Public finance and taxation Books

Book SynopsisThis book provides the reader with the basis for a theoretical understanding of public-sector finance in general - and more specifically, a comprehensive, policy-oriented application of that understanding to Japanese public finance.Particular emphasis is placed upon developing tools which can be used both theoretically and empirically to clarify essential economic concerns in Japan's public sector. These include the macroeconomic incidence of fiscal decentralization, dependence on government bonds for covering fiscal deficits, and social security reform. In analyzing Japan's underperforming public sector, the authors develop and recommend policy solutions aimed at achieving Japan's growth potential, improving the quality of the public sector, and strengthening the sector's contribution to the Japanese economy.Guiding the reader toward an overall understanding of public-sector reforms, decentralization and fiscal policy in Japan, this book will strongly appeal to academics, students and researchers with an interest in modern public finance theory and macroeconomic analysis.Trade Review'. . . covers valuable ground in exploring the complex world of Japan's public finances and public sector operations.' -- Albrecht Rothacher, ASIEN - German Journal for Politics, Economy and CultureTable of ContentsContents: Preface 1. Introduction 2. History of Postwar Public Finance 3. The Central Government Budget and Fiscal Policy 4. Aging and Intergenerational Conflict: Social Security Benefits and Burdens 5. Restoring Fiscal Balance in an Aging Japan 6. The Tax System and Its Reform 7. Local Public Finance and the Soft-budget Problem 8. Decentralization Reform 9. The Management and Sustainability of Government Debt 10. Reform of the Public Sector References Index

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Book SynopsisThe maintenance of financial stability is a key objective of monetary policy, but the record of regulators in achieving this has been lamentable in recent years. This failure has been matched by an equivalent inability to establish an appropriate theoretical basis for financial regulation. In this book, the authors demonstrate how to enhance the theory, modeling and practice of such regulation. The main determinant of financial instability is the default of financial institutions. The authors highlight the importance of the appropriate incorporation of default into macro-financial models and its interaction with liquidity. Besides covering the historical development and current stance of financial regulation, the book includes a number of policy-oriented chapters revealing how the authors' modeling approach can improve the process. This authoritative book will serve as a basis for future work on financial stability management for both academics and policy makers and provide guidance on how to undertake crisis prevention and resolution.Trade Review'Overall, I find Financial Stability in Practice: Towards an Uncertain Future by Goodhart and Tsomocos very useful in understanding how the financial sector works, why it should be regulated and how it can be regulated to achieve the main goal of financial stability.' -- Salewa Yinka Olawoye, Review of Keynesian EconomicsTable of ContentsContents: 1. Introduction Charles A.E. Goodhart and Dimitrios P. Tsomocos PART I: THE DEVELOPMENT OF FINANCIAL REGULATION 2. ‘Financial Supervision from an Historical Perspective: Was the Development of Such Supervision Designed, or Largely Accidental?’, Charles A.E. Goodhart, in David Mayes and Geoffrey E. Wood (eds), The Structure of Financial Regulation, London, Routledge, 2007, pp.43–64 3. ‘The Rationale for Regulation’, Charles Goodhart, Philipp Hartmann, David Llewellyn, Liliana Rojas-Suárez and Steven Weisbrod, Financial Regulation: Why, How and Where Now?, London: Routledge, 1998, pp.1–15 4. ‘Some New Directions for Financial Stability?’, C.A.E. Goodhart, in D. Mayes, R. Pringle and M. Taylor (eds), Towards a New Framework for Financial Stability, London: Central Banking, 2009, pp.5–24 5. ‘The Role of Macro-Prudential Supervision’, paper presented by C.A.E. Goodhart at the Federal Reserve Bank of Atlanta Conference on ‘Up from the Ashes: The Financial System after the Crisis’, May 11/12, 2010, Atlanta, Georgia 6. ‘How Should We Regulate the Financial Sector?’, Charles Goodhart, in Adair Turner, Andrew Haldane, Paul Woolley, Sushil Wadhwani, Charles Goodhart, Andrew Smithers, Andrew Large, John Kay, Martin Wolf, Peter Boone, Simon Johnson and Richard Layard (eds), The Future of Finance: The LSE Report, London: School of Economics & Political Science, 2010, pp.153–76 PART II: MODELLING 7. ‘A Model to Analyse Financial Fragility’, Charles A.E. Goodhart and Lea Zicchino, Financial Stability Review, June 2005, 106–15 8. ‘Equilibrium Analysis, Banking, Contagion and Financial Fragility’, Dimitrios P. Tsomocos, Working Paper 175, Bank of England, 2003, 1,3,5,7–59 9. ‘The Optimal Monetary Instrument for Prudential Purposes’, with P. Sunirand, Journal of Financial Stability, 7, 2011, 70–77 10. ‘On Dividend Restrictions and the Collapse of the Interbank Market’, with M.U. Peiris and A.P. Vardoulakis, Annals of Finance, 6 (4), 2010, 455–73 PART III: MEASUREMENT 11. ‘Towards a Measure of Financial Fragility’, with Oriol Aspachs and Lea Zicchino, Annals of Finance, 3 (1), 2007, 37–74 12. ‘Searching for a Metric for Financial Stability’, with O. Aspachs, M. Segoviano and L. Zicchino, Financial Markets Group Special Paper 167, London School of Economics, 2006 13. ‘Banking Stability Measures’, Miguel A. Segoviano and Charles Goodhart, IMF Working Paper, WP/09/4, January 2009, 1–54 14. ‘Default, Credit Growth and Asset Prices’, C.A.E. Goodhart, Boris Hofmann and M. Segoviano, in Charles Goodhart and Boris Hofmann (eds), House Prices and the Macroeconomy, Oxford: Oxford University Press, 2007, pp.145–72 PART IV: CAPITAL REQUIREMENTS AND PROCYCLICALITY 15. ‘Procyclicality and the New Basel Accord – Banks’ Choice of Loan Rating System’, Eva Catarineu-Rabell, Patricia Jackson and Dimitrios P. Tsomocos, Economic Theory, 26 (3), 2005, 537–57 16. ‘Basel and Procyclicality: A Comparison of the Standardised and IRB Approaches to an Improved Credit Risk Method’, C.A.E. Goodhart and M. Segoviano, Financial Markets Group Discussion Paper 524, London School of Economics, 2004 17 ‘Procyclicality and Volatility in the Financial System: The Implementation of Basel II and IAS 39’, Ashley Taylor and Charles Goodhart, in Stefan Gerlach and Paul Gruenwald (eds), Procyclicality of Financial Systems in Asia, Basingstoke, UK: Palgrave Macmillan, 2006, pp.9–37 18. ‘Is a Less Pro-cyclical Financial System an Achievable Goal?’, Charles Goodhart, National Institute Economic Review, 211 (1), 2010, R17–R26 PART V: THE STRUCTURAL ORGANISATION OF SUPERVISION 19. ‘The Organizational Structure of Banking Supervision’, C.A.E. Goodhart, Economic Notes, 31 (1), 2002, 1–41, 43, 45–6 20. ‘The Skill Profile of Central Bankers and Supervisors’, (Charles Goodhart, Dirk Schoenmaker and Paolo Dasgupta, European Finance Review, 6, 2002, 397–427 21. ‘The Changing Role of Central Banks’, C.A.E. Goodhart, BIS Working Paper 326, 2010, 1–16 PART VI: CONCLUSION 22. Conclusion Charles A.E. Goodhart and Dimitrios P. Tsomocos

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Book SynopsisBenefit-cost analysis reduces all of the impacts of a proposed policy change to a common unit of measurement. It is used in a wide variety of fields including agriculture, life and health, transportation and the environment.In this single volume the editors, both leading scholars in their field, present a judicious selection of previously published papers indispensable to the study of applied benefit-cost analysis. The comprehensive collection is an essential resource to scholars, researchers and policymakers alike.Table of ContentsContents: Acknowledgements Introduction Andrew Schmitz and Richard O. Zerbe PART I: AGRICULTURE AND AGRICULTURAL POLICY 1. Zvi Griliches (1958), ‘Research Costs and Social Returns: Hybrid Corn and Related Innovations’ 2. Erik Lichtenberg and David Zilberman (1986), ‘The Welfare Economics of Price Supports in U.S. Agriculture’ 3. Troy G. Schmitz, Andrew Schmitz and Chris Dumas (1997), ‘Gains From Trade, Inefficiency of Government Programs, and the Net Economic Effects of Trading’ 4. Andrew Schmitz, Frederick Rossi and Troy G. Schmitz (2007), ‘Agricultural Subsidies Under Decoupling’ 5. Rulon Pope, Jean-Paul Chavas and Richard Just (1983), ‘Economic Welfare Evaluations for Producers under Uncertainty’ PART II: EVALUATION OF SOCIAL PROGRAMS 6. David H. Greenberg and Douglas A. Wolf (1985), ‘Is Wage Matching Worth All the Trouble?’ 7. Morris S. Berman (1989), ‘Vision Care in a Juvenile Detention Facility’ 8. David H. Greenberg (1997), ‘The Leisure Bias in Cost–Benefit Analyses of Employment and Training Programs’ 9. Clive Belfield, Milagros Nores, Steve Barnett and Lawrence Schweinhart (2006), ‘The High/Scope Perry Preschool Program’ 10. Flavio Cunha and James Heckman (2007), ‘The Economics of Human Development: The Technology of Skill Formation’ PART III: IMPLEMENTATION AND STAKEHOLDER IMPACTS 11. Glenn P. Jenkins (1999), ‘Evaluation of Stakeholder Impacts in Cost–Benefit Analysis’ 12. Timothy L. McDaniels, Robin S. Gregory and Daryl Fields (1999), ‘Democratizing Risk Management: Successful Public Involvement in Local Water Management Decisions’ 13. Alvin Ulrich, Hartley Furtan and Andrew Schmitz (1986), ‘Public and Private Returns from Joint Venture Research: An Example from Agriculture’ PART IV: LIFE AND HEALTH 14. Lester B. Lave (1981), ‘Conflicting Objectives in Regulating the Automobile’ 15. David L. Weimer and Aidan R. Vining (1989), ‘An Illustration: Taxing Alcohol to Save Lives’ 16. Gary M. Ginsberg and Don S. Silverberg (1994), ‘A Cost–Benefit Analysis of Legislation for Bicycle Safety Helmets in Israel’ 17. Richard Gray and Stavroula Malla (2001), ‘The Evaluation of the Economic and External Health Benefits from Canola Research’ 18. W. Kip Viscusi and Joseph E. Aldy (2003), ‘The Value of a Statistical Life: A Critical Review of Market Estimates Throughout the World’ PART V: TRANSPORTATION 19. Anthony Boardman, Aidan Vining and W.G. Waters, II (1993), ‘Costs and Benefits through Bureaucratic Lenses: Example of a Highway Project’ 20. ‘What GAO Found’, in US GAO Highway and Transit Investments: Options for Improving Information on Projects’ 21. Troy G. Schmitz, Tim Highmoor and Andrew Schmitz (2002), ‘Termination of the WGTA: An Examination of Factor Market Distortions, Input Subsidies and Compensation’ PART VI: ENVIRONMENT 22. Raymond J. Kopp and V. Kerry Smith (1989), ‘Benefit Estimation Goes to Court: The Case of Natural Resource Damage Assessments’ 23. ‘Executive Summary’ 24. S. Farrow and M. Toman (1999), ‘Using Benefit–Cost Analysis to Improve Environmental Regulation’ 25. Richard T. Carson, Robert C. Mitchell, Michael Hanemann, Raymond J. Kopp, Stanley Presser and Paul A. Ruud (2003), ‘Contingent Valuation and Lost Passive Use: Damages from the Exxon Valdez Oil Spill’ PART VII: BETTER USE 26. John P. Hoehn and Alan Randall (1989), ‘Too Many Proposals Pass the Benefit Cost Test’ 27. Robert W. Hahn (1998), ‘Policy Watch: Government Analysis of the Benefits and Costs of Regulation’ 28. Kenneth J. Arrow, Maureen L. Cooper, George C. Eads, Robert W. Hahn, Lester B. Lave, Roger G. Noll, Paul R. Portney, Milton Russell, Richard Schmalensee, V. Kerry Smith and Robert N. Stavins (1996), ‘A Statement of Principles’ 29. Matthew A. Wilson and John P. Hoehn (2006), ‘Valuing Environmental Goods and Services Using Benefit Transfer: The State-of-the Art and Science’ 30. Daniel H. Cole (2007), ‘“Best Practice” Standards for Regulatory Benefit–Cost Analysis’ 31. Andrew Schmitz, Charles B. Moss and Troy G. Schmitz (2007), ‘Ethanol: No Free Lunch’ PART VIII: REGULATION 32. Richard O. Zerbe, Jr. (1980), ‘The Costs and Benefits of Early Regulation of the Railroads’ 33. Alvin Ulrich, William H. Furtan and Andrew Schmitz (1987), ‘The Cost of a Licensing System Regulation: An Example from Canadian Prairie Agriculture’ 34. Jason K. Burnett and Robert W. Hahn (2001), ‘A Costly Benefit: Economic Analysis Does Not Support EPA’s New Arsenic Rule’ 35. Richard Wilson (2001), ‘Underestimating Arsenic’s Risk: The Latest Science Supports Tighter Standards’ Name Index

