welfare state in former Communist countries to more market oriented systems and the status of the European welfare state in the context of deepening European integration. More specifically, these experts address the question of whether further integration in Europe will result in an environment where all citizens are guaranteed only certain basic social rights and are encouraged to take private financial responsibility for health care, pension provision and insurance. The nature of social insurance institutions, the problems of ageing populations and the backlash against increasing taxation are also considered. The authors conclude that the reduction of existing government debt in the context of the move towards European Monetary Union will require either considerable increases in taxation or a significant reduction in entitlements.This book will be required reading for scholars and students of economics, social and public politics, politics and public administration.Trade Review'This book will be of interest to welfare-state scholars seeking recent and well-informed observations on a broad range of issues. There is much valuable and fairly current information contained in this eclectic volume.'Table of ContentsContents: Introduction by H. Cavanna 1. Challenges to the Welfare State (S. Brittan) 2. The American Welfare State: Exceptional No Longer? (N. Glazer) 3. The Waning of Solidarity? Securing Work and Income and Welfare Statism at Present (H. Keman) 4. Political Reconstruction of the European Welfare States (S. Kuhnle) 5. Welfare State and Welfare Mix in a New Labour Market (P. Scherer) 6. The Welfare State Backlash and the Tax Revolt (K. Newton) 7. Welfare Reform in Southern Europe: Institutional Constraints and Opportunities (M. Ferrera) 8. From the Communist Welfare State to Social Benefits of Market Economy: The Determinants of the Transition Process in Central Europe (V. Rys) 9. The Crisis of the Welfare State (E. Matzner) 10. Doing Good Without the Idea of Good (P. Bénéton)

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Book SynopsisThe Fiscal Behavior of State and Local Governments presents, in one authoritative volume, Harvey Rosen's considerable contribution to the field of sub-federal public finance in the United States. He investigates how state and locality spending and taxing decisions are influenced by the economic environment in which they operate.This important book begins by examining the fiscal structures of states and localities. The analyses augment traditional models with new economic and political considerations. Rosen investigates the effect of tax structure on the growth of expenditure, the influence of the level of expenditure of neighbouring governments, and the impact of the federal income tax on the fiscal structure of state and local governments. He also employs the tools of modern dynamic analysis to shed new light on state and local behaviour in an intertemporal setting, using both panel and aggregate data. In addition, he discusses the problems involved in characterizing state tax structure. Finally, he explores a number of methodological issues relating to the theory and econometrics of tax analysis.This book will prove invaluable to economists who specialise in public finance, political economy and public policy.Trade Review'. . . this book is work of real substance and quality, and well worth reading, at least selectively, not just by economists but also by civil servants and the wider academic community interested in local government.'Table of ContentsContents: Introduction Part I: Understanding the Fiscal Structures of State and Localities Part II: State and Local Decision Making in an Intertemporal Context Part III: Characterizing State Income and Sales Taxes Part IV: Some Methodological Issues Name Index

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Book SynopsisFinancing Federal Systems provides a comprehensive selection of Edward M. Gramlich's essays, which have made a major contribution to public finance and macroeconomics over three decades.The structure of fiscal federalism is a major issue in most countries around the world. Developed economies are continually confronting the question of fiscal federalism as they consider harmonizing tax and trading arrangements. Emerging market economies are addressing these issues as they organize systems to promote growth and development.The book begins with a new introduction by the author which provides a clear and concise overview of the current issues in fiscal federalism. The book comprises some 23 papers and features empirical, theoretical and diagnostic work together with comprehensive evaluations of the fiscal federal systems in the United States, Australia, Sweden and Canada. It includes work on state and local government behaviour, grant policies, macroeconomic policies, state tax limitations, federal tax policy, sub-national fiscal policy, infrastructure investment and public welfare policies.Financing Federal Systems will complement graduate and undergraduate courses in public finance and fiscal federalism. It will also appeal to policymakers and local government practitioners.Table of ContentsContents: 1. State and Local Governments and their Budget Constraint 2. State and Local Fiscal Behavior and Federal Grant Policy 3. State and Local Budgets the day after it rained: Why is the Surplus so High? 4. Micro Estimates of Public Spending Demand Functions and Tests of the Tiebout and Median-Voter Hypothesis 5. Intergovernmental Grants: A review of the Empirical Literature 6. The stimulative effects of Intergovernmental Grants: Or why money sticks where it hits 7. Moving into and out of Poor Urban Areas 8. The Spatial Dimension: Should worker assistance be given to poor people or poor places? 9. Subnational Fiscal Policy 10. Public employee market power and the level of government spending 11. Why voters support Tax limitation amendments: The Michigan Case 12. The deductability of State and Local Taxes 13. The Impact of the Tax Reform Act of 1986 on State and Local Fiscal Behaviour 14. Infrastructure Investment: A Review Essay 15. Migration and Income Redistribution Responsibilities 16. Cooperation and Competition in Public Welfare Policies 17. A Report on School Finance and Educational Reform in Michigan 18. Reforming US Federal Fiscal Arrangements 19. Federalism and Federal Deficit Reduction 20. New York: Ripple or Tidal Wave? The New York City Fiscal Crisis: What happened and what is to be done? 21. “A Fair Go”: Fiscal Federalism Arrangements 22. Rethinking the Role of the Public Sector 23. Canadian Fiscal Federalism: An Outsider’s View Index

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Book SynopsisLocal Government Tax and Land Use Policies in the United States is an accessible, non-technical evaluation of the most recent economic thinking on the nexus between local land use and tax policies.In Part I, Helen Ladd provides a comprehensive summary of the extensive literature on the interaction of local land use and tax policies. She explores the theoretical controversies and clarifies issues such as the use of land use regulation as a fiscal tool, the effects of taxes on economic activity and the success of tax policies to promote economic development. In Parts II and III, a group of experts presents new research on important issues such as the impact of growth on tax burdens, metropolitan tax base sharing, the incidence of impact fees and the shift to land value taxation in urban areas. This book raises provocative questions concerning the conventional wisdom in fiscal policy. It will be indispensable for economists and students interested in urban issues and local public finance as well as planners and policymakers.Trade Review'An essential work on the important and perplexing interaction of local tax and land use policy.' -- R.A. Beauregard, ChoiceTable of ContentsContents: 1. Introduction (H.F. Ladd) Part I: Interactions between Tax and Land Policies Part II: Tax Policy as a Land Use Tool Part III: Fiscal and Distributional Impacts Index

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Book SynopsisThe economic demands of an ageing population, coupled with the crisis of public spending pose one of the greatest challenges to social policy in both the East and West. This book focuses on the political economy of pensions, particularly on the interaction between private and state provision. Enterprise and the Welfare State argues that there is more to welfare than simply provision by the state and so the focus of this book is on the welfare society rather than the welfare state. This requires a new system of statistical accounting and a different focus for case studies. A multidisciplinary approach is used to examine the design of the pensions system in nine countries with different institutional welfare mixes. Using a common conceptual framework, it compares and contrasts the goals and realities of the welfare systems in France, Germany, The Netherlands and Sweden, where strong occupational pensions are in operation, with the more modest welfare states in Japan, the United Kingdom and the United States. Each country case study provides a grounded analysis of the evolution of pension design and traces the impact of the policies on the economic well-being of the aged and the performance of the economy. It offers new data on the level of spending of enterprise based occupational pensions and examines the implications for redistribution resulting from changes in the design of state and occupational pensions. This book will be essential reading for academics, students and public policymakers interested in the economics of welfare, social policy and the future of pension provision.Trade Review'. . . anyone who wants to be an expert in this field should read this book. There is nothing to be criticized in either the research or the presentation by the authors. Indeed, the chapters are well written. . . . Altogether I can enthusiastically recommend this book for people in this field. It is well written, comprehensive, and the result of much work.'Table of ContentsContents: Preface 1. The Emerging Role of Enterprise in Social Policy (M. Rein and E. Wadensjö) 2. The Austrian Pension System (P. Rosner, T. Url and A. Wörgötter) 3. France: A National and Contractual Second Tier (E. Reynaud) 4. The Public-Private Mix in Pension Provision in Germany: The Role of Employer-based Pension Arrangements and the Influence of Public Activities (W. Schmähl) 5. The Retirement Provision Mix in Italy: The Dominant Role of the Public System (R. Di Biase, A. Gandiglio, M. Cozzolino and G. Proto) 6. The Role of the Japanese Company in Compensating Income Loss after Retirement (Y. Kimura) 7. The Netherlands: Growing Importance of Private Sector Arrangements (M. Blomsa and R. Jansweijer) 8. The Welfare Mix in Pension Provisions in Sweden (E. Wadensjö) 9. The British Case (T. Lynes) 10. Enterprise and the State: Interactions in the Provision of Employees’ Retirement Income in the United States (L. apRoberts and J. Turner) Index

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Book SynopsisThis innovative book offers an original and radical tax policy proposal which can be used to promote growth and stability without affecting income equality.Immediately following the publication of Keynes's General Theory, Kalecki recognized that the theory of tax had to be re-thought, as aggregate income could no longer be thought of as fixed with respect to tax-induced changes in aggregate demand. To this day, orthodox tax policy analysis continues to ignore aggregate demand effects. The authors consider this orthodox approach to be deficient, and show how tax policies can promote growth without having a negative impact on equity. They incorporate Kalecki's theory of tax incidence into an analysis of income determination, income distribution, investment, business cycles, and growth. In addition, they examine the incidence of the corporate profits tax and the macroeconomic and regional incidence, and effects of local taxation.A Dynamic Theory of Taxation will be a welcome addition to the literature and will be of interest to tax policy analysts and government policy advisors, as well as scholars working in the fields of public finance, post Keynesian and Kaleckian economics.Trade Review'This academic book provides a new perspective on public finance. . . . This text should be of interest to public economists, policy analysts and government.'Table of ContentsContents: 1. The Rationale for Kaleckian Tax Analysis 2. Integrating Kalecki’s Theories of Taxation and Income Determination 3. Taxation and Kalecki’s Theory of the Business Cycle 4. The Long-Run Effects of Taxation in a Kaleckian Model 5. The Incidence of the Corporate Profits Tax 6. The Impact of Taxation on Gross Private Non-Residential Fixed Investment 7. The Short-Period Macroeconomic Incidence and Effects of State and Local Taxes 8. The Macroeconomic and Regional Effects of National and Local Taxation: A Kaleckian Approach 9. Conclusion: Policy Implications Index

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Book SynopsisThis volume offers an impressive collection of scholarly papers which investigate the historical foundations of globalization before 1945. The book explores the effects of the nineteenth century technologies of the railway, the telegraph and the steamship which promoted the globalization process by boosting trade across frontiers and triggering migration of labour and flows of capital to the temperate areas of agriculture. The colonial empires, in particular the British Empire, facilitated the process, as the integration of capital markets and monetary systems and methods of business organization followed trade and labour. The volume also covers the time between the wars, when impediments to trade, migration and currency movements increased and led to a period of deglobalization and divergence.Trade Review'It has been nicely produced by the publishers, who have reprinted the extracts in their original style. It will feature on many reading lists and will be recommended by economic historians to their students . . . It will be conveniently consulted as an alternative source for many scholarly articles in international economic history. It will provide plenty of academic nourishment. . .' -- Robert G. Greenhill, Business HistoryTable of ContentsContents: Part I: The Technology of Nineteenth Century Globalization Part II: Trade, Prices and Globalization Part III: The Monetary System of Globalization, Capital Market Integration and Foreign Debt Part IV: Business and Globalization Part V: Migration and Globalization Part VI: Deglobalization Between the Wars Part VII: Political Economy of Globalization

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Book SynopsisIn this innovative book the author examines the link between environmental, trade and industrial policies within an interregional setting. He models how regional governments, using tax rates on real capital and pollutant emissions, determine policies to favour their residents in terms of the provision of public goods and reduction in environmental degradation.Regions or countries engage in competition for mobile capital in a world where production causes pollution and tax revenues are required to finance public goods. In Fiscal Policy and Environmental Welfare the author considers the efficiency consequences when governments act strategically and seek to manage trade, capital flows and emissions. Using formal models, which extend and modify existing literature, the author demonstrates that interjurisdictional competition typically leads to inefficiencies. He argues that although interjurisdictional competition may lead to the overprovision of public goods and to an inefficiently high environmental quality, often the opposite seems to occur.This book will be welcomed by environmental economists, and those scholars interested in welfare and fiscal policy.Table of ContentsContents: 1. Introduction 2. Different Forms of Interjurisdictional Competition 3. Strategic Environmental Policy 4. Tax Competition, Provision of Public Goods, and Environmental Policy 5. Conclusion References Index

