Public finance and taxation Books

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Book SynopsisPresenting innovative modelling approaches to the analysis of fiscal policy and government debt, this book moves beyond previous models that have relied upon the assumption that various age-specific rates and policy variables remain unchanged when it comes to generating government expenditures and tax revenues. As a result of population ageing, current policy settings in many countries are projected to lead to unsustainable levels of public debt; Tax Policy and Uncertainty explores models that allow for feedbacks and uncertainty to combat this.Applicable to any country, the models in the book explore the optimal timing and extent of tax changes in the face of anticipated high future debt. Chapters produce stochastic debt projections, including probability distribution of debt ratios at each point in time. It also offers important analysis of fiscal policy trade-offs as well as providing advice on when and by how much tax rates should be increased.Economics scholars focusing on fiscal policy will appreciate the improved models in this book that allow both for uncertainty and feedback effects arising from responses to increased debt. It will also be helpful to economic policy advisors and economists in government departments.Trade Review’This book develops important innovations in addressing two problems in determining short term fiscal policy according to long run fiscal projections. The first problem is the difficulty of modelling the complex interactions of macroeconomic variables that generate feedback effects from policy decisions. Second is the potential sunk costs of making irreversible tax and spending decisions in the face of significant uncertainty about future phenomena such as population ageing and climate change. The authors build their analysis carefully and in a very readable style. It should provide a useful manual for fiscal policy makers around the world.’- Ross Guest, Griffith University, Australia -- ’Anyone seeking to understand tax policy modelling under uncertainty will certainly want to consult this book.’- James R. Hines Jr., University of Michigan, USTable of ContentsContents: 1. Introduction I Deterministic Projection Models 2. Projecting Tax Revenues 3. A Debt Projection Model II Uncertainty in Tax Models 4. Tax Policy under Uncertainty III Debt Projections and Uncertainty 5. Stochastic Projections and Debt 6. Optimal Tax Policy Bibliography Index

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

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Book SynopsisThis scholarly Research Handbook captures key observations and analyses within the field of public financial management. It offers much-needed insights into possible future research ventures while presenting contemporary summaries of past studies in this ever-evolving field. Providing a fresh look at traditional and emergent topics such as government accounting and climate-resilient infrastructure systems, this Research Handbook acts as an essential reference point for advanced research pursuits. Chapters articulate the results of state-of-the-art investigative studies conducted by leading international researchers and aptly summarise the acute challenges involved in managing public finances such as debt management. The Research Handbook on Public Financial Management will be valuable for academics and students of public management, politics and economics examining the foundational issues confronting public financial management. It will additionally benefit federal, state, and local government departments seeking to extend and affirm their knowledge.Trade Review‘The Research Handbook on Public Financial Management by Komla D. Dzigbede and W. Bartley Hildreth is a must-reference source for academics and students who want to explore Public Financial Management past, present, and possible futures for these important concepts in theory and practice. Including emergent areas of managing public finances, including climate change, financial technology (fintech), and major economic crises. The Editors have assembled 22 excellent chapters authored by some of the leading researchers in the Public Financial Management fields.’ -- James Guthrie, Emeritus Professor Macquarie Business School, Macquarie University, Sydney and Member of the Order of Australia (AM)‘The book provides a much-needed coverage on issues of public financial management, especially on fiscal aspects of emerging issues in fintech, climate challenge, and crisis management, in addition to its excellent coverage on traditional and foundational topics on budgeting, accounting, and financial management. Its comprehensive coverage is unmatched by the current books in the market. It is a must-read by students and researchers of public financial management issues.’ -- Xiaohu Wang, City University of Hong Kong, Hong Kong, ChinaTable of ContentsContents: Foreword xviii Roy Bahl Acknowledgments xx Introduction to the Research Handbook on Public Financial Management xxi PART I THE CHANGING LANDSCAPE OF PUBLIC FINANCIAL MANAGEMENT 1 Foundations of public financial management: theories and concepts 2 Robert S. Kravchuk 2 Managing public finances during major crises 18 Rahul Pathak, Justina Jose and Komla D. Dzigbede 3 Emerging ideas for fintech applications in the public sector 31 Majid Bazarbash, Naomi Nakaguchi Griffin, Gerardo Una and Alok Verma PART II GOVERNMENTAL ACCOUNTING, AUDITING, AND FINANCIAL REPORTING 4 Theories informing public sector accounting and financial management changes in the era of new public management 58 Robert Ochoki Nyamori 5 Governmental accounting and financial management in practice: current trends and country experiences 77 Qiushi Wang and Shaodong Zhu 6 Future directions for research in governmental accounting, auditing, and financial reporting 95 Yulianti Abbas PART III BUDGETING 7 The road to entrepreneurial budgeting and beyond: a reconceptualization of the development of budget innovations in the United States 117 Robert L. Bland, Michael R. Overton and Valencia Prentice 8 Public budgeting in developed and developing countries 136 Julius A. Nukpezah, Aisha S. Ahmadu, Kingsley Ukwandi, Edmund Poku Adu and Romeo Abraham 9 Future directions for research in national and subnational government budgeting 154 Jinhai Yu and Zhiwei Zhang PART IV TAX REVENUE MANAGEMENT 10 Foundations of government taxation and revenue management 179 Whitney Afonso 11 Tax revenue management and reform in the digital era in developing and developed countries 202 Jorge Martínez-Vázquez, Eduardo Sanz-Arcega and José Manuel Tránchez Martín 12 Instruments and management of public revenue 227 Justin M. Ross PART V EXPENDITURE MANAGEMENT 13 Foundations of public expenditure management: theories and concepts 239 Simanti Bandyopadhyay and Harsahib Singh 14 Future directions for research in public expenditure management 259 Travis St. Clair PART VI DEBT MANAGEMENT 15 Foundations of subnational public debt management: theories, concepts and policy lessons 274 Heidi Jane M. Smith and Alfonso Mendoza-Velázquez 16 Emerging research issues in subnational government debt management 288 Dario Cestau 17 Emerging research issues in sovereign debt management 301 Teresa Ter-Minassian PART VII GOVERNMENT PROCUREMENT AND CONTRACT MANAGEMENT 18 Foundations of public procurement 327 Spencer T. Brien 19 Future directions for research in public procurement and contract management 342 Benjamin M. Brunjes, Sawsan Abutabenjeh, Lachezar G. Anguelov, Ana-Maria Dimand and Evelyn Rodriguez-Plesa PART VIII A PATHWAY FOR MANAGING PUBLIC FINANCES IN THE YEARS AHEAD 20 Great ideas in behavioral public financial management 370 Kenneth A. Kriz 21 New insights for managing the public finance aspects of climate-resilient infrastructure systems 386 Can Chen 22 Teaching public budgeting and finance to the next generation of scholars 403 Bruce D. McDonald, III Index