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Book SynopsisThis major Handbook addresses fiscal relations between different levels of government under the general rubric of 'fiscal federalism', providing a review of the latest literature as well as an invaluable guide for practitioners and policy makers seeking informed policy options. The contributors include leading lights in the field, many of whom have themselves made seminal contributions to the literature.Comprehensive and wide in coverage, the issues covered range from federal systems to other forms of intergovernmental relations, such as supra-national constructs - namely, the European Union - unitary states, regional systems, and more decentralized operations, including community level organizations. The political economy approach emphasizes the importance of institutional arrangements, including the legal, political and administrative aspects, and information flows to ensure that there are appropriate incentives and sanctions to generate good governance. This Handbook also devotes attention to emerging issues, such as environmental protection, the sharing of natural resources among levels of government, corruption and the impact of federalism and decentralization on national unity. It will be a vital reference tool for the area for many years to come.Trade Review'This volume provides comprehensive coverage of fiscal federalism by some of the leading scholars in the field. . . This Handbook is an excellent addition to the present discourse on the role of the state in fiscal matters. This reviewer would recommend this book as a required text for a graduate or senior class on public finance or economic development. Researchers in economic development, public finance, and fiscal policy likewise would find this volume useful. Highly recommended. Upper-division undergraduate through professional collections.' -- J. Raman, ChoiceTable of ContentsContents: Foreword Introduction: Fiscal Federalism – A Review of Developments in the Literature and Policy Ehtisham Ahmad and Giorgio Brosio PART I: APPROACHES TO FISCAL FEDERALISM 1. The Political Economy of Decentralization Ben Lockwood 2. Horizontal Competition Among Governments Pierre Salmon 3. Modelling Vertical Competition Albert Breton 4. Spatial Interactions Among Governments Frederico Revelli 5. Asymmetric Federalism and the Political Economy of Decentralization Roger D. Congleton 6. Functional, Overlapping and Competing Jurisdictions (FOCJ): A Complement and Alternative to Today’s Federalism Reiner Eichenberger and Bruno S. Frey 7. Contract Federalism Paul Bernd Spahn PART II: DECENTRALIZATION AND DEVELOPMENT 8. Decentralization and Development Pranab Bardhan 9. Fiscal Federalism in Planned Economies Govinda Rao 10. Decentralization and Service Delivery Junaid Ahmad, Shantayanan Devarajan, Stuti Khemani and Shekhar Shah PART III: IMPLEMENTING MULTILEVEL FISCAL SYSTEMS 11. The Assignment of Functions to Decentralized Government: From Theory to Practice Bernard Dafflon 12. Normative Versus Positive Theories of Revenue Assignments in Federations Maria Flavia Ambrosiano and Massimo Bordignon 13. Tax Competition in a Federal Setting John D. Wilson 14. Intergovernmental Redistributive Transfers: Efficiency and Equity Robin Boadway 15. On the Implementation of Transfers to Subnational Governments Ehtisham Ahmad and Bob Searle 16. Subnational Public Financial Management: Institutions and Macroeconomic Considerations Ehtisham Ahmad, Maria Albino-War and Raju Singh PART IV: EMERGING ISSUES 17. The Assignment of Revenue from Natural Resources Giorgio Brosio 18. Decentralization and the Environment Silvana Dalmazzone 19. Corruption and Decentralized Public Governance Anwar Shah 20. Fiscal Federalism and National Unity Richard M. Bird and Robert D. Ebel 21. Institutions of Federalism and Decentralized Government Brian Galligan Index

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Book SynopsisBenefit-cost analysis is at heart a subject of practicality and usefulness. With this in mind, the editor has chosen the most relevant previously published articles for these volumes. Having explored the theoretical and ethical underpinnings of the subject, the book then addresses some major policy issues and debates. These include the institutional arrangements through which benefit-cost analyses would be most useful to the policy and decision process, the need for a set of principles and standards to unify benefit-cost analysis methods, the use of general equilibrium analysis and the proper treatment of uncertainty and risk.In his new introduction, the editor offers his own particular viewpoint and raises issues which will intrigue both academics and practitioners.Trade Review‘A massive, impressive, thorough, exploration of the theoretical, practical and ethical underpinnings of the subject based on previously published material.’ -- Long Range PlanningTable of ContentsContents: Volume I Acknowledgements Introduction Richard O. Zerbe PART I CLASSIC HISTORICAL ARTICLES 1. Harold Hotelling (1938), ‘The General Welfare in Relation to Problems of Taxation and of Railway and Utility Rates’ 2. Lionel Robbins (1938), ‘Interpersonal Comparisons of Utility: A Comment’ 3. Nicholas Kaldor (1939), ‘Welfare Propositions of Economics and Interpersonal Comparisons of Utility’ 4. J.R. Hicks (1939), ‘The Foundations of Welfare Economics’ 5. Tibor de Scitovszky (1941), ‘A Note on Welfare Propositions in Economics’ 6. Paul A. Samuelson (1950), ‘Evaluation of Real National Income’ 7. John V. Krutilla (1961), ‘Welfare Aspects of Benefit-Cost Analysis’ 8. Arnold C. Harberger (1971), ‘Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay’ 9. Robin W. Boadway (1974), ‘The Welfare Foundations of Cost-Benefit Analysis’ 10. E.J. Mishan (1982), ‘The New Controversy about the Rationale of Economic Evaluation’ PART II HISTORY OF USE 11. Theodore M. Porter (1995), ‘U.S. Army Engineers and the Rise of Cost–Benefit Analysis’ 12. Richard D. Morgenstern (1997), ‘The Legal and Institutional Setting for Economic Analysis at EPA’ PART III PHILOSOPHY AND FOUNDATION 13. Steven Kelman (1981), ‘Cost–Benefit Analysis: An Ethical Critique’ 14. Gerard Butters, John Calfee and Pauline Ippolito (1981), ‘Defending Cost–Benefit Analysis: Replies to Steven Kelman’ 15. Dale Whittington and Duncan MacRae, Jr. (1986), ‘The Issue of Standing in Cost-Benefit Analysis’ 16. Richard O. Zerbe, Jr. (1998), ‘Is Cost–Benefit Analysis Legal? Three Rules’ 17. Richard O. Zerbe, Jr., Yoram Bauman and Aaron Finkle (2006), ‘An Aggregate Measure for Benefit–Cost Analysis’ PART IV FACTORS AFFECTING WILLINGNESS TO PAY AND ACCEPT 18. Daniel Kahneman, Jack L. Knetsch and Richard H. Thaler (1990), ‘Experimental Tests of the Endowment Effect and the Coase Theorem’ 19. W. Michael Hanemann (1991), ‘Willingness to Pay and Willingness to Accept: How Much Can They Differ?’ 20. John K. Horowitz and Kenneth E. McConnell (2002), ‘A Review of WTA/WTP Studies’ 21. Jinhua Zhao and Catherine L. Kling (2004), ‘Willingness to Pay, Compensating Variation, and the Cost of Commitment’ 22. Jack Knetsch (2007), ‘Biased Valuations, Damage Assessments, and Policy Choices: The Choice of Measure Matters’ PART V CONTINGENT VALUATION 23. Daniel Kahneman and Jack L. Knetsch (1992), ‘Valuing Public Goods: The Purchase of Moral Satisfaction’ 24. V. Kerry Smith (1992), ‘Arbitrary Values, Good Causes, and Premature Verdicts’ 25. Daniel Kahneman and Jack L. Knetsch (1992), ‘Contingent Valuation and the Value of Public Goods: Reply’ 26. Department of Commerce, National Oceanic and Atmospheric Administration (1993), ‘Appendix I: Report of the NOAA Panel on Contingent Valuation’, excerpt from ‘Natural Resources Damage Assessments Under the Oil Pollution Act of 1990’ 27. W. Michael Hanemann (1994), ‘Valuing the Environment Through Contingent Valuation’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I REVEALED PREFERENCE 1. V. Kerry Smith (1997), ‘Pricing What is Priceless: A Status Report on Non-Market Valuation of Environmental Resources’ 2. Raymond B. Palmquist (2005), ‘Weak Complementarity, Path Independence, and the Intuition of the Willig Condition’ PART II GENERAL EQUILIBRIUM 3. John Whalley (1975), ‘How Reliable is Partial Equilibrium Analysis?’ 4. Stephen J. Turnovsky, Haim Shalit and Andrew Schmitz (1980), ‘Consumer’s Surplus, Price Instability, and Consumer Welfare’ 5. Michael Hazilla and Raymond J. Kopp (1990), ‘Social Cost of Environmental Quality Regulations: A General Equilibrium Analysis’ 6. Lawrence H. Goulder and Roberton C. Williams III (2003), ‘The Substantial Bias from Ignoring General Equilibrium Effects in Estimating Excess Burden, and a Practical Solution’ 7. V. Kerry Smith, Holger Sieg, H. Spencer Banzhaf and Randall P. Walsh (2004), ‘General Equilibrium Benefits for Environmental Improvements: Projected Ozone Reductions under EPA’s Prospective Analysis for the Los Angeles Air Basin’ PART III DISCOUNT RATES 8. Tjalling C. Koopmans (1965), ‘On the Concept of Optimal Economic Growth’ 9. David F. Bradford (1975), ‘Constraints on Government Investment Opportunities and the Choice of Discount Rate’ 10. Robert C. Lind (1999), ‘Analysis for Intergenerational Decisionmaking’ 11. Martin L. Weitzman (2001), ‘Gamma Discounting’ 12. Richard O. Zerbe, Jr. (2004), ‘Should Moral Sentiments be Incorporated into Benefit–Cost Analysis? An Example of Long-Term Discounting’ 13. Mark A. Moore, Anthony E. Boardman, Aidan R. Vining, David L. Weimer and David H. Greenberg (2004), ‘“Just Give Me a Number!” Practical Values for the Social Discount Rate’ PART IV RISK AND UNCERTAINTY IN ANALYSIS 14. Baruch Fischhoff, Paul Slovic and Sarah Lichtenstein (1979), ‘Weighing the Risks’ 15. Alonzo Plough and Sheldon Krimsky (1987), ‘The Emergence of Risk Communication Studies: Social and Political Context’ 16. Robert A. Pollak (1996), ‘Government Risk Regulation’ 17. Jonathan Baert Wiener and John D. Graham (1995), ‘Resolving Risk Tradeoffs’ 18. National Research Council (U.S.) Committee on Risk-Based Analysis for Flood Damage Reduction (2000), ‘Beargrass Creek’ 19. Richard O. Zerbe, Jr. (2001), ‘6.7 Fairness and the Regard for Others’, from ‘The Problem of Missing Values in Normative Law and Economic Analysis’ 20. Scott Farrow (2004), ‘Using Risk Assessment, Benefit–Cost Analysis, and Real Options to Implement a Precautionary Principle’ 21. Richard A. Williams and Kimberly M. Thompson (2004), ‘Integrated Analysis: Combining Risk and Economic Assessments While Preserving the Separation of Powers’ PART V SELECT METHODOLOGICAL ARTICLES 22. Charles J. Cicchetti, A. Myrick Freeman III, Robert H. Haveman and Jack L. Knetsch (1971), ‘On the Economics of Mass Demonstrations: A Case Study of the November 1969 March on Washington’ 23. Richard Carson, Nicholas E. Flores and W. Michael Hanemann (1998), ‘Sequencing and Valuing Public Goods’ 24. Raymond B. Palmquist and V. Kerry Smith (2002), ‘The Use of Hedonic Property Value Techniques for Policy and Litigation’ Name Index

