Public finance and taxation Books

Book SynopsisTwo economists take readers on a tour of the economics of legal and illegal weed, showing where cannabis regulation has gone wrong and how it could do better. Cannabis legalization hasn't lived up to the hype. Across North America, investors are reeling, tax collections are below projections, and people are pointing fingers. On the business side, companies have shut down, farms have failed, workers have lost their jobs, and consumers face high prices. Why has legal weed failed to deliver on many of its promises?Can Legal Weed Win? takes on the euphoric claims with straight dope and a full dose of economic reality. This book delivers the unadulterated facts about the new legal segment of one of the world's oldest industries. In witty, accessible prose, economists Robin Goldstein and Daniel Sumner take readers on a whirlwind tour of the economic past, present, and future of legal and illegal weed. Drawing upon reams of data and their own experience working with California cannabis Trade Review"In this lucid and pragmatic analysis, U.C. Davis economists Goldstein and Summer extinguish overheated predictions about the potential size and profits of the legal marijuana market. . . . Jargon-free and data-rich, this is a clear-eyed analysis of a hazy market." * Publishers Weekly *“Economists Goldstein and Sumner argue that government bureaucracy has made legal pot expensive to grow and sell, incentivizing illegal operations instead. Legal weed, their punny, breezy book shows, can only win once 'legal' isn’t an anticompetitive word.” * Bloomberg Businessweek *"An excellent primer on the state of the cannabis industry in America today." * Jacobin *"Explains how burdensome licensing requirements, regulations, and taxes have frustrated plans to displace the black market." * Reason *"Written in a fun, witty tone that makes reading about finances more engaging than ever." * CBD Oracle *Table of ContentsContents Preface: Fear and Stoning in Las Vegas Acknowledgments 1 We Call It Weed 2 Legal versus Illegal: A Market Battle 3 Prices Get High 4 We Ask Our Data: Where’s the Cheapest Legal Weed? 5 California Dreamin’ 6 Sabrina’s Story 7 Legal Weed in 2050 8 How to Survive Legalization Conclusion: Five Pipe Dreams about Legal Weed Bibliography Index

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Book SynopsisThe world of modern capitalism is a global network both of corporations and of cities -- a world command citiesa such as New York, London and Tokyo; a specialized command citiesa which concentrate on particular industries, such as Detroit; a state command citiesa such as Washington and Brasilia; and so on.Table of ContentsPart I Introduction 1 Cities and the New International Division of Labor: An Overview 3 Part II Theoretical Perspectives: The Global Economy, the State and the City 2 World-System Theory and the Study of Comparative Urbanization 37 3 Cities and the International Division of Labor 66 4 Urban Theory Reconsidered: Production, Reproduction and Collective Action 87 Part III Economic Restructuring in Cities: A Global Perspective 5 The Politics of Dependency in Deindustrializing America: The Case of Buffalo, New York 113 6 Growth and Informalization at the Core: A Preliminary Report on New York City 138 7 Detroit and Houston: Two Cities in Global Perspective 155 8 Economic Restructuring and the Internationalization of the Los Angeles Region 178 9 Lima and the New International Division of Labor 199 Part IV State Responses to Global Restructuring 10 The State, Capital and Urban Change in Britain 215 11 Plant Closures in Socialist France 237 12 Urbanization, the Informal Economy and State Policy in Latin America 252 Part V Local Responses to Global Restructuring: Community, Household and Urban Politics 13 Community and Corporations in the Restructuring of Industry 275 14 Urban Survival Strategies, Family Structure and Informal Practices 297 15 Local Mobilization and Economic Discontent 323 16 Restructuring and Popular Opposition in West German Cities 343 17 Urban Protest and the Global Political Economy: The IMF Riots 364 List of Contributors 387 Index 389

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Book SynopsisThe author offers an approach to the study of both debt and development, focusing on the international debt crisis of the 1980s and 1990s, and its economic and geopolitical consequences.Table of ContentsList of Tables. List of Figures. List of Abbreviations. Acknowledgements. One: Introduction. Part I: Describing the Debt Crisis-A Standard Narrative Account:. Two: The Debt Crisis: a Standard Narrative Account. 1. Introduction. DATA AND DEFINITIONS. 2. Data Sources. 3. Definitions. THE DEBT CRISIS TAKES SHAPE. 4. Debt Trends: 1945-1982. 5. The Crisis: 1982-1983. DEBT CRISIS MANAGEMENT. 6. Containment, Adjustment and Austerity. 7. The Baker Plan: Adjustment with Growth. 8. Brady and the Market-menu Approach. Part II: Decoding the Debt Crisis: Discourses on Debt and Development:. Three: The Debt Crisis: A system-stability Perspective. 1. Introduction. 2. Subjective Perspectives, Invisible Hands and Spontaneous Orders. 3. The Counter-revolution in Development Theory and Policy. 4. The Debt Crisis: Two System-stability Models. 5. Policing the Debt Crisis. 6. Conclusion and Critique. Four: The Debt Crisis: a System-correction Perspective. 1. Introduction. 2. Keynesianism-Pragmatism. 3. Keynesian Development Studies. 4. Debt and Development. 5. Policies for Debt Crisis Management. 6. Conclusion and Critique. Five: The Debt Crisis: a System-instability Perspective. 1. Introduction. 2. Marxism and Radical Political Economy. 3. Radical Development Studies. 4. Debt and Development Crisis. 5. Policing the Debt Crisis. 6. Conclusion and Critique. Six: Conclusion. Bibliography. Index.

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Book SynopsisChanges in longevity, marriage, and the workplace have undermined Social Security, making the experience of old age increasingly unequal. Anne Alstott’s pragmatic, progressive revision would permit all Americans to retire between 62 and 76 but would provide generous early retirement benefits for workers with low wages or physically demanding jobs.Trade ReviewThis book reinforces Alstott’s stellar reputation in the legal academy and makes a significant contribution to one of the most important public policy debates of our era. Essential reading. -- Rob Reich, Stanford UniversityAn innovative and well-thought-out approach to the challenge of creating an affordable and sensible Social Security system for the foreseeable future. -- Daniel Halperin, Harvard Law SchoolWhat makes [Alstott’s] book so important is that it addresses the reality that Americans in the aggregate are living longer, healthier lives than in the past…Alstott’s proposal is a clever way of redirecting Social Security benefits toward the disadvantaged without explicitly using means-testing to accomplish that goal…Alstott’s rich sets of proposals are part of an important, emerging conversation on the need to adjust America’s social safety net for the modern labor market, the modern family, and a modern aging population. -- Chris Farrell * Next Avenue *

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Book SynopsisTo understand the 2008 financial crisis, Neil Fligstein looks to the business models of the big US banks. He shows how firms got hooked on mortgages—originating them, securitizing them, selling those securities, and even buying the same securities. In time their addiction nearly collapsed the economy.Trade ReviewNeil Fligstein’s new book reads like a financial crime novel, but with a twist. Instead of asking ‘who done it?’ we are told up front that the banks did it, and the real mystery concerns why they did it, when they did it, and how it produced a global crisis in 2008. Why did US banks become so deeply involved in industrial-scale origination and securitization of home mortgages? Who would loan money to borrowers that almost certainly couldn’t repay? Why didn’t banks change course when it became clear that the bubble was about to burst? Fligstein weaves together a huge amount of evidence as he identifies key turning points, refutes simplistic explanations, and presents a coherent and sophisticated account of an extraordinarily consequential sequence of events. -- Bruce G. Carruthers, Northwestern UniversityFligstein is the most influential economic sociologist at work today. Hands down. He is also one of the most successful sociological discipline-spanners, with wide influence outside of sociology. This eminently readable book will be of great interest beyond sociology, to historians, political scientists, and economists. The Banks Did It is erudite, carefully researched, and powerfully argued. It does not disappoint. -- Frank Dobbin, Harvard UniversityWell-structured, well-evidenced, attractively written, and based on over a decade of research, The Banks Did It is a brilliant work by a scholar who has reshaped how we should think about markets. -- Donald MacKenzie, University of EdinburghIn this incisive and exceptionally clear book, Neil Fligstein describes how government action unwittingly helped shift the business model of American banks from long-term customer relations towards fee-based activities anchored in mortgage origination and securitization. By the mid-2000s, every part of US financial organizations was oriented to maintaining this pipeline, at the cost of considerable risk-taking and even fraud. By offering a long-term view of the lead-up to the 2008 financial crisis, Fligstein shows exactly how the banks, really, ‘did it’—and also lays blame at the feet of monetary experts and authorities, who never saw it coming. -- Marion Fourcade, University of California, BerkeleyA rich, deep, and comprehensive account of the financial crisis, arguing that the world the banks constructed and how they profited from it are at the core of what happened…Represents an important advance in our understanding of the financial crisis of 2007–2008. Readers, be they organizational theorists or anyone who has a stake in preventing the next financial crisis, will walk away better informed of how the crisis was produced, why it spread so fast and so deeply, and how regulators missed what was happening. -- Lori Yue * Administrative Sciences Quarterly *

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Book SynopsisThis volume presents seven theoretical essays examining the effects of capital income taxation on the behavior of firms. It examines optimal tax design, firm financial policy, and inflation. The essays demonstrate the powerful role taxes play in shaping the behavior of American corporations, and also provide insights into the task of tax reform.Table of Contents* Preface * Introduction I. Optimal Capital Taxation and Investment Incentives * he Optimal Taxation of Heterogeneous Capital * Tax Neutrality and the Social Discount Rate * Efficient Design of Investment Incentives II. Taxation and Corporate Finance * Share Valuation and Corporate Equity Policy * Wealth Maximization and the Cost of Capital II. Inflation and the Firm * Inflation and the Tax Treatment of Firm Behavior * Inflation and the Choice of Asset Life * Index