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Book SynopsisThis volume - the summary of a five-year research programme - describes and assesses the Scandinavian approach to local public finance. A key role of local finance in Scandinavia is redistribution in the form of a wide array of social services that are largely financed at the central level.Trade Review’Jørn Rattsø has assembled a provocative collection of papers. In describing and assessing the Scandinavian approach to local public finance, they provide a basic challenge to the conventional academic wisdom. A key role of local finance in Scandinavia is redistribution in the form of a wide array of social services that are largely financed at the central level. It is both fascinating and instructive to see how all this works and what sorts of problems and compromises are inherent in such a conception of local finance.’ -- Wallace E. Oates, University of Maryland, and Resources for the Future, US’The devolution of the financing and provision of government services has captured the interest of Scandinavian economists and political scientists. This volume provides a summary of a five-year research program to test the applicability of the US model of fiscal decentralization in Denmark, Finland, Norway and Sweden. But the book is more than the first in-depth study of federalism in Scandinavia. It also offers important general lessons for all scholars - economists, political scientists, and legal scholars alike - wishing to understand how fiscal institutions define fiscal policies’ -- Robert P. Inman, University of Pennsylvania, US’This volume offers a wonderful addition to the Elgar series on fiscal federalism and state-local finance edited by Wallace Oates. Jorn Rattsø is a unique force in Norwegian fiscal federalism. He and his able Scandinavian colleagues have not only been frequent intellectual contributors to the academic literature, but have also been active in the policy arena as well. The volume reflects the best of both worlds. Readers not familiar with the institutions of Scandinavian public finance will of course find many valuable applications of traditional federalism principles in this volume. Along the way, they will have the opportunity to enjoy an array of intriguing analyses that will encourage fruitful reflections on comparative fiscal federalism. The volume would make a welcome addition as recommended reading on graduate public finance reading lists.’ -- Daniel L. Rubinfield, University of California, Berkeley, USTable of ContentsContents: Acknowledgements Introduction 1. Style, Reform and Performance 2. Demand 3. Political Institutions 4. Cost and Control 5. Theory

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Book SynopsisThe Economics of Budget Deficits provides a comprehensive overview of the scholarly literature exploring the causes and consequences of deficit spending and the public debt. Incorporating classical, Keynesian and public choice analyses of debt-financed public expenditures, the two volumes contain major theoretical and empirical contributions to the debate. They cover such critical fiscal policy issues as the history and measurement of budget deficits, the question of who bears the burden of the public debt, the use of deficits to solve problems of dynamic policy inconsistency and the relative effectiveness of fiscal rules and constitutional constraints as mechanisms for achieving budget balance. The editors provide an authoritative introduction to the two volumes and separate overviews of each of the seven parts. The Economics of Budget Deficits is an indispensable reference for all scholars and students interested in fiscal policy and for all policymakers.Trade Review'. . . a valuable resource for anyone interested in public finance issues. The editors have pulled together the most important and influential articles in the field. From Adam Smith to the present, the two-volume set is a comprehensive guide to the budget deficit debate.' -- Daniel J. Mitchell, Public ChoiceTable of ContentsContents: Volume I Acknowledgements Introduction Charles K. Rowley, William F. Shughart II and Robert D. Tollison PART I THE HISTORY AND MEASUREMENT OF BUDGET DEFICITS Part I Overview Charles K. Rowley, William F. Shughart II and Robert D Tollison 1. Gary M. Anderson (1986), ‘The US Federal Deficit and National Debt: A Political and Economic History’ 2. Alberto Alesina (2000), ‘The Political Economy of the Budget Surplus in the United States’ 3. Mario I. Blejer and Adrienne Cheasty (1991), ‘The Measurement of Fiscal Deficits: Analytical and Methodological Issues’ 4. Laurence J. Kotlikoff and Bernd Raffelhüschen (1999), ‘Generational Accounting Around the Globe’ 5. Jody W. Lipford (2001), ‘How Transparent is the U.S. Budget?’ PART II CLASSICAL PUBLIC DEBT THEORY Part II Overview Charles K. Rowley, William F. Shughart II and Robert D. Tollison 6. Adam Smith (1776/1976), ‘Of Publick Debts’ 7. T.R. Malthus (1803/1992), ‘Of Poor-laws, continued’ 8. David Ricardo (1817/1951), ‘Taxes on Other Commodities than Raw Produce’ 9. John Stuart Mill (1848/1965), ‘Of a National Debt’ PART III KEYNESIAN PUBLIC DEBT THEORY Part III Overview Charles K. Rowley, William F. Shughart II and Robert D Tollison 10. John Maynard Keynes (1936/1973), ‘The Marginal Propensity to Consume and the Multiplier’ 11. Abba P. Lerner (1943), ‘Functional Finance and the Federal Debt’ 12. Abba P. Lerner (1948), ‘The Burden of the National Debt’ 13. Paul A. Samuelson (1948), ‘Fiscal Policy and Full Employment without Inflation’ 14. Paul A. Samuelson (1970), ‘Fiscal Policy and Full Employment without Inflation’ PART IV THE BURDEN OF DEBT REEXAMINED Part IV Overview Charles K. Rowley, William F. Shughart II and Robert D. Tollison 15. J.E. Meade (1958), ‘Is the National Debt a Burden?’ 16. J.E. Meade (1959), ‘Is the National Debt a Burden? A Correction’ 17. James M. Buchanan (1958), ‘Concerning Future Generations’, Chapter Four, and ‘A Suggested Conceptual Revaluation of the National Debt’ 18. Richard A. Musgrave (1959), ‘Classical Theory of Public Debt’ 19. Abba P. Lerner (1961), ‘The Burden of Debt’ 20. Franco Modigliani (1961), ‘Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt’ 21. James M. Buchanan (1964), ‘Public Debt, Cost Theory, and the Fiscal Illusion’ 22. James Tobin (1965), ‘The Burden of the Public Debt: A Review Article’ 23. James M. Buchanan (1966), ‘The Icons of Public Debt’ 24. James Tobin (1966), ‘Reply’ Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I RICARDIAN EQUIVALENCE IN THE DOCK Part I Overview Charles K. Rowley, William F. Shughart and Robert D. Tollison 1. Robert J. Barro (1974), ‘Are Government Bonds Net Wealth?’ 2. Martin Feldstein (1976), ‘Perceived Wealth in Bonds and Social Security: A Comment’ 3. James M. Buchanan (1976), ‘Barro on the Ricardian Equivalence Theorem’ 4. Robert J. Barro (1976), ‘Reply to Feldstein and Buchanan’ 5. Gerald P. O’Driscoll, Jr. (1977), ‘The Ricardian Nonequivalence Theorem’ 6. Robert J. Barro (1979), ‘On the Determination of the Public Debt’ 7. Geoffrey Brennan and James M. Buchanan (1980), ‘The Logic of the Ricardian Equivalence Theorem’ 8. Paul Evans (1993), ‘Consumers are not Ricardian: Evidence from Nineteen Countries’ 9. T.D. Stanley (1998), ‘New Wine in Old Bottles: A Meta-Analysis of Ricardian Equivalence’ PART II PUBLIC CHOICE AND PUBLIC DEBT: THEORY AND EVIDENCE Part II Overview Charles K. Rowley, William F. Shughart and Robert D. Tollison 10. Edgar K. Browning (1975), ‘Why the Social Insurance Budget is too Large in a Democracy’ 11. Torsten Persson and Lars E.O. Svensson (1989), ‘Why a Stubborn Conservative Would Run a Deficit: Policy with Time-Inconsistent Preferences’ 12. Amihai Glazer (1989), ‘Politics and the Choice of Durability’ 13. Alberto Alesina and Guido Tabellini (1990), ‘A Positive Theory of Fiscal Deficits and Government Debt’ 14. Guido Tabellini and Alberto Alesina (1990), ‘Voting on the Budget Deficit’ 15. Timothy Besley and Anne Case (1995), ‘Does Electoral Accountability Affect Economic Policy Choices? Evidence from Gubernatorial Term Limits’ 16. W. Mark Crain and Robert D. Tollison (1993), ‘Time Inconsistency and Fiscal Policy: Empirical Analysis of U.S. States, 1969–89’ 17. W. Mark Crain and Lisa K. Oakley (1995), ‘The Politics of Infrastructure’ PART III DEFICIT FINANCE IN CONSTITUTIONAL PERSPECTIVE Part III Overview Charles K. Rowley, William F. Shughart and Robert D. Tollison 18. James M. Buchanan (1985), ‘The Moral Dimension of Debt Financing’ 19. Robert D. Tollison and Richard E. Wagner (1986), ‘Balanced Budgets and Beyond’ 20. Milton Friedman (1978), ‘The Limitations of Tax Limitation’ 21. Alvin Rabushka (1982/1987), ‘A Compelling Case for a Constitutional Amendment to Balance the Budget and Limit Taxes’ 22. Henry Hazlitt (1983/1987), ‘A Proposal for Two Constitutional Amendments’ 23. Aaron Wildavsky (1985), ‘Equality, Spending Limits, and the Growth of Government’ 24. W. Mark Crain and James C. Miller III (1990), ‘Budget Process and Spending Growth’ 25. Jürgen von Hagen (1991), ‘A Note on the Empirical Effectiveness of Formal Fiscal Constraints’ 26. James M. Poterba (1994), ‘State Responses to Fiscal Crises: The Effects of Budgetary Institutions and Politics’ 27. W. Mark Crain and Timothy J. Muris (1995), ‘Legislative Organization of Fiscal Policy’ 28. Edward M. Gramlich (1995), ‘The Politics and Economics of Budget Deficit Control: Policy Questions and Research Questions’ 29. James M. Buchanan (1997), ‘The Balanced Budget Amendment: Clarifying the Arguments’ 30. James M. Poterba (1997), ‘Do Budget Rules Work?’ 31. Robert D. Reischauer (1997), ‘Comment’ 32. David Romer (1997), ‘Comment’ 33. W. Mark Crain and Nicole Verrier Crain (1998), ‘Fiscal Consequences of Budget Baselines’ 34. Charles K. Rowley (2000), ‘Budget Deficits and the Size of Government in the UK and US: A Public Choice Perspective on the Thatcher and Reagan Years’ Name Index

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Book SynopsisFlying into the Future explores the organization of air transport in the European Union. It analyses the nature of the industries supplying air transport services, the institutional structure of air transport services, and impediments to increased efficiency in the provision of air transport.The reduction in institutional barriers and regulations has led to a more efficient provision of air transport services in the EU. This book assesses the improvements in the efficiency of air transport services, and highlights institutional and physical problems impeding further efficiency gains. The authors examine airline operations, and the ability of two or more transport systems to operate effectively in tandem. They also consider how to make the boundaries between different transport networks invisible, as well as discussing issues of national organization and the juridical structures which impede operations. The analysis examines both the internal European Union market for air transport services and the links between it and the rest of the world. Other key issues discussed include: EU air transport developments in the context of global markets comparisons of recent developments in aviation policy between the EU and the United States the problems of congestion in the air transport industry in Europe the growth and significance of airline alliances. The authors not only consider the economics of European air transport but also legal, political, technical and geographical issues. They explore the problems of providing air transport in the context of inadequate information, institutional constraints, inherent market imperfections and imprecise objectives.Flying into the Future will be essential reading for industrialists, policymakers and academics interested in transport economics and transport policy.Trade Review'Overall, the book provides an excellent review of the many complex and often conflicting issues facing EU policymakers in devising appropriate regulatory measures to deal with a rapidly evolving air transport sector and one in which even defining a market is fraught with difficulties. . . . I would have no hesitation in recommending the book to those wishing to gain a detailed understanding of the economic regulation of air transport in Europe.' -- George Williams, Journal of Air Transport Management'Generally, this is a very useful and welcome text, that should be appreciated by both policymakers and the academic community. Balancing theory and empirical detail, it provides a valuable grounding on key aspects of air transport economics, organization and regulation with particular reference to the still-evolving European context.' -- Clive Charlton, Journal of Transport Geography'This interesting book addresses a number of highly topical issues in the airline industry. . . . the book is a timely contribution to the debate on air transport policy, a debate that is taking place the world over. . . . The book makes very interesting reading, especially the chapters on infrastructure and airline alliances.' -- Pat Hanlon, The Economic JournalTable of ContentsContents: 1. Introduction 2. The Development of EU Air Transport Policy 3. Is Europe Different? 4. Infrastructure Policy 5. Airline Alliances and EU Air Transport 6. Alliances and Markets 7. Stability in European Air Transport Markets 8. Conclusions References