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Book SynopsisWhilst the prevailing orthodoxy of the expenditure retrenchment literatureis that globalisation and neo-liberal ideas are leading to a downsizing of the state, empirical research - basing its conclusions on patterns of welfare state spending - does not support such a view. This book brings a new perspective to bear by looking at what has been happening to other areas of the state's activity.Edited by Francis G. Castles, a leading authority in the field, and bringing together an outstanding group of British, German and American scholars, it examines trends in non-social or 'core' spending on public administration, defence, public order, education, economic affairs and debt financing and in the regulatory ordering of the economic sphere. The book not only opens up new areas of comparative public policy research, >but also demonstrates clearly that there have been real reductions in the reach of state in some areas, although patterns of causation are more complex and varied than generally presumed by the retrenchment literature.The research findings reported in The Disappearing State? provide pivotal, relevant and challenging core material for advanced undergraduate and postgraduate courses in public and social policy, political economy and the sociology of the modern state.Trade Review'Most comparative research on public expenditure retrenchment has concentrated on the welfare state. This exciting and innovative volume takes a new approach. It focuses instead on non-social programmes such as education, defence and economic affairs, demonstrates that this is where the real cost-cutting has taken place and shows, paradoxically, that these cuts have made social spending more politically salient in the public expenditure calculus. This is a book which extends the reach of our understanding of modern public policy at the same time as it extends our knowledge of the reach of the modern state.' -- Stephan Leibfried, University of Bremen, Germany'In this volume, Frank Castles and his team of experts continue the myth-busting process begun in Castles's 2004 analysis of welfare state crisis. Their combination of statistical sophistication and theoretical reflection on the political economy of public expenditure slices straight through the myriad misplaced assumptions regarding the decline of the state, globalization, "races to the bottom" and welfare retrenchment. This book makes compulsory reading for all social scientists.' -- Martin Rhodes, University of Denver, US'I like simple sentences, cross-country collaborations, great graphs, and compelling conclusions. Here, remarkably, we have a book with all four. This is vibrant writing on a topic - the long reach of state spending - that figures in everyone's lives. It is hard to know whether the book will be more gripping for the Prime Minister or for high-brow professors of economics and political science.' -- Andrew Oswald, University of Warwick, UKTable of ContentsContents: Preface 1. Introduction Francis G. Castles 2. Testing the Retrenchment Hypothesis: An Aggregate Overview Francis G. Castles 3. Data on the Functions of Government: Where Are We Now? Neil Fraser and Paul Norris 4. The Changing Cost of Government: Trends in the State Overhead Budget Richard Parry 5. Sinking Budgets and Ballooning Prices: Recent Developments Connected to Military Spending Thomas R. Cusack 6. Expenditure on Public Order and Safety Paul Norris 7. Testing the Retrenchment Hypothesis: Educational Spending, 1960–2002 Manfred G. Schmidt 8. The Real Race to the Bottom: What Happened to Economic Affairs Expenditure After 1980? Herbert Obinger and Reimut Zohlnhöfer 9. A Mortgage on the Future? Public Debt Expenditure and Its Determinants, 1980–2001 Uwe Wagschal 10. Moving Beyond Expenditure Accounts: The Changing Contours of the Regulatory State, 1980–2003 Nico A. Siegel Index

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Book SynopsisFiscal autonomy could raise economic growth and efficiency in Scotland, benefiting both Scotland and the rest of the United Kingdom. C. Paul Hallwood and Ronald MacDonald discuss how other reform proposals, which amount to cutting Scotland's block grant, would not be seen as legitimate by Scottish voters, and would be unlikely to reduce the burden on the Westminster budget. The authors demonstrate how public finances can be organized to minimize the price of tranquillity in multi-regional states. Advances proposed in the 'new fiscal federalism' literature are used to explain why fiscal autonomy would be a superior system compared to the present block grant system and fiscal federalism, whereby Scotland would be granted limited tax powers. Their extensive review of recent econometric studies finds that tax devolution in other countries has been largely successful.Trade Review'The Barnett formula is doomed. These authors provide a readable and convincing guide to the alternatives. The volume is a wonderful example of what tight economic reasoning can do - its case for fiscal autonomy is unanswerable'. -- Professor Michael Artis, University of Swansea, UK'Written by two economists independent of the sort of political biases that mar so much of the discussion this book offers a refreshing, analytical and authoritative economic analysis of the various paths for fiscal reform in Scotland.’ -- Professor Drew Scott, The University of Edinburgh, UK'Hallwood and MacDonald make a compelling case for the devolution of fiscal authority to Scotland to increase fiscal autonomy and improve fiscal performance. They suggest not only the need for such devolution but provide a careful analysis and blueprint of how to do it.' -- Wallace E. Oates, University of Maryland, USTable of ContentsContents: Foreword by Drew Scott Preface 1. Introduction 2. Searching for a Politically and Economically Rational Public Funding Model for Scotland 3. The Economic Case for Fiscal Devolution 4. Objectives of an Effective Fiscal Federal System 5. Fiscal Federalism: A Scottish Perspective 6. The Case for Scottish Fiscal Autonomy 7. A Restatement of the Case for Scottish Fiscal Autonomy 8. Fiscal Devolution in Some Other Countries 9. Empirical Evidence: Tax Devolution and Prosperity 10. A Separate Currency for Scotland? 11. Conclusion Bibliography Index

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Book SynopsisTaxation is a major issue in the economic and political spheres. This book focuses on a sample of developing countries from Asia and Latin America that experienced an economic and democratic transition during the period 1990-2004. Using a unique dataset the authors show that tax revenue is higher in more democratic regimes, consistent with the standard view that democracies have to satisfy the redistributive needs of the electorate. They also find that a second relationship between the level of democracy and the composition of taxes (mainly direct versus indirect) is much harder to predict. However, a comparison with new EU member states suggests that more mature democracies are associated with higher levels of direct tax. This unique book in a relatively under-researched subject area will prove essential reading for academics, researchers and practitioners focusing on political economy, public finance and the economics of taxation.Trade Review’In this original book, Paola Profeta and Simona Scabrosetti use data and information on political institutions from developing and new EU member countries to investigate the political economy of taxation. How do political institutions influence tax burdens and tax structures? They generate highly interesting results. . . I am sure that this innovative book will attract the attention of many experts interested in taxation, regardless of the professional field to which they are anchored. I expect this book will be cited often.’ -- Vito Tanzi, Former Director, Fiscal Affairs Department of the IMF’Providing light to a subject that is not often enough discussed, The Political Economy of Taxation is packed cover to cover with thoughtful information, and a core addition to any international economic studies collection.’ -- The Midwest Book Review’Paola Profeta and Simona Scabrosetti have provided us with a novel comparative analysis of the tax systems in Asia, Latin America and the new EU countries. Anyone who wants to know how contemporary empirical models can be used to study the political economy of the tax mix in developing and transition economies will want to read this book.’ -- Stanley Winer, Carleton University, CanadaTable of ContentsContents: Preface 1. Introduction 2. The Political Economy of Democracies: A Review of the Literature 3. Data, Approach and Overview 4. Asia 5. Latin America 6. Asia, Latin America and New EU Members Countries 7. Data Appendix: List of all Variables and their Sources Bibliography Index

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Book SynopsisThis book contributes to the current debates on the shadow economy and related issues of tax evasion and corruption. The approach taken here is one that will develop a better understanding of these related issues, which are increasingly seen as impediments to country competitiveness and economic growth.Economists and policymakers are increasingly focused on how the shadow economy operates. The contributors discuss how effective corporate governance may help to reduce both the occurrence and effects of illegal activities. The book begins by considering institutional governance and how issues such as economic growth and development can be better understood by gaining a deeper understanding of the decision-making process. The importance of collective persuasion and collective decision-making in an institutional context is illustrated. The remainder of the work details a series of empirical studies outlining the role of governance and institutional capacity in assessing economic performance, the role of political competition in reducing corruption and measures of, and influences on, corruption in different countries around the world.Institutions such as the WTO, World Bank and the IMF will find much to engage them in this book as will policy makers in government and research policy agencies. It will also hold great appeal to academics (postgraduate and above) in the fields of political economy, economic development and international economics.Trade Review'. . . the book provides interesting insights in the correlation and links between institutions, shadow economy and corruption and is worth reading. . . the combination of theoretical and empirical elements makes reading the book worthwhile. In a time, when shadow economy and corruption are main topics on the political as well as on the economic agenda, several aspects highlighted in this book should be discussed by academics and politicians.' -- Dominik H. Enste, Journal of Economics and Statistics'This is an outstanding collection of articles on the nexus between the shadow economy and institutional quality. Combining theory with rigorous econometrics, the collection is comprehensive and insightful, making it a work that the students of institutions and development cannot ignore.' -- Axel Dreher, KOF Swiss Economic Institute, ETH Zurich, SwitzerlandTable of ContentsContents: Preface PART I: OVERVIEW 1. Governance and Illegal Activities: A Survey of Recent Developments and Issues Michael Pickhardt and Edward Shinnick PART II: KEY ISSUES OF INSTITUTIONAL GOVERNANCE 2. The Political Economy of Governance and Development: Towards a New Worldview Ismail Adams 3. A Dynamic Theory of Collective Persuasion Athanassios Pitsoulis 4. On the Optimal Sanction Structure When Individuals are Imperfectly Informed about the Probability of Apprehension Tim Friehe PART III: EMPIRICAL STUDIES ON INSTITUTIONS, GOVERNANCE CORRUPTION AND THE SHADOW ECONOMY 5. Institutional Capacity and the Celtic Tiger Economy: Ireland in Comparative Perspective Frank Barry 6. Reducing Petty Corruption: What Role for a More Competitive Political System? John K. Wilson 7. Shadow Economies and Corruption all over the World: What do we Really Know? Friedrich Schneider 8. Determinants of Shadow Economy in Tunisia and Algeria: A Firm-Level Analysis Clara Delavallade 9. “It’s a Lot, But Let It Stay”: How Tax Evasion is Perceived Across Italy Carlo Fiorio and Alberto Zanardi 10. Why Do Individuals Evade Payroll and Income Taxation in Estonia? Kenneth A. Kriz, Jaanika Meriküll, Alari Paulus, Karsten Staehr Index