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Book SynopsisMitchel Abolafia goes behind the scenes with the Federal Reserve’s powerful Open Market Committee as it responded to the 2008 financial crisis. Relying on verbatim transcripts of closed meetings, Abolafia shows how assumptions about self-correcting markets stymied the Fed and how its leaders came to embrace new ideas.Trade ReviewAbolafia peels back the technocratic veneer and exposes to the reader how deeply social the Fed decision-making body truly is…A refreshing take on the financial crisis…This book reveals the limits of our civic institutions, not only in their interpretive capacity as social bodies but also in the face of political pressure. -- Derek Harmon * Administrative Science Quarterly *This is a great book…Those who are interested in the history of monetary policy will take away many important lessons about the Fed, and how the Fed’s leaders and the institution itself, learned to adapt their policies to the new economic paradigm it faced. -- Harvey Rosenblum * Business Economics *A detailed analysis of how the Federal Reserve transformed itself from a passive to an active regulator of the financial market…A fascinating read for researchers in economic, political, and comparative/historical sociology…Abolafia elegantly decodes the economic jargon with a page-turning narrative. -- Ken-Hou Lin * Contemporary Sociology *Mitchel Abolafia is known as the pioneer of the modern sociology of finance. In this book, his magnum opus, he uses the protocols from the meetings of the Federal Reserve to analyze how its members thought and deliberated during the financial crisis of 2008. As the reader will find out, by having this single focus, the author is able to provide several new puzzle pieces to what actually happened during this momentous event. -- Richard Swedberg, author of The Art of Social TheoryThe Federal Open Market Committee is one of the most important decision-making bodies in the world. Its officials must gaze into the uncertain world of the economy and try to predict what might happen next. Stewards of the Market unpacks the black box of their deliberations by focusing on how they came to understand the financial crisis of 2008. This fascinating book should be of interest to anyone who wants to understand how the Federal Reserve missed the crisis but saved the economy. -- Neil Fligstein, author of The Transformation of Corporate ControlThis riveting book shows, in real time and in great detail, how members of the Federal Reserve tried to make sense of the 2008 financial crisis. Abolafia shows that for all of their immense knowledge, the Fed’s members found themselves relying on culturally-defined scripts and grasping at straws, blinded by an almost religious faith in the self-correcting character of the financial markets. Yet unlike many critics, Abolafia treats his subjects with respect, acknowledging the enormity of the difficulties they faced. This book is essential reading for anyone who hopes to understand the previous crisis, as well as those hoping to prevent the next one. -- Mark Mizruchi, author of The Fracturing of the American Corporate Elite

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Book SynopsisIn the fall of 2008, fifteen of the world's leading economists - representing the broadest spectrum of economic opinion - gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform. This title distills the wealth of insights from the collaboration that began at these meetings.Trade ReviewRobert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics Raghuram Rajan, Winner of the Deutsche Bank Prize in Financial Economics 2013, The Center for Financial Studies "If you asked me to recommend one thing to read on reforming financial regulation, [The Squam Lake Report] would be it."--Clive Crook, The Atlantic "The Squam Lake Report [is] a slim volume that contains the best prescriptions of the brightest minds of economics about how to save the financial system."--Heidi N. Moore, CNNMoney.com "The Squam Lake Report is a slight volume of ten chapters and just 157 pages--practically anorexic by the standards of many tomes about the credit crunch--but it makes heavyweight claims. It is the product of 15 of the leading financial economists in the United States, who first met on a weekend retreat to New Hampshire's remote and scenic Squam Lake, and offers their prescriptions for regulatory reform to stave off future collapses."--New Statesman "Fifteen prominent academic US economists developed this concise set of recommendations for financial regulation reform in Fall 2008 in a desire to prevent a recurrence of the financial crisis that developed in 2007 and whose effects continue to the present. The introductory chapter provides an excellent summary of the cascade of financial catastrophes precipitated initially by losses on mortgage-backed securities... [A] useful volume for its historical overview and coverage of key issues."--Choice "The Squam Lake Report is an important book in a growing library of commentary on the worst financial crisis since the Depression. It delivers good and clearly written recommendations and reviews most of the key issues surrounding the crisis."--Mark S. Rzepczynski, Financial Analysts JournalTable of ContentsPreface vii Acknowledgments xi Chapter 1: Introduction 1 Chapter 2: A Systemic Regulator for Financial Markets 33 Chapter 3: A New Information Infrastructure for Financial Markets 44 Chapter 4: Regulation of Retirement Savings 53 Chapter 5: Reforming Capital Requirements 67 Chapter 6: Regulation of Executive Compensation in Financial Services 75 Chapter 7: An Expedited Mechanism to Recapitalize Distressed Financial Firms: Regulatory Hybrid Securities 86 Chapter 8: Improving Resolution Options for Systemically Important Financial Institutions 95 Chapter 9: Credit Default Swaps, Clearinghouses, and Exchanges 109 Chapter 10: Prime Brokers, Derivatives Dealers, and Runs 122 Chapter 11: Conclusions 135 List of Contributors 153 Index 157

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Book SynopsisTrade Review"The core of this book is a collection of intellectual theories and mathematical models that ignore many key elements of the modern political process. Abstract models can tell little about the role lobbyists play in shoveling millions of dollars into political campaigns. To his credit, Bueno de Mesquita does an excellent job of explaining these models, which play an important role in political policy today."--ChoiceTable of Contents*Frontmatter, pg. i*Summary of Contents, pg. vii*Policy Applications, pg. xvii*Preface, pg. xix*Introduction, pg. 1*1. Normative Frameworks, pg. 11*2. Collective Goals, pg. 51*3. Pareto Concepts, pg. 74*Summing Up Normative Foundations, pg. 95*4. Externalities, pg. 97*5. Coordination Problems, pg. 150*6. Commitment Problems, pg. 173*Summing Up Social Dilemmas, pg. 191*7. Strategic Adjustment, pg. 193*8. Dynamic Inconsistency, pg. 218*9. The Need for Information, pg. 244*10. Influence over Elected Officials, pg. 282*11. Institutions, Incentives, and Power, pg. 305*Summing Up Constraints on Good Governance, pg. 328*Concluding Reflections on Politics and Policy, pg. 331*A. Utility, Strategic-Form Games, and Nash Equilibrium, pg. 335*B. Extensive-Form Games, pg. 362*Bibliography, pg. 385*Index of Referenced Authors, pg. 393*General Index, pg. 396

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Book SynopsisAdair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn't happen because banks are too big to fail--our addictiTrade ReviewOne of Financial Times (FT.com) Best Economics Books of 2015, chosen by Martin Wolf One of the Strategy+Business Best Business Books 2016 in Economy One of The Independent's Best Economics Books 2015 One of Bloomberg Businessweek's Best Books of 2015, chosen by Vitor Constancio "Whether you agree with Turner's proposal or not, [Between Debt and the Devil] represents an important challenge to economic orthodoxy, which, as he rightly notes, has already failed us once."--John Cassidy, The New Yorker "Extensively researched and well-written."--Edward Chancellor, Wall Street Journal "[A] remarkable new book."--Will Hutton, Observer "Lucid and forcefully-argued."--Peter Thal Larsen, Reuters Breakingviews "Turner offers a convincing account of the debt-fuelled global economic cycle of the last 15 years or so. I found myself skimming over large sections and nodding in agreement."--Erik Britton, Management Today "An overdue challenge to a taboo against monetary finance held sacred for too long."--Giles Wilkes, Financial Times "Adair Turner, the former chairman of Britain's Financial Services Authority and described by The Economist as a man for all policy crises, upends financial orthodoxy in Between Debt and the Devil. He argues that nothing regulators have done thus far has addressed the fundamental underlying cause of financial instability... Turner's book is tightly argued and is packed with insights about the financial markets as well as the real economy."--Brenda Jubin, Investing.com "If developed economies fall back into recession, people may hear quite a bit more about Lord Turner's ideas."--The Economist "This is an important book because Turner thinks clearly where much analysis has been fuzzy ... [a] stimulating book."--Ben Chu, The Independent "Adair Turner's Between Debt and the Devil: Money, Credit and Fixing Global Finance--out this month--joins a select group of books that provide as clear an explanation of the financial crisis as one could hope for."--Diane Coyle, The Enlightened Economist "Some astonishingly original ideas."--Alex Brummer, Daily Mail "[A] brilliant new book... [The] prose crisply conveys analysis of real force."--Tom Clark, Guardian "[A] scintillating individual [contribution] to the debate not just on the future of finance but how we should run our economy."--Felix Martin, New Statesman "Adair Turner's new book Between Debt and the Devil is definitely worth your time."--Clive Crook, Bloomberg View "A challenging but relentlessly logical book about the flaws of the system that led us to the Great Recession: excess finance, excessive indebtedness. He adds to the literature that explains why more and more finance is not always good. The proposed cure requires going beyond the present financial regulatory reform. A bold and thought provoking book."--Vitor Constancio, Vice president, European Central Bank, one of Bloomberg's Best Books of 2015 "This book lays down a challenge which subsequent accounts of monetary policy will have to address."--David Willetts, Prospect "[An] excellent book."--Nick Butler, Financial Times "[H]is extensive work both at financial institutions and in academia, have given Turner an insider's view of the world of finance and economics. But his conclusions--that the banking system needs to be fundamentally restructured, and that periodically, instead of a government running up debt, the central bank should just print money for the government to spend--are far from conventional."--Matt Phillips, Quartz "This is a good book, well worth reading... It is well and clearly written and supported by good, non-technical analysis and empirical evidence."--Charles Goodhart, Financial World "These provocative and insightful arguments are particularly valuable at a time when austerity retains its intellectual luster despite its manifest failures."--Andrew Moravcsik, Foreign Affairs "Turner's book should make policymakers and commentators sit up and take notice."--TT Ram Mohan, Economic & Political Weekly "[An] excellent book."--Zagreb International Review of Econ & Business "A strong narrative and powerful argument for reform."--Sean O'Grady, The Independent "This seminal book details an important reality of today's economy: generating enough demand to absorb potential supply depends on explosive increases in indebtedness-private or public, or both."--Martin Wolf, Financial TimesTable of ContentsAcknowledgments ix Preface: The Crisis I Didn't See Coming xi Introduction: Too Important to Be Left to the Bankers 1 Part I Swollen Finance 17 1 The Utopia of Finance for All 19 2 Inefficient Financial Markets 34 Part II Dangerous Debt 49 3 Debt, Banks, and the Money They Create 51 4 Too Much of the Wrong Sort of Debt 61 5 Caught in the Debt Overhang Trap 74 6 Liberalization, Innovation, and the Credit Cycle on Steroids 88 7 Speculation, Inequality, and Unnecessary Credit 108 Part III Debt, Development, and Capital Flows 131 8 Debt and Development: The Merits and Dangers of Financial Repression 133 9 Too Much of the Wrong Sort of Capital Flow: Global and Eurozone Delusions 149 Part IV Fixing the System 161 10 Irrelevant Bankers in an Unstable System 163 11 Fixing Fundamentals 175 12 Abolishing Banks, Taxing Debt Pollution, and Encouraging Equity 186 13 Managing the Quantity and Mix of Debt 195 Part V Escaping the Debt Overhang 211 14 Monetary Finance-Breaking the Taboo 213 15 Between Debt and the Devil-A Choice of Dangers 231 Epilogue: The Queen's Question and the Fatal Conceit 241 Notes 253 Bibliography 277 Index 289