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Book SynopsisComparative Public Policy provides the first truly systematic and comprehensive account of the transformation of the post-war state in the advanced countries of the Western world. The author generates new research findings which show how the economic, social and political changes of the post-war era have reshaped modern public policy across the OECD region.Francis G. Castles examines the growth of big government and the emergence of the modern welfare state and identifies ways in which the role of the state has impacted on labour markets and such personal issues as home ownership, fertility and divorce. He explains why the trajectory of policy transformation has varied from country to country, with immediate post-war policy laggards sometimes becoming leaders, and erstwhile policy pioneers on occasions stagnating. This innovative book presents a wealth of background data and a huge range of new findings, covering 12 policy areas in 21 advanced industrialized countries over a period of more than three decades. Comparative Public Policy is essential reading for students and scholars who wish to understand the dynamics of contemporary social and political development.Trade Review'Castles's book is an important contribution to comparative public policy, offering significant insight into policy areas over time and countries and providing a key source for any analysis of public policy.' -- Martin Lodge, West European Politics'This is a magisterial study by one of the leading international specialists in public policy research. . . . This is a compelling and convincing analysis and in its combination of scope, ambition and rigor is currently unchallenged. It is succinct, concise and undeviating from its central explanatory thesis. . . . it should be compulsory reading for professors.' -- Martin Rhodes, American Political Science Review'Castles's work is accessible and provides much data regarding public policy after World War II.' -- Jim F. Couch, E.H. Net'. . . a comprehensive, well organized work. . . . Castles's book is a comprehensive analysis of recent social processes.' -- Ian Gough and Meir Shabat, Journal of European Social Policy'. . . this book will serve as an extremely valuable source and guide for anybody interested in comparative public policy development between 1950 and the mid 1990s in OECD countries. . . . The ability to discuss the subject matter and argue his case within the space of 350 rather than 1,000 pages pays tribute to the author's considerable grasp of the material and concise presentation and discussion of data and analysis.' -- Jochen Clasen, European Journal of Social Work'. . . the author has achieved his goal of capturing the large picture of economic transformation and public policy in Western capitalism, post World War II. This book poses problems for all kinds of theories. Castles has simplified our empirical world while questioning our theoretical maps. The tables that at first sight appear off-putting have the compelling fascination of a Guinness Book of Records for grown ups. Not the least of its attractions is that it is an interesting read.' -- Grant Jordan, Political Studies'This innovative book presents a wealth of background data and a huge range of findings. This is a most scholarly text.' -- Economic Outlook and Business Review'Castles is one of the most prolific and innovative writers on welfare states and public policy and, once again, he does not disappoint. This book fills a huge vacuum in existing student texts. With great lucidity and tremendous reach, this book gives us a comparative, historical and cross-disciplinary panorama of postwar era public sector growth and, now, crisis. Few, if any, existing texts manage so well to present the leading questions, debates and the evidence so succinctly. It is bound to become a leading text for upper level students everywhere.' -- Gosta Esping-Andersen, University of Trento, Italy'Castles has written an accessible and comprehensive analysis of the evolution of public policy in the industrialized world since 1945. All students of comparative public policy will want to have this book close at hand as a ready guide and a source of superb statistical data to a complicated and fascinating set of policy issues.' -- Peter J. Katzenstein, Cornell University, US'Not the least of this book's many accomplishments is its contribution to our intellectual hygiene. Castles does a real public service by dispelling many myths, held by academics and neoliberal ideologues alike, about the role of 'big government' in advanced societies.' -- Claus Offe, Humboldt University, Germany'Frank Castles has written a book that should be read by anyone interested in comparative public policy, and comparative politics more generally. It is a rare combination of analytic rigor and descriptive richness. It covers a broad sweep of countries, policy areas, and time, and sets a standard for books in public policy.' -- B. Guy Peters, University of Pittsburgh, USTable of ContentsContents: Preface 1. Making Sense of Post-war Public Policy 2. Economy and Society 3. Institutions and Ideology 4. The Causes of Big Government 5. The Welfare State 6. The State and the Labour Market 7. Public Policy and the Personal 8. Patterns of Post-war Public Policy References

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Book SynopsisComparative Public Policy provides the first truly systematic and comprehensive account of the transformation of the post-war state in the advanced countries of the Western world. The author generates new research findings which show how the economic, social and political changes of the post-war era have reshaped modern public policy across the OECD region.Francis G. Castles examines the growth of big government and the emergence of the modern welfare state and identifies ways in which the role of the state has impacted on labour markets and such personal issues as home ownership, fertility and divorce. He explains why the trajectory of policy transformation has varied from country to country, with immediate post-war policy laggards sometimes becoming leaders, and erstwhile policy pioneers on occasions stagnating. This innovative book presents a wealth of background data and a huge range of new findings, covering 12 policy areas in 21 advanced industrialized countries over a period of more than three decades. Comparative Public Policy is essential reading for students and scholars who wish to understand the dynamics of contemporary social and political development.Trade Review'Castles's book is an important contribution to comparative public policy, offering significant insight into policy areas over time and countries and providing a key source for any analysis of public policy.' -- Martin Lodge, West European Politics'This is a magisterial study by one of the leading international specialists in public policy research. . . . This is a compelling and convincing analysis and in its combination of scope, ambition and rigor is currently unchallenged. It is succinct, concise and undeviating from its central explanatory thesis. . . . it should be compulsory reading for professors.' -- Martin Rhodes, American Political Science Review'Castles's work is accessible and provides much data regarding public policy after World War II.' -- Jim F. Couch, E.H. Net'. . . a comprehensive, well organized work. . . . Castles's book is a comprehensive analysis of recent social processes.' -- Ian Gough and Meir Shabat, Journal of European Social Policy'. . . this book will serve as an extremely valuable source and guide for anybody interested in comparative public policy development between 1950 and the mid 1990s in OECD countries. . . . The ability to discuss the subject matter and argue his case within the space of 350 rather than 1,000 pages pays tribute to the author's considerable grasp of the material and concise presentation and discussion of data and analysis.' -- Jochen Clasen, European Journal of Social Work'. . . the author has achieved his goal of capturing the large picture of economic transformation and public policy in Western capitalism, post World War II. This book poses problems for all kinds of theories. Castles has simplified our empirical world while questioning our theoretical maps. The tables that at first sight appear off-putting have the compelling fascination of a Guinness Book of Records for grown ups. Not the least of its attractions is that it is an interesting read.' -- Grant Jordan, Political Studies'This innovative book presents a wealth of background data and a huge range of findings. This is a most scholarly text.' -- Economic Outlook and Business Review'Castles is one of the most prolific and innovative writers on welfare states and public policy and, once again, he does not disappoint. This book fills a huge vacuum in existing student texts. With great lucidity and tremendous reach, this book gives us a comparative, historical and cross-disciplinary panorama of postwar era public sector growth and, now, crisis. Few, if any, existing texts manage so well to present the leading questions, debates and the evidence so succinctly. It is bound to become a leading text for upper level students everywhere.' -- Gosta Esping-Andersen, University of Trento, Italy'Castles has written an accessible and comprehensive analysis of the evolution of public policy in the industrialized world since 1945. All students of comparative public policy will want to have this book close at hand as a ready guide and a source of superb statistical data to a complicated and fascinating set of policy issues.' -- Peter J. Katzenstein, Cornell University, US'Not the least of this book's many accomplishments is its contribution to our intellectual hygiene. Castles does a real public service by dispelling many myths, held by academics and neoliberal ideologues alike, about the role of 'big government' in advanced societies.' -- Claus Offe, Humboldt University, Germany'Frank Castles has written a book that should be read by anyone interested in comparative public policy, and comparative politics more generally. It is a rare combination of analytic rigor and descriptive richness. It covers a broad sweep of countries, policy areas, and time, and sets a standard for books in public policy.' -- B. Guy Peters, University of Pittsburgh, USTable of ContentsContents: Preface 1. Making Sense of Post-war Public Policy 2. Economy and Society 3. Institutions and Ideology 4. The Causes of Big Government 5. The Welfare State 6. The State and the Labour Market 7. Public Policy and the Personal 8. Patterns of Post-war Public Policy References

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Book SynopsisThis important book investigates the causes of the decline in public capital spending which has occurred in most OECD countries over the past 25 years, and estimates the macroeconomic consequences of this decline.Governments can improve the future living conditions of their citizens in various ways including stimulating private investment, increasing spending on education and health programmes, preserving the environment and adding to the stock of public capital. In Public Capital Spending in OECD Countries the author focuses on government investment in physical capital within a macroeconomic context. He examines the consequences of the decline in public investment on physical assets such as infrastructure and the environment. The past few years have witnessed a growing awareness that especially the stock of public capital has been neglected by many OECD governments. Such a reduction in public investment may lead to a decline in economic growth, and therefore it is vital that the fall in government spending is rigorously examined.Key features include:- a detailed and comprehensive review of existing literature. original empirical investigations using alternative techniques and different datasets. possible explanations for the trends in public capital spending. estimates of the effect of public capital spending on economic growth. Trade Review'Sturm manages to communicate his findings in a way that makes the book readable even to those not familiar with the field of econometrics.' -- Tijdschrift voor Economische en Sociale Geografie'For the past decade public capital has been the great imponderable of economic growth studies. Most developed countries have seen a simultaneous slowing of public capital investment and overall productivity growth. Are the two related? Which causes what, to what degree? This book contains a series of very sophisticated tests to try to unravel the mysteries, in The Netherlands and throughout the OECD.' -- Edward Gramlich, University of Michigan, US'This book applies the tools of modern econometrics to the analysis of the causes and consequences of the slowdown of public investment in the OECD nations. The work is careful and convincing. The comprehensive literature review by itself makes this a valuable volume for anyone who is interested in infrastructure spending.' -- Harvey S. Rosen, Princeton University, US'This book will rapidly establish itself as the main reference point on public capital spending. It combines excellent argumentation with first class technical analysis.' -- Peter Jackson, University of Leicester, UKTable of ContentsContents: 1. Introduction Part I: Development 2. Public Capital Spending in the Netherlands 3. Public Capital Spending in the OECD Part II: Impact 4. Modelling Public Capital Spending and Growth 5. Productivity Effects of Public Capital 6. Sectoral Cost Elasticities of Public Infrastructure 7. Output Effects of Infrastructure Investment 8. Conclusions Index

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Book SynopsisThis comprehensive and authoritative book offers a global approach to the modern economics of the family, family law and family policy. Beginning with the division of labour in the family, this book deals with the economics of marriage, the demand for children, inter-generational relationships, and the economics of inheritance. The family is analysed using the theory of utility maximisation assuming that individuals wish to achieve the greatest possible satisfaction with limited resources and imperfect knowledge. The family is examined from both long and short term perspectives, and it is assumed that the family is cooperative with incentives for altruistic behaviour greater than in any other social group. Francisco Cabrillo then develops the analysis to include a discussion of the economics of family policy, an area not widely discussed in the existing literature, with special reference to the European Union. He makes use of simple and clear analytical models, such as neoclassical optimization and game theory, to explain the rationality of individual behaviour in the family and the responses to the incentives created by public policies.The Economics of the Family and Family Policy will be essential reading for economists interested in the family, public policy as well as sociologists and policymakers.Trade Review'Francisco Cabrillo's book is a masterful and much needed overview of the economics of the family, one of the "heterodox" subjects in which economists have in the last decades proved the fruitfulness of their analytic apparatus. Written with the general reader in view, both economists and non-economists will enjoy this book. It covers not only a wide scope from the theoretical point of view but also looks at the policies directed towards the family. Economic analysis can be very helpful in the task of finding out whether policy makers in this field have been right or, alas, wrong.' -- Carlos RodrIguez Braun, University Complutense, Madrid, Spain'[This book] should be of value for the structure of family relations in the western world today and in the past or those of traditional African or Asian society without having to alter its premises. . .' -- Fernando GOmez, Libros'Francisco Cabrillo has written an excellent book that will be of great value for anyone interested in the basic ideas that have developed over recent decades on the economics of the family. Professor Cabrillo has a virtue that is rare amongst economists: the skill to write lucidly for laymen on important social and economic matters without sacrificing the sophistication and subtlety of his economic analysis.'Table of ContentsContents: Preface 1. Economists and the Family 2. The Family as an Economic Unit 3. Marriage(I) 4. Marriage (II) 5. Children 6. The Intergenerational Pact 7. Inheritance 8. Family Protection and Pro-Natalist Policies 9. The Economic Foundations and Effects of a Policy for the Family 10. Technical Problems involved in an Economic Policy for Family Protection Index