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Book SynopsisThis authoritative collection presents seminal papers from leading academics charting recent developments in public finance. The two-volume set encompasses numerous sections including the public sector in a market economy, market imperfections, growth implications of public policies and efficiency and distributive implications of public policies. Professor Tanzi and Dr Zee have selected key papers to reflect the scholarly debates and pivotal arguments surrounding this field of study. This indispensable collection, with an original introduction by the editors, will be of immense value to students, scholars and practitioners interested in this topical and relevant subject.Table of ContentsContents: Volume I: Resource Allocation and Distribution Acknowledgements Introduction Vito Tanzi and Howell Zee PART I PUBLIC SECTOR IN A MARKET ECONOMY 1. George J. Stigler (1968), ‘The Government of the Economy’ 2. Kenneth J. Arrow (1977), ‘The Organization of Economic Activity: Issues Pertinent to the Choice of Market Versus Nonmarket Allocation’ 3. Vito Tanzi (2005), ‘The Economic Role of the State in the 21st Century’ PART II MARKET IMPERFECTIONS AND LIMITS TO PUBLIC INTERVENTION 4. George A. Akerlof (1970), ‘The Market for “Lemons”: Quality Uncertainty and the Market Mechanism’ 5. Mancur Olson (1982), ‘The Logic’ 6. R.H. Coase (1994), ‘The Institutional Structure of Production’ 7. Avinash Dixit and Mancur Olson (2000), ‘Does Voluntary Participation Undermine the Coase Theorem?’ 8. Avinash Dixit (2009), ‘Governance Institutions and Economic Activity’ PART III INCENTIVES, SOCIAL CHOICES AND PRIVATE PROVISION OF PUBLIC GOODS 9. T. Nicolaus Tideman and Gordon Tullock (1976), ‘A New and Superior Process for Making Social Choices’ 10. James M. Buchanan (1983), ‘The Public Choice Perspective’ 11. Theodore Bergstrom, Lawrence Blume and Hal Varian (1986), ‘On the Private Provision of Public Goods’ 12. Amartya Sen (1999), ‘The Possibility of Social Choice’ 13. Rebecca M. Blank (2000), ‘When Can Public Policy Makers Rely on Private Markets? The Effective Provision of Social Services’ 14. Jean-Jacques Laffont and David Martimort (2002), ‘Incentives in Economic Thought’ PART IV EFFICIENCY AND DISTRIBUTIVE IMPLICATIONS OF PUBLIC POLICIES 15. Edmund S. Phelps (1973), ‘Taxation of Wage Income for Economic Justice’ 16. John Rawls (1974), ‘Some Reasons for the Maximin Criterion’ 17. Arthur M. Okun (1975), ‘Increasing Equality in an Efficient Economy’ 18. A.B. Atkinson and J.E. Stiglitz (1976), ‘The Design of Tax Structure: Direct Versus Indirect Taxation’ 19. J.A. Mirrlees (1982), ‘The Economic Uses of Utilitarianism’ 20. Don Fullerton and Diane Lim Rogers (1991), ‘Lifetime Versus Annual Perspectives on Tax Incidence’ 21. Assar Lindbeck, Sten Nyberg and Jörgen W. Weibull (2003), ‘Social Norms and Welfare State Dynamics’ 22. Yan Chen and Sherry Xin Li (2009), ‘Group Identity and Social Preferences’ PART V INTERJURISDICTIONAL POLICY DIMENSIONS 23. Roger H. Gordon (1983), ‘An Optimal Taxation Approach to Fiscal Federalism’ 24. Martin C. McGuire (1991), ‘Group Composition, Collective Consumption, and Collaborative Production’ 25. Oded Hochman, David Pines and Jacques-François Thisse (1995), ‘On the Optimal Structure of Local Governments’ 26. Wallace E. Oates (1999), ‘An Essay on Fiscal Federalism’ 27. Todd Sandler (2002), ‘Demand and Institutions for Regional Public Goods’ 28. Robin Boadway (2006), ‘Intergovernmental Redistributive Transfers: Efficiency and Equity’ 29. Agnar Sandmo (2003), ‘International Aspects of Public Goods Provision’ Volume II: Stabilization and Growth Acknowledgements An introduction to both volumes by the editors appears in Volume I PART I DEFICITS, GOVERNMENT BUDGET CONSTRAINT, AND INFLATION 1. Alan S. Blinder and Robert M. Solow (1973), ‘Does Fiscal Policy Matter?’ 2. Robert J. Barro (1974), ‘Are Government Bonds Net Wealth?’ 3. Vito Tanzi (1978), ‘Inflation, Real Tax Revenue, and the Case for Inflationary Finance: Theory with an Application to Argentina’ 4. Thomas J. Sargent and Neil Wallace (1981), ‘Some Unpleasant Monetarist Arithmetic’ 5. Olivier J. Blanchard (1985), ‘Debt, Deficits, and Finite Horizons’ 6. Alan J. Auerbach, Jagadeesh Gokhale and Laurence J. Kotlikoff (1991), ‘Generational Accounts: A Meaningful Alternative to Deficit Accounting’ 7. Vito Tanzi, Mario I. Blejer and Mario O. Teijeiro (1993), ‘Effects of Inflation on Measurement of Fiscal Deficits: Conventional Versus Operational Measures’ 8. Hana Polackova Brixi and Ashoka Mody (2002), ‘Dealing with Government Fiscal Risk: An Overview’ PART II CAPITAL MOBILITY, GLOBALIZATION AND INTERDEPENDENCE OF POLICY 9. Jacob A. Frenkel and Assaf Razin (1988), ‘Introduction’, ‘Government Spending Policies’, ‘Tax Policies’, ‘Concluding Remarks’ 10. James Tobin (1996), ‘Prologue’ 11. Peter Birch Sørensen (2004), ‘International Tax Coordination: Regionalism Versus Globalism’ 12. Jeffrey A. Frankel (2006), ‘Twin Deficits and Twin Decades’ 13. James R. Hines Jr. (2007), ‘Corporate Taxation and International Competition’ PART III RULES, DISCRETION AND INTERTEMPORAL CONSISTENCY OF OPTIMAL POLICES 14. Stanley Fischer (1980), ‘Dynamic Inconsistency, Cooperation and the Benevolent Dissembling Government’ 15. Mats Persson, Torsten Persson and Lars E.O. Svensson (1987), ‘Time Consistency of Fiscal and Monetary Policy’ 16. Fabrizio Balassone and Daniele Franco (2000), ‘Public Investment, the Stability Pact and the “Golden Rule”’ 17. George Kopits (2007), ‘Fiscal Responsibility Framework: International Experience and Implications for Hungary’ PART IV GROWTH IMPLICATIONS OF PUBLIC POLICIES 18. David Alan Aschauer (1989), ‘Is Public Expenditure Productive?’ 19. Robert J. Barro (1990), ‘Government Spending in a Simple Model of Endogenous Growth’ 20. William Easterly and Sergio Rebelo (1993), ‘Fiscal Policy and Economic Growth: An Empirical Investigation’ 21. Nancy L. Stokey and Sergio Rebelo (1995), ‘Growth Effects of Flat-Rate Taxes’ 22. Kevin A. Hassett and R. Glenn Hubbard (1997), ‘Tax Policy and Investment’ 23. Alan J. Auerbach (2008), ‘Tax Reform in the Twenty-first Century’

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Book SynopsisThe shadow economy (also known as the black or underground economy) covers a vast array of trade, goods and services that are not part of the official economy of a country. This original and comprehensive Handbook presents the latest research on the size and development of the shadow economy, which remains an integral component of the economies of most developing and many developed countries. The volume explores the driving forces behind the shadow economy and highlights important regional variations. The expert authors address the whole spectrum of issues including tax moral, government institutions, corruption and illicit work. Importantly the book also examines recent progress in how the shadow economy is measured and estimated. This well-documented and authoritative study will appeal to economists and researchers, as well as academics and students in the fields of economics, political science and social science. It will also be of interest to anyone seeking a comprehensive investigation into the workings of shadow economy.Trade Review‘. . . the volume is rich in contents and breaks new ground in several aspects. It focuses on a current and relevant topic and contains many details and references to further studies and research issues. It is also well structured and carefully edited. . . It is hoped that this book gets the same attention in the scientific community and beyond - it’s worth it.’ -- Hannelore Weck-Hannemann, Jahrbucher für Nationalokonomie und Statistik‘Over a number of years, Friedrich Schneider and his team of collaborators have made an impressive effort to estimate the size of the shadow economy. This volume presents their work on data for the majority of the world’s countries and also contains attempts to explain the driving forces behind the size and growth of the hidden economy. It will become a central reference for all economists interested in this aspect of the interaction between the public and private sectors.’ -- Agnar Sandmo, Norwegian School of Economics and Business Administration, NorwayTable of ContentsContents: Introduction Friedrich Schneider PART I: SIZE AND DEVELOPMENT OF THE SHADOW ECONOMIES ALL OVER THE WORLD 1. Shadow Economies All Over the World: New Estimates for 162 Countries from 1999 to 2007 Friedrich Schneider, Andreas Buehn and Claudio E. Montenegro 2. Survey on the Shadow Economy and Undeclared Work in OECD Countries Lars P. Feld and Friedrich Schneider 3. The Size and Development of the Shadow Economy in India: A First Attempt at a Public Choice Explanation Kausik Chaudhuri and Friedrich Schneider 4. Size, Development and Perception of the Shadow Economy in Switzerland Christoph A. Schaltegger PART II: REGIONAL VARIATION IN THE SIZE AND DEVELOPMENT OF THE SHADOW ECONOMY 5. Regional Variations in the Nature of the Shadow Economy: Evidence from a Survey of 27 European Union Member States Colin C. Williams and Jan Windebank 6. Regional Patterns of the Shadow Economy: Modelling Issues and Evidence from the European Union Helmut Herwartz, Friedrich Schneider and Egle Tafenau PART III: SHADOW ECONOMY, ILLICIT WORK AND RELATED ACTIVIES 7. The Shadow Economy and Do-it-Yourself Activities: What Do We Know? Andreas Buehn and Alexander Karmann 8. The Shadow Economy in the Residential Construction Sector Christopher Bajada 9. Who is Working Illicitly and Why? Insights from Representative Survey Data in Germany Dominik H. Enste PART IV: TAX MORALE AND THE SHADOW ECONOMY 10. Tax Morale, Tax Evasion and the Shadow Economy Gebhard Kirchgässner 11. The Link between the Intrinsic Motivation to Comply and Compliance Behaviour: A Critical Appraisal of Existing Evidence Martin Halla 12. Deterrence Policy and the Size of the Shadow Economy in Germany: An Institutional and Empirical Analysis Lars P. Feld, Andreas J. Schmidt and Friedrich Schneider PART V: CORRUPTION AND THE SHADOW ECONOMY 13. The Impact of Institutions on the Shadow Economy and Corruption: A Latent Variables Approach Axel Dreher, Christos Kotsogiannis and Steve McCorriston 14. Shadow Economy, Voice and Accountability, and Corruption Benno Torgler, Friedrich Schneider and Alison Macintyre Index