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Book SynopsisTrade Review"Winner of the Hayek Book Prize, Manhattan Institute""One of the Financial Times' Summer Books of 2019: Economics""A Project Syndicate Best Read in 2019""This book is timely in offering an alternative view. . . . Read this book as an antidote to the calls for governments to give up on fiscal discipline."---Chris Giles, Financial Times"It’s an impressive study of nearly 200 episodes of fiscal consolidation in the rich world to understand what’s the best way to go about it. The answer—cutting spending is better than raising taxes—isn’t entirely new, but the supporting evidence is compelling and it will take an equally deep study to make the opposite case."---Ferdinando Giugliano, Bloomberg Opinion"Austerity is a towering scholarly achievement, embodying decades of research and destined to serve as a touchstone for future studies—both by those who will build on it and by those who will try to tear it down."---Ken Rogoff, Project Syndicate On Point"This is an extremely important book."---Martin Wolf, Financial Times, Summer Books of 2019"An important work for economists, policymakers, politicians, and engaged citizens. . . . One of the clearest and best researched treatments of fiscal policy available. And though not quite suitable for the beach, it’s remarkably readable. . . . It should be required reading."---Milton Ezrati, City Journal"A towering scholarly achievement."---Kenneth Rogoff, Project Syndicate"An ambitious book. . . . if you’re looking for a comprehensive discussion of austerity policies, this is the book for you."---James Smith, Society of Professional Economists"Every chapter in this book is thorough, informative, and persuasive. . . . Without doubt, this is an important book."---Geoffrey Wood, Central Banking Journal

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Book SynopsisHow philosophical differences between Eurozone nations led to the Euro crisisand where to go from hereWhy is Europe''s great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Greece, Ireland, Spain, Italy, and other Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe's survival.As the authors demonstrate, Germany, a federal state with strong regional governments, saw the Maastricht Treaty, the framework for the Euro, as a set of rules. France, on the other hand, with a more centralized system of government, saw the framework as flexible, to be overseen by governments. The authors discuss how the troubles faced by the Euro have led its member states to focus on national, as opposed to collective, responses, a reaction explained by the resurgence of the battle of economic ideas: rules vs. discretion, liability vs. solidarity, solvency vs. liquidity, austerity vs. stimulus.Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe's future.Trade ReviewWinner of the 2017 Gold Medal in International Business / Globalization, Axiom Business Book Awards One of The Economist's Economics and Business Books of the Year 2016 One of Financial Times (FT.com) Best Economics Books of 2016 One of Bloomberg's Best Books of 2016 "If we turn to The Euro and the Battle of Ideas by Markus K. Brunnermeier, Harold James, and Jean-Pierre Landau, we start to find an explanation. The three authors are, respectively, a German academic economist, an English economic historian, and a French banker turned economics professor, and their book is an attempt to explain the euro's ideological and historic background. They explore the dichotomy between French and German political-economic philosophies. The first values flexibility and solidarity and state intervention; the second stresses rules and consequences and free markets."--John Lanchester, New Yorker "In The Euro and the Battle of Ideas, the economists Markus Brunnermeier, Harold James, and Jean-Pierre Landau turn a sharp lens on the basic divide between France and Germany."--Rana Foroohar, New York Review of Books "A book of depth and subtlety that is helpful in understanding matters well outside the questions it seems to address... This is a fascinating and informative book."--Geoffrey Wood, Central Banking Journal "[The authors] have the advantage of being deeply involved... If Europe is high on your list of concerns, you should read this book; European leaders will."--David Warsh, Economic Principals "[The Euro and the Battle of Ideas] demonstrates the value of sophisticated syntheses of policy analysis and intellectual history."--Foreign Affairs "Markus Brunnermeier, Harold James and Jean-Pierre Landau have just published a fascinating book, The Euro and the Battle of Ideas, in which they bring together their respective skills in economic theory, economic history and economic policy to bear on one of the most important macroeconomic problems of our times--the rules versus discretion debate. Anyone who has studied this debate--and that's just about anyone who has taken a course in economics--would benefit from reading this book."--Economics One bogTable of Contents1 Introduction 1 PART I: POWER SHIFTS AND GERMAN-FRENCH DIFFERENCES 2 Power Shifts 17 Lethargy of European Institutions 18 The First Power Shift: From Brussels to National Capitals 20 The Second Power Shift: To Berlin-Paris and Ultimately to Berlin 27 After the Power Shift 33 3 Historical Roots of German-French Differences 40 Cultural Differences 41 Federalism versus Centralism 43 Mittelstand versus National Champions 48 Collaborative versus Confrontational Labor Unions 51 Historical Inflation Experiences 54 4 German-French Differences in Economic Philosophies 56 Fluid Traditions: Switch to Opposites 56 German Economic Tradition 59 French Economic Tradition 67 International Economics 74 PART II: MONETARY AND FISCAL STABILITY: THE GHOST OF MAASTRICHT 5 Rules, Flexibility, Credibility, and Commitment 85 Time-Inconsistency: Ex Ante versus Ex Post 86 External Commitments: Currency Pegs, Unions, and the Gold Standard 89 Internal Commitments: Reputation and Institutional Design 91 Managing Current versus Avoiding Future Crisis 94 6 Liability versus Solidarity: No-Bailout Clause and Fiscal Union 97 The No-Bailout Clause 98 Fiscal Unions 100 Eurobonds 111 Policy Recommendations 115 7 Solvency versus Liquidity 116 Buildup of Imbalances and the Naked Swimmer 117 Solvency 118 Liquidity 119 Crossing the Rubicon via Default 125 Sovereign-Debt Restructuring and Insolvency Mechanism 126 Fiscal Push: Increasing Scale and Scope of EFSF and ESM 127 Monetary Push 131 Policy Recommendations 133 8 Austerity versus Stimulus 135 The Fiscal Multiplier Debate 137 The Output Gap versus Unsustainable Booms Debate 143 Politics Connects Structural Reforms and Austerity 145 The European Policy Debate on Austerity versus Stimulus 148 Lessons and Policy Recommendations 153 PART III: FINANCIAL STABILITY: MAASTRICHT'S STEPCHILD 9 The Role of the Financial Sector 157 Traditional Banking 159 Modern Banking and Capital Markets 162 Cross-Border Capital Flows and the Interbank Market 166 10 Financial Crises: Mechanisms and Management 173 Financial Crisis Mechanisms 175 Crisis Management: Monetary Policy 185 Crisis Management: Fiscal Policy and Regulatory Measures 194 Ex Ante Policy: Preventing a Crisis 206 11 Banking Union, European Safe Bonds, and Exit Risk 210 Banking in a Currency Union 211 Safe Assets: Flight-to-Safety Cross-Border Capital Flows 222 Redenomination and Exit Risks 226 Policy Recommendations 233 PART IV: OTHERS' PERSPECTIVES 12 Italy 237 Battling Economic Philosophies within Italy 237 Mezzogiorno: Convergence or Divergence within a Transfer Union 239 Italy's Economic Challenges 242 Politics and Decline 245 13 Anglo-American Economics and Global Perspectives 249 Diverging Traditions 251 The Politics of Looking for Recovery: The United States 261 The Politics of Thinking Outside Europe: The United Kingdom 267 The Global Perspectives: China and Russia 279 Conclusion 286 14 The International Monetary Fund (IMF) 287 The IMF's Philosophy and Crisis Management 289 The IMF's Initial Involvement in the Euro Crisis 295 The IMF and the Troika 300 A Change in the IMF's Leadership 304 Loss of Credibility: Muddling Through, Delayed Greek PSI 306 15 European Central Bank (ECB) 313 The ECB before the Crisis: Institutional Design and Philosophy 315 The ECB's Early Successes and Defeats 325 The ECB and Conditionality 331 Lending and Asset Purchase Programs 343 Single Supervisory Mechanism (SSM) for European Banks 368 Taking Stock: Where Does the ECB Stand? 372 16 Conclusion: Black and White or Twenty-Eight Shades of Gray? 375 Acknowledgments 391 Notes 393 Index 427

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Book SynopsisTrade Review"Winner of the 2017 Gold Medal in International Business / Globalization, Axiom Business Book Awards""One of Bloomberg’s Best Books of 2017""One of Project Syndicate’s Best Reads in 2017 (chosen by Jean Pisani-Ferry)""One of Bloomberg’s Best Books of 2016""One of Financial Times (FT.com) Best Economics Books of 2016""One of The Economist’s Economics and Business Books of the Year 2016"

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Book SynopsisTrade Review"An extraordinarily well-documented, informative, and compelling analysis of the movement Ronald Reagan celebrated as 'a second American Revolution.'"---Glenn C. Altschuler, Messenger"[An] insightful and disturbing analysis. . . . Through his accessible presentation of recent decades of political battles over interconnected issues, such as the right’s fight for the tax-exempt status of religious schools and its pushback against the IRS’s 1971 policy that tax-exempt schools must be racially nondiscriminatory, Graetz effectively makes the case that antitaxation has been ‘the most overlooked social and political movement in recent American history.’ This is a must-read for those concerned about the U.S. economy’s growing reliance on debt." * Publishers Weekly (Starred review) *"Illuminating. . . . An accessible, searching look at the injustices built into the American way of taxation." * Kirkus Reviews *"'The Power to Destroy' belongs in the growing pantheon of books that help us understand how the GOP became what it is today. It’s also an essential resource for understanding the fiscal storm clouds that Graetz sees on the horizon."---Brian Rosenwald, Washington Post