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Book SynopsisThis innovative book sheds new light on the various transfer processes of economic knowledge from the academic environment to the outside world. The internationally acclaimed group of authors considers the transfer of knowledge in the teaching of economics, through public policy advice, and the spread of ideas across disciplinary boundaries.The economics profession is mainly concerned with the production of economic knowledge rather than the transfer of this knowledge outside the academic economics environment. The process of the production of knowledge and its final use has not been thoroughly investigated, and so relatively little is known about how this knowledge benefits public policy, private sector decisionmaking and the transfer of ideas across the social sciences. The leading contributors, including James M. Buchanan, Bob Coates, Bruno S. Frey, Heinz Konig, Anne Krueger and Charles Wyplosz, examine the transfer of knowledge from an interdisciplinary perspective addressing psychological, sociological and cultural issues. They also look at the theoretical analysis of the transfer of economic knowledge, focusing on public choice and political economy interpretations of economic policy advice, as well as institutional and management issues of policy advice. Finally they consider the challenges of teaching economics and explore the possibility of applying the new media for transferring economic knowledge.Trade Review'The discipline of economics has a production function just like any industry: its inputs are the papers and books of professional economists; its output is economic knowledge which is put to use by business and government, taught to students, and fed back into still more economic knowledge. In the process of the transfer of economic knowledge, economic knowledge becomes different but does it get any better? This is the question raised by every one of the contributors to this volume, which includes some of the leading members of our profession. This is a book that is only too easy to recommend to my colleagues.' -- The late Mark Blaug, formerly of the University of London and University of Buckingham, UKTable of ContentsContents: Introduction Part I: Theoretical Perspectives and the Transfer Process Part II: Aspects of Institutional Policy Advice Part III: Teaching and Application of Economics Part IV: Interdisciplinary Perspectives of the Transfer Process

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Book SynopsisThe prospect of simultaneously achieving a 'greener' environment, increased tax revenues and lower levels of unemployment has made ecological taxes an increasingly popular proposition. This volume examines the possibility of ecological tax reform in the Nordic countries of Denmark, Norway and Sweden. The potential for ecological tax reform is investigated on a theoretical and an empirical level. The social costs associated with environmental taxes are analysed and the impacts of a Swedish carbon tax are calculated by means of a static numerical model. Taxes on carbon, nitrogen and fertilisers are also examined. The authors find that the level of unemployment cannot be decreased by revenue neutral environmental taxes without any social costs and conclude that there are no easy ways to achieve full employment, a budget surplus and environmental sustainability. They conclude that further understanding of the functioning of the labour market, household decisions and the link between change in pollutant emissions and environmental damage is needed in order to make more concrete suggestions concerning ecological tax reforms.Green Taxes will be of immense use to academics and practitioners in the field of environmental economics.Trade Review'Green Taxes> is a thought provoking collection,' -- Benito Muller, Journal of Energy LiteratureTable of ContentsContents: Introduction 1. Governmental Commissions on Green Taxes in Denmark 2. The Governmental Commission on Green Taxes in Norway 3. The Swedish Green Tax Commission 4. Double Dividend: Just Desserts or Pie in the Sky? 5. Green Tax Reform: Theoretical Issues, Empirical Results, and Future Challenges 6. General Equilibrium Effects of Increasing Carbon Taxes in Sweden 7. Green Taxes in Sweden: A Partial Equilibrium Analysis of the Carbon Tax and the Tax on Nitrogen and Fertilizers 8. Taxes and Labour Supply in Sweden – A Meta Analysis Index

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

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Book SynopsisBeyond the New Public Management is an important book which provides a comprehensive analysis of current conceptual debates in public management and governance; and critically reviews attempts made over the last two decades to apply the 'new public management' model in developed and developing countries.The book brings together a number of outstanding specialists who examine the range of ideas and concepts of the new models of reform, paying particular attention to the 'new public management' model and to strategies of good governance. It evaluates progress made by governments and aid donors in putting these ideas into practice. Using case studies from both the developed and developing world, it emphasises the extent to which public management and governance reforms are being applied throughout the international arena. The examples used focus on the problems of policy and institutional transfers between the industrialised world and developing countries. Multidisciplinary in its approach, the book draws on literature and research from management studies, political science, sociology, economics and development studies; and points to issues likely to dominate the future research agenda.This thoughtful and wide-ranging book will be essential reading for academics, students and practitioners of public management, public policy, governance and development.Trade Review'This book constitutes an effort to address what can be learned from the recent experiences to adopt new public management ideas in the context of developing countries. It is well worth reading for this reason alone.' -- Peter Aucoin, Canadian Public AdministrationTable of ContentsContents: 1. Introduction: The Analysis of Public Management and Governance Part I: Changing Ideas about Public Management and Governance 2. Changing the State 3. Policy Transfer 4. The New Public Management and Policy Transfer 5. Public Management for Social Inclusion 6. Towards Synergy in Social Provision 7. Public Management 8. Professionalism, Participation and the Public Good Part II: Changing Institutions and Practices in Public Management and Governance 9. Civil Service Reforms 10. Civil Service Reform Equals Retrenchment? 11. Management Decentralization in Practice 12. Private Markets, Public Identities, Management and Tertiary Education in Contemporary Vietnam 13. Civil Society and Social Provision 14. Central–Local Relations in the Asia–Pacific 15. Public Service, Complex Emergencies and the Humanitarian Imperative 16. Conclusions

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Book SynopsisThis book is concerned with some of the conceptual and practical problems of measuring the changes in welfare of individuals and the excess burdens arising from taxation. It provides an introductory review of alternative concepts and practical approaches to the measurement of welfare as well as providing a number of practical examples of welfare analyses in a variety of contexts.The excess burden of a tax is a central concept in economics. John Creedy provides an introduction to various concepts of welfare change, paying particular attention to the measurement issues involved. He then applies the methods outlined to the measurement of marginal tax reform and indirect tax reform, with empirical data taken from Australia. He also examines the redistributive effect of price changes in Australia between 1980 and 1995, and the effects of inflation in New Zealand over the period 1993-1995. Finally, he calculates the welfare costs of monopoly and measures the burdens of carbon taxation and welfare.Measuring Welfare Changes and Tax Burdens will be of interest to students and academics working in the areas of public finance and public policy, as well as economists working in government.Trade Review'This book will be of interest to advanced students and economists working in the area of public policy.' -- Aslib Book GuideTable of ContentsContents: Part I: Introduction 1. Introduction and Outline Part II: Theory and Methods 2. Review of Demand Analysis 3. Concepts of Welfare Change 4. Measuring Welfare Changes 5. A Convenient Parametric Approach 6. Equivalent Incomes and Optimal Taxation Part III: Applications 7. Marginal Tax Reform 8. Indirect Tax Reform 9. The Distributional Effects of Inflation 10. Welfare Costs of Monopoly 11. Carbon Taxation and Welfare Bibliography Index

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Book SynopsisFloating-Rate Securities is the only complete resource on "floaters" that fills the information void surrounding these complex securities. It explains the basics of floating rate securities, how to value them, techniques to compute spread measures for relative value analysis, and much more.Table of ContentsAbout the Authors. 1. Features and Investment Characteristics of Floaters. 2. The Choice of a Floater's Reference Rate. 3. Introduction to the Valuation of Floaters. 4. Valuing Floaters with Embedded Options. 5. Spread Measures and Spread Duration. 6. Relative Value Analysis Using the Interest Rate Swap Market. 7. Adjustable-Rate Mortgage Passthrough Securities. 8. CMO Floaters. 9. ABS Floaters. 10. Analysis of MBS and ABS Floaters. 11. Inverse Floaters. Index.

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Book SynopsisThis book offers clear and practical guidance on the application of VAT to property transactions providing assistance to individuals, property businesses and professionals. It covers guidance on VAT and property issues including: Introduction to VAT concepts: VAT terminology, Legislation, Definitions. Land Transactions Residential property: New build, Extension and refurbishment, Renovations and alterations, Conversions, Facilities for the disabled, Transactions between landlord and tenant, DIY house builders, Caravans and houseboats, Listed/protected buildings. Residential and charitable use buildings, Housing Associations, Cultural bodies Commercial property: Construction industry, the election to waive exemption, Supplies not affected, Making an election, Revoking an election, Input tax claims, Avoidance rules, Premiums, surrenders and inducements, Specialist services, Transfer of a business as a going concern Anti-avoidance legislation Guarantees, Partial exemption, Input tax recovery, the capital items scheme. Includes detailed HMRC guidance and forms on CD-ROM.Table of Contents1 Introduction1.1 Overview of the UK VAT rules for property transactions and the property sector1.2 Definitions2 The General VAT Rules as they apply to Property-Related Supplies2.1 Goods or services?2.2 Time of supply2.3 The value of the supply (the amount on which VAT is chargeable)2.4 Supplies spanning change of VAT rate or change in liability of a supply3 The VAT Liability of the Most Common Property-Related Supplies3.1 Exempt or taxable at the standard rate?3.2 Treatment of the most common supplies of land and buildings3.3 Supplies of and under leases3.4 Commonhold3.5 Joint ownership3.6 Beneficial interests4 VAT Reliefs for Supplies of Dwellings4.1 Meaning of 'dwelling'4.2 Case law on meaning of 'dwelling'4.3 Zero-rating for new dwellings – the details of the relief4.4 VAT reliefs for conversions into dwellings5 VAT Refund Schemes5.1 DIY builders scheme ‒ introduction5.2 Details of the DIY builder's refund scheme5.3 Amounts qualifying for refund5.4 The form of claims by DIY builders6 Buildings used for a Relevant Residential or Relevant Charitable Purpose6.1 Introduction6.2 Use solely for a relevant residential purpose6.3 Use solely for a relevant charitable purpose6.4 Certificates6.5 Claw-back on change of use7 Property Transactions Involving Housing Associations – the Special Rules7.1 Zero-rating of conversions7.2 Claw-back on change of use7.3 Disapplication of the option to tax8 Reliefs for Protected Buildings8.1 Introduction8.2 Zero-rating for substantially reconstructed protected buildings from 1 October 20129 Supplies of Commercial Property and the Option to Tax9.1 Introduction to the option to tax9.2 Overview of the main points about the option to tax9.3 The UK legislation relating to the option to tax9.4 Effect of the option to tax9.5 Scope of the option to tax9.6 Opting to tax – the two-stage process9.7 Day from which the option takes effect9.8 Duration of option to tax9.9 Revocation of the option to tax9.10..... Real estate elections9.11..... Cases where HMRC's permission is required before exercising the option9.12..... Exclusions from the effect of the option to tax9.13..... The option to tax and VAT groups9.14..... Option to tax: anti-avoidance provisions9.15..... Effect of the option to tax on input tax recovery9.16..... Timing of the exercise of the option to tax – some practical points10 Supplies in the Building Industry10.1..... Introduction10.2..... Table outlining reliefs10.3..... Zero-rating of the construction of certain buildings10.4..... Zero-rating of certain goods and services supplied to a disabled person10.5..... Reduced rate for qualifying conversions10.6..... Reduced rate for certain residential renovations and alterations10.7..... Relief for building materials etc.10.8..... Self-supply of construction, alteration and demolition services10.9..... Time of supply of building services10.10.... Self-billing and authenticated receipts10.11.... Summary of VAT liability of supplies of building services11 Partial Exemption and the Capital Goods Scheme11.1..... Effect of being partially exempt11.2..... Methods of apportionment11.3..... De minimis limits11.4..... Capital goods scheme12 Transfer of a Business as a Going Concern ('TOGC')12.1..... The legal framework for TOGC treatment12.2..... The general conditions for TOGC treatment12.3..... TOGCs: Some drafting points12.4..... General condition (1): business assets transferred as part of a going concern12.5..... General condition (2): assets to be used by the transferee in carrying on the same kind of business12.6..... General condition (3): transferee must be a 'taxable person' or, as a result of the TOGC, become a taxable person12.7..... General condition (4) Transfer of part of a business capable of separate operation12.8..... Additional conditions for certain property assets to be included in a TOGC12.9..... Property letting and TOGCs12.10.... TOGCs and transfers to nominees12.11.... TOGCs: summary of main VAT consequences13 Property Supplies relating to Caravans and Caravan Parks13.1..... Caravan park works13.2..... Caravan pitches13.3..... Caravan rentalHMRC Forms and GuidanceRevenue & Customs BriefsVAT FormsVAT Information SheetsVAT NoticesINDEXCD-ROM:HMRC forms and guidance