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Book SynopsisStruggles over what a region receives, or should receive, from the budget of the central government are common to many countries. Discussions often focus on the measures of ?net fiscal flows? or ?fiscal balances? provided by the government or other actors. This unique book shows just how these flows are computed then interpreted and clarifies the often misunderstood economic and political motives that explain why some regions receive more monies than others.The Political Economy of Inter-Regional Fiscal Flows provides an overview of the main methods currently being used to measure ?fiscal flows?, highlighting the advantages of the different approaches and interpreting their results. The book reviews the political economy literature that analyses the determinants of inter-regional ?fiscal flows?. Particular attention is devoted to the relationship between ?fiscal flows? and country stability, with methodological contributions and country studies both focusing on this issue. The contributing economists and political scientists provide a state-of-the-art study that will prove to be of great use to academics and practitioners in public sector economics and finance.Table of ContentsContents: Preface 1. Inter-regional Fiscal Flows: Introduction to the Issues Núria Bosch, Marta Espasa and Albert Solé Ollé PART I: COUNTING MONIES: MEASUREMENT AND PRACTICE OF INTER-REGIONAL FISCAL FLOWS 2. Inter-regional Fiscal Flows: Measurement Tools Giuseppe C. Ruggeri 3. Inter-regional Fiscal Flows: Interpretation Issues François Vaillancourt Comment by Núria Bosch Comment by Antoni Zabalza 4. Constitutional Reforms, Fiscal Decentralization and Regional Fiscal Flows in Italy Maria Flavia Ambrosanio, Massimo Bordignon and Floriana Cerniglia 5. Measurement and Practice of Fiscal Flows: The Case of Belgium Paul Van Rompuy 6. Inter-regional Fiscal Flows: Canada Giuseppe C. Ruggeri Comment by François Vaillancourt 7. Inter-regional Fiscal Flows: Methodologies, Results and their Determinant Factors for Spain Marta Espasa and Núria Bosch Comment by Guillem López-Casasnovas Comment by Ramon Barberán PART II: BEYOND THE DATA: WHY SOME REGIONS GET MORE MONEY 8. Federalism and Inter-regional Redistribution Jonathan Rodden Comment by Carles Boix 9. Decentralization by Politicians: Creation of Grants-financed Local Jurisdictions Stuti Khemani 10. The Political Rationale of Regional Financing in Spain Sandra León Comment by Santiago Lago 11. The Determinants of Regional Transport Investment Across Europe Achim Kemmerling and Andreas Stephan 12. The Determinants of the Regional Allocation of Infrastructure Investment in Spain Albert Solé Ollé Comment by Germà Bel PART III: IN OR OUT? REGIONAL REDISTRIBUTION AND THE STABILITY OF FEDERATIONS 13. Federalism, Regional Redistribution and Country Stability Enrico Spolaore Comment by Massimo Bordignon 14. The Costs and Benefits of Staying Together: The Catalan Case in Spain Elisenda Paluzie 15. The Costs and Benefits of Constitutional Options for Québec and Canada François Vaillancourt 16. Staying Together? Scotland and the Rest of the United Kingdom David Bell Index

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Book SynopsisThe last few decades have presented a new set of challenges and opportunities for public finances. Demographic trends have put substantial pressure on non-discretionary public expenditures such as health care, while legal challenges have put pressure on education financing. The author illustrates how these national trends have also impacted state and local finances ? some directly, others indirectly. The economic downturn further constrains state and local governments? options for dealing with national trends. Constituents? sentiment toward the size of government further exacerbates fiscal choices for state and local governments.In this broad and illuminating volume, experts on public finance discuss innovations in state and local tax policy implemented or considered over the course of the last three decades. The authors provide original work that analyzes whether state and local governments have ?gone outside the box? to deal with the strains of current public finances or have gotten along by adhering to the status quo. Well-known scholars in the area of state and local public finance consider actual practices and analyze potential policy changes for the future.Public policy and public finance scholars and students as well as policy makers will find much of interest in this impressive and original collection.Table of ContentsContents: PART I: THE PERFECT STORM? 1. Introduction and Overview Sally Wallace 2. Major State–Local Policy Challenges: Outside-the-Box Solutions Needed Ronald C. Fisher 3. Genesis of State–Local Creativity Robert Tannenwald, Jennifer Weiner and Igor Popov Discussant Comments: Mary Mathewes Kassis Discussant Comments: Jason S. Seligman PART II: HOW STATES COPE WITH ALTERNATIVE STRUCTURES 4. Going Without an Income Tax: How do States do it? David L. Sjoquist 5. California’s State and Local Revenue Structure After Proposition 13: Is Denial the Appropriate Way to Cope? Robert W. Wassmer Discussant Comments: Don Bruce PART III: NEW FORMS OF TAXATION 6. An Exploration of Various Corporate Tax Structures in Georgia: Some Effects of Moving from Three-Factor Apportionment of Corporate Income to a Gross Receipts Tax Jonathan Rork and Laura Wheeler 7. Can Georgia Move from Income Tax to Consumption Tax? Sally Wallace Discussant Comments: William J. Smith PART IV: EVALUATING STATE AND LOCAL GOVERNMENT FINANCES AND BUDGETING 8. Reaching and Maintaining Structural Balance: Leaders in the States Katherine Willoughby 9. Fiscal Limitations on Local Choice: The Imposition and Effects of Local Government Tax and Expenditure Limitations Daniel R. Mullins Discussant Comments: Kurt Thurmaier Out-of-the-Box Conference: An Epilogue Bert Waisanen Index

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Book SynopsisFiscal federalism has been the subject of much scholarly debate over the years. These volumes successfully bring together seminal articles from the past fifty years to demonstrate how the focus has evolved from 'first generation' to 'second generation' theories of intergovermental relations. The editors enhance the collection with detailed analyses of how competition affects relations between varying levels of government, and examine the hypotheses underlying the theory of fiscal federalism. This set of authoritative papers will be an indispensable reference source for scholars and practitioners in this field.Table of ContentsContents: Volume I – How Federal and Decentralized Systems Work and Institutional Underpinnings Acknowledgements Introduction Ehtisham Ahmad and Giorgio Brosio PART I THEORETICAL ADVANCES 1. Roger B. Porter (1977) ‘John Stuart Mill and Federalism’ 2. Wallace E. Oates (2008) ‘On the Evolution of Fiscal Federalism: Theory and Institutions’ 3. Mancur Olson, Jr., (1969), ‘The Principle of “Fiscal Equivalence”: The Division of Responsibilities Among Different Levels of Government’ 4. Vincent Ostrom, Charles M. Tiebout and Robert Warren (1961), ‘The Organization of Government in Metropolitan Areas: A Theoretical Inquiry’ 5. Wallace E. Oates (1981), ‘On Local Finance and the Tiebout Model’ 6. Albert Breton (1987), ‘Towards a Theory of Competitive Federalism’ 7. Paul Seabright (1996), ‘Accountability and Decentralisation in Government: An Incomplete Contracts Model’ 8. Ben Lockwood (2009), ‘Political Economy Approaches to Fiscal Decentralization’ 9. Pierre Salmon (1987), ‘Decentralization as an Incentive Scheme’ PART II MOBILITY AND STRATEGIC BEHAVIOUR 10. Federico Revelli (2008), ‘Performance Competition in Local Media Markets’ 11. Jan K. Brueckner (2003), ‘Strategic Interaction Among Governments: An Overview of Empirical Studies’ 12. Michael Keen (1998), ‘Vertical Tax Externalities in the Theory of Fiscal Federalism’ 13. Ravi Kanbur and Michael Keen (1993), ‘Jeux Sans Frontières: Tax Competition and Tax Coordination When Countries Differ in Size’ 14. David E. Wildasin (2003), ‘Liberalization and the Spatial Allocation of Population in Developing and Transition Countries’ 15. Avinash Dixit and John Londregan (1998), ‘Fiscal Federalism and Redistributive Politics’ PART III INSTITUTIONS 16. Pierre Salmon (2002), ‘Decentralization and Supranationality: The Case of the European Union’ 17. Bruno S. Frey and Reiner Eichenberger (1996), ‘FOCJ: Competitive Governments for Europe’ 18. Organization for Economic Co-Operation and Development (2007), ‘A Contractual Approach to Multi-level Governance’ 19. Roger D. Congleton, Andreas Kyriacou and Jordi Bacaria (2009), ‘A Theory of Menu Federalism: Decentralization by Political Agreement’ 20. J. Peter Meekison, Hamish Telford and Harvey Lazar (2002), ‘The Institutions of Executive Federalism: Myths and Realities’ 21. Stephen Soul and Brian Dollery (2000), ‘An Analysis of the Criteria Used by Australian Local Government Amalgamation Inquiries Between 1960 and 1992’ 22. Tugrul Gurgur and Anwar Shah (2002), ‘Localization and Corruption: Panacea or Pandora’s Box?’ 23. C. Simon Fan, Chen Lin and Daniel Treisman (2009), ‘Political Decentralization and Corruption: Evidence from Around the World’ Volume II – Federal and Decentralized Policy, Governance, Issues and Challenges An Introduction to both volumes by the editors appears in Volume I PART I DECENTRALIZED POLICIES AND GOVERNANCE 1. Ehtisham Ahmad, Giorgio Brosio and Vito Tanzi (2008), ‘Local Service Provision in Selected OECD Countries: Do Decentralized Operations Work Better?’ 2. Pranab Bardhan and Dilip Mookherjee (2005), ‘Decentralizing Anti-poverty Program Delivery in Developing Countries’ 3. Jean-Philippe Platteau (2009), ‘Information Distortion, Elite Capture and Task Complexity in Decentralized Development’ 4. Gabriella Montinola, Yingyi Qian and Barry R. Weingast (1995), ‘Federalism, Chinese Style: The Political Basis for Economic Success in China’ 5. Ehtisham Ahmad, Keping Li and Thomas Richardson (2002), ‘Recentralization in China?’ PART II FINANCING AND ACCOUNTABILITY 6. Maria Flavia Ambrosanio and Massimo Bordignon (2006), ‘Normative Versus Positive Theories of Revenue Assignments in Federations’ 7. Wallace E. Oates (1999), ‘Local Property Taxation: An Assessment’ 8. Robin Boadway (2009), ‘The Design of a VAT for Multi-Government Jurisdictions: Lessons from Canada’ 9. Richard A. Musgrave (1961), ‘Approaches to a Fiscal Theory of Political Federalism’ 10. Christos Kotsogiannis and Robert Schwager (2008), ‘Accountability and Fiscal Equalization’ 11. Stephen J. Bailey and Stephen Connolly (1998), ‘The Flypaper Effect: Identifying Areas for Further Research’ 12. Ehtisham Ahmad, José González Anaya, Giorgio Brosio, Mercedes Garcia-Escribano, Ben Lockwood and Ernesto Revilla (2007), ‘Why Focus On Spending Needs Factors? The Political Economy of Fiscal Transfer Reforms in Mexico’ 13. Ori Haimanko, Michel Le Breton and Shlomo Weber (2005), ‘Transfers in a Polarized Country: Bridging the Gap Between Efficiency and Stability’ PART III TAXATION OF NATURAL RESOURCES 14. Charles E. McLure, Jr. (1983), ‘Fiscal Federalism and the Taxation of Economic Rents’ 15. Giorgio Brosio (2003), ‘Oil Revenue and Fiscal Federalism’ PART IV GOVERNANCE CONSIDERATIONS 16. Ehtisham Ahmad, Maria Albino-War and Raju Singh (2006), ‘Subnational Public Financial Management: Institutions and Macroeconomic Considerations’ 17. Thomas J. Nechyba (2008), ‘Public and Private School Competition and U.S. Fiscal Federalism’ 18. Ivan Barankay and Ben Lockwood (2007), ‘Decentralization and the Productive Efficiency of Government: Evidence From Swiss Cantons’ 19. Jon Magnussen, Terje P. Hagen and Oddvar M. Kaarboe (2007), ‘Centralized or Decentralized? A Case Study of Norwegian Hospital Reform’ 20. Keith G. Banting and Stan Corbett (2002), ‘Health Policy and Federalism: An Introduction’ PART V MACRO-FISCAL MANAGEMENT AND POLITICAL ECONOMY OF SUB NATIONAL DEBT 21. Yingyi Qian and Gérard Roland (1998), ‘Federalism and the Soft Budget Constraint’ 22. Jonathan Rodden and Erik Wibbels (2002), ‘Beyond the Fiction of Federalism: Macroeconomic Management in Multitiered Systems’ 23. Bernd Huber and Marco Runkel (2008), ‘Interregional Redistribution and Budget Institutions Under Asymmetric Information’ PART VI ENVIRONMENT AND NATURAL DISASTERS 24. Wallace E. Oates (2002), ‘A Reconsideration of Environmental Federalsim’ 25. Richard L. Revesz (1997), ‘Federalism and Environmental Regulation: A Normative Critique’ 26. Alistair Ulph (1998), ‘Political Institutions and the Design of Environmental Policy in a Federal System with Asymmetric Information’ 27. Timothy J. Goodspeed and Andrew Haughwout (2007), ‘On the Optimal Design of Disaster Insurance in a Federation’