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Book SynopsisA clear case for the common ownership of money as a solution to the financial crisisTrade Review'Mary Mellor has a superb understanding of the nature of money; of the institutions that underpin our monetary system, and of the economic frameworks within which monetary systems operate' -- Ann Pettifor, analyst of the global financial system, author of Just Money: How Society Can Break the Despotic Power of Finance and Director of Policy Research in Macroeconomics (PRIME)'Demonstrates the need to change the way in which money is created, in order to stop the private sector undermining the public sector and enable a shift to an economy that is environmentally sustainable and socially just. Fresh, clear and incisive' -- Andrew Sayer, Professor of Social Theory and Political Economy at Lancaster University'Prospering without growth requires reclaiming the creation of money from private banks. Now that even the likes of the IMF and the Bank of England entertain the idea of public money, how money is to be made public is as important as ever. And Mary Mellor's book has the right answers' -- Giorgos Kallis, ICREA Professor, ICTA, Autonomous University of Barcelona and Leverhulme Visiting Professor, SOAS'An insightful and thought-provoking analysis. This book clearly shows why a monetary system based on debt inevitably leads to crisis' -- Ben Dyson, Positive Money'Original and thought-provoking ... This well-researched study will interest anyone wanting to understand our current economic problems in order to take further action' -- Peace News'Debt or Democracy will surely enhance her reputation as a radical socialist academic' -- Socialist Review'This book deserves to be widely read and deeply considered ... I heartily recommend this book' -- Peace NewsTable of ContentsIntroduction 1. The Privatisation of Money and the Politics of Austerity 2. Money for Sustainability, Sufficiency and Social Justice 3. Provisioning through Public Money 4. Misunderstanding Public Money: Four Myths and a Confusion 5. Janus-faced: The Central Bank 6. Understanding Public Money 7. Public Money: Beyond the Borders 8. Conclusion: Crisis and Change Bibliography Index

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Book SynopsisSmall states have learned in recent decades that capital accumulates where taxes are low; as a result, tax havens have increasingly competed for the attention of international investors with tax and regulatory concessions. Economically powerful...Trade Review"In this highly informative, nuanced, and balanced book, J. C. Sharman narrates the fascinating story of how the Davids of the modern world, the small tax havens, have managed to beat the modern Goliath represented by the OECD campaign against harmful tax competition. Without losing sight of the theoretical underpinnings of his narrative, Sharman weaves a tale of complex political maneuvering on par with the best detective stories This has resulted in one of the most important recent contributions to international relations scholarship." -- Ronen Palan, University of Sussex, author of The Offshore World"Tax havens and attempts at their regulation have increasingly become—an issue of intense public debate and some academic analysis. J. C. Sharman is in a unique position due to the very extensive empirical research he has conducted. He has personally visited a large number of countries, both developed OECD states and a substantial number of havens, interviewing many key players and collecting much documentation. Havens in a Storm provides a fascinating overview of recent developments and cogent analysis of the political dynamics of the issue." -- Sol Picciotto, Lancaster University Law School

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Book SynopsisThis detailed and informative study makes a timely contribution to a subject that has been the focus of much public discussion and debate in Ontario and elsewhere, namely the size and growth of the public sector. Working with the Public Accounts and other sources, Professor Foot offers both an historical account of, and an explanation for, the growth of provincial revenues and expenditures since the early 1950s. By concentrating on an analysis of the development of a single government over time, rather than adopting the traditional cross-section approach of analysing a number of junior-level governments.The study's conclusions are both informative and provocative. On the revenue side, a rate-base approach which separates discretionary from automatic changes in revenue determinants is shown to provide sufficient flexibility to accommodate the analysis and explanation of a wide range of specific revenues. On the expenditure side, the provincial government is found to adjust rea

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Book SynopsisUnderfunded pension liabilities are severely threatening many cities, and policymakers are increasingly turning their attention to the legacy issues surrounding the funding of pensions. Public Pensions and City Solvency addresses this complex fiscal issue and presents strategies to achieve financial sustainability.Trade Review"Cities and states in America are facing fiscal stress in historic proportions. . . . This book will help the public to elect officials who deal with these issues responsibly so that our grandchildren are not burdened with the obligation to pay for the benefits our generation has been so fortunate to have enjoyed." * Richard Ravitch, from the Foreword *Table of ContentsForeword —Richard Ravitch Chapter 1. Why City Pension Problems Have Not Improved, and a Roadmap Forward —Joshua D. Rauh Chapter 2. The Law and Politics of Municipal Pensions —Amy B. Monahan Chapter 3. Erosion of the Foundation of Municipal Finance —D. Roderick Kiewiet and Mathew D. McCubbins Conclusion. A Call for Transparency —Robert Inman and Susan M. Wachter Notes List of Contributors References

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a huge range and FREE tracked UK delivery on ALL orders.

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a huge range and FREE tracked UK delivery on ALL orders.

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Book SynopsisComprising original essays written by top legal scholars, this innovative volume is the most comprehensive collection to date of independent academic work exploring the relationship between tax, law and development.Trade Review'Anyone working on tax policy for middle and low income countries will consider this book a must-read. Economic globalization of capital markets and multinational corporations has overtaken the abilities of many countries to tax incomes of multinationals and individual residents. From extraction industries to fiscal federalism, the papers demonstrate the importance of sound legal frameworks and formal cooperation across multiple countries and levels of government for implementing sound tax policy in developing nations.'' --Michael J. Wasylenko, Syracuse University, US'On opening this volume, one is immediately struck by the impressive cast of contributors from six continents, as well as the inherent and contemporary interest of the interlinked topics covered.' --Dominic De Cogan and Philip Miles, The Cambridge Law Journal'There is an important need for independent academic scholarship like that in this volume that takes into account the differing perspectives of developing countries and does not look for ''one size fits all'' theories or prescriptions. . . The diverse group of legal scholars from six continents who have contributed to this volume critically address issues from perspectives not restricted to traditional tax policy conceptions and paradigms. As a result, this volume is rich with insights on new and old issues at the intersection of tax, law and development.' --From the foreword by Stephen E. Shay, Harvard Law School, USTable of ContentsContents: Foreword Stephen E. Shay PART I: INTRODUCTION: TAX REFORM AND FINANCING FOR DEVELOPMENT 1. Introduction: Tax, Law and Development Yariv Brauner and Miranda Stewart PART II: TAX COMPETITION AND TRAGIC CHOICES 2. The Future of Tax Incentives for Developing Countries Yariv Brauner 3. The Tragic Choices of Tax Policy in a Globalized Economy Tsilly Dagan 4. Economic Development and the Role of Tax in Southern Africa: The South African Headquarter Company Structure Tracy Gutuza 5. Tax Sparing: A Reconsideration of the Reconsideration Luís Eduardo Schoueri PART III: IN SEARCH OF ‘SEARCHERS’ TO FIND UNIQUE SOLUTIONS TO COMMON TAX CHALLENGES 6. Is this a Pipe? Validity of a Tax Reform for a Developing Country Ana Paula Dourado 7. The Place of Law in the Evolution of Chinese Fiscal Federalism Wei Cui 8. The Globalization of Tax Expenditure Reporting: Transplanting Transparency in India and the Global South Lisa Philipps PART IV: TAX EQUITY, REDISTRIBUTION AND AID 9. Internation Equity and Human Development Anthony C. Infanti 10. The Role of Developed World Tax Incentives in Microfinance Charlene D. Luke PART V: TAX COOPERATION 11. Geographical Boundaries of Tax Jurisdiction, Exclusive Allocation of Taxing Powers in Tax Treaties and Good Tax Governance in Relations with Developing Countries Pasquale Pistone 12. Tax Activists and the Global Movement for Development through Transparency Allison Christians 13. Global Tax Information Networks: Legitimacy in a Global Administrative State Miranda Stewart Bibliography Index

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

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Book SynopsisThis pathbreaking study illustrates and enhances the potential of cost–benefit analysis as a tool for decision-making. While the case study is focused on natural resource management and environmental policy, the conceptual and methodological advances illustrated by the authors are relevant and applicable to a wider array of policy deliberations.Trade ReviewHelen Scarborough and Jeff Bennett have produced a work that is genuinely path-breaking. As is often the case with path-breaking work, the idea is simple enough: if people can respond to choice experiments in ways that tell us a lot about what they value and how much they value it, why would they not be able to respond to choice experiments where the options offered have different distributional consequences? Such simple ideas evade implementation not because they are so hard to think up, but because it is so easy to dismiss them as unthinkable. All credit goes to Scarborough and Bennett for busting through this particular unthinkability barrier... [The authors] may be surprised by the magnitude and the nature of the impact this work eventually enjoys. - --From the foreword by Alan Randall, The University of Sydney, Australia and The Ohio State University, USTable of ContentsContents: Foreword 1. Distribution and Environmental Policy 2. Distributional Weighting and Cost–Benefit Analysis 3. Choice Modelling and Distributional Preferences 4. Case Study: Design of Intergenerational Distribution Choice Experiment 5. Case Study: Results of Intergenerational Distribution Choice Experiment 6. Choice Modelling and Distributional Preferences: Challenges and Opportunities Bibliography Index

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Book SynopsisThe chapters in this volume offer a critical review of changes from the perspectives of tax theory, policy and tax administration practice, and the political economy of taxation.Trade Review‘The book discusses many of the issues facing tax systems and attempts to reform them, and it will be of considerable value both to policymakers and to students of taxation policy.’ -- Citizen’s Income‘If you’re a tax specialist, whether lawyer, economist academic, or government policymaker, taxation policy, you’ll find The Elgar Guide to Tax Systems of considerable value and interest, particularly if your work involves cross-border or global tax issues. . . Each of the papers is structured in much the same way, with an introduction, conclusion and typically a lengthy bibliography at the end for further reading and research. And there is a detailed index at the back, plus a really useful list of abbreviations to facilitate ease of use. As taxation policy can be crucial to political survival in so many instances, this book of collective wisdom, we’ve no doubt, will soon become a valued addition to the well stocked tax specialist’s library.’ -- Phillip Taylor MBE and Elizabeth Taylor, The Barrister MagazineTable of ContentsContents: Introduction Emilio Albi and Jorge Martinez-Vazquez 1. Tax Systems in the OECD: Recent Evolution, Competition, and Convergence Vito Tanzi 2. Direct versus Indirect Taxation: Trends, Theory, and Economic Significance Jorge Martinez-Vazquez, Violeta Vulovic and Yongzheng Liu 3. Individual Income Taxation: Income, Consumption, or Dual? Robin Boadway 4. The Challenges of Corporate Income Taxes in a Globalized World Emilio Albi 5. Wealth and Wealth Transfer Taxation: A Survey Helmuth Cremer and Pierre Pestieau 6. Value-Added Tax: Onward and Upward? Jorge Martinez-Vazquez and Richard M. Bird 7. The Economics of Excise Taxation Sijbren Cnossen 8. The Scale and Scope of Environmental Taxation Agnar Sandmo 9. Financing Subnational Governments with Decentralized Taxes Roy Bahl 10. The Administration of Tax Systems John Hasseldine 11. Political Regimes, Institutions, and the Nature of Tax Systems Stanley L. Winer, Lawrence W. Kenny, and Walter Hettich 12. Tax System Change and the Impact of Tax Research Richard M. Bird Index