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Book SynopsisGovernments have always endured economic woes, but the increasing severity of such challenges, from the Great Recession starting in 2008 to the unprecedented impact of the COVID-19 pandemic, highlights the need for better-developed fiscal analysis capacity in governments of all sizes using the most practical—yet robust—techniques available. This volume presents an array of real-world analytical approaches in a variety of service areas at the core of state and local government.The concrete insights provided by this book serve as important tools for policy analysts, government officials charged with policy implementation, and public finance scholars across developing and developed countries looking for the essential, high-level analytical skills needed to expand internal capacity to weather uncertain economic environments. The book bridges the research–practice gap and provides practical tools for state and local fiscal analysis, including a detailed how-to guide for producing local tax expenditure reports, an age-based homestead exemption estimate calculator with guide, and simple methods for fuzzy matching administrative data. It is backed up with a depth and breadth of case studies on governments of a variety of sizes.Public officials and analysts in local state/regional institutions and international institutions with a public policy focus as well as public finance scholars across developing and developed countries will find invaluable the analyses and tools provided by this book. It also serves as a key resource for students, researchers, and instructors across public policy.Table of ContentsContents: Foreword by Robert D. Ebel xi PART I TAX POLICY TOOLS 1 Introduction to Tools for State and Local Fiscal Management 2 Alex Hathaway, Jorge Martinez-Vazquez, and Chris Thayer 2 Dynamic revenue analysis: Experience of the states 9 Peter Bluestone and Carolyn Bourdeaux 3 Local government revenue diversification: Prospects for Connecticut 37 Laura Wheeler and Bauyrzhan Yedgenov 4 The Homestead Option Sales Tax: Lessons learned from DeKalb and Rockdale counties 79 Mels de Zeeuw and Laura Wheeler PART II TAX INCENTIVE TOOLS 5 Age-based property tax exemptions’ effects on home prices and migration of older homeowners 91 Peter Bluestone and Nicholas Warner, with H. Spencer Banzhaf and Per Johnson 6 Preparing local tax expenditure reports: A practical guide for local governments 111 Per Johnson and Laura Wheeler 7 Local tax incentives: Examples from metropolitan counties 127 Laura Wheeler and Per Johnson PART III EDUCATION POLICY TOOLS 8 Financing education services 152 Elton Davis and Isabel Ruthotto 9 Equalization grants for education services 183 Nicholas Warner 10 Georgia’s special purpose local option sales tax for education: Review of trends and policy implications 193 Ross Rubenstein and Nicholas Warner 11 The effect of start-up charter schools on nearby property values 218 Peter Bluestone, David L. Sjoquist, and Nicholas Warner PART IV ECONOMIC DEVELOPMENT TOOLS 12 Tax increment financing: Effects of the Great Recession in the United States, Georgia, and Atlanta 254 Dick Layton 13 Adding multifamily residential properties to community improvement districts 284 Carolyn Bourdeaux, Lindsay Kuhn, Sarah E. Larson, and Laura Wheeler 14 Non-tax economic development incentives 319 Carlianne Patrick 15 Constitutional limits on state and local aid to private enterprise 331 Carlianne Patrick Index 372

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Book SynopsisPublic spending accounts for a significant share of national GDP and is perceived as a critically important way for overcoming periods of economic and social crisis, but is often criticised as inefficient and ineffective, giving raise to calls for new processes of reform. Because most public resources are raised through taxation from citizens and businesses, accountability and assurance are key in the democratic process, and auditing attempts to fulfil this public interest role. This in turn leaves public sector auditing under increasing public scrutiny and political pressure. Through a comparative analysis of the development of auditing practices in governments across the globe, Auditing Practices in Local Governments: An International Comparison provides a contemporary overview of public sector auditing practices at both local and state level. By focusing on countries which have experienced differing implementation processes, and which are characterised by different administrative and political cultures, the authors provide a comparative analysis of countries across the globe, including major European states, China, Australia, and New Zealand. Written by scholars and practitioners in the fields of public sector auditing, this first volume of Emerald Studies in Public Service Accounting and Accountability provides readers both researchers and practitioners with a thorough overview of international public sector auditing practice.Table of ContentsChapter 1. The why, who and what of public sector auditing; Laurence Ferry, Pasquale Ruggiero, and Henry Midgley Chapter 2. Local government Auditing in Australia; Zahirul Hoque and Thiru Thiagarajah Chapter 3. Local Government Auditing in Austria; Tobias Polzer, Sebastian Vith, and Günter Bauer Chapter 4. Local Government Auditing in Brazil; André Feliciano Lino, Ricardo Rocha de Azevedo, Ismar Viana, and André Carlos Busanelli de Aquino Chapter 5. Local Government Auditing in the People’s Republic of China; Zhao Zaozao Chapter 6. Local Government Auditing in England; Laurence Ferry, Henry Midgley, and Aileen Murphie Chapter 7. Local Government Auditing in France; Marcel Guenoun and Robin Degron Chapter 8. Local Government Auditing in Germany; René Geissler Chapter 9. Local Government auditing in Italy; Pasquale Ruggiero, Andrea Mazzillo, and Patrizio Monfardini Chapter 10. Local Government Auditing in the Netherlands; Tjerk Budding, Herman van Brenk, Remko Renes, and Rein-Aart van Vugt Chapter 11. Local Government Auditing in New Zealand; Carolyn Cordery, David Hay, and Robert Cox Chapter 12. Local Government Auditing in Portugal; Susana Jorge, Sónia Nogueira, and Ana Calado Pinto Chapter 13. Local Government Auditing in Spain; Lourdes Torres and Ignacio Cabeza Chapter 14. Local Government Auditing in Sweden; Torbjörn Tagesson and Per-Åke Brunström Chapter 15. Local Government Auditing in Switzerland; Pascal Horni and Martin Köhli Chapter 16. Where is Public Sector Auditing: A Comparative Analysis; Laurence Ferry, Pasquale Ruggiero, and Henry Midgley