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Book SynopsisMuch has been written and spoken about the lessons learned from the financial crisis of 2009. This book deals with the lessons not learned before the financial crisis.Dr Trimbath demonstrates that an existing framework for regulating financial systems, available since at least 2001, could have prevented the systemic failure in the US that led to the collapse of global credit markets in 2008. Step by step the book guides you through what could have been done to prevent the crisis and what investors can do to protect themselves from the next one, and concludes with a key idea for making financial services businesses stand out from the crowd ensuring future success.The list of 10 Steps is quite straight-forward and simple. Have private, independent rating agencies. Provide some government safety net but not so much that banks are not held accountable (""Too Big to Fail"") Allow very little government ownership and control of national financial assets. Allow banks to reduce the volatility of returns by offering a wide-range of services. Require financial market players to register and be authorized. Provide information, including setting standards, to enhance market transparency. Routinely examine financial institutions to ensure that the regulatory code is obeyed. Enforce the code and discipline transgressors. Develop policies that keep the regulatory code up to date. Encourage the creation of specialized financial institutions. For each step the reader will find: the legislative and regulatory background on the existing rules; a review of academic research on the theory behind each step; and the facts and data connecting each step to the financial crisis of 2008.Trade ReviewIn a time of mind-boggling complexity in financial regulation - too complex, according to Ben Bernanke, for the Federal Reserve System to understand its impact - Lessons Not Learned is a refreshing call to return to a simpler, more basic approach. Susanne Trimbath emphasizes that the failure to implement regulations, a key factor in the crisis of 2008, remains the system's Achilles heel. This book features a refreshing combination of research grounding and pragmatic experience. A must read for taxpayers and their representatives!" - Jerry Caprio Currently: Williams College, William Brough Professor of Economics and Chair, Center for Development Economics. Formerly (1988-2005): The World Bank, Director, Operations and Policy Department, Financial Sector Vice PresidencyTable of Contents Acknowledgements About the author Contents Abbreviations Tables of authorities Foreword Introduction 1. Updated Regulations 1.1. Lesson 1.2. Purpose 1.3. Theory 1.4. Practice 1.5. Connection 1.6. Conclusion 2. Registration and Authorisation 2.1. Lesson 2.2. Purpose 2.3. Theory 2.4. Practice 2.5. Connection 2.6. Conclusion 3. Surveillance and Examinations 3.1. Lesson 3.2. Purpose 3.3. Theory 3.4. Practice 3.5. Connection 3.6. Conclusion 4. Allowable Diversification 4.1. Lesson 4.2. Purpose 4.3. Theory 4.4. Practice 4.5. Connection 4.6. Conclusion 5. Independent Monitors 5.1. Lesson 5.2. Purpose 5.3. Theory 5.4. Practice 5.5. Connection 5.6. Conclusion 6. Information and Standards 6.1. Lesson 6.2. Purpose 6.3. Theory 6.4. Practice 6.5. Connection 6.6. Conclusion 7. Enforcement and Discipline 7.1. Lesson 7.2. Purpose 7.3. Theory 7.4. Practice 7.5. Connection 7.6. Conclusion 8. Safety with Accountability 8.1. Lesson 8.2. Purpose 8.3. Theory 8.4. Practice 8.5. Connection 8.6. Conclusion 9. Private Ownership 9.1. Lesson 9.2. Purpose 9.3. Theory 9.4. Practice 9.5. Connection 9.6. Conclusion 10. Specialization 10.1. Lesson 10.2. Purpose 10.3. Theory 10.4. Practice 10.5. Connection 10.6. Conclusion 11. Conclusion 11.1. Finance is Everywhere 11.2. No single cause, no single solution 11.3. Moving Beyond Finance and Economics 11.4. Where We Are Now 11.5. Where we could be 11.6. Epilogue to Individual Investors Appendices Appendix 1: Note on the Mathematics of Derivatives Appendix 2: SROs, Born of the Paperwork Crisis Appendix 3: Structured Finance Appendix 4: Who Regulates Banks Appendix 5: DFA Cross-Reference and Implementation Trackers Appendix 6: A Collection of Lessons References Index

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Book SynopsisMuch has been written and spoken about the lessons learned from the financial crisis of 2009. This book deals with the lessons not learned before the financial crisis.Dr Trimbath demonstrates that an existing framework for regulating financial systems, available since at least 2001, could have prevented the systemic failure in the US that led to the collapse of global credit markets in 2008. Step by step the book guides you through what could have been done to prevent the crisis and what investors can do to protect themselves from the next one, and concludes with a key idea for making financial services businesses stand out from the crowd ensuring future success.The list of 10 Steps is quite straight-forward and simple. Have private, independent rating agencies. Provide some government safety net but not so much that banks are not held accountable (""Too Big to Fail"") Allow very little government ownership and control of national financial assets. Allow banks to reduce the volatility of returns by offering a wide-range of services. Require financial market players to register and be authorized. Provide information, including setting standards, to enhance market transparency. Routinely examine financial institutions to ensure that the regulatory code is obeyed. Enforce the code and discipline transgressors. Develop policies that keep the regulatory code up to date. Encourage the creation of specialized financial institutions. For each step the reader will find: the legislative and regulatory background on the existing rules; a review of academic research on the theory behind each step; and the facts and data connecting each step to the financial crisis of 2008.Trade ReviewIn a time of mind-boggling complexity in financial regulation - too complex, according to Ben Bernanke, for the Federal Reserve System to understand its impact - Lessons Not Learned is a refreshing call to return to a simpler, more basic approach. Susanne Trimbath emphasizes that the failure to implement regulations, a key factor in the crisis of 2008, remains the system's Achilles heel. This book features a refreshing combination of research grounding and pragmatic experience. A must read for taxpayers and their representatives!" —Jerry Caprio - Currently: Williams College, William Brough Professor of Economics and Chair, Center for Development Economics. Formerly (1988-2005): The World Bank, Director, Operations and Policy Department, Financial Sector Vice PresidencyTable of Contents Acknowledgements About the author Contents Abbreviations Tables of authorities Foreword Introduction 1. Updated Regulations 1.1. Lesson 1.2. Purpose 1.3. Theory 1.4. Practice 1.5. Connection 1.6. Conclusion 2. Registration and Authorisation 2.1. Lesson 2.2. Purpose 2.3. Theory 2.4. Practice 2.5. Connection 2.6. Conclusion 3. Surveillance and Examinations 3.1. Lesson 3.2. Purpose 3.3. Theory 3.4. Practice 3.5. Connection 3.6. Conclusion 4. Allowable Diversification 4.1. Lesson 4.2. Purpose 4.3. Theory 4.4. Practice 4.5. Connection 4.6. Conclusion 5. Independent Monitors 5.1. Lesson 5.2. Purpose 5.3. Theory 5.4. Practice 5.5. Connection 5.6. Conclusion 6. Information and Standards 6.1. Lesson 6.2. Purpose 6.3. Theory 6.4. Practice 6.5. Connection 6.6. Conclusion 7. Enforcement and Discipline 7.1. Lesson 7.2. Purpose 7.3. Theory 7.4. Practice 7.5. Connection 7.6. Conclusion 8. Safety with Accountability 8.1. Lesson 8.2. Purpose 8.3. Theory 8.4. Practice 8.5. Connection 8.6. Conclusion 9. Private Ownership 9.1. Lesson 9.2. Purpose 9.3. Theory 9.4. Practice 9.5. Connection 9.6. Conclusion 10. Specialization 10.1. Lesson 10.2. Purpose 10.3. Theory 10.4. Practice 10.5. Connection 10.6. Conclusion 11. Conclusion 11.1. Finance is Everywhere 11.2. No single cause, no single solution 11.3. Moving Beyond Finance and Economics 11.4. Where We Are Now 11.5. Where we could be 11.6. Epilogue to Individual Investors Appendices Appendix 1: Note on the Mathematics of Derivatives Appendix 2: SROs, Born of the Paperwork Crisis Appendix 3: Structured Finance Appendix 4: Who Regulates Banks Appendix 5: DFA Cross-Reference and Implementation Trackers Appendix 6: A Collection of Lessons References Index

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Book SynopsisInsurance Premium Tax is a guide for practitioners and those involved in the insurance industry. It summarises how the IPT is applied in practice, the definition of an insurance contract, looks at exemptions from the tax, the application of the higher rate and issues affecting non UK risks and global policies. It also explores compliance issues such as IPT registration, the submission of returns and payment of the tax, changes in rates and the penalty regime.Table of Contents INTRODUCTION 1.1. Sources of information WHAT IS INSURANCE PREMIUM TAX 2.1. Definition 2.2. Is IPT legal? 2.3. Insurance contracts and insurers 2.4. Taxable contracts 2.5. What is a premium? 2.6. Coinsurance, insurance pools and fronting 2.7. Warranties and guarantees 2.8. Discretionary trusts 2.9. Cost plus schemes 2.10. Self insurance 2.11. Voluntary excesses and deductibles HIGHER RATE IPT 3.1. Introduction 3.2. Motor cars and motor cycles 3.3. Domestic Appliances 3.4. Travel insurance 3.5. Higher rate insurance and free and discounted insurance TAXABLE INTERMEDIARIES 4.1. Liability to register and account for IPT 4.2. Criteria for a person having to register 4.3. Taxable intermediary provisions 4.4. Higher rate contracts 4.5. Registration limits LOCATION OF RISK 5.1. Introduction 5.2. Risk location rules 5.3. Habitual residence 5.4. Business establishment 5.5. Unregistered vehicles 5.6. Buildings 5.7. Embassies 5.8. Travel Insurance 5.9. Apportioning multi jurisdictional risks EXEMPTIONS 6.1. Introduction 6.2. De minimis 6.3. Exemptions 6.4. Non-UK risks 6.5. Reinsurance 6.6. Long-term insurance contracts 6.7. Commercial ships 6.8. Contracts relating to the Channel Tunnel 6.9. Lifeboats and Lifeboat equipment 6.10. Commercial aircraft 6.11. International railway rolling stock 6.12. Goods in foreign or international transit 6.13. Export finance related insurance 6.14. Motability contracts 6.15. Spacecraft REGISTRATION, DE-REGISTRATION AND TOGCS 7.1. Registration – Introduction 7.2. Deregistration 7.3. Transfer of a going concern ACCOUNTING FOR IPT 8.1. Introduction 8.2. IPT Accounting Schemes 8.3. Bad debt relief 8.4. Adjusting for errors on IPT returns 8.5. Changes in IPT rates 8.6. Anti-forestalling provisions 8.7. Lloyd's IPT procedures 8.8. Record keeping requirements 8.9. Recovering IPT paid in error PENALTIES 9.1. Introduction 9.2. Penalty for failure to notify 9.3. Late payment of tax or rendering of returns 9.4. Failure to notify a cessation of trade 9.5. Failure to produce records 9.6. Failure to appoint or nominate a tax representative 9.7. Breach a controlled goods agreement or Walking Possession Agreement in Northern Ireland 9.8. Liability of insured 9.9. Underdeclarations 9.10. Evasion of IPT 9.11. Interest 9.12. HMRC's stated approach to late rendering and payment penalties 9.13. Security 9.14. Reviews and appeals APPENDIX 1: HMRC PENALTIES FOR FAILURE TO NOTIFY (FACTSHEET CC/FS11) APPENDIX 2: HMRC PENALTIES FOR INACCURACIES IN RETURNS (FACTSHEET CC/FS7A) APPENDIX 3: ""CONNECTED"" PERSONS APPENDIX 4: FORMS APPENDIX 5: EUROPEAN INSURANCE PREMIUM TAX (IPT) COMPARISON TABLE APPENDIX 6: IPT ERROR FLOWCHART

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Book SynopsisThis as-it-happened review of the causes, consequences, and repercussions of the 2008 Global Financial Crisis is more than a history lesson – it's a look into the future.These essays by Dr Susanne Trimbath, were first published between 2008 and 2015 on newgeography.com. They have been edited to be read as a free-standing publication, grouped together into the following chapters: Bailouts Congressional Hearings and Legislation Homeowners and Mortgages Federal Reserve and Treasury Actions Bank/Broker Behavior Systemic Issues Public Reaction The hardback is a limited edition of 100 copies, signed by the author. Every copy sold will include a US$5 donation to the Diane Fossey Foundation Trade ReviewMy wish is that I have opened your eyes to the false utopia being offered by Wall Street and the businesses and governments they support." - Dr Susanne Trimbath"These essays are a critical element in the continuing discussion of inequality and the growing power of a small financial elite" - Joel Kotkin, editor of NewGeography.com NewGeography.comTable of Contents 1. Bailouts Why there were bailouts in 2008-9 for Wall Street and not for Main Street? This chapter includes articles on who got the money and how the true cost, which was to be borne by US taxpayers, was hard to calculate and often purposefully hidden from public view. 2. Congressional Hearings and Legislation Once the full-blown global financial crisis hit, the response included tens of thousands of pages of new rules, regulations and regulators in the space of about three years. Also, the US government assumed ownership and operation of AIG. This was the first "taking" since 1989 and was followed by Washington Mutual in September 2008 and W Holding's Westernbank in April 2010. 3. Homeowners and Mortgages The housing market, in the years leading up to the financial crisis and the Great Recession, had been treated like gold – not that "houses are as good as gold" but that people were treating houses AS IF they were an investment and not a place to live. 4. Federal Reserve and Treasury Actions In 2009, Treasury Secretary Timothy Geithner presented a proposal for legislation that would give the secretary the authority to make the final determination that a financial institution on the verge of default – regulation by revolution. Geithner's proposal would let the federal government nationalize a 'too big to fail' company. 5. Bank/Broker Behavior The actions of financial industry professionals led to the financial crisis that developed into the Great Recession. Criminal charges were brought against those who cheated their way into getting a share of the bailout money, but many of those responsible for creating the situation were paid elaborate bonuses at the same time their financial institutions were receiving bailout funds. 6. Systemic Issues This chapter on Systemic Issues goes into detail about topics that are widely misunderstood by the non-financial public: financial innovations were supposed to democratize capital by making it easier to fund less-popular projects, both public and private. Like many inventions, it was abused for the enrichment of a few. 7. Public Reaction Public reaction in the United States to the revelations of the Wall Street bailout was subdued. A Landmark Narrative developed and was generally accepted by Americans: people bought houses they couldn't afford by using adjustable-rate mortgages, no-money-down and other schemes offered by banks. When the favorable terms ran out those homebuyers stopped paying their mortgages; they caused their mortgage bank to slide toward bankruptcy, and caused all those "sliced-and-diced" mortgage-backed bonds to fail, too.