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Book SynopsisEconomists interested in public finance, public policy and political economy along with scholars of political science, public administration, law and political philosophy will find this book intriguing.Trade ReviewDeficits, Debt, and Democracy is an important book which should hopefully shakeup public finance. Wagner's focus on the entanglement of politics and markets and on budgetary outcomes as the products of competition and spontaneous ordering on the fiscal commons is insightful. His framework provides plausible explanations for observed budgetary outcomes (e.g., persistent deficits) and casts serious doubt on continued efforts to correct them. It also injects a welcome degree of complexity to an area which for far too long has been treated as relatively easy to model. As such, it is a welcome addition to the literature, and presents a formidable challenge to those who would espouse the merits and conclusions of more traditional approaches.' --George R. Crowley, Review of Austrian Economics'With Wagner's book, we now have a theoretical ice pick to pierce through the obvious outcomes on the surface to get a glimpse at the processes behind it.' --Wolf von Laer, Journal of the History of Economic Thought'Richard Wagner's Deficits, Debt, and Democracy: Wrestling with Tragedy on the Fiscal Commons is essentially a sequel to his 2007 book, Fiscal Sociology and the Theory of Public Finance. . . Wagner's framework merits wide attention. Specialists in public choice or public nance should put both Deficits, Debt and Democracy and Fiscal Sociology at the top of their reading lists. Wagner's framework could shed light on a great many questions beyond public finance, leading one to hope that this book is but one sequel in an ongoing franchise.' --Adam Martin, Zentralblatt MATHTable of ContentsContents: Preface 1. Budgeting: The Elusive Quest for Fiscal Responsibility 2. Budgeting and Political Economy: A Theoretical Framework 3. Budget Deficits, Ricardian Equivalence, and Macro–Micro Supervenience 4. Property Rights, Societal Tectonics, and the Fiscal Commons 5. Parliamentary Assemblies as Peculiar Market Bazaars 6. Taxation, Fiscal Politics, and Political Pricing 7. Regulation as Alternative Taxation 8. Public Finance for a Constitution of Liberty Bibliography Index

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Book SynopsisHowever, Dunleavy and Carrera show for the first time how complex are the factors affecting productivity growth in government organizations – especially management practices, use of IT, organizational culture, strategic mis-decisions and political and policy churn.Trade ReviewDunleavy and Carrera have performed a difficult, burdensome, original, practical and innovative service to the public sector practitioners and academic observers of public administration and public sector management. This is a book that simply had to be written, but it took a colossal amount of time, effort and experience to do so, and to do it so well. --LSE Review of BooksThis is an innovative book that aims to address lacunae in both the public administration and management literature. It is an informed disquisition on how to measure and thence to increase productivity in the delivery of public services. . . . The book is both an original research-based treatise and a practical guide to action. In this reader's eyes it is required reading for both academics and practitioners. . . . Dunleavy and Carrera have performed a difficult, burdensome, original, practical and innovative service to the public sector practitioners and academic observers of public administration and public sector management. This is a book that simply had to be written, but it took a colossal amount of time, effort and experience to do so, and to do it so well. --LSE review of booksThis is an important book, one that should be read by academics and practitioners alike. . . The authors address what is a central issue both for academic public administration and for the ''real thing''. How can the productivity of governments be improved? Given the large sizes of public sectors throughout the OECD [this question] has become an absolutely vital one. The field of public administration and public policy needs more work like this - academically thorough, yet hard-hitting, policy-relevant and willing to come forward with broad proposals for improving how governments run their (our) affairs. --Christopher Pollitt, International Review of Administrative SciencesTable of ContentsContents: Preface 1. Introduction: Why has Government Productivity been so Neglected in Economics and Public Management? Part I: Nationally Provided Government Services 2. Studying National Agencies’ Productivity 3. Rapid Productivity Growth – Customs Regulation 4. Growing Productivity Gradually – Tax Services 5. How Productivity can Remain Unchanged Despite Major Investments – Social Security 6. Broadening the Picture – Two National Regulatory Agencies Part II: Analysing Decentralized Government Services 7. Methods and Quality Issues in Analysing Complex and Localized Services 8. Hospital Productivity in England’s National Health Service Part III: Sustainable Increases in Productivity 9. Embracing Digital Change and Enhancing Organizational Learning 10. Pushing through to Productivity Advances References Index

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Book SynopsisThe composition of government expenditure varies considerably across countries. The aim of this book is to explore the choice of expenditure using a range of modelling approaches.Trade Review‘. . . this book provides very useful groundwork for modelling the composition of government spending. Scholars with a desire to explore and explain the future of public finances will find this a helpful launching pad.’ -- Cameron A. Shelton, Jahrbucher fur Nationalokonomie und StatistikTable of ContentsContents: Part I: Introduction 1. Introduction 2. Alternative Choice Mechanisms Part II: Voting Models 3. Transfer Payments and Public Goods 4. The Role of Home Production 5. An Overlapping Generations Framework Part III: Optimal Choice 6. The Optimal Expenditure Composition 7. Education, Public Goods and Transfers 8. The Overlapping Generations Context Part IV: A General Equilibrium Model 9. A General Equilibrium OLG Model Bibliography Index

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Book SynopsisCartels, Competition and Public Procurement uses a law and economics approach to analyse whether competition and public procurement laws in Europe and Asia deal effectively with bid rigging conspiracies.Trade ReviewThis volume is long overdue. Integrated legal and economic analysis of competition law is crucial given the nature of the sector. However to carry this off successfully, one either needs intensive editorial work to bring different teams together; or one has to rely on the few who master both economic and legal analysis to a tee. Stefan Weishaar's analysis not only looks at a stubborn issue in competition law. He does so in three jurisdictions, in detailed yet clear fashion, with clear insight and ditto conclusions. Over and above its relevance to academic analysis, this book can go straight into competition authorities' decision making, and therefore also in compliance and remediation advice. --Geert Van Calster, University of Leuven, BelgiumThis new book by Stefan E. Weishaar offers a broad perspective and a clear and easy-to-follow law and economics approach to bid rigging . . . Weishaar's Cartels, Competition and Public Procurement: Law and Economics Approaches to Bid Rigging would be highly desirable. Definitely a book worth reading. --Dr Albert Sanchex Graells, European Competition Law ReviewTable of ContentsContents: 1. Introduction Part I: Economic Theory 2. Economic Theory on Optimal Deterrence and Enforcement 3. Industrial Economics 4. Auction Theory and Collusion Part II: Legal Analysis 5. The Effectiveness of the Legal Regime Applicable to Bid Rigging in the European Union 6. Application of Auction Theory in Europe 7. The Effectiveness of the Legal Regime Applicable to Bid Rigging in China 8. Application of Auction Theory in China 9. The Effectiveness of the Legal Regime Applicable to Bid Rigging in Japan 10. The Japanese Construction Sector 11. Limits of Economic Theories and Concluding Remarks Appendix 1. Europe – An Overview of Public Procurement Law Appendix 2. China – An Overview of Public Procurement Law Appendix 3. History of Japanese Antitrust Legislation References Index

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Book SynopsisThis rigorous yet lucid book is concerned with the analysis of tax design and the problems involved in choosing a tax and transfer structure.Table of ContentsContents: Part I: Introduction 1. Introduction and Outline Part II: Theory and Policy 2. Tax and Transfer Tensions 3. Income Tax Structure: Theory and Policy Part III: Tax Functions and Choices 4. The Linear Tax Function 5. Choosing a Linear Income Tax Rate 6. A Loglinear Tax Function 7. A Tax-Free Threshold 8. In-Work Payment With Hours Threshold 9. Welfare-Improving Tax Reforms 10. The Elasticity of Marginal Valuation Part IV: Tax Revenue 11. Fiscal Drag and Revenue Elasticities 12. The Elasticity of Taxable Income 13. Changes in Income Tax Revenue 14. Tax Revenue and Lorenz Curves Part V: Tax Reviews 15. The NZ Tax Working Group 16. The IFS and Tax Design Bibliography Index

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Book SynopsisThis book, compiled from the 2nd Global Report of United Cities and Local Governments (UCLG) on Decentralization and Local Democracy, analyzes the architecture of fiscal decentralization in one hundred and ten countries as well as in major metropolitan areas.Trade Review‘. . . the contributors do a fine job of highlighting important trends in local government autonomy and finance and then linking those trends to practical recommendations for reform. Policymakers and local public finance scholars will certainly find the report a useful reference.’ -- J.C. Hall, ChoiceTable of ContentsContents: Foreword 1. Introduction 2. Africa 3. Asia-Pacific 4. Eurasia 5. Europe 6. Latin America 7. Middle East and Western Asia 8. North America 9. Financing Metropolitan Areas 10. Conclusion Bibliography

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Book SynopsisThis reprinted edition of a classic and truly seminal book, written by one of the leading thinkers in the field, represents the first comprehensive treatment of the economic theory of multi-level government. The primary interest in the book will come from scholars and graduate students interested in multi-level public finance and public economics.Trade Review’This book is a reprint of a text that first appeared in 1972, the subjects it addresses are of the utmost importance, considering the events taking place at present. It revives the discussion of government intervention in the economy, pursuing the objectives of full employment, equitable income distribution and efficient resource allocation. Following the revolutionary idea of effective demand theory put forward by Keynes and Kalecki, who were against the 'classical' proposition that free market forces can achieve the best possible and most efficient level of economic activity, Oates argues that capitalist economies based on private ownership has no rewards for using all the existing available economic resources in society, in particular the labour force. Of equal importance, Oates argues that competitive economic systems are unable to reach the most desirable level of income distribution. Furthermore, Oates claims that oligopolistic markets that (according to Kalecki) are the natural structures of capitalist economies are unable to reach satisfactory solutions of productive resources, employment or a desirable distribution of income. Therefore this book, from a deep liberal perspective, acknowledges that markets on their own are inefficient; centralized structures are therefore required to modify decisions based on private interests. There is no doubt the topics covered in this book continue to be central themes under the political, economic and social conditions of the twenty-first century, especially important in the light of the present situation of low wages, massive unemployment and the economic recession, which began in 2008.’ -- Noemi Levy-Orlik, Review of Keynesian EconomicsTable of ContentsContents: Preface Introduction 1. An Economic Approach to Federalism 2. The Division of Functions Among Levels of Government 3. The Theory and Use of Intergovernmental Grants 4. Taxation and Debt Finance in a Federal System 5. An Empirical Study of Federal Finance 6. The Dynamics of Federalism Index

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Book SynopsisAdvances in Taxation publishes relevant, quality manuscripts from around the world on any aspect of federal, state, local, or international taxation including tax compliance, tax planning, tax policy issues, and current issues in tax.