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. This Advanced Introduction presents the modern theories of corporate finance. Its focus on core concepts offers useful managerial insights, bolstered by recent empirical evidence, to provide a richer understanding of critical corporate financial policy decisions.Key features include: A modern approach to corporate financial theory and evidence Key research presented in a structured manner Concepts explained in an intuitive, example-filled manner that does not require a strong mathematics background Detailed references for those wishing further reading on particular topics. Within business programs, the book offers an insightful introduction for courses on corporate finance, but also can be employed as a supplementary text in broader business courses. Experienced managers in financial functions will find the book a useful review and update of material developed since earning their degrees. Given the increasing use of cross-functional teams within the business community, the book provides a richer understanding of corporate financial policy choices for managers across a broad array of business functions.Trade Review‘This book does a great job reviewing the most important aspects of corporate finance written in an accessible manner for a wide audience. Non-finance managers that need to grasp the basics, as well as finance-trained folks who simply need a refresher, and all those in between, will benefit from this book.’ -- James Linck, Southern Methodist University, US‘In this book, two of the world's most distinguished financial economists summarize the current academic thinking on three major financial policy questions that face all public companies: How do we value our investment opportunities? How do we finance those investments, primarily with debt, equity, or some combination thereof? And how do we decide when to return capital to our shareholders, and whether mainly through dividends or stock buybacks?’ -- Don Chew, Editor, Journal of Applied Corporate Finance

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. This Advanced Introduction presents the modern theories of corporate finance. Its focus on core concepts offers useful managerial insights, bolstered by recent empirical evidence, to provide a richer understanding of critical corporate financial policy decisions.Key features include: A modern approach to corporate financial theory and evidence Key research presented in a structured manner Concepts explained in an intuitive, example-filled manner that does not require a strong mathematics background Detailed references for those wishing further reading on particular topics. Within business programs, the book offers an insightful introduction for courses on corporate finance, but also can be employed as a supplementary text in broader business courses. Experienced managers in financial functions will find the book a useful review and update of material developed since earning their degrees. Given the increasing use of cross-functional teams within the business community, the book provides a richer understanding of corporate financial policy choices for managers across a broad array of business functions.Trade Review‘This book does a great job reviewing the most important aspects of corporate finance written in an accessible manner for a wide audience. Non-finance managers that need to grasp the basics, as well as finance-trained folks who simply need a refresher, and all those in between, will benefit from this book.’ -- James Linck, Southern Methodist University, US‘In this book, two of the world's most distinguished financial economists summarize the current academic thinking on three major financial policy questions that face all public companies: How do we value our investment opportunities? How do we finance those investments, primarily with debt, equity, or some combination thereof? And how do we decide when to return capital to our shareholders, and whether mainly through dividends or stock buybacks?’ -- Don Chew, Editor, Journal of Applied Corporate Finance

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Book SynopsisThis timely book analyses the elasticity of taxable income, a central concept in public finance with a rapidly growing wealth of literature. Combining original empirical research with rigorous theoretical modelling of tax revenue and optimal tax policy, this innovative study examines the complexities and new methods of estimating the elasticity of taxable income.Clarifying the role of the elasticity of taxable income in influencing total tax revenue in a complex multi-rate structure, John Creedy divides the change in revenue into various components to derive revenue-maximising rates. He examines the welfare effects and ‘excess burden’ of income taxation, and considers the role of the elasticity in ‘optimal’ tax rates and administrative policy aiming to reduce tax evasion. The book concludes with a discussion concerning the problems and various methods of elasticity estimation, including regression and bunching.With detailed illustrations to expand and engage, this will prove an invaluable read for students and scholars of economics, particularly those focusing on the economics of taxation and tax policy. The empirical analyses and practical insights will also benefit public sector economists and policy analysts concerned with tax design.Trade Review‘This book by Professor Creedy provides an in-depth review of the elasticity of taxable income, a concept that nowadays has become a powerful parameter in the economic analysis of taxation. Undoubtedly, this highly recommended volume is an unavoidable reference for public finance researchers and those interested in the proper design of taxes.’ -- José Félix Sanz-Sanz, Universidad Complutense de Madrid, SpainTable of ContentsContents: I Introduction 1. The Elasticity of Taxable Income 2. Some Basic Analytics II Tax Revenue and Welfare 3. Decomposing Revenue Changes 4. Revenue-Maximising Elasticities 5. Optimal Tax Rates and the ETI 6. Optimal Tax Enforcement III Empirical Estimation 7. Income Share and Difference-in-Difference Estimates 8. Regression Estimates of the Elasticity 9. Income Effects and the ETI 10. Bunching Estimates of the ETI IV The ETI and Couples 11. Couples and the Elasticity Bibliography Index