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Book SynopsisThe main aim of this work is to provide comprehensive analysis of the Employment Related Securities (ERS) legislation at ITEPA 2003, Part 7, drawing on the legislation itself, HMRC guidance and the author's own thoughts and experience. The focus is on unlisted companies though the commentary is relevant to awards of ERS and ERS options in general. Chapters 2 to 4 of Part 7 are principally anti-avoidance legislation applying to: Restricted or convertible securities Securities acquired for less than market value Securities disposed of for more than their market value Post-acquisition benefits connected with securities Chapter 5 of Part 7 concerns ERS options, while the rest of Part 7 mostly contains the detailed rules relating to awards of shares and share options under the tax-advantaged employee share schemes: SIPs, SAYE options, CSOP and EMI. A chapter of this work is devoted to each chapter of Part 7, again with the emphasis on unlisted companies where for example the restricted securities rules at Chapter 2 are highly relevant. Of the tax-advantaged share schemes, EMI (Enterprise Management Incentives) in Chapter 5, is mainly used by unlisted companies due to the financial and other limits applicable. Major coverage is therefore given to those chapters of Part 7. However, this work would not be complete without also analysing other tax legislation relevant to ERS and ERS options in general, including: ERS as general earnings for income tax purposes The capital gains rules relevant to ERS and ERS options The corporation tax deduction for acquisitions of ERS PAYE and NICs aspects Additional chapters of this work therefore cover those areas in some detail. A review of the decisions of the tax tribunals and courts concerning arrangements or 'schemes', aimed at avoidance of income tax and NICs involving ERS, also seems on-topic and merits a chapter of its own. Part 7 is in parts complex and confusing legislation, but some understanding of which is essential for professionals advising companies of any size. The detailed commentary in this work aims to provide its target audience with as complete a guide as possible to both the technicalities and the practicalities involved in both the interpretation and the application of the ERS rules.

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Book SynopsisThis handbook is a concise guide for all those who aim at obtaining a basic knowledge of European tax law. Designed for students, it should be useful as well for experienced international tax specialists with little knowledge of European law, European law specialists who are reluctant to approach the technicalities of direct taxation and non-Europeans who deal with Europe for business or academic reasons and need to understand the foundations of European tax law. The authors also consider that this book can be useful to academics without a legal background in order to approach the technical issues raised by European Union tax law.During the past two years the growing role of state aids and EU fundamental rights have confirmed the trend that steers them towards having an equivalent impact on direct taxation as compared to the one traditionally had by fundamental freedoms. The developments of secondary law have been more marginal instead, confirming the difficulties in producing secondary legislation on direct taxes.This edition contains selected relevant information available as of 30 June 2020 and retains all of the features and tools contained in the previous editions.

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Book SynopsisInsurance Premium Tax is a guide for practitioners and those involved in the insurance industry. It summarises how the IPT is applied in practice, the definition of an insurance contract, looks at exemptions from the tax, the application of the higher rate and issues affecting non UK risks and global policies. It also explores compliance issues such as IPT registration, the submission of returns and payment of the tax, changes in rates and the penalty regime. The major change that has taken place since the first edition has been the UK leaving the European Union. The author explains why this does not impact greatly on IPT, though it makes the discussion on the legality of the tax otiose. In November 2020, HMRC announced a consultation on IPT. This looked at three main areas: unregistered insurers, some 'avoidance' structures involving administration fees and the administration of the tax. The author reports on the consultation and HMRC reaction to industry responses.

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Book SynopsisVAT and Financial Services takes the reader through the relevant legislation and case law, the legal concepts such as time and place of supply, the distinction between goods and services, what is taxable, and the interaction of these elements; examines the consequences of outsourcing (through a detailed study of 10 significant cases); looks at the key issues facing financial services and insurance; and then discusses the VAT cost sharing exemption.Since the third edition, there have been significant developments, including (most obviously) Brexit. The key VAT change is that EU legislation is no longer primary legislation (although many EU VAT principles, obligations and rights have been 'retained') and ECJ court decisions are, in general, no longer binding although 'a court or tribunal may have regard to anything done on or after exit day by the European Court, another EU entity or the EU so far as it is relevant to any matter before the court or tribunal' (European Union (Withdrawal) Act, 2018 s6(2)). Also, the Court of Appeal decision in HMRC v Perfect [2022] EWCA Civ 330, which is an excise duty case but more widely applicable, confirmed that decisions from any referrals to the ECJ made before 31 December 2020 remain binding on the UK even if the decision is issued after that date.In addition to this general change, there have been some more specific changes, for example the changes to the VAT (Specified Supplies) Order 1999, which now treats supplies to persons in the EU in the same way as supplies to persons outside the EU and some changes to the status of EU pension funds.A further change has been to the status of Cost Sharing Groups, an arrangement that allows persons who carry on certain activities to form a group to share costs without creating sticking VAT. As Cost Sharing groups are no longer available to the financial services and insurance sectors, the chapter and appendix covering these have been removed from this edition. Appendices include: contracts of insurance; Lloyd's VAT arrangements; HMRC ABI partial exemption guidance for the insurance sector; TOGC legal extracts; and the VAT territory of the EU.Finance directors and finance controllers in the financial services and insurance sectors and at those who advise these sectors should all find the book helpful.Table of ContentsAbout the authorAcknowledgementsContentsTables of authorities1. Introduction1.1. Introduction to the first edition, September 20121.2. Introduction to the second edition, June 20151.3. Introduction to the third edition, March 20171.4. Introduction to the fourth edition, June 20222. Financial Services2.1. Introduction2.2. Money and money-related services2.3. Securities2.4. Investment funds and wrappers2.5. Derivatives2.6. Intermediary services2.7. Supplies relating to the provision of credit2.8. Debts and related services2.9. Islamic finance2.10. Standard rated services2.11. Investment gold3. Insurance3.1. Introduction3.2. General (non-life) insurance3.3. Life assurance3.4. Friendly Societies3.6. Lloyd's3.7. Insurance claims3.8. Insurers in 'run off'3.9. Other types of insurance3.10. Insurance Premium Tax (IPT)4. Outsourcing4.1. Introduction4.2. Sparekassernes Datacenter (SDC) v Skatteministeriet (Case C- 2/95) [1997] STC 9324.3. C&E Commrs v Civil Service Motoring Association [1998] STC 1114.4. C&E Commrs v CSC Financial Services Limited (formerly Continuum (Europe) Limited) (Case C–235/00) [2002] STC 574.5. C & E Commrs v FDR Ltd [2000] STC 6724.6. C & E Commrs v Electronic Data Systems Ltd [2003] STC 6884.7. Century Life plc v C&E Commrs [2000] STC 2764.8. Försäkringsaktiebolaget Skandia (Case C – 240/99) STC 7544.9. C & V (Advice Line) Services Ltd v C & E Comrs (2001) (17310)4.10. Staatssecretaris van Financiën v Arthur Andersen & Co Accountants cs (Case C-472/03) [2005] STC 5084.11. JCM Beheer BV v Staatssecretaris van Financien (Case C-124/07) [2008] STC 33604.12. Aspiro (formerly BRE Ubezpieczenia Sp. z o.o.) v Minister Finansów (Case C – 40/15)5. Input Tax and VAT recovery5.1. Introduction5.2. Definition of input tax5.3. Who can recover input tax5.4. Blocked input tax5.5. Purchases from overseas suppliers5.6. Partial exemption5.7. Capital goods scheme5.8. Recovery of VAT incurred in the EU6. Legislation, Case Law and Appeals6.1. Introduction6.2. EU legislation6.3. Primacy of EU Directives over national legislation and European Union (Withdrawal) Act 20186.4. UK legislation6.5. Appeals6.6. Legislation relevant to the financial services and insurance sectors7. VAT supply and liabilities7.1. Meaning of supply7.2. Supply of goods7.3. Supply of services7.4. Supply of neither goods nor services7.5. Place of supply7.6. Time of supply7.7. Taxable supplies7.8. Exempt supplies7.9. Outside the scope supplies7.10. Reverse chargeAppendicesAppendix A – Contracts of InsuranceAppendix B – Lloyd's VAT ArrangementsAppendix C – Extract from 'HMRC ABI Partial Exemption Guidance for the Insurance Sector'Appendix D – Transfers of business as a Going Concern – Legal ExtractsAppendix E – EU member states as at 1 January 2021Appendix F – Terminal markets listed in VAT (Terminal Markets) Order 1973 (as amended)Index