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Book SynopsisTable of ContentsContents: Foreword xvi Pablo Hernández de Cos Preface and acknowledgments xviii 1 Introduction: the transformation of fiscal policy in the turbulent era 1 Enrique Alberola PART I FISCAL RESOURCES AND THE FISCAL SPACE 2 Debt explosions and reductions in emerging and developing countries: drivers and implications 22 Ugo Panizza and Andrew Powell 3 Sovereign debt restructuring and the missing international coordination 39 Aitor Erce and Mattia Picarelli 4 Low interest rates, monetary policy and the close links with fiscal policy 57 Enrique Alberola 5 A macroeconomic perspective on the challenges of taxing multinationals 73 Shafik Hebous PART II USES OF FISCAL POLICY: THE STABILIZATION ROLE OF FISCAL POLICY 6 The effectiveness of fiscal policy 86 Javier Andrés 7 Fiscal rules: challenges and reform opportunities for emerging and developing economies 103 Martín Ardanaz, Eduardo Cavallo and Alejandro Izquierdo 8 Fiscal governance in the European Union 120 Niels Thygesen 9 Fiscal policy and financial stability: revisiting the nexus 138 Claudio Borio, Marc Farag and Fabrizio Zampolli PART III USES OF FISCAL POLICY: REDISTRIBUTION, ALLOCATION AND EMERGING DEMANDS 10 Fiscal policy and income redistribution in the turbulent era 154 Benedict Clements, Sanjeev Gupta and João Tovar Jalles 11 Redistribution, automatic stabilizers and public debt 167 Enisse Kharroubi, Benoit Mojon and Luiz Pereira da Silva 12 Meeting the economic challenges of a greying world 184 Aida Caldera and Dorothée Rouzet 13 Climate transition: implications for fiscal policies 199 Lorenzo Forni PART IV CONCLUSION 14 The future of fiscal policy 210 Vitor Gaspar, Sandra Lizarazo and Adrián Peralta-Alva

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Book SynopsisTrade Review‘This book usefully collects together recent papers by John Creedy about measurement of income inequality and income mobility, with the added bonus of providing novel applications to data for New Zealand. Creedy, an expert in the field, provides many instructive insights.’ -- Stephen P. Jenkins, London School of Economics and Political Science, UK, President, Society for the Study of Economic Inequality, 2021-23‘John Creedy’s distinguished career has been exemplified by careful empirical analysis and creative exploration of many thorny issues in public finance, specifically relating to economic inequality. This new book is no exception, it dives into deep questions of appropriately measuring inequality and doesn’t shy away from getting into dynamic versus static issues. I recommend it highly to anyone who wants to understand how topflight researchers in the field look at these issues.’ -- Daniel Slottje, Professor Emeritus, Southern Methodist University, USTable of Contents1. Introduction 2. Alternative Distributions and Metrics 3. Interpreting Inequality Measures 4. Inequality-Preserving Changes 5. Decomposing Inequality Changes 6. Inequality Over a Long Period 7 Regression Models of Mobility 8. Illustrating Differential Growth 9. Summary Measures of Equalising Mobility 10. Mobility as Positional Change 11. Poverty Persistence Bibliography Index

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Book SynopsisAt last â a textbook on the public sector for students of social policy, public policy, political science and sociology. This book explains why we have a public sector and what tasks it is expected to perform.Trade Review‘Recent years have witnessed the “Return of the State” after decades of spreading neo-liberalism and market ideology. Bent Greve’s book is a very well written text able to capture the old and new roles of the public sector in contemporary societies. It provides interesting and valuable insights both for scholars and students into how the relationship between the state, the market and society has been evolving and the present and future challenges.’ -- Emmanuele Pavolini, University of Macerata, Italy‘What is the public sector? Why is public spending necessary, and how is it funded and managed? Greve offers a clear, non-ideological account of the nature of the public sector in developed economies. His analysis of the complex connections between public and private, state and market, provides readers with a timely guide to this most fundamental of all relationships in the public sphere.’ -- Nick Ellison, University of York, UK‘This book is an excellent guide for students and professionals in public and social policy, helping them to understand the economic issues in policy making. The key concepts in public sector economics are clearly presented, with explanations of current debates and references to the most recent literature. The multiple economic and social effects of public sector and welfare state measures, and their mutual relationships are also well explained. Bent Greve illuminates the conceptual debate with compelling empirical illustrations which spark and maintain the interest of the reader. Last, but not the least, Greve accentuates new important topics not commonly included in textbooks: the social investment perspective and the consequences of this for policy making, international influences on national public sector economics (including EMU), and current developmental challenges for the public sector such as societal ageing, external shocks on economies and technological change.’ -- Tomáš Sirovátka, Masaryk University, CzechiaTable of ContentsContents: Preface 1. The role of the public sector 2. Allocation, distribution and stabilization 3. Market failure and other reasons for public interventions 4. Size of the public sector 5. Taxation and impact on societies 6. Fiscal policy – what works what does not work 7. Steering of the public sector economy 8. In-cash benefits – the role of the public sector 9. In-kind benefits – the service of the public sector 10. International influence, including the Economic and Monetary Union 11. A social investment perspective on public sector spending 12. Challenges for the public sector – a few concluding remarks Index

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Book SynopsisThis informative book deconstructs two key myths in economic theory and policy, that inflation is always a monetary problem and that it can be contained by raising interest rates. Imad A. Moosa identifies many of the causes of the cost of living crisis and proposes policy reforms to alleviate its effects.

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Book SynopsisWhat works best for clients? Learn the pros and cons of the LLC, general partnership, limited partnership, and limited liability partnership by focusing on planning and potential tax traps. This title offers a review of distinct advantages of these entities coupled with an examination of the risk members and partners face if they do not have a solid tax plan to minimize their exposure. In addition, the authors explore some of the more intricate rules and regulations of these entities so you can move your working knowledge of partnership and LLC taxation beyond the basics. This book prepares the reader to do the following: Analyze a partnership or LLC agreement to determine whether any special allocations in the agreement will be allowed under Code Section 704(b)Identify the potential economic consequences of special allocations to a partner or LLC memberIdentify the potential tax consequences when a partner or LLC member has a negative balance in his or her capital accountRecognize Table of ContentsChapter 1 1-1 Allocation of Partnership and LLC Income Under Section 704(b) 1-1 Economic Effect: The General Test 1-3 Deemed Economic Effect 1-13 Alternate Test for Economic Effect 1-14 Substantiality 1-18 Denied Allocations: Deter 1-23 Other Issues 1-26 Allocation of Deductions Attributable to Nonrecourse Debt 1-31 Summary 1-35 Chapter 2 2-1 Allocations With Respect to Contributed Property: Section 704(c)(1)(A) 2-1 The Traditional Method 2-4 The Traditional Method With Curative Allocations 2-13 The Remedial Allocations Method 2-16 Special Rules 2-21 Summary 2-24 Chapter 3 3-1 Allocation of Partnership Recourse Liabilities Under Section 752 3-1 How Liabilities Affect Partner Tax Consequences 3-2 Allocation of Liabilities Among the Partners: In General 3-12 Allocation of Recourse Liabilities 3-15 Chapter 4 4-1 Allocation of Partnership Nonrecourse Liabilities and Related Deductions Under Sections 752 and 704(b) 4-1 Distinguishing Between Recourse and Nonrecourse Liabilities 4-2 Allocation of Nonrecourse Debts 4-7 Treatment of Contingent Liabilities 4-16 Chapter 5 5-1 Advanced Distribution Rules 5-1 Non-Liquidating Distributions Generally 5-2 Distribution of Multiple Properties 5-7 Summary 5-20 Chapter 6 6-1 Adjustments to the Basis of Partnership or LLC Assets 6-1 Section 743: Adjustments Following the Transfer of a Partnership Interest 6-3 Distributions of Partnership Property 6-6 Allocating the Adjustment Amount Among Partnership Properties 6-16 Chapter 7 7-1 Sale of an Interest in a Partnership or LLC 7-1 General Tax Consequences Associated With Sale 7-2 “Hot” Assets and Section 751(a) 7-6 Collectibles and Unrecaptured Section 1250 Gain 7-11 Installment Sales 7-13 Net Investment Income Tax 7-15 Sale of an Active (Non-passive) Interest in a Partnership or LLC 7-16 Sale of a Passive Interest in a Partnership or LLC 7-18 Potential for Termination of the Partnership 7-19 Consequences to the Purchaser 7-25 Tax Glossary Tax Glossary 1 Index Index 1 Solutions Solutions 1 Chapter 1 Solutions 1 Chapter 2 Solutions 4 Chapter 3 Solutions 6 Chapter 4 Solutions 9 Chapter 5 Solutions 12 Chapter 6 Solutions 15 Chapter 7 Solutions 18