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Book SynopsisThis book advances a social-theoretic treatment of public finance, which contrasts with the typical treatment of government as an agent of intervention into a market economy. To start, Richard Wagner construes government not as an agent but as a polycentric process of interaction, just as is a market economy. The theory of markets and the theory of public finance are thus construed as complementary components of a broader endeavor of social theorizing, with both seeking to provide insight into the emergence of generally coordinated relationships within society. The author places analytical focus on emergent processes of development rather than on states of equilibrium, and with much of that development set in motion by conflict among people and their plans. Some of the book's defining characteristics include: Budgets emerge through organizationally constituted political entrepreneurship Government is construed as a process of interaction and participation and not as a unitary entity of intervention Government and markets are incorporated into a unified theory of property which is traced to human nature and its requirements for both autonomy and solidarity. Richard Wagner's book will be of interest to researchers in public finance, public choice, Austrian economics, political science and public policy.Trade Review'Wagner brings remarkable scholarship to bear on elucidating the emergent approach and connecting it to the vast and varied public finance literature.' -- Brian Pitt, Review of Austrian Economics'Richard Wagner's process-oriented analysis of the public sector offers an insightful alternative to standard public finance theory and a powerful critique of neoclassical welfare economics. His ideas will prove valuable to any scholar interested in understanding the economic activities of government.' -- Randall G. Holcombe, Florida State University, US'Written by one of the premier scholars of fiscal process in the world, this book takes an approach that mixes common sense and a radical redefinition of the nature of fiscal process. Rather than an incremental advance in assessing taxing and spending, Richard Wagner opens new vistas by examining the foundations of collective activity. He rejects the standard treatment of fiscal management as a corrective to market failure, and starts with the first principles of government action. I don't know when I have learned more from a single book.' -- Michael Munger, Duke University, US'This is a highly original and creative argument by a major political economist to rethink how the public economy is studied. Instead of treating the public sector as a corrective agency for problems that may arise in the private economy, Professor Wagner proposes to study the "public square" in the same way that modern economists approach the "private square". This involves eschewing equilibrium theories and emphasizing evolutionary competitive processes, examining property rights structures, stressing the role of entrepreneurship, and, in short, applying the principles of the New Institutional Economics to government. Wagner gives many convincing examples of how to apply his approach, all to good effect. This is an important book that deserves to be read widely and taken seriously. Learning the lessons that Wagner wants to teach us holds the promise of turning the study of public economics into a proper scientific explanation of government rather than an empty exercise in evaluation and intervention.'BR>- Robert D. Tollison, Clemson University, USTable of ContentsContents: Preface 1. Contrasting Architectonics for a Theory of Public Finance 2. Property, State and Public Finance 3. State and Market: A Two-Forum Societal Architecture 4. Political Entrepreneurship within the Ecology of Enterprises 5. The Economic Organization of Political Enterprises 6. Revenue Extraction: Crossing the Tax–Expenditure Divide 7. Federalism, Polycentric Polities and Open Societies 8. Fiscal Sociology and the Challenge of Societal Agriculture Bibliography Index

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Book SynopsisThis book provides an up-to-date study of public infrastructure in terms of the selection, procurement and delivery of projects. There is widespread acceptance that infrastructure is vital and needs increasing, yet less agreement about how it should be funded and procured. This book assesses in detail the features of various procurement options while also providing a framework for comparing their advantages and disadvantages. Drawing on international experiences and case studies, Darrin Grimsey and Mervyn Lewis consider some of the best and worst examples of public-private partnerships, new funding methods and infrastructure megaprojects. By offering a conceptual basis for infrastructure decision-making, the authors identify ways to improve infrastructure procurement processes. Focusing on urbanization as a driver of innovation in infrastructure, both the historical context and the future prospects of public infrastructure are analysed. Significantly, the book also examines China's ambitious plans to create a 'high-speed rail economy' and its Belt and Road Initiative across Asia that offers an interesting contrast to infrastructure developments in the United States and other advanced economies. Global Developments in Public Infrastructure Procurement is an essential source of reference for academics and students of economics, public sector finance and urban infrastructure.Trade Review'The trajectories of infrastructure investment in China and the West are going in different directions. That is the focus of both the first and last chapters of this important book exploring the options available for the procurement of public infrastructures. During that discussion, Grimsey and Lewis address important questions: does public investment lead or follow economic development? What are the contributions of China's megaprojects to its fast-growing economic power? What can public-private partnerships do or not do when used in the procurement of public infrastructures? How do PPPs compare to other models of infrastructure procurement? In an ever-increasingly urbanized world, there are few more important discussions than how governments can pay for the infrastructures that make urban life possible. Grimsey and Lewis have made an important contribution to that discussion.' --Richard E. Hanley, CUNY Institute for Urban Systems, New York City College of Technology, US'Today there is more public debate than ever about the state of public infrastructure and the wisdom of selecting particular options for significant investments. This timely publication by Grimsey and Lewis, building upon their earlier key contributions to this debate, is one of the very few publications to place infrastructure investment within the wider contextual financial framework in which these projects exist. The key drivers and barriers to current infrastructure investment are clearly and expertly presented and these principles are illustrated by considering the position in China and the US at opposite ends of the investment spectrum. The informed consideration of public-private partnerships, (PPPs), is welcomed. This excellent publication cuts through the emotional arguments associated with private finance for public infrastructure and demonstrates that, while not a panacea, the PPPs in certain locations, for certain projects and by certain procurement routes do have a clear role to play in infrastructure and service investment.' --Nigel Smith, University of Leeds, UKTable of ContentsContents: 1. Infrastructure provision 2. Why is infrastructure of such significance? 3. The evolution of infrastructure services 4. The promise of public private partnerships 5. Implementing a partnership agenda 6. Risk analysis in procurement 7. Comparing public infrastructure procurement models 8. Choosing amongst infrastructure procurement approaches 9. The problems of large (mega) projects 10. Funding of infrastructure 11. Conclusions Index

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Book SynopsisModelling Corporation Tax Revenue examines the revenue growth properties of corporate income taxes and how firms respond to changes in corporation tax. It provides a companion volume to the authors’ Modelling Tax Revenue Growth, which explores the revenue growth and behavioural response properties of income and consumption taxes. John Creedy and Norman Gemmell examine the corporation tax structure and the implications for revenue elasticity both for individual corporations and for all firms combined. The authors highlight how asymmetries in the treatment of positive and negative profits in the tax structure affect firms’ revenues and behaviours, and demonstrate that the examination of corporation tax revenue requires a detailed treatment of dynamic aspects. Within the book, a dynamic microsimulation model is constructed and used to examine profits and taxes over hypothetical business cycles, concentrating on the revenue elasticity and profit shifting responses to tax changes.This comprehensive yet concise book will appeal to researchers and graduate students in public finance, public economics and taxation, as well as economists in governmental departments and international organisations.Trade Review‘This book is well-written and its model carefully constructed.’ -- Linda Arch, Tax Justice Focus‘Fiscal crises around the world imply that revenue forecasting is ever more important, while globalization implies that estimating corporate tax revenues is ever more difficult. This book could thus not be more timely, as Creedy and Gemmell provide an expert analysis of both the technical issues and practical details that must be addressed in modelling corporation tax revenues. It will be invaluable to anyone involved in revenue forecasting - or anyone who wants to know what is involved in revenue forecasting.’ -- George R. Zodrow, Oxford University, UK‘Corporate taxes are an important but volatile source of revenue in leading economies like the UK. Understanding the factors that influence fluctuations in corporate tax revenues is important not only for projecting revenues, but also for designing and reforming tax systems to promote economic efficiency and keep up with the evolving nature of the corporate sector. This comprehensive analysis and modeling of corporate behavior and taxation is an important contribution toward gaining such understanding.’ -- Alan Auerbach, University of California, Berkeley, USTable of ContentsContents: Part I: Introduction 1. Introduction and Outline Part II: Corporate Profits and Tax Revenue 2. The Revenue Elasticity 3. Tax Loss Asymmetries 4. Taxes and Income Shifting Part III: A Simulation Model 5. The Distribution of Profits 6. Modelling Deductions Part IV: Corporate Tax Simulations 7. Revenue Elasticity Simulations 8. Tax Response Simulations Part V: Conclusions 9. Conclusions Appendices Bibliography Index

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Book SynopsisThis book brings together research from some of the world?s leading tax economists to discuss appropriate directions for tax reform in small open economies. The eminent contributors (including Altshuler, Creedy, Freebairn, Gravelle, Heady, Kalb, Sørensen and Zodrow) investigate the beneficial directions for medium-term tax reform in the light of global developments and lessons from the latest taxation research. In addressing this issue, they review recent advances in both the theoretical and empirical tax literature and reform evidence from individual countries. Topics covered include the impact of taxes on economic performance; international and corporate taxation; personal tax and welfare systems; environmental taxation; and country-specific tax reform experiences.Bringing together leading international experts to explore specific policy reforms, this book will prove essential reading for academics and researchers of public economics, fiscal policy and tax reform. It will also be warmly welcomed both by undergraduate and graduate students of public economics or the economics of taxation, as well as policymakers and government officials working in the area of tax policy.Table of ContentsContents: 1. Introduction Iris Claus, Norman Gemmell, Michelle Harding and David White PART I: THE IMPACT OF TAXES ON INVESTMENT AND PRODUCTIVITY 2. Taxes and Firm Performance: Evidence from the OECD Åsa Johansson, Christopher Heady, Jens Arnold, Bert Brys and Laura Vartia 3. Economic Effects of Investment Subsidies Jane Gravelle PART II: INTERNATIONAL, CORPORATE AND CAPITAL TAXATION 4. Lessons from the Study of Taxes and the Behaviour of US Multinational Corporations Rosanne Altshuler 5. Dual Income Taxes: A Nordic Tax System Peter Birch Sørensen 6. International Taxation and Company Tax Policy in Small Open Economies George R. Zodrow PART III: PERSONAL TAX AND WELFARE SYSTEMS 7. Personal Income Tax Structure: Theory and Policy John Creedy 8. Modelling Labour Supply Responses in Australia and New Zealand Guyonne Kalb 9. Employment Incentives for Sole Parents: Labour Market Effects of Changes to Financial Incentives and Support Jacinta Dalgety, Richard Dorsett, Steven Johnston and Philip Spier PART IV: TAXING ENVIRONMENTAL EXTERNALITIES 10. Carbon Taxes vs Tradable Permits: Efficiency and Equity Effects for a Small Open Economy John Freebairn 11. Improving Lake Water Quality Through a Nutrient Trading System: The Case of New Zealand’s Lake Rotorua Suzi Kerr and Kelly Lock PART V: LESSONS FROM TAX REFORM EPISODES 12. Australian Tax Reforms: Past and Future Greg Smith 13. Company Tax in New Zealand Matt Benge and David Holland Index