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Book SynopsisThe Tax Schedule explains the underlying rationale of the key provisions of the tax schedule, and provides updated model long-form and short-form warranties and tax indemnities. The purpose of the book is to explain and simplify issues for tax advisors involved in transactions of buying and selling companies and business, enabling negotiations between tax advisors to keep sight of the commercial reality of the transaction (a sale by a willing seller to a willing buyer). The purpose of the tax schedule is to determine where responsibilities and risks will lie following the completion of the transaction, as well as to re-examine a number of so-called 'market practices'. The intended readership of the book is tax lawyers, tax accountants, corporate lawyers, corporate advisors and finance directors who are involved in the process of the sale of a company. Since the last edition, the UK has left the European Union (with little implications so far for tax schedules) and there have been two cases relating to the tax deed, relating tax warranties (Nobahar-Cookson & ors v The Hut Group Ltd [2016] EWCA Civ 128 and Tesco UK Limited v Aircom Jersey 4 Limited and Aircom Global Operations Limited) and decided by the court of appeal, no less.Table of ContentsPreface to the fourth editionPreface to the first editionAcknowledgementsOnline resourcesTable of authoritiesGlossary1 THE TRANSACTIONAL PROCESS1.1 Background issues1.2 Pre-completion clearances1.3 Post-completion clearances1.4 Transactions and clearances with EU dimension1.5 Employee share scheme matters1.6 Buyer's issues1.7 Seller's issues1.8 Negotiating the tax schedule1.9 Completion issues1.10 Post-completion matters2 DUE DILIGENCE2.1 Overview2.2 The buyer's tax due diligence report2.3 The seller's tax due diligence report2.4 The disclosure process2.5 Measuring the risk2.6 Due diligence in the purchase of a business2.7 Tax due diligence in the purchase of a company3 WARRANTIES3.1 Overview3.2 Warranties in due diligence3.3 Disclosures against tax warranties62F3.4 Accounts, tax computations and payments3.5 Administration and tax compliance3.6 Advance corporation tax (ACT)3.7 Anti-avoidance3.8 Associated companies3.9 Capital allowances3.10 Chargeable gains3.11 Clearances3.12 Close companies3.13 The construction industry scheme (CIS)3.14 Controlled foreign companies (CFC)3.15 Corporation tax3.16 Deferred tax3.17 Demergers and exempt distributions3.18 Disclosure of tax avoidance schemes (DOTAS)106F3.19 Distributions and dividends3.20 Dormant companies3.21 Employment-related tax issues3.22 Group issues3.23 Inheritance tax3.24 Insolvency issues3.25 Intellectual property3.26 Land and property issues3.27 Loan relationships3.28 National insurance contributions (NICs)3.29 PAYE3.30 Penalties regime3.31 Research and development (R&D)3.32 Residency issues3.33 Secondary tax liabilities3.34 Self-assessment3.35 Stamp taxes3.36 Transfer pricing and non-arm's length transactions3.37 Value added tax and Customs & Excise3.38 Value shifting205F and depreciatory transactions206F4 SALE AND PURCHASE OF A COMPANY4.1 Background issues4.2 Issues for the buyer4.3 Taxation issues for the seller4.4 Dealing with target's pre-completion debts4.5 Accounts and completion accounts4.6 Structuring the consideration5 SALE AND PURCHASE OF A BUSINESS5.1 General overview5.2 Commercial considerations5.3 Due diligence5.4 Tax issues5.5 VAT and transfers as a going concern (TOGC)6 SPECIAL SITUATIONS6.1 Insolvencies and administrations6.2 The locked box mechanism6.3 Public listings and offerings6.4 Partnerships7 SHARE SCHEME ISSUES7.1 Overview7.2 Corporation tax relief – an important negotiating issue7.3 Tax issues arising in respect of share incentive schemes7.4 Roll-over options7.5 Takeover code issues7.6 Administrative and reporting requirements for HMRC-approved schemes7.7 Partly paid shares7.8 Disguised remuneration rules7.9 Employee shareholders and ESS8 VENTURE CAPITAL SCHEMES8.1 The Enterprise investment scheme8.2 Seed enterprise investment scheme8.3 Venture capital trusts8.4 Social investment tax relief8.5 Corporate venturing scheme (CVS)9 GROUP ISSUES9.1 Chargeable gains groups9.2 Corporation tax groups9.3 Group payment arrangements9.4 Intangible assets9.5 Loan relationships9.6 Stamp duty9.7 Stamp duty land tax (SDLT)9.8 Substantial shareholdings9.9 VAT groups10 THE TAX SCHEDULE IN THE SALE AND PURCHASE OF A COMPANY10.1 Background issues10.2 Drafting principles10.3 Short form or long form tax schedule?10.4 Tax liabilities10.5 An accounts deal10.6 A completion accounts deal10.7 The seller's indemnity10.8 Limitations10.9 De minimis and maximum caps10.10 Third party recovery10.11 Overprovisions10.12 Reliefs and savings10.13 Mitigation and/or shared pre-completion tax reliefs10.14 Buyer's indemnity10.15 Conduct provisions10.16 Gross-up and withholdings10.17 Zim PropertiesAPPENDIX 1. LONG FORM TAX SCHEDULEAPPENDIX 2. SHORT FORM TAX SCHEDULEAPPENDIX 3. LONG FORM TAX WARRANTIES FOR THE SALE OF A COMPANYAPPENDIX 4. TAX WARRANTIES FOR THE SALE OF A BUSINESSAPPENDIX 5. HMRC INFORMATION & INSPECTION POWERSAPPENDIX 6. TIME LIMITS FOR ASSESSMENTS & CLAIMS AND RELATED MATTERSAPPENDIX 7. HMRC CLEARANCESAPPENDIX 8. OVERVIEW OF HMRC APPROVED EMPLOYEE INCENTIVE SCHEMES8.1. Approved Share Incentive Plans ("SIPs")8.2. Schedule 4 Company Share Option Plans ("CSOPs")8.3. Enterprise Management Incentives (EMIs)8.4. Schedule 3 SAYE Option SchemesAPPENDIX 9. EIS OVERVIEW CHECKLISTAPPENDIX 10. SEIS OVERVIEW CHECKLISTAPPENDIX 11. VCT CHECKLISTAPPENDIX 12. PENALTIES AND ERRORSAPPENDIX 13. DOTAS LEGISLATIONAPPENDIX 14. COMPANIES ACT 2006 – PART 28, CHAPTER 3APPENDIX 15. THE TAKEOVER CODE RULE 15INDEX

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Book SynopsisFor good business reasons corporate management may conclude that the existing corporate structure should be changed.The changes may require moving assets, liabilities and ownership among of commonly controlled corporations.From the investors point of view, the corporate division may reduce risk by shielding assets from certain liabilities. Moreover, the shareholders will be able to diversify their investment as the stock of the new corporation is distributed to the shareholders of the transferring corporation. Under the general rules of income taxation, moving assets from one corporation to another may trigger taxable gain to the corporation and the shareholders.However, the Internal Revenue Code contains exceptions that allow the separation to be accomplished without taxable income to the corporation and its shareholders. But specified conditions must be satisfied for to achieve this tax abatement. When the conditions are satisfied, the shareholder is permitted to extract value from the corporation and neither the shareholder or the corporations are required to recognizing income.This book will describe the various legal forms used to divide the corporation and the conditions that must be satisfied to avoid taxable income for the corporations and their shareholders. The book is intended to be useful as a supplement to be used in an advanced corporate tax class, as well as a professional guide.

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Book SynopsisThis book explains the nuts and bolts of affordable housing development. Divided into two complementary sections, the book first provides an overview of the effectiveness of existing federal and state housing programs in the United States, such as the LIHTC and TIF programs. In turn, the book’s second section presents an extensive discussion of and insights into the financial feasibility of an affordable real estate development project. Researchers, policymakers and organizations in the public, private and nonprofit sectors will find this book a valuable resource in addressing the concrete needs of affordable housing development. “Luque, Ikromov, and Noseworthy’s new book on Affordable Housing Development is a “must read” for all those seeking to address the growing and vexing problem of affordable housing supply. The authors provide important insights and practical demonstration of important financial tools often necessary to the financial feasibility of such projects, including tax-increment financing and the Low-Income Housing Tax Credit. Further, the authors provide important backdrop to the affordability crisis and homelessness. I highly recommend this book to all who seek both to articulate and enhance housing access.” By Stuart Gabriel, Arden Realty Chair, Professor of Finance and Director, Richard S. Ziman Center for Real Estate at UCLA"Over several years Jaime Luque, Nuriddin Ikromov and William Noseworthy applied their analytical bent, and no small measure of empathy, to homelessness as actually experienced in Madison, Wisconsin – and they inspired multiple classes of urban economics students to join them. “Homelessness” is a complex web of issues affecting a spectrum of populations, from individuals struggling with addiction or emotional disorders, to families who’ve been dealt a bad hand in an often-unforgiving economy. Read this book to follow Jaime, Nuriddin, and William as they evaluate a panoply of housing and social programs, complementing the usual top-down design perspective with practical analysis of the feasibility of actual developments and their effectiveness. Analytical but written for a broad audience, this book will be of interest to anyone running a low-income housing program, private and public developers, students, and any instructor designing a learning-by-doing course that blends rigor with real-world application to a local problem."By Stephen Malpezzi, Professor Emeritus, James A. Graaskamp Center for Real Estate, Wisconsin School of Business, University of Wisconsin-Madison, and Dean, Weimer School of the Homer Hoyt Institute. Table of Contents1 Housing Affordability Crisis: The United States.- 2 Homelessness, Housing Public Policy and Urban Planning.- 3 The Low-Income Housing Tax Credit (LIHTC) Program.- 4 The Tax Increment Financing (TIF) Program.- 5 Housing the Homeless.- 6 Financial Feasibility Analysis: Planning for the Possible.- 7 Location, Location, Location.- 8 The Critical Role of TIF, LIHTC, and City Grants.- 9 Affordable Housing Development: Further Considerations for Developers.- 10 Beyond Financing: The Process of Development.

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Book SynopsisThis open access book analyses barriers and challenges associated with the financing of clean energy access in sub-Saharan Africa. By considering various economic, financial, political, environmental and social factors, it explores the consequences of energy poverty across the region and maps the real and perceived investment risks for potential capital providers, both domestic and international. Furthermore, it analyses risk mitigation strategies and innovative financing structures available to the public and private sectors, which are aimed at leveraging capital in the clean energy sector at scale and fostering the creation of an enabling business and investment environment.More specifically, the present book analyses how to (i) enhance capital allocation in projects and organisations that foster clean energy access in the region, (ii) mobilize private capital at scale and (iii) decrease the cost of financing through risk mitigation strategies. Going beyond traditional approaches, the book also considers socioeconomic and cultural aspects associated with investment barriers across the subcontinent. Moreover, it urges the public and private spheres to become more actively involved in tackling this pressing development issue, and provides policy recommendations for the public sector, including proposals for business model evolution at multilateral agencies and development institutions. It will appeal to a wide readership of both academics and professionals working in the energy industry, the financial sector and the political sphere, as well as to general readers interested in the ongoing debate about energy, sustainable development and finance.Table of ContentsIntroduction.- Energy Access in Sub-Saharan Africa: General Context.- Risk Analysis and Mitigation Strategy Identification.- Public Policies and Initiatives in the Energy Sector.- Direct and Indirect Investments in the Energy Sector.- Capital Markets for the Financing of Clean Energy Access in Sub-Saharan Africa.- Risk Mitigation Instruments Targeting Specific Investment Risks.- Business Model Adaptation.- The Role of Multilateral Agencies and Development Banks.- Conclusions and Policy Recommendations.- Further Areas of Work.- Annex

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Book SynopsisThis book discusses the role of public-private partnerships (PPPs) in global transportation infrastructure. Seen as a way to provide vital services in an era of shrinking government budgets, public-private partnerships have become an increasingly important part of travel infrastructure worldwide. This book describes and analyzes the structure of various models of PPPs in various countries, evaluating their effectiveness, and drawing policy implications for future use. Written by leading international researchers and practitioners in the transportation field, each chapter is a case study on the adoption, implementation, and outcome of transportation services in different municipalities. Taken together, these diverse case studies provide an integrated framework for evaluating and using PPPs. Providing rigorous empirical analysis of PPPs in transportation, this volume will be of interest to researchers in public administration, political science, and economics as well as practitioners and policymakers involved in establishing and monitoring PPPs in transportation.Table of ContentsChapter 1. Public Private Partnerships in Transportation: Airports, Water Ports, Rail, Buses, and Taxis- AN OVERVIEW.- Chapter 2. Evaluating The Viability of The Ghana Airport Cargo Centre as Publica-Private Partnership Project.- Chapter 3. The role of individual actors in public-private partnership (PPP) projects: Insights from Madinah Airport in Saudi Arabia.- Chapter 4. Models, Expectations, And Reality In Airport Public Private Partnerships.- Chapter 5. Airport Privatization in the United States.- Chapter 6. Legal Impediments to Airport P3s in the United States.- Chapter 7. Public-Private Partnerships in Port Areas: Lessons Learned from Case Studies in Antwerp and Rotterdam.- Chapter 8. Seaport PPPs in the EU: Policy, Regulatory and Contractual Issues.- Chapter 9. Sustainable Strategies for Mass Rapid Transit PPPs.- Chapter 10. Rational Inattention in Non-Profit Public-Private Partnerships: The Las Vegas Monorail Bankruptcy Case.- Chapter 11. Public -Private Partnerships in Denver, CO: Analysis of the Role of PPPs in the Financing and Construction of Transportation Infrastructure in the USA.- Chapter 12. Governance of Public Private Partnerships: Lessons from the Italian Experience in Transportation Projects.- Chapter 13. Developing Urban Rail Using Public Private Partnership – A Case Study of the Gold Coast Light Rail Project.- Chapter 14. For Hire Vehicle Regulation, misunderstanding, mismatch, control and capture: the case of Vehicles for Hire and PPP.- Chapter 15. Using History to Develop Future Regulation of TNCs and Autonomous Taxis.- Chapter 16. Distinguishing Between Demand-Risk And Availability-Payment Public-Private Partnerships.