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Book SynopsisMany clients and businesses are highly focused on the impact of taxes and tax rates on their bottom line. President Trump and Congress''s passage of the Tax Cuts and Jobs Act brought unhappy surprises to many taxpayers accustomed to getting tax refunds. Make sure your clients are protecting themselves from higher taxes. Completely updated for tax law changes and Tax Court decisions, this book will bring you up to date on the latest strategies that will preserve your clients'' wealth and ensure your role as a trusted adviser to your clients. Get the latest techniques for building and conserving wealth through proactive tax-planning and investment strategies. Key topics covered include; Sales of capital gain assets and real property Planning for employer stock options, employer stock held in retirement accounts, and restricted stock Maximizing tax benefits for personal residence transactions Tax-planning opportunities with vacation homes,Table of ContentsChapter 1 1-1 Maximizing Tax Benefits for Sales of Capital Gain Assets and Real Property 1-1 Current capital gain and dividend tax rates 1-3 Tax-smart strategies for capital gain assets 1-8 Tax-smart strategies for fixed-income investments 1-12 Planning for mutual fund transactions 1-14 Converting capital gains and dividends into ordinary income to maximize investment interest write-offs 1-19 Planning for capital gain treatment for subdivided lot sales via IRC Section 1237 relief 1-22 Land is not always a capital asset 1-29 Beneficial capital gain treatment allowed for sale of right to buy land and build condo project 1-33 Escape taxable gains altogether with like-kind exchanges 1-35 Primer on the 3.8% net investment income tax 1-49 Chapter 2 2-1 Planning for Employer Stock Options, Employer Stock Held in Retirement Accounts, and Restricted Stock 2-1 Employer stock options: Tax implications 2-2 How to handle employer stock received in a qualified retirement plan distribution 2-12 Restricted stock: Tax implications 2-14 Chapter 3 3-1 Maximizing Tax Benefits for Personal Residence Transactions 3-1 Qualification rules for gain exclusion privilege 3-2 Excluding gain from sale of land next to residence 3-13 Excluding gains in marriage and divorce situations 3-14 “Electing out” of gain exclusion privilege 3-18 Sale of former principal residence “freed up” suspended PALs from rental period even though gain on sale was excluded 3-19 Understanding the tax implications of personal residence short sales and foreclosures 3-21 Tax angles when client converts personal residence into rental property 3-29 How the TCJA affects homeowners 3-33 Chapter 4 4-1 Tax Planning Opportunities with Vacation Homes, Timeshares, and Co-Ownership Arrangements 4-1 Rules for “regular” vacation homes (as opposed to timeshares and co-ownership deals) 4-2 Rules for timeshares and vacation home co-ownership arrangements 4-7 Playing the gain exclusion game with multiple residences 4-10 Chapter 5 5-1 Tax Planning for Marital Splits and Married Same-Sex Couples 5-1 Separate versus joint returns for pre-divorce years 5-3 Avoiding pre-divorce tax fiascos with IRA and qualified retirement plan assets 5-11 Planning to achieve tax-effective splits of IRA and QRP assets 5-12 Planning to achieve equitable after-tax property divisions 5-18 Treating payments as deductible alimony 5-21 Tax developments affecting married same-sex couples 5-29 Chapter 6 6-1 Tax-Saving Tips for Self-Employed Clients 6-1 “Heavy” SUVs, pickups, and vans are still big tax-savers 6-2 Combine “heavy” vehicle with deductible home office for major tax savings 6-8 Home office deduction options 6-10 What to do when both spouses are active in the self-employment activity 6-20 Simplified compliance rules for unincorporated husband-wife businesses in non-community property states 6-27 Update on tax-smart health savings accounts 6-30 Section 199A – The qualified business income deduction 6-37 Should your client’s business switch to C corporation status? 6-44 Chapter 7 7-1 Tax-Smart College Financing Strategies 7-1 Education tax credits 7-2 Deduction for higher education tuition and fees 7-8 Deduction for student loan interest 7-9 Coverdell Education Savings Accounts 7-11 Tax-free interest from U.S. Savings Bonds 7-12 Electing the accrual method for U.S. Savings Bonds 7-15 Splitting investment income with the kids 7-17 How a closely held business can deduct college expenses paid for the owner’s adult child 7-30 “Last-minute” suggestions for procrastinators 7-32 Glossary Glossary 1 Index Index 1 Solutions Solutions 1 Chapter 1 Solutions 1 Chapter 2 Solutions 4 Chapter 3 Solutions 5 Chapter 4 Solutions 7 Chapter 5 Solutions 8 Chapter 6 Solutions 10 Chapter 7 Solutions 13

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Book SynopsisAre you ready to master the advanced concepts of partnership taxation? Provide your clients with valuable advice and tax planning strategies and gain a working knowledge of the Internal Revenue Code's sophisticated partnership tax rules and regulations. This book takes a deep dive into the complexities of partnership tax law. It includes step-by-step examples to help guide you through the complicated world of advanced partnership and LLC tax law. Some of the many concepts covered in this course include special allocations, liquidating and non-liquidation distributions, property basis calculations under various scenarios, and sales of a partnership interest.Table of ContentsChapter 1 1-1 Allocation of Partnership and LLC Income Under Section 704(b) 1-1 Economic effect: The general test 1-3 Deemed economic effect 1-12 Alternate test for economic effect 1-13 Substantiality 1-17 Denied allocations: Determining the partners’ or LLC members’ interests in the entity 1-22 Other issues 1-25 Allocation of deductions attributable to nonrecourse debt 1-30 Summary 1-35 Chapter 2 2-1 Allocations With Respect to Contributed Property: Section 704(c)(1)(A) 2-1 The traditional method 2-4 The traditional method with curative allocations 2-12 The remedial allocations method 2-15 Special rules 2-19 Summary 2-22 Chapter 3 3-1 Allocation of Partnership Recourse Liabilities Under Section 752 3-1 How liabilities affect partner tax consequences 3-2 Allocation of liabilities among the partners: In general 3-12 Allocation of recourse liabilities 3-15 Chapter 4 4-1 Allocation of Partnership Nonrecourse Liabilities and Related Deductions Under Sections 752 and 704(b) 4-1 Distinguishing between recourse and nonrecourse liabilities 4-2 Allocation of nonrecourse debts 4-7 Treatment of contingent liabilities 4-15 Chapter 5 5-1 Advanced Distribution Rules 5-1 Non-liquidating distributions generally 5-2 Distribution of multiple properties 5-7 Summary 5-18 Chapter 6 6-1 Adjustments to the Basis of Partnership or LLC Assets 6-1 Section 743: Adjustments following the transfer of a partnership interest 6-3 Distributions of partnership property 6-6 Allocating the adjustment amount among partnership properties 6-15 Chapter 7 7-1 Sale of an Interest in a Partnership or LLC 7-1 General tax consequences associated with sale 7-2 “Hot” assets and Section 751(a) 7-7 Collectibles and unrecaptured Section 1250 gain 7-12 Installment sales 7-14 Net investment income tax 7-16 Sale of an active (non-passive) interest in a partnership or LLC 7-17 Sale of a passive interest in a partnership or LLC 7-19 Purchaser of a partnership interest 7-20 Glossary Glossary 1 Index Index 1 Solutions Solutions 1 Chapter 1 Solutions 1 Chapter 2 Solutions 3 Chapter 3 Solutions 4 Chapter 4 Solutions 6 Chapter 5 Solutions 8 Chapter 6 Solutions 10 Chapter 7 Solutions 12

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Book SynopsisA complete guide to sovereign wealth funds written by and for industry practitioners Sovereign wealth funds (SWFs) aren't new, but they are often misunderstood. As they've attracted more attention over the last decade and grown greatly in size, the need for a new and thorough resource on SWFs has never been greater.Table of ContentsForeword xi List of Tables and Figures xiii List of Abbreviations xv Acknowledgements xvii Introduction 1 A few stylized facts 2 SWFs under the spotlight 4 Defining SWFs 9 Misplaced fears 10 The plan of the book 13 1 The Macroeconomic Dynamics Behind SWFs 17 1.1 Persistent current account surpluses translate into accumulation of foreign assets 18 1.2 Absorption constraints: the rationale for establishing SWFs and FWFs 21 1.3 The management of natural resources windfall 24 1.4 Commodities demand and the super‐cycle theory 29 1.5 SWFs as alternative to an income tax system: what if Norway becomes like Saudi Arabia? 33 2 Size and Growth of SWFs Assets 37 2.1 Size and clusters of SWFs 38 2.2 Drivers of SWFs asset growth 43 2.3 The optimal level of foreign exchange reserves 45 2.4 Future growth in FX reserves: commodity- versus noncommodity-exporting countries 47 2.5 Size of SWFs by 2016 49 Appendix: How big could SWFs be by 2016? 54 3 SWFs as Investors in Global Markets 71 3.1 Clustering SWFs by objectives and investment profiles 74 3.2 SWFs as strategic investors in domestic and global markets 83 3.3 Geographical and sector distribution of SWF strategic investments: the 2007–2008 surge of investments in Western financials 86 3.4 Investment performance of SWFs and the impact of the financial crisis 94 3.5 Explicit and implicit liabilities of SWFs 97 3.6 Long-term investments: SWFs as the ultimate risk bearers 99 4 Risk Management for SWFs 105 4.1 The crisis in retrospect 108 4.2 The complex qualitative nature of risk: uncertainty, chaos, black swans and fat tails 111 4.3 Banking regulation, herd behaviour and contagion 113 4.4 The evolution of the regulatory framework 118 4.5 Sketches of risk management for SWFs 121 4.6 An unconventional dimension of risk management: shareholders vs stakeholders 129 5 SWFs in the Geopolitics of the Twenty-first Century 131 5.1 The shift to the East of the global economy: the New Silk Route 137 5.2 The law of unintended consequences? China’s influence through financial muscle 141 5.3 SWFs investing in the less developed economies: Africa as the last investment frontier 145 5.4 The new financial geography: the emerging multipolar financial architecture 147 5.5 The dominance of the US$ in global financial markets: SWFs as US$ diversifiers 149 5.6 SWFs and the new regulatory environment for financial institutions: the upcoming ‘war for capital’ 152 6 The Politics of SWFs Engagement 155 6.1 National responses to the growing role of SWFs 156 6.2 International response to the growing role of SWFs 159 6.3 SWFs’ response to international pressure 161 6.4 Santiago Principles: rationale, implementation and reality 163 6.5 A digression on public versus private role in the economy 168 7 Wrapping Up 173 7.1 Towards a multipolar world 175 7.2 Governments’ activism in economic and financial affairs 176 7.3 Barbarian at the gates or welcome partners? 177 7.4 The end of the savings gluts and the coming era of capital scarcity 179 7.5 Towards a multicurrency regime 180 7.6 A proposal to allay fears over transparency 185 7.7 The new responsibilities on the global scene 186 Bibliography 189 Index 199