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Book SynopsisThis authoritative two-volume set brings together the most important classic and contemporary papers on taxation and tax policy, written by the world's leading scholars and practitioners of taxation.Volume I reviews the effects of taxation, optimal taxation and tax reform. Volume II presents the latest theoretical and empirical work on how taxes affect individual decisions across a range of areas, concluding with studies of the effects of taxes on firm investment and financial structure decisions.The volumes will interest those teaching upper-level and graduate level courses in taxation and tax policy, and individuals who want to be informed on the latest research in taxation.Trade Review‘This collection. . . will give to students of taxation a valuable source of critical writings to aid their studies.’ -- Citizen’s IncomeTable of ContentsContents: Volume I Acknowledgements Introduction James Alm PART I ANALYZING THE EFFECTS OF TAXATION A. Notions of Equity 1. Richard A. Musgrave (1976), ‘ET, OT and SBT’ 2. H. Peyton Young (1990), ‘Progressive Taxation and Equal Sacrifice’ 3. Louis Kaplow (1989), ‘Horizontal Equity: Measures in Search of a Principle’ B. Taxes and Income Distribution 4. Charles E. McLure, Jr. (1975), ‘General Equilibrium Incidence Analysis: The Harberger Model After Ten Years’ 5. Michael Katz and Harvey S. Rosen (1985), ‘Tax Analysis in an Oligopoly Model’ 6. Lawrence H. Summers (1983), ‘The Asset Price Approach to the Analysis of Capital Income Taxation’ 7. James Davies, France St-Hilaire and John Whalley (1984), ‘Some Calculations of Lifetime Tax Incidence’ 8. Timothy J. Besley and Harvey S. Rosen (1999), ‘Sales Taxes and Prices: An Empirical Analysis’ 9. John B. Shoven (1976), ‘The Incidence and Efficiency Effects of Taxes on Income from Capital’ 10. David M. Cutler (1988), ‘Tax Reform and the Stock Market: An Asset Price Approach’ C. Taxes and Efficiency 11. Arnold C. Harberger (1964), ‘The Measurement of Waste’ 12. Jerry A. Hausman (1981), ‘Exact Consumer’s Surplus and Deadweight Loss’ 13. Edgar K. Browning (1987), ‘On the Marginal Welfare Cost of Taxation’ 14. Charles L. Ballard, John B. Shoven and John Whalley (1985), ‘The Total Welfare Cost of the United States Tax System: A General Equilibrium Approach’ D. Taxes and Revenues 15. Don Fullerton (1982), ‘On the Possibility of an Inverse Relationship Between Tax Rates and Tax Revenues’ E. Taxes and Growth 16. Larry E. Jones, Rodolfo E. Manuelli and Peter E. Rossi (1993), ‘Optimal Taxation in Models of Endogenous Growth’ F. Taxes and Politics 17. Kevin W.S. Roberts (1977), ‘Voting Over Income Tax Schedules’ 18. Walter Hettich and Stanley L. Winer (1988), ‘Economic and Political Foundations of Tax Structure’ PART II OPTIMAL TAXATION 19. Peter A. Diamond and James A. Mirrlees (1971), ‘Optimal Taxation and Public Production II: Tax Rules’ 20. P.A. Diamond (1975), ‘A Many-Person Ramsey Tax Rule’ 21. J.A. Mirrlees (1971), ‘An Exploration in the Theory of Optimum Income Taxation’ 22. Peter A. Diamond (1998), ‘Optimal Income Taxation: An Example with a U-Shaped Pattern of Optimal Marginal Tax Rates’ 23. A.B. Atkinson and J.E. Stiglitz (1976), ‘The Design of Tax Structure: Direct Versus Indirect Taxations’ 24. N.H. Stern (1976), ‘On the Specification of Models of Optimum Income Taxation’ 25. Emmanuel Saez (2001), ‘Using Elasticities to Derive Optimal Income Tax Rates’ 26. Joel Slemrod (1990), ‘Optimal Taxation and Optimal Tax Systems’ PART III TAX REFORM 27. Martin Feldstein (1976), ‘On the Theory of Tax Reform’ 28. Alan J. Auerbach, Laurence J. Kotlikoff and Jonathan Skinner (1983), ‘The Efficiency Gains from Dynamic Tax Reform’ 29. David Altig, Alan J. Auerbach, Laurence J. Kotlikoff, Kent A. Smetters and Jan Walliser (2001), ‘Simulating Fundamental Tax Reform in the United States’ Volume II Acknowledgements An Introduction by the editors appears in Volume I PART I TAXES AND INDIVIDUAL DECISIONS A. Incentives 1. Joel Slemrod (2001), ‘A General Model of the Behavioral Response to Taxation’ B. Labour Supply 2. Jerry A. Hausman (1981), ‘Labour Supply’ 3. James P. Ziliak and Thomas J. Kniesner (1999), ‘Estimating Life Cycle Labor Supply Tax Effects’ C. Saving 4. Lawrence H. Summers (1981), ‘Capital Taxation and Accumulation in a Life Cycle Growth Model’ 5. William G. Gale and John Karl Scholz (1994), ‘IRAs and Household Saving’ 6. James M. Poterba, Steven F. Venti and David A. Wise (1995), ‘Do 401(k) Contributions Crowd Out Other Personal Saving?’ D. Portfolio Choice 7. Joseph E. Stiglitz (1969), ‘The Effects of Income, Wealth, and Capital Gains Taxation on Risk-Taking’ 8. James M. Poterba and Andrew A. Samwick (2003), ‘Taxation and Household Portfolio Composition: US Evidence from the 1980s and 1990s’ E. Capital Gains 9. Martin S. Feldstein, Joel Slemrod and Shlomo Yitzhaki (1980) ‘The Effects of Taxation on the Selling of Corporate Stock and the Realization of Capital Gains’ 10. Leonard E. Burman and William C. Randolph (1994), ‘Measuring Permanent Responses to Capital-Gains Tax Changes in Panel Data’ F. Estate Taxes 11. James Poterba (2001), ‘Estate and Gift Taxes and Incentives for Inter Vivos Giving in the United States’ G. Tax Avoidance and Evasion 12. Michael G. Allingham and Agnar Sandmo (1972), ‘Income Tax Evasion: A Theoretical Analysis’ 13. Charles T. Clotfelter (1983), ‘Tax Evasion and Tax Rates: An Analysis of Individual Returns’ 14. James Alm, Gary H. McClelland and William D. Schulze (1992), ‘Why Do People Pay Taxes?’ H. Income Reporting 15. Martin Feldstein (1995), ‘The Effect of Marginal Tax Rates on Taxable Income: A Panel Study of the 1986 Tax Reform Act’ 16. Jon Gruber and Emmanuel Saez (2002), ‘The Elasticity of Taxable Income: Evidence and Implications’ PART II TAXES AND BUSINESS DECISIONS A. Why Tax Capital Income? 17. Alan J. Auerbach (1983), ‘Taxation, Corporate Financial Policy and the Cost of Capital’ 18. Joseph E. Stiglitz (1976), ‘The Corporation Tax’ 19. Christophe Chamley (1986), ‘Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives’ B. Investment 20. Robert E. Hall and Dale W. Jorgenson (1967), ‘Tax Policy and Investment Behavior’ 21. Robin W. Boadway (1987), ‘The Theory and Measurement of Effective Tax Rates’ 22. Alan J. Auerbach and Kevin Hassett (1992), ‘Tax Policy and Business Fixed Investment in the United States’ C. Financial Structure 23. George R. Zodrow (1991), ‘On the “Traditional” and “New” Views of Dividend Taxation’ 24. B. Douglas Bernheim (1991), ‘Tax Policy and the Dividend Puzzle’ 25. Raj Chetty and Emmanuel Saez (2005), ‘Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut’ 26. Jeffrey K. MacKie-Mason (1990), ‘Do Taxes Affect Corporate Financing Decisions?’ 27. William M. Gentry (1994), ‘Taxes, Financial Decisions and Organizational Form: Evidence from Publicly Traded Partnerships’

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Book SynopsisThe microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this groundbreaking book, Ross M. Starr addresses this problem directly, by expanding the Arrow-Debreu model to include a multiplicity of trading opportunities, with the resultant endogenous derivation of money as the carrier of value among them. This fundamental breakthrough is achieved while maintaining the Walrasian general equilibrium price-theoretic structure, augmented primarily by the introduction of separate bid and ask prices reflecting transaction costs. The result is foundations of monetary theory consistent with and derived from modern price theory. This fascinating book will provide a stimulating and thought-provoking read for academics and postgraduate students focusing on economics, macroeconomics, macroeconomic policy and finance, money and banking. Central bankers will also find much to interest them within this book. Contents: Introduction: Why is There No Money? 1. Why is There Money? 2. An Economy Without Money 3. The Trading Post Model 4. An Elementary Linear Example: Liquidity Creates Money 5. Absence of Double Coincidence of Wants is Essential to Monetization in a Linear Economy 6. Uniqueness of Money: Scale Economy and Network Externality 7. Monetization of General Equilibrium 8. Government-Issued Fiat Money 9. Efficient Structure of Exchange 10. Microfoundations of Jevons's Double Coincidence Condition 11. Commodity Money Equilibrium in a Convex Trading Post Economy 12. Efficiency of Commodity Money Equilibrium 13. Alternative Models 14. Conclusion and a Research Agenda Bibliography IndexTrade Review‘Starr’s brilliant little volume is the latest of a long line of attempts to integrate money and price (general equilibrium) theory. Within 160 pages and 14 dense chapters, the author synthesizes forty years of careful and painstaking research. He sets them against the background not only of the tradition inaugurated by Walras and carried on by Pareto, Hicks, Patinkin, Samuelson, Clower, Hahn, Kyotaki and Wright (to name but a few) but also of the no-less famous conflict between trust and authority at the origin of money (Frankel, 1977). Hence, and before discussing Starr’s trading post model, it seems not out of place to recall briefly the analytical history of these two central riddles in monetary theory.’ -- > Œconomia - History/Methodology/Philosophy‘This book makes compelling reading for anyone interested in exploring the foundations of monetary theory from a rigorous general equilibrium perspective.’ -- Gabriele Camera, Purdue University, US‘Introducing the Arrow-Debreu-Starr model of monetary general equilibrium, Professor Starr provides the best defense ever made for the relevance of the Walrasian model to the pure theory of money. While most monetary theorists ventured to the overlapping generations model and then to the search model, only to create recently a hybrid search-Walrasian model, Starr presents the culmination of a patient, career-long effort to integrate money into the basic Walrasian model, with realistic taxation critically helping the government’s money to dominate.’ -- Dror Goldberg, Bar Ilan University, IsraelTable of ContentsContents: Introduction: Why is There No Money? 1. Why is There Money? 2. An Economy Without Money 3. The Trading Post Model 4. An Elementary Linear Example: Liquidity Creates Money 5. Absence of Double Coincidence of Wants is Essential to Monetization in a Linear Economy 6. Uniqueness of Money: Scale Economy and Network Externality 7. Monetization of General Equilibrium 8. Government-Issued Fiat Money 9. Efficient Structure of Exchange 10. Microfoundations of Jevons’s Double Coincidence Condition 11. Commodity Money Equilibrium in a Convex Trading Post Economy 12. Efficiency of Commodity Money Equilibrium 13. Alternative Models 14. Conclusion and a Research Agenda Bibliography Index