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Book SynopsisCombining theoretical and practical aspects of policy analysis, this book evaluates actual and proposed policy reforms to income tax and transfer systems, using a behavioural tax microsimulation model. It highlights how these models allow for the full details of tax systems and the considerable population heterogeneity that is found in practice.John Creedy and Penny Mok look at how such models can be used to obtain summary measures that are relevant in tax debates. These include elasticities of labour supply and measures of the welfare effects of tax changes, in terms of excess burdens. Chapters further examine how models can be used to search systematically, across a range of policy changes, for revenue-neutral reforms which result in an improvement, in terms of an explicit evaluation function.This will be a timely read for students of public finance, welfare and labour economics. The careful attention paid to metrics used in policy evaluations will also make this a useful book for researchers and policy advisors concerned with income taxation, social transfers, inequality and poverty measurement.Trade Review‘As in his many previous contributions, John Creedy – here with co-author Penny Mok – succeeds in combining recent progress in behavioural tax simulation models and large micro-datasets with an explicit normative framework of individual and social welfare to shed light on hot and important tax policy questions. Students in public finance, government officials and academic colleagues will highly benefit from this lucidly written assessment of past and planned tax reforms through the lens of up-to-date microsimulation models.’ -- André Decoster, KU Leuven, Belgium‘This book is a real joy to read for a practitioner of public finance. In addition to providing practical guidance for the microsimulation analyst, I appreciate the authors’ careful placement of their contributions in the literature.’ -- Thor O. Thoresen, Statistics Norway and University of Oslo, NorwayTable of ContentsContents: 1. Introduction 2. Designing Direct Tax Reforms 3. Labour Supply Elasticities 4. The Welfare Costs of Direct Taxation 5. A Benefit Reform: Working for Families 6. The 2010 Tax Changes 7. Welfare-Improving Tax Reforms 8. A Minimum Wage Increase Bibliography Index

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Book SynopsisAt last – 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.Bent Greve presents the key strengths and weaknesses of the public sector in modern European societies in a clear and straightforward fashion. He also highlights the new challenges the sector faces, including changes in global development, demography and technology.Public and private sectors are highly interdependent and Greve explores this relationship and the consequences of choosing different public expenditures and financing. He addresses differences across affluent European economies and demonstrates how countries can develop society as desired whilst ensuring that their economies remain resilient to external crises, such as the financial crisis of 2008 or the Covid-19 pandemic.Highly accessible and informative, this book will be a valuable resource for lecturers and students of social policy, public policy, political science and economic sociology. It is also essential reading for students of public sector management and administration who need to understand the fundamentals of public sector economics and political economy. Its novel interpretation of the broader role of the public sector will also be beneficial for practitioners and policy makers.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 timely book explores the measurement and consequences of financialisation, as well as its driving forces, to take a fresh look at reconciling the twin concepts of financialisation and financial development. Imad Moosa provides a critical review of these two separate strands – the individual measures of economic development and financialisation – on the grounds that they are inadequate to represent a multi-dimensional process.Introducing a new composite measure encompassing the means of payment and asset ownership as well as conventional indicators, Moosa expertly investigates the economic, political and social consequences of financialisation. Identifying the driving forces of financialisation, he concludes that there is a requirement to reverse the current trend using more than just legislation and regulation to secure a sound and stable economy. This innovative book will be a fascinating and informative read for academics and research students of financial economics, regulation and economic sociology. Policy makers and politicians engaged in financial regulation will find the suggested insights into achieving future financial stability thought-provoking.Trade Review‘People in the finance industry have long advocated the benefits of financialisation. However, the detrimental effects that the other productive sectors in an economy wither away are often overlooked. This book presents the ugly and detrimental consequences of financialisation – something that is rarely discussed in the financial world. For any person interested in finance, this book is essential reading.’ -- George Tawadros, Winona State University, US‘With the ongoing decline of neoliberalism and the massive economic inequality it has produced, this highly accessible book is absolutely timely. It is compulsory reading for policy makers and all those demanding more government control over the running of economies and a reduction in the burgeoning artificial practice of making money out of money.’ -- Greg Bailey, La Trobe University, Australia‘Imad A. Moosa comprehensively addresses the “financialisation” literature and financialisation in practice – its history, incidence, causes and effects, ranging over grand narrative to fine detail, commanding technical and discursive contributions, and the economic and the social. It is a compelling starting point for anyone concerned with the defining characteristic of our age.’ -- Ben Fine, SOAS, University of London, UKTable of ContentsContents: Preface 1. Conceptual issues and preliminary observations 2. Financial development: concept and measurement 3. The economic effects of financial development 4. From financial development to financialisation 5. The driving forces of financialisation 6. Financialisation, neoliberalism and globalisation 7. Financialisation, financial instability and financial crises 8. The economic effects of financialisation 9. The political and social effects of financialisation 10. Epilogue References Index