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Book Synopsis''The chapters in this book explore in detail the choices regarding both the structure and administration of the property tax, drawing on the extensive knowledge the authors have acquired in studying property taxes around the world. The chapters provide a wide-ranging treatment of the design choices and administrative tasks, both in terms of the breadth of design options and administrative tasks covered and the depth of the discussion. The authors describe the range of design choices, discuss the associated issues and the advantages and disadvantages for each, and present the criteria to help choose among the options.' From the book's Foreword by David L. Sjoquist, Professor of Economics and Dan E. Sweat Scholar Chair in Educational and Community Policy, Georgia State University Property taxation is a key element in providing a solid foundation and a stable funding source for basic public services. Developing and implementing a property tax system is a complex tTrade Review“This volume would be a nice supplement to a graduate public revenue or public finance course. Summing Up: Highly recommended. Graduate students, researchers, and faculty.” (Choice, 1 July 2013) Table of ContentsAbout the Contributors xi Foreword by David L. Sjoquist xvii Introduction xxv 1 Property Tax: A Situation Analysis and Overview 1 Harry Kitchen Introduction 1 Role for property taxes 2 Importance of the property tax 3 Choice of tax base 3 Issues in assessment 6 Issues with property tax rates 15 Incidence of the property tax 26 Politics of the property tax 33 Future for the property tax 35 Summary 35 References 37 2 Value-Based Approaches to Property Taxation 41 Riël Franzsen and William J. McCluskey Introduction 41 Overview of property tax bases 42 Value-based approaches 45 Concept of market value 54 Traditional valuation methods 59 Conclusions 63 References 64 3 The Politics of the Property Tax 69 Enid Slack Introduction 69 Unique characteristics of the property tax 70 Principles for designing the property tax 73 Characteristics of the property tax 73 Property tax revolts, tax limitations and tax relief 79 The politics of property tax reform 81 The property tax as a local tax 83 Conclusion 86 References 87 4 Administration of Local Taxes: An International Review of Practices and Issues for Enhancing Fiscal Autonomy 89 John L. Mikesell Introduction 89 Central administration 91 Independent local administration 98 The special case of property taxes 106 Conclusion 119 References 121 5 Establishing a Tax Rate 125 Kurt Zorn Introduction 125 What level of government should set the property tax rate? 126 Types of tax rates 131 Determining the tax rate 133 Who sets the rate? 134 Rate setting in practice 135 Conclusions 138 References 138 6 Property Tax Collection and Enforcement 141 Roy Kelly Introduction 141 Policy and administrative determinants of property tax revenues 142 Definition of model variables 143 Common reasons for low rates of collection and enforcement 149 Designing an effective property tax collection system 153 Enforcing against noncompliance 161 Summary thoughts 168 References 170 7 The Tax Everyone Loves to Hate: Principles of Property Tax Reform 173 Jay K. Rosengard Introduction 173 Primary rationale for reform 174 Fundamental principles of reform 176 Strategic choices in reform 178 Policy pitfalls of reform 183 Conclusion 184 References 185 8 Legal Issues in Property Tax Administration 187 Frances Plimmer Introduction 187 Tax policy 188 Property taxation 192 Uniformity/equity/fairness/treatment of taxpayers 198 Conclusions 204 References 205 9 Tax Criteria: The Design and Policy Advantages of a Property Tax 207 Gary C. Cornia Introduction 207 Independent and autonomous revenues 209 Adequate and stable revenue 211 Hedging the revenue bets 212 How broad is the tax base? 212 Financial support for infrastructure 214 Capturing the increased value resulting from public infrastructure 214 Immobile base 215 Benefit tax 216 Ability to pay taxes 217 Ease of compliance 218 Ease and cost of administration 219 Transparent taxes 219 Political acceptability 221 Subnational tax systems and horizontal inequity 221 Advantages of the property tax 222 Disadvantages of the property tax 225 Conclusion 226 References 226 10 Estimating Property Tax Revenue Potential 229 Lawrence C. Walters Introduction 229 Fiscal capacity and fiscal effort 231 Fiscal capacity 231 Estimating aggregate property value 232 Property tax capacity and effort in the OECD 235 Adjusting for undeveloped land 238 Estimating local revenue potential 244 Conclusion 246 References 246 11 Taxing Public Leasehold Land in Transition Countries 249 Yu-Hung Hong Introduction 249 Public leasehold systems 250 Land ownership and taxation 251 Land rent, property tax and tax incidence 256 Valuing public leasehold for tax purposes 260 Conclusions 261 References 263 12 Property Tax and Informal Property: The Challenge of Third World Cities 265 Martim Smolka and Claudia M. De Cesare Introduction 265 The phenomenon of informal land occupations 266 Property tax performance in cities with extensive informality 271 The property tax as a tool for reducing informality 278 Conclusion 283 References 284 13 Non-market Value and Hybrid Approaches to Property Taxation 287 William J. McCluskey and Riël Franzsen Introduction 287 Non-market valuation approaches 287 Other non-value approaches 293 Hybrid alternatives that use a form of value as the basis for the property tax 293 Flat-rate taxes 301 Conclusions 303 References 303 14 Computer Assisted Mass Appraisal and the Property Tax 307 William J. McCluskey, Peadar Davis, Michael McCord, David McIlhatton and Martin Haran Introduction 307 Concepts of CAMA and quality control issues 309 Mass appraisal techniques 315 Case study: MRA modelling 326 Conclusions 333 References 334 15 Geographic Information Systems and the Importance of Location: Integrating Property and Place for Better Informed Decision Making 339 David McIlhatton, Michael McCord, Peadar Davis and Martin Haran Introduction 339 Conclusions 355 References 356 Index 359

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Book SynopsisStates of Obligation is the first sustained study of the Russian taxation system, the first to study its European and transatlantic context, and the first to expose the essential continuities between the fiscal practices of the Russian Empire and the Soviet Union.Trade Review'States of Obligation is destined to emerge as a classic not only for historians but also for political scientists and economists with an interest in imperial and Soviet Russia.' -- Scott Gehlbach Kritika Explorations in Russian and Eurasian History vol 17:03:2016 'Kotsonis's work offers much food for thought. For specialists or fellow travelers in Russian business history and economic history, this book is required reading.' -- Steven Nafziger EH.Net January 2016 'With its unique focus on taxation, States of Obligation makes an important contribution to the field of Russian and Soviet studies... It should be of interest to those examining issues concerning the modernizing state and definitions of citizenship.' -- Sharon A. Kowalsky Canadian Journal of History vol 51:02:2016 'Yanni Kotsonis has given us an erudite book, rich with insight. It is well worth reading.' -- Frank Wcislo Journal of Modern History vol 89:01:2017 'Yanni Kotsonis provides a stimulating and important history of the transformation of state obligations in nineteenth and early twentieth century Russia.' -- John Randolph Slavic Review vol 75:02:2016 "Yanni Kotsonis has written an original and magisterial work that will change the way we understand and teach Russian and Soviet history ... Like all great books, it will be read and referenced by generations of historians ... This is a superb work of scholarship - comprehensive, meticulously researched, illuminating, and humane." -- Golfo Alexopoulos The Russian Review 'As a study of both reformist and revolutionary state fiscal policy, an important area that has been much neglected, this is an intellectually sophisticated and stimulating work.' -- Steven Hoch American Historical review, December 2015 'This book opens the door to new questions related to the means by which state, population, and economy intersect in Russia and elsewhere. The author and press are to be congratulated for blessing us with these intellectual provocations.' -- David W. Darrow Revolutionary Russia November 2015Table of ContentsIntroduction. A Short History of Taxes: Russia and the World from the Eighteenth to the Twenty-First Centuries Part 1. People, Places, Things: The Old Regime, Economic Knowledge, and the Coming of the New Order 1. The Fiscal Instruments of Regime Change from the Eighteenth to the Nineteenth Centuries 2 Three Tax Reforms, Three Visions of the Polity Part 2. The Politics of Visibility, the Technologies of Intimacy: Taxes and the Remaking of Urban and Commercial Russia 3. Wealth in Motion: New Money, New Taxes, and a New Bureaucracy 4. Systematic Intimacy: Business Taxes and the Disciplining of Commercial Russia 5. Mass Taxation in the Age of the Individual: The New Personal Taxation in Russia and the World 6. The Income Tax as Modern Government: Assessment, Self-Assessment, and Mutual Surveillance Part 3. The Politics of Obscurity: Peasant Taxes, Excises, and the Vodka Monopoly to 1917 7. Everyone and No One: Indirect Taxes and the Vodka Monopoly to 1917 8. The Peasant and the Fisc: The State Budget and the Persistence of Collective Tax Apportionment 9. The Local Practices of Peasant Taxation Part 4. The State and Revolution, the State and Evolution: Fiscal Practices and a New Regime, 1917-30 10. Soviet Russia and the Continuing History of the Russian State 11. The Meanings of Utopia: Taxes, Urban Unities, and the Several Assaults on Peasant Separateness, 1917-21 12. The Economy of Licences: Taxes and the New Economic Policy Afterword. Russia, Socialism, and the Modern State

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Book SynopsisGovernments actively participate in commercial markets in different forms, from controlling the production of goods and services to investing in firms as a minority shareholder. This report uses new evidence to understand the impacts of these different ownership arrangements across sectors and institutional settings.

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Book SynopsisA collection of studies that explores the extractive systems of eleven ancient states and societies from across the ancient worldAncient Taxation is a collection of studies that explores the extractive systems of eleven ancient states and societies from across the ancient world, ranging from Bronze Age China to Anglo-Saxon Britain. The contributors discuss the inherent challenges of taxation in predominantly agro-pastoral societies, including basic tax strategy (e.g., taxing goods vs. labor, in-kind vs. money taxes, etc.); the mechanics of assessment and collection; and the politics of negotiating the cooperation of social, economic, and political élites and other important social groups. In assembling a broad range of studies, this book sheds new light on the commonalities and differences between ancient taxation systems, and so on the broader fiscal and institutional practices of antiquity. It also provides new impetus for further comparative research intTrade ReviewThis is an impressive and very useful collection. It introduces non-specialists to a wide range of examples of pre-modern taxation practices. There are very few other volumes that have tried to do something similar, and most of what is included here is new in the sense that it cannot be found in any of these other surveys. This collection therefore performs a major service for historians of pre-modern state formation and socio-economic development. * Walter Scheidel, Dickason Professor in the Humanities, Stanford University *The papers of this volume all address one central question: how do state structures secure the resources that underwrite their operations? I think that the contributions of this volume have fully answered this question. . . . They have also fruitfully advanced the understanding of the mechanisms of extraction. -- Massimo Perna, Università di Sassari * Bibliotheca Orientalis *

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