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Book SynopsisThis book analyses the economic consequences of the regional government of Catalonia's challenge to democracy and the rule of law in Spain. This process, started in 2010, culminated in a coup d'état in the autumn of 2017. The book has three parts. First: The circumstances behind the challenge: economic structure, social and political aspects. Second: The economic impacts of the resulting huge political instability and social polarisation, and the downturn in GDP, investment, competitiveness, Barcelona's appeal, and flight of companies and banks to Madrid. Third: Independence would mean collapse of trade with the rest of Spain and the EU, expulsion from the eurozone, fall of GDP, plummeting tax revenue, soaring unemployment and, finally, conversion of this hypothetical new Catalonia into a failed, vassal and totalitarian state. This book is destined to be the foremost work of reference on the consequences of the separatist threat to Spain, including Catalonia's current decline.Table of ContentsChapter 1. Introduction.- Chapter 2. Contemporary Spain: Democratic and Decentralised.- Chapter 3. The Process Robs Us, Not Madrid.- Chapter 4. The Rebellion and the Separatist Coup.- Chapter 5. Geographical Dimension and Historical Perspective of Catalonia.- Chapter 6. Degree of Decentralisation in Spain and the Powers of the Autonomous Communities.- Chapter 7. Urban and Rural Catalonia.- Chapter 8. Catalonia, Spain, Europe and the World: The Multilevel Governance System.- Chapter 9. Integration and Disintegration: Secession of the European Regions?.- Chapter 10. Challenge, Labyrinth, Mirage, Enigma, Ghost, Fantasy, Illusion, Utopia, Nonsense, Madness, Stagnation, Malaise, Fever, Cancer, Lawsuit, Accident, Slip, Catastrophe, Crisis, Bonfire, Soufflé, Misfortune, Tragedy, Drama, Comedy, Farce, Trap, Twenty-first Century or Postmodern or Liquid Coup d’état, Revolt, Rebellion, Adventure, Problem, Question, Syndrome… (Separatist) Coup.- Chapter 11. The Separatist Regime: Propaganda, Neo-Language, Post-Truth, Alternative Facts, Fake News, Disinformation, Social Networks, Populism and Falsification of the Past, Present and Future.- Chapter 12. Language and Indoctrination in the Schoolroom.- Chapter 13. Structure of the Separatist Narrative.- Chapter 14. Spain, from a Model Transition to Democracy to Failed State?.- Chapter 15. Values and Qualities of Spain.- Chapter 16. Corruption, Embezzlement, Profligacy and the Bad Government of the Separatist Generalitat.- Chapter 17. Surveys on Separatism.- Chapter 18. Separatism and Economic Crisis.- Chapter 19. Constitutionalist and Separatist Votes and Deputies.- Chapter 20. Hate and Separatist Violence, or Common Sense and Harmony.- Chapter 21. Quality of Democracy in Catalonia.- Chapter 22. The Cost of the Separatist Challenge.- Chapter 23. Dynamics of Catalonia’s GDP under the Process.- Chapter 24. Collapse of the Competitiveness of Catalonia.- Chapter 25. The Fall in the Attractiveness of Barcelona.- Chapter 26. Regulatory and Fiscal Hell.- Chapter 27. Regulatory and Fiscal Hell.- Chapter 28. Barcelona and Madrid.- Chapter 29. Catalonia’s Trade with the Rest of Spain.- Chapter 30. The Fiscal Balances: Accounts and Tales.- Chapter 31. Social Security and Pensions.- Chapter 32. Flight of Companies, Capital and Bank Deposits.- Chapter 33. Collapse of Foreign Investment.- Chapter 34. Boycott of Catalan Goods and Services.- Chapter 35. The Budgets of the Separatist Generalita.- Chapter 36. Economic Policy of the Separatist Generalitat.- Chapter 37. The Cost of ‘Not Spain’.- Chapter 38. The Decline of Catalonia.- Chapter 39. Economic Consequences of a Hypothetical Secession.- Chapter 40. Impact of a Hypothetical Secession on Trade.- Chapter 41. Impact of a Hypothetical Secession on GDP.- Chapter 42. Impact of a Hypothetical Secession on Employment, Pensions, Health and Education, and on the Deficit and Debt.- Chapter 43. Impact of a Hypothetical Secession on the Financial System and on Spain.- Chapter 44. Brexit and Catexit.- Chapter 45. Fantasising About the ‘Viability’ of an ‘Independent’ ‘Catalonia’.- Chapter 46. From Tyrannical Mini-State to Dictatorial and Imperialist Vassal State.- Chapter 47. The ‘Industry’ of the Separatist Process: The ‘Business’ of Independence Is in the Separatist Challenge, Not in Independence Itself.- Chapter 48. Who—What—When—Where—Why—How on Catalan Secessionism?.- Chapter 49. Overcoming Catalan Separatism.- Chapter 50. As a Recap: Ten Questions and Answers About a Hypothetical Separation of Catalonia from the Rest of Spain./

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Book SynopsisIn the light of better and more detailed administrative databases, this open access book provides statistical tools for evaluating the effects of public policies advocated by governments and public institutions. Experts from academia, national statistics offices and various research centers present modern econometric methods for an efficient data-driven policy evaluation and monitoring, assess the causal effects of policy measures and report on best practices of successful data management and usage. Topics include data confidentiality, data linkage, and national practices in policy areas such as public health, education and employment. It offers scholars as well as practitioners from public administrations, consultancy firms and nongovernmental organizations insights into counterfactual impact evaluation methods and the potential of data-based policy and program evaluation. Trade Review“This book, edited by Nuno Crato and Paolo Paruolo, provides a thorough analysis of evaluation studies and is a valuable contribution for a reader seeking to gain an understanding of the literature on microdata issues and the use of the results related to policy evaluation. … the book could be very useful to scholars interested in regional development and regional policy effectiveness given the topics and the discussions included.” (Roberto Gabriele, Regional Studies, Vol. 53 (6), 2019)Table of ContentsIntroduction.- Part I: Microdata for Policy Research.- Part II: Microdata Access.- Part III: Counterfactual Studies.- Part IV: Use of Results.

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Book SynopsisAls Alternative zur traditionellen Kreditfinanzierung stehen mittelständischen Unternehmen auf dem Kapitalmarkt kreative Finanzierungsinstrumente zur Verfügung. Diese werden nach globaler Wirtschaftskrise und angesichts der veränderten regulatorischen Rahmenbedingungen (Basel III) immer stärker nachgefragt. Das vorliegende Buch informiert Praktiker, ihre Berater sowie Studierende umfassend und praxisnah über die verschiedenen Formen der Mittelstandsfinanzierung. Im Mittelpunkt stehen dabei die rechtlichen und steuerlichen Aspekte und Besonderheiten von Börsengängen, Kapitalerhöhungen, Anleihen, Krediten, Derivaten, Verbriefungen sowie von Private Equity.Table of ContentsBörsengang: Vorbereitung, Durchführung, Folgen, Sonderfälle, steuerliche Aspekte.- Kapitalerhöhungen.- Mittelstandsanleihen: Typen, Strukturierung, Quellensteuer, Bilanzierung nach HGB und IFRS.- Kredite: Akquisitionsfinanzierungen, Corporate Loans, Betriebsmittelfinanzierung, Quellensteuer, Doppelbesteuerungsabkommen.- Derivate.- Verbriefung von Forderungen und Factoring.- Private Equity.

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Book SynopsisDie Anlässe für die Bewertung von Arzt- und Zahnarztpraxen sind vielfältig, am häufigsten jedoch sind Praxisübernahme und -verkauf der Anlass, zu dem dieser Unterfall einer Unternehmensbewertung ansteht. In diesem Buch werden die gebräuchlichsten Methoden - das modifizierte Ertragswertverfahren, die Ärztekammermethode und diverse Praktiker-Verfahren - mit ihren jeweiligen Vor- und Nachteilen vorgestellt. Die Wahl des Bewertungsverfahren hängt von verschiedenen Faktoren ab, die hier detailliert erläutert werden. Zudem muss bei jeder Bewertung auch das aktuelle Marktumfeld der Ärzte, also der deutsche Gesundheitsmarkt, mit einbezogen werden. Für den zukünftigen finanziellen Erfolg von Arztpraxen ist maßgeblich, die Bewertung zukunftsorientiert durchzuführen. Anhand von exemplarischen Berechnungen werden die Unterschiede der Betrachtungsweisen und der Bewertungsmethoden aufgezeigt. Table of ContentsVorbemerkungen.- Begriffliche Grundlagen.- Wert und Preis von Arztpraxen und Praxisanteilen.- Grundsätze zur Ermittlung von Praxiswerten.- Bewertungsverfahren.- Preisfindungsverfahren bei Praxisbewertung.- Schlussbemerkungen.

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Book Synopsis​Lars Zipfel untersucht die Grundlagen des Erbschaftsteuerrechts auf steueroptimale Vermögensübertragungen. Besonderes Augenmerk legt er dabei auf die Analyse von Unternehmensübertragungen den damit verbundenen Bewertungen und Begünstigungen gelegt. Der Analyse für die Inanspruchnahme der erbschaftsteuerlichen Vorteile für Unternehmensvermögen, insbesondere des Verwaltungsvermögenstests, des Lohnsummentests und der Behaltensvoraussetzungen folgt die Darstellung zahlreicher Gestaltungen.Table of Contents​Analyse des Erbschaftssteuerrechts.- Detailsanalyse der Unternehmensbewertung.- Sysstematische Gestaltungssuche.- Verwaltungsvermögenstest und Lohnsummentest.

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Book SynopsisDieses Buch enthält auf die Unternehmenspraxis zugeschnittenes Wissen zum Ertragsteuerrecht. Anhand von ausgewählten Fällen aus dem Bereich grenzüberschreitender Sachverhalte werden die relevanten ertragsteuerrechtlichen Probleme umfassend undverständlich dargestellt. Praktische Hinweise zur Bearbeitung machen das Buch zu einem wertvollen Ratgeber in allen international tätigen Unternehmen.Table of ContentsOutboundfälle (Steuerinländer mit ausländischen Einkünften).- Inboundfälle (Steuerausländer mit inländischen Einkünften).- Regelungen des AStG (Wegzugsbesteuerung, Hinzurechnungsbesteuerung).

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Book Synopsis​Die Entscheidung zur Funktionsverlagerung im internationalen Konzern wird durch die Preisgrenzen der beteiligten Unternehmen im Fremdvergleich und die betriebswirtschaftliche Preisgrenze aus Konzernsicht bestimmt. Deshalb wirken die einzelnen wirtschaftlichen und steuerlichen Einflussfaktoren unterschiedlich auf die Verlagerung, je nachdem, welche Preisgrenze sie beeinflussen.Anhand einer Analyse dieser Faktoren lassen sich die Stärken und Schwächen der deutschen Regelung zur steuerlichen Behandlung von Funktionsverlagerungen angesichts des Leitbildes einer möglichst entscheidungsneutralen Besteuerung ermitteln. Dies führt zu einer differenzierten Kritik der bestehenden steuerlichen Behandlung von Funktionsverlagerungen, die zwischen wirtschaftlich begründeten Barrieren und (unerwünschten) steuerlichen Hindernissen unterscheidet.Vor dem Hintergrund einer optimalen Ressourcenallokation im Konzern sind gerade die letzteren Anknüpfungspunkt für Korrekturen und Verbesserungsvorschläge.Table of ContentsInternationale Einkünfteabgrenzung im deutschen Außensteuerrecht.- Funktion, Funktionsverlagerung und Transferpaket.- Das Bewertungssystem für Funktionsverlagerungen.- Durchführung des Fremdvergleichs.- Analyse der Entscheidung über eine Funktionsverlagerung.

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Book SynopsisZum sicheren Erfolg führt ein von Anfang an zielorientiertes Vorgehen bei der Erstellung von Bachelor- und Masterarbeiten. In diesem Buch finden sich nicht nur Hinweise zur Erstellung von wissenschaftlichen Arbeiten, sondern auch erfolgreiche Abschlussarbeiten, die von Studierenden der Hochschule Heilbronn (HHN) im Studiengang Betriebswirtschaft und Unternehmensführung (BU) eingereicht wurden. Es entstand, nach Abgabe und Bewertung der Arbeiten, in enger Zusammenarbeit zwischen der herausgebenden Professorin und den inzwischen ehemaligen Studierenden. Das Buch beantwortet die wesentlichen Fragen: Welche inhaltlichen Bestandteile sind unbedingt zu integrieren? Was steht in den wichtigsten Kapiteln, der Einleitung und der Zusammenfassung? Wie ist die grundlegende Einführung in das Thema zu gestalten? Welches Vorgehen ist im Hauptteil effektiv? Wie gelingt es, konsequent den „roten Faden“ zu verfolgen?Es empfiehlt sich, dieses Buch schon vor Erstellung der ersten Seminararbeit zur Hand zu nehmen. Dadurch kann das Konzept bereits in der ersten Projektarbeit optimal umgesetzt werden. Neben einem Leitfaden zur inhaltlichen Ideenfindung, werden auch Tipps zur formalen Gestaltung und Zitierweise gegeben.Table of ContentsInhaltliche Gestaltung und Aufbau einer Abschlussarbeit.- Hinweise zur formalen Gestaltung einer Abschlussarbeit.- Untersuchung der ertragsteuerlichen Vorteilhaftigkeit einer GmbH im Vergleich zu einer GmbH & Co. KG.- Die Zinsschranke – Darstellung und kritische Analyse.- Latente Steuern im HGB-Einzelabschluss.- Harmonisierung der Rechnungslegung.

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