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Book SynopsisExamining the increasingly relevant topic of public sector efficiency, this dynamic Handbook investigates the context of constrained fiscal space and public funding sources using cross-country datasets in areas including China, India, sub-Saharan Africa and OECD economies. Expert contributors evaluate public sector efficiency for both national and sub-national governments, analysing important sectors such as education, health, public-private enterprises and state-owned enterprises. Given voters’ requirements to be more educated and for greater accountability on the use of public spending, chapters describe methodology and measurement issues alongside the allocation of resources to ensure better efficiency and effectiveness. Forward-thinking, the Handbook provides insights into how improving efficiency can greatly assist governments when dealing with unforeseen events such as the recent Covid-19 pandemic and the conflict in Ukraine. This Handbook will be an important read for academics and students of public sector economics and public administration and management. It will also provide an excellent background for the policy makers of international institutions looking to help the general public have a better understanding of how public spending works in order for them to make informed decisions when voting.Trade Review‘Taxpayers worldwide care about value for money through public spending. That is what public sector efficiency is about. The Handbook on Public Sector Efficiency maps the full landscape, bringing together contributions from lead researchers. Indispensable for practitioners and policymakers.’ -- Vitor Gaspar, Director of the Fiscal Affairs Department at the International Monetary Fund, Washington DC, US‘In times of growing public debt and stagflation, public sector efficiency is more important than ever. This Handbook is an essential guide for researchers and policy makers to a better understanding and towards improving the efficiency of the public sector.’ -- Clemens Fuest, President of the IFO Institute and Director of the Center for Economic Studies, GermanyTable of ContentsContents: Introduction to public sector efficiency António Afonso, João Tovar Jalles, Ana Venâncio 1 PART I SIZE AND QUALITY OF THE GOVERNMENT 1 The size of government 6 António Afonso, Ludger Schuknecht, Vito Tanzi 2 The quality of public finances 32 Michael Thöne 3 Government spending efficiency, measurement and applications: A cross-country efficiency dataset 44 António Afonso, João Tovar Jalles, Ana Venâncio 4 Methodologies for assessing government efficiency 72 Caitlin O’Loughlin, Léopold Simar, Paul W. Wilson PART II PUBLIC SECTOR EFFICIENCY, AND INSTITUTIONS AND FIRMS 5 Overall Public sector efficiency 103 Antonis Adam, Sofia Tsarsitalidou 6 On the persistence of public sector efficiency and the role of historical institutional quality 129 Konstantinos Angelopoulos, Pantelis Kammas 7 Handbook on public sector efficiency, government efficiency and fiscal rules 148 Amélie Barbier-Gauchard, Kéa Baret, Xavier Debrun 8 Pension spending efficiency 176 Boele Bonthuis 9 Public−private partnerships, fiscal risks and efficiency 196 Gerd Schwartz, Özlem Aydin, Rui Monteiro, Isabel Rial 10 State-owned enterprises: Struggling to be efficient 218 Paulo Medas, Mouhamadou Sy PART III PUBLIC SECTOR EFFICIENCY IN THE EDUCATION, HEALTH, AND SOCIAL PROTECTION SECTORS 11 Public spending efficiency in compulsory education 249 Douglas Sutherland 12 The efficiency of higher education institutions and systems 272 Tommaso Agasisti 13 Efficiency of public health spending 289 Pedro Pita Barros, Eduardo Costa 14 Evaluating the efficiency of social protection spending 310 David Coady, Samir Jahan 15 Efficiency of public investment and implications for the optimal level of public investment 334 Jean-Marc Fournier, Fabien Gonguet PART IV PUBLIC SECTOR EFFICIENCY ACROSS THE WORLD 16 Efficiency and economic growth: A panel analysis of Colombian regions 353 Luis Alberto Gutiérrez-Arango, Víctor Giménez, Daniel Osorio-Barreto, Diego Prior 17 Analysing public sector efficiency of the Indian States 370 Ranjan Kumar Mohanty , N R Bhanumurthy, Biresh K. Sahoo 18 Estimating returns to scale for the science and technology activities of project 985 universities in China 405 Yao-yao Song, Xian-tong Ren, Guo-liang Yang, Zhong-cheng Guan 19 Political short termism and government spending efficiency in Sub-Saharan Africa 427 Sijuola Orioye Olanubi, Oluwanbepelumi Esther Olanubi Index 440

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Book SynopsisThis innovative book proposes a new institutional arrangement for government to fulfil the needs of its citizens as well as possible. Existing aspects of federalism and direct democracy in Europe are strengthened, and as a result future developments arising in the region are coped with better.In this book Bruno Frey and Reiner Eichenberger propose a new model of federalism which includes new types of governmental units established by citizens from below. These units are called functional, overlapping and competing jurisdictions as they extend over task-specific areas and therefore overlap. They also provide competitive governance via direct and representative democratic institutions, and as jurisdictions they have independent power over taxation policy. This new model is more responsive to citizens' preferences and adjusts more dynamically to provide public services efficiently. The authors suggest that this new system should be allowed to develop in Europe to safeguard diversity and ensure that decentralization emerges effectively. It would also allow for the flexible integration of East European transition economies into the European Union and may also combine with traditional modes of government in developing countries.This book will be warmly welcomed by economists, political scientists and sociologists interested in the future of the European Union, by all those studying federal systems of government, and by those interested in the prospects for improving democratic institutions throughout the world.Trade Review'. . . this is a stimulating pioneer work. They should extend it and the rest of us should act as missionaries.' -- Gordon Tullock, Public Choice'. . . the authors not only provide an implicit discussion of the problems of the nation-state, but they also outline an alternative, with a defence of why and how it would work effectively. . . the book provokes thought and debate. It is a welcome creative addition to an already rich literature.' -- Journal of International Law and PoliticsTable of ContentsContents: Part I: The Idea 1. Functional, Overlapping and Competing Jurisdictions (FOCJ) 2. The Advantages of FOCJ 3. FOCJ Implemented 4. FOCJ Compared 5. Bastard FOCJ Part II: FOCJ for Europe 6. Federalism in Today’s Europe 7. FOCJ in Europe Part III: Beyond Europe 8. Europe and the World 9. FOCJ and Developing Countries 10. Conclusions

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Book SynopsisThe German state banks - or Landesbanks - are not only some of the largest banks in Germany but are also a dominant force in the international banking sector. These state-owned banks enjoy special privileges and government support which have made them major players in the global arena of banking and finance.Protected by the German taxpayer's seemingly bottomless pockets in the form of state warranties, Landesbanks are able to take part in financing some of the largest projects in the world. They occupy nearly fifty per cent of the top places in both Moody's and Standard and Poor's international rankings. Professor Sinn critically scrutinizes the privileges of the German Landesbanks and questions the justification of government intervention in the banking sector. He predicts that European integration and the introduction of the euro will lead to a fierce take-over battle between Europe's banks. He argues that, given the state warranties, it seems likely that the German Landesbanks will be among the winners in this battle and concludes that the German public banking system has grown far larger than is appropriate for a market economy.This timely book addresses issues of concern for European bankers and policymakers alike. It will also be of interest to students and scholars of financial economics, European integration and money and banking.Table of ContentsContents: Preface 1. European Integration and the Landesbanks 2. The Government in the German Banking System 3. The Competitive Advantages of the Public Banks 4. Is Government Intervention in the Banking Sector Justified? – Irrelevant Arguments 5. Should the Government Insure Banks? 6. A Plea for the Reform of the Capital Market

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Book SynopsisRichard Musgrave is one of the most eminent public finance economists of our time. In this third volume of essays, Professor Musgrave once more takes a broad view of fiscal institutions, their nature and functions. Traditions of fiscal theory and their impact on the author's work are discussed and their linkage to theories of the state and of distributive justice are examined. Selected topics include: the foundations of public finance, equity in taxation, tax reform, federalism and budget growth.Public Finance in a Democratic Society will be of interest to scholars and students of public finance, political economy and public policy.Trade Review'Richard Musgrave is arguably the leading public finance scholar of his generation. This book is a testament to his outstanding contribution to his discipline. Its 28 chapters reproduce selected conference papers, journal articles, essays, and commentaries by Musgrave that have been published over his long and distinguished career. . . The smooth prose and compelling content of the chapters are imbued throughout with Musgrave's deep and passionate commitment to the institutions of the liberal welfare state.' -- Tim Edgar, Canadian Tax JournalTable of ContentsContents: Preface Part I: Foundations 1. The Role of the State in Fiscal Theory 2. Crossing Traditions 3. Public Finance and Finanzwissenschaft Traditions Compared 4. Combining and Separating Fiscal Choices: Wicksell’s Model at its Centennial 5. Social Science, Ethics, and the Role of the Public Sector 6. Tableau Fiscale 7. Merit Goods Part II: Equity in Taxation 8. Public Finance and Distributive Justice 9. The Nature of Horizontal Equity and the Principle of Broad-Based Taxation: A Friendly Critique 10. Social Contract, Taxation and the Standing of Deadweight Loss 11. Horizontal Equity, Once More 12. Horizontal Equity: A Further Note 13. Tax Equity with Multiple Jurisdictions (with Peggy B. Musgrave) 14. Pigou on Taxation Part III: Multiple Jurisdictions 15. Federalism, Grants and Fiscal Equalization (with Peter Mieszkowski) 16. Who Should Tax, Where and What? 17. Inter-nation Equity (with Peggy B. Musgrave) 18. Devolution, Grants and Fiscal Competition Part IV: Budget Growth 19. When is the Public Sector too Large? 20. Excess Bias and the Nature of Budget Growth 21. Fiscal Churning (with Peggy B. Musgrave) 22. Fiscal Functions of the Public Sector 23. Reconsidering the Fiscal Role of Government 24. The Longer View 25. Comments on James M. Buchanan ‘The Fiscal Crisis in Welfare Democracies’ Part V: Tax Reform 26. Clarifying Tax Reform 27. Tax Reform in Developing Countries 28. Micro and Macro Aspects of Fiscal Policy Index

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Book SynopsisThis major book presents an objective and penetrating economic analysis of stabilization and reform in Eastern Europe, combined with a compassionate plea for individual rights and solidarity.Janos Kornai - one of the most famous Hungarian economists of his generation - focuses on two main issues: first, the problems of stabilization and adjustment, which are painful but necessary conditions of sustainable growth and second, the reform of the 'premature welfare state' of Eastern European countries, which is disproportionately large in relation to the resources available and which was hitherto managed in a highly centralized, bureaucratic and paternalistic way.Struggle and Hope goes beyond most other books on the transition process by placing considerable emphasis on the understanding of the ethical implications and the historical roots of each problem, and also the political conditions and consequences of change. Although economic efficiency is extremely important, it is not the exclusive criterion; ethical principles of individual sovereignty and solidarity must also receive particular attention.Professor Kornai's insightful analysis will become required reading for all those concerned with the process of post-socialist transition.Trade Review'. . . he [the author] presents an interesting and original analysis of the transition to a post-socialist economy. . . . The book presents an illuminating analysis of the macroeconomic and social policy options in the process of change from a centrally planned, socialist economy to one based on the market and private enterprise.'Table of ContentsContents: 1. Eliminating the Shortage Economy: a General Analysis and Examination of Developments in Hungary 2. Lasting Growth as Top Priority: Macroeconomic Tensions and Government Economic Policy in Hungary 3. A Steep Road: an Interview by László Zsolt Szabó on the Stabilization Programme 4. The Dilemmas of Hungarian Economic Policy: An analysis of the Stabilization Programme 5. Paying the Bill for Goulash Communism: Hungarian Development and Macro Stabilization in a Political-Economy Perspective 6. Adjustment without Recession: A Case Study of Hungarian Stabilization 7. The Responsibility of the Individual and Society: An Interview by Mihály Laki on Social Issues 8. The Citizen and the State: Reform of the Welfare System Index

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Book SynopsisThis book provides the first comprehensive comparative analysis of the emerging civil service systems in 9 Central and East European states. Its comparative nature provides a fascinating insight into the emerging patterns of administrative development in the region since the beginning of the transition period. The authors apply the same methodological framework developed by the Civil Service Research Consortium to all the country case studies, which gives the book a high level of coherence and enhances the comparability of the country case studies. This methodological framework provides a solid background for the in-depth analysis of the history of the civil service system, internal labour market, public opinion, relations between politicians and administrators and civil service reform and development. Special attention is given to topical issues such as the influence of the European Union on the emerging civil service systems and possibility of European Union candidature.Civil Service Systems in Central and Eastern Europe will be warmly welcomed by academics and advanced level students in public administration, law, political science and transition studies as well as policymakers and international organizations helping to develop civil services in former communist countries.Table of ContentsContents: 1. Context and Structure Part I: The Russian Federation and Yugoslavia 2. A Decade of Transition Over 3. The Russian Civil Service 4. The Civil Service of Yugoslavia Part II: EU Candidate States I: Bulgaria, Hungary, Poland and the Slovak Republic 5. Civil Service Systems in EU Candidate States 6. The Civil Service of Bulgaria 7. The Civil Service System of Hungary 8. The National Civil Service System in Poland 9. The Civil Service System of the Slovak Republic Part III: EU Candidate States II: The Baltic States 10. The Civil Service Reform in the Baltics 11. The Civil Service in the Republic of Estonia 12. Latvia 13. Lithuania Part IV: Conclusions 14. Conclusions Index

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Book SynopsisEnvironmental taxes are considered one of the most attractive environmental policy instruments. However, many problems still prevent their widespread implementation. This impressive book offers a comprehensive, global and innovative treatment of the environmental tax issue. The author provides detailed economic analysis as well as practical policy suggestions and presenting numerous examples that have been successful in addressing complex issues as well as considering questions including: how should the instrument be designed? what to do with the tax revenues? how taxes could be made acceptable for industry, politicians and voters an analysis of the ethical issues of environmental taxation. This comprehensive treatment of environmental taxes will ensure the book's appeal to researchers, academics and students. It will also be of immense value to those working with the environment, as well as providing practical solutions to implementation problems faced by civil servants in central and local government.Table of ContentsContents: Introduction Part I: Why Environmental Taxes? 1. Solutions to Environmental Problems 2. Comparison of Instruments Part II: Models of Environmental Taxes 3. Pigouvian Taxes and the Internationalization of External Costs 4. The Twofold Rationale of the Charges and Standards Approach 5. Other Environmental Taxes Part III: The Acceptability of Environmental Taxes 6. Two Categories of Opposition 7. Voting for Environmental Taxes 8. Industry Opposition Part IV: Using the Tax Revenues 9. The Possible Uses of the Tax Revenues 10. Distributional Impact 11. Comparison Between the Different Uses Conclusion References Index

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Book SynopsisIndirect taxes have become an increasingly important revenue-raising tool for governments in developed countries. In this book, John Creedy applies his wealth of experience and expertise to the analysis of indirect taxes and, in particular, concentrates on the modelling of indirect tax reform and its distributional implications.Initially, he examines the implications of alternative indirect tax systems and provides an introductory survey of various measures of welfare change and excess burden in the context of indirect taxes. He pays particular attention to the measurement issues involved and uses partial equilibrium models to uncover various aspects of tax reform. Specifically, he: addresses the questions of measuring welfare changes arising from price changes examines the built-in flexibility of various forms of consumption taxation calculates the possible redistributive effects of indirect taxes and illustrates his methods using case study examples of the indirect tax system in Australia examines the horizontal inequity of different consumption taxes considers the optimal direction of small changes in indirect tax rates analyses the positive and negative effects of a carbon tax Modelling Indirect Taxes and Tax Reform will be useful to scholars and policymakers interested in public economics and finance and modelling taxes.Table of ContentsContents: Part I: Introduction 1. Introduction and Outline Part II: Theory and Concepts 2. Income and Consumption Taxes 3. Prices, Taxes and Welfare Changes 4. Welfare Changes and Budget Data 5. Built-in Flexibility of Indirect Taxes Part III: Applications 6. Tax Reform and Demographic Groups 7. The Limits to Redistribution 8. Indirect Taxes and Horizontal Inequity 9. Marginal Indirect Tax Reform 10. Carbon Taxation Bibliography Index

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Book SynopsisThe allocation of subsidies is often regarded as a fundamental role of governments in order to realise and maintain benefits to society. The possibility that public subsidies could actually be counterproductive contradicts common perception. The authors of this challenging book present recent evidence which, in their view, suggests that subsidies may in fact turn out to be a contemporary plague. Public Subsidies and Policy Failures provides extensive analysis of the theory and political economy of public support policies, demonstrating how subsidies can harm the environment, distort trade, and benefit those in society who do not require support. Furthermore, they often fail to achieve the desired and expected goals. The authors employ a theoretical framework to illustrate the impact of subsidies on developed and developing economies, as well as on international trade. They examine public subsidies in various natural resource and industrial sectors and discover that many turn out to be policy failures. They also investigate the various barriers and lock-in mechanisms by which subsidies become entrenched in economic and political structures. The book goes on to propose concrete actions, policy strategies and international 'Grand Deals' which will engender effective subsidy reforms.Scholars, researchers and students will welcome this rigorous investigation into the political and economic costs and benefits of public subsidies. International trade organisations and policymakers will also benefit from the strategic emphasis.Trade Review'This book offers an intelligent contribution for those who want to understand the effects of subsidies in the world economy. It is particularly important because of its focus on the adverse effects on natural resources and the environment. The effort to develop a theoretical and rigorous analytical framework is an excellent addition to the subject of economic theory. The authors make a noteworthy effort to measure and classify subsidies in such a manner that readers could have a better visualization of the size and distribution of subsidies among different sectors of the world economy.' -- Alexandre Rivas, Southern Economic Journal'This is an enormously significant book. Cees van Beers and Andre de Moor have not only identified the main obstacles but also suggested new pathways to the key public policy reforms needed to move toward a more prosperous, equitable and sustainable future. Their work is superb, marked by insight, innovation, rigor of analyses, and strength of argument.' -- From the foreword by Jim MacNeill, World Bank Inspection Panel'This book highlights one of the most productive things environmental groups, economists and policy officials could do for society: form a partnership to push for cuts to subsidies that simultaneously damage the economy and the environment. The authors have made that task easier for those groups by providing a comprehensive and yet very readable analysis of the issue. They provide an assessment of the overall extent of subsidies to different sectors in rich and poor countries, including a wide range of case studies. This is a 'must buy' for people seriously interested in finding ways to improve the environment that contribute to rather than deplete national treasuries and development prospects.' -- Kym Anderson, University of Adelaide, AustraliaTable of ContentsContents: Preface Foreword by Jim MacNeill 1. Public Subsidies and Government Policy 2. An Economic Analysis of Public Subsidies and Policy Failures 3. The Costs and Impacts of Public Subsidies 4. Addiction to Subsidies 5. Subsidy Reform Policies and Strategies 6. Summary and Conclusions References Index

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Book SynopsisSince the break-up of the Soviet Union in 1991, Russia has experienced a process of rapid fiscal decentralisation: its 88 regions are now in charge of almost half of total budgetary expenditure, while an overhaul of the revenue allocation system has given them substantial control over locally collected revenue. These regions are highly diverse in climate, natural resources and economic development, with some much better equipped than others to adjust to market conditions.Fiscal Federalism in Russia examines the combined impact of decentralisation and diversity on regional equality of service provision and in particular the provision of education. The book begins with an analysis of the system of intergovernmental transfers and goes on to explore the nature and extent of disparities in education spending, paying particular attention to regions where spending has fallen furthest.The book also contains a case study of the allocation decisions affecting the education sector within a single region, Novgorod Oblast, in North-West Russia. Based entirely on field research, the study provides a rare insight into the decision making process at regional and local level, as well as an analysis of the extent of internal revenue and spending disparities.Academics, researchers and those interested in decentralisation or the economics of transition will warmly welcome this detailed analysis of the direction and impact of inter-governmental transfers in Russia.Trade Review'Kitty Stewart has given us an intriguing study of the emerging system of intergovernmental fiscal relations in the new Russia. Having carefully assembled an extensive data set on the intergovernmental finance of education, she uses these data to test a number of important hypotheses concerning winners and losers, disparities in school expenditures, and the allocation of educational resources. The analysis gives us a close look at how the intergovernmental system of finance is working in Russia and leads to a series of proposals for improving the fiscal system.' -- Wallace E. Oates, University of Maryland, USTable of ContentsContents: 1. Introduction 2. Are Intergovernmental Transfers Equalising? 3. The Impact of Decentralisation on Regional Equity of Education Financing 4. Local Financing and Control of Education: A Study of Novgorod Oblast 5. Conclusions Appendices References Index

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Book SynopsisThis book argues that in many jurisdictions free market advocates have resorted to public sector downsizing and privatization as a means of alleviating problems of unemployment and slow economic growth and that, as a consequence, the strategy of reducing public deficits, balancing budgets and achieving surpluses has become widely accepted as the only road to prosperity.The Economics of Public Spending shows in clear and simple terms that the strategy of public sector downsizing is based on a misleading conception of public finance. The book dispels several myths about public deficits and debts, offering alternative approaches to fiscal and monetary policies. The contributors argue convincingly and authoritatively that the public sector is crucial for economic growth, that budget deficits are required for improving the performance of the private sector and that there is a real need for an economic agenda based on public deficits and low stable real interest rates in order to achieve full employment with high wages, more generous social programmes and sustainable inflation.This fascinating and challenging book will be of great interest to policymakers in government, academic researchers as well as public finance experts and economists.Trade Review'The book is a most welcome exception in the dominant literature on public spending. While the great majority of economists insist on the importance of sound finance (namely a balanced budget at any cost), Bougrine gives us at long last a book invoking a sound economy, in terms of employment, income distribution and basic welfare. A team of authoritative experts examines the problem from all sides and shows how the two targets can, and should, be reconciled.' -- Augusto Graziani, University of Rome 'La Sapienza', Italy'In theoretical expositions of rare reach and clarity, Hassan Bougrine and his colleagues restate the core propositions of Keynes and Kalecki for a new generation. This book is essential for serious students of macroeconomics, especially those perplexed by the incoherence of the new classical theories and the failures of neo-liberalism in practice.' -- James K. Galbraith, University of Texas at Austin and the Jerome Levy Economics Institute, USTable of ContentsContents: Introduction 1. Fiscal Policy and the Current Crisis 2. The Evolution of a New ‘Neoliberal, Balanced Budget’ Social Structure of Accumulation? 3. Macroeconomic Policy for a Post-Conservative Era 4. The Long-run Fiscal Deflation 5. Government Debt Monetization and Inflation 6. Government Deficits in Simple Kaleckian Models 7. On the Limitations of Fiscal Policy 8. Public Investment and Growth Index

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Book SynopsisMeasuring tax evasion and the size of the underground economy is a growing industry among researchers. However, Filip Palda argues that deadweight losses from tax evasion are a social loss that have been largely neglected.Tax Evasion and Firm Survival in Competitive Markets illustrates how a firm with high production costs but which is easily able to evade taxes may displace from the market a company with low production costs but poor tax evasion capabilities. The difference in production costs between the inefficient survivor and the efficient loser is termed by the author the 'displacement loss from taxation', and rivals in size the Harberger triangle loss from taxation.The book demonstrates how Filip Palda's calculus for measuring displacement loss can be extended to subsidies, minimum wages, and any other government attempt to displace resources from one part of the economy to another. Throughout, the book highlights the way in which taxation has evolved to mitigate displacement losses and how policymakers should be even more sensitive to the larger costs of the uneven enforcement of taxes and regulations.This volume also contains simple but powerful analytical tools for calculating economic equilibrium in the presence of two inseparable characteristics of the firm that determine its survival in the market: the ability to produce efficiently and the ability to evade taxes and ignore regulations.This highly innovative book will be of great interest to public finance economists and policymakers concerned with fiscal issues.Trade Review'This is an extraordinarily well-written book. You do not need to be an academic to read, understand, and appreciate the arguments made. At the same time, the analysis is rigorous.' -- Glenn Feltham, Canadian Tax JournalTable of ContentsContents: 1. Introduction 2. Tax Evasion 3. Are Subsidies Evaded Taxes? 4. Tax Evasion Analysis Extended to Regulation Evasion: The Case of the Minimum Wage 5. Tax Evasion, Regulation Evasion and Rent-Seeking 6. Conclusion References Index

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