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Book SynopsisThe core concern of this book is the potential use of taxation and related measures to foster climate-helpful, large-scale change within East Asia. The contributing authors examine key cases such as how Greater China, for instance, confronts severe environmental problems which are a direct product of several decades of remarkable economic growth. The detailed analysis in this book identifies a range of green taxation guidelines for East Asia as it seeks to drive down striking levels of environmental degradation - and address the climate change challenge.Addressing an important need in the public policy debate, this book will appeal to academics, students, government policy makers, regulators and practitioners in environmental law, taxation law and policy, as well as, comparative environmental law and comparative taxation law and policy. Public policy commentators and journalists with an interest in the above areas will also find this book worthwhile and informative.Contributors include: A. Cockfield, M. Derlen, S. Griffiths, W. Gumley, J. Lindholm, J. Milne, S. Phua, N. Stoianoff, J. Vanderwolk, Y. XuTrade Review'The broad sweep of 'green taxation' - pollution, carbon, resource and land taxes, and tax incentives for environmental goals - makes it complex to analyse. Green Taxation in East Asia is a timely and valuable comparative contribution to an expanding literature. Its scholarly country studies show how green taxes aim to modify behaviour, correct externalities, regulate, or raise revenue. As environmental policy and tax policy move closer together, green taxes become feasible, but are always, as the editors say, ''shaped by local political, economic and social circumstances''.' - Miranda Stewart, University of Melbourne, Australia 'In today's world, environmental challenges grow apace and the impact of taxation measures on these will prove critical. Green Taxation in East Asia addresses those challenges. It draws on world-wide experiences (including those from North America and the EU) by analysing and critiquing how green taxation can inform, develop and implement environmental policies in East Asia (and beyond). This is not a sterile tax debate. The authors of this work, all leading scholars in their respective jurisdictions, combine economic, social and local political perspectives on what should work and what should not. The debate is too important to ignore in a world where Kyoto seems a long way from Washington, the fragrant harbour is no longer, and even in the lands down-under, long white clouds and pristine beaches are no longer taken for granted. Taxation is not a panacea for curing environmental ills; but it is, as this book admirably shows, part of the answer.' - Andrew Halkyard, University of Hong Kong 'The right of East Asia to grow its economy and provide its citizens with living standards enjoyed elsewhere is as undeniable as the risk to the global environment from this growth. A volume that contrasts current initiatives in China and Hong Kong to reduce that risk with lessons from international experience presented by leading international experts from four continents, is more than just timely; it can make a key contribution to the development of contemporary thinking on taxation and the environment. This work fits the bill perfectly.'- Rick Krever, Monash University, Australia 'The authors of the jurisdictional chapters in this book are, of necessity, more focussed on analyzing the interaction, today between taxation (and related fiscal measures) and the environment. From these studies it is clear that a great deal is amiss in the way this interface works at present across all the jurisdictions under review. But this research also shows positive steps being taken - and great scope for further, positive tax policy development. We can see from this research how smart policy innovation can start right now - and also how it can build better foundations for the introduction of more comprehensive, globally effective policy frameworks such as those advanced by Hansen and Sandor. Time is of the essence. The scholarship in this volume shows that lawyers and tax experts are engaged in finding solutions. Can green taxation make a difference? The answer is a resounding ''yes''.' --- From the foreword by Christine LohTable of ContentsContents: Preface Foreword Christine Loh 1. Conspectus Richard Cullen and Yan Xu 2. Environmental Taxation in China: The Case of Transport Fuel Taxation Yan Xu 3. Green Tax Measures for Hong Kong: A Policy Proposal Jefferson VanderWolk 4. Land Transportation in Singapore: Tax and Regulatory Policies to Promote Sustainable Development Stephen L.H. Phua 5. Environmental Taxation in the United States: Retrospective and Prospective Janet E. Milne 6. Optimal Climate Change Tax Policy for Small Open Economies Arthur J. Cockfield 7. Not Enough Room for Optimal Choices? The European Legal Framework for Green Taxes Mattias Derlén and Johan Lindholm 8. Behavior Modifying Taxes, Emissions Trading and Tax Expenditure Reform: Market-based Responses to Climate Change in Australia Wayne Gumley and Natalie Stoianoff 9. Green Taxation: The New Zealand Story Shelley Griffiths 10. Concluding Thoughts: A Greener Future? Jefferson VanderWolk Index

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Book SynopsisThis book makes a unique contribution in advancing understanding of the fiscal condition and growth potential of the New Member States of the European Union. It provides new data, policy evaluation, and offers national and regional perspectives. The core research questions are the effect of public investment in the context of macroeconomic disequilibrium and how it is possible to finance capital accumulation in the present and future conditions of mounting public sector debt. The contributors reveal that there is now a convincing case for public investment as an essential driver of convergence and growth in Europe. However, a new international and inter-generational fiscal pact to frame a more optimistic view of the role of government is needed. This book explores how public investment matters for growth, how fiscal conditions may support investment, and the role EU regional policy can have in terms of structural change and investment needs. Public Investment, Growth and Fiscal Constraints provides new data analyses on the EU New Member States in Central and Eastern Europe making it an essential tool for academics, students and practitioners interested in public finance and European Economics. The structural and public finance issues in these former transition economies raised in this book will also strongly appeal to policymakers, officials and consultants. The book is based on an independent research project of the University of Milan, supported by the European Investment Bank.Trade Review‘This is a valuable work that makes a strong case for public investment as a growth instrument. It is rich in theoretical and empirical analyses, making it relevant for practitioners as well as policy makers’. -- Anil Duman, Eastern Economic JournalTable of ContentsContents: Introduction: Public Investment, Growth and Fiscal Constraints in the EU Massimo Florio PART I: PUBLIC INVESTMENT AND GROWTH: CONCEPTUAL FRAMEWORK 1. Budget Deficits, Public Debt and the Level of Public Investment Malcolm Sawyer 2. Recent Advances in Public Investment, Fiscal Policy and Growth Chiara Del Bo 3. Public Investment under Disequilibrium: A Post Keynesian Viewpoint Massimo Cingolani PART II: PUBLIC INVESTMENT AND FISCAL CONDITIONS IN THE EU NEW MEMBER STATES 4. Patterns and Trends of Public Investment in the New Member States of the European Union Ángel Catalina Rubianes 5. EU New Member States: Public Sector Accounts and Convergence Criteria Giuseppe Bognetti and Giorgio Ragazzi 6. Public Investment and Growth in the EU New Member States: An Overview Jan Hanousek and Evžen Kočenda PART III: INVESTMENT, STRUCTURAL CHANGE AND REGIONAL POLICY 7. Structural Change in New Member States (1995–2005): Shift–Share Analysis of Productivity Growth and its Determinants Aleksandra Parteka 8. Structural Funds Business Support and Employment Growth in Manufacturing: Perspectives for the New Member States Luigi Moretti 9. Infrastructure Investment Opportunities in the EU New Member States: The Role of Regional Policies Emanuela Sirtori and Silvia Vignetti Index

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Book Synopsis`Some think that decentralization has not gone "far enough" to be considered successful; others argue that it has already "failed". As the studies of decentralization in 15 developing countries in this volume clearly show, every case is different, and persuasive generalizations are hard to find. Fortunately, the introductory chapter usefully pulls this diverse reality together to highlight some key obstacles to successful decentralization and to suggest some approaches that might - provided that those in power are sufficiently supportive - lead to better outcomes in the future.' - Richard M. Bird, University of Toronto, Canada This insightful study examines the decentralization experiences from 15 countries in different regions of the world. All of these countries have actively attempted to decentralize, or continue to do so, and have faced obstacles serious enough to either derail or significantly delay their decentralization objectives. Decentralization in Developing Countries evaluates the main obstacles to the decentralization process. The contributors expertly discuss the flaws in the decentralization design, resistance from those holding traditional or central power and, uniquely, weak central governments. They then extract lessons for policymakers, regarding what may be done and what should ideally be avoided. This important book focuses on how to implement decentralization plans as whole complete processes, rather than examining individual aspects of decentralization. It will therefore prove invaluable for academics and researchers of development economics, public finance and in particular decentralization. Employees of various bodies, including DFID, UNDP, the World Bank, as well as other development banks and bilateral aid organizations, will also find it an informative resource.Trade Review‘Some think that decentralization has not gone “far enough” to be considered successful; others argue that it has already “failed”. As the studies of decentralization in 15 developing countries in this volume clearly show, every case is different, and persuasive generalizations are hard to find. Fortunately, the introductory chapter usefully pulls this diverse reality together to highlight some key obstacles to successful decentralization and to suggest some approaches that might – provided that those in power are sufficiently supportive – lead to better outcomes in the future.’ -- Richard M. Bird, University of Toronto, CanadaTable of ContentsContents: 1. An Overview of the Main Obstacles to Decentralization Jorge Martinez-Vazquez and François Vaillancourt 2. Conceptual Problems in the Assignment of Functions in SEE: The Case of Albania Bernard Dafflon 3. Decentralization in the Post-Conflict African Environment: Sierra Leone and Southern Sudan Bob Searle 4. Challenge to Intergovernmental Fiscal Relations in Pakistan: The Revenue Assignment Dimension Roy Bahl, Musharraf Cyan and Sally Wallace 5. Constraints to Effective Fiscal Decentralization in Peru Ehtisham Ahmad and Mercedes García-Escribano 6. Reining in Provincial Fiscal ‘Owners’: Decentralization in Lao PDR Juan Luis Gomez, Jorge Martinez-Vazquez and Cristian Sepúlveda 7. Decentralization in Bangladesh: Change has been Elusive William F. Fox and Balakrishna Menon 8. The Political-Economy of Decentralization in the Democratic Republic of Congo (DRC) Kai Kaiser, Jean Mabi Mulumba and Tony Verheijen 9. Decentralization in Burkina Faso: The Slow March Towards Devolution Eric Champagne and Ben Mamadou Ouegraogo 10. Decentralization in Cambodia: Consolidating Central Power or Building Accountability from Below? Paul Smoke and Joanne Morrison 11. Decentralization in Madagascar: A String of Unfinished Races François Vaillancourt 12. Decentralizing Egypt: Not Just Another Economic Reform Jorge Martinez-Vazquez and Andrey Timofeev 13. Obstacles to Decentralization in Ethiopia: Political Controls versus Discretion and Accountability Serdar Yilmaz and Varsha Venugopal 14. Tanzania’s Fiscal Arrangements: Obstacles to Fiscal Decentralization or Structures of Union-Preserving Federalism? Luc Noiset and Mark Rider 15. The Difficult Road to Local Autonomy in Yemen: Decentralization Reforms between Political Rationale and Bureaucratic Resistances in a Multi-party Democracy of the Arabian Peninsula Leonardo G. Romeo and Mohamed El Mensi 16. Sharing Petroleum Resources in Iraq: Obstacle or Foundation to Decentralization Grant Bishop and Anwar Shah Index

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Book SynopsisThese two volumes bring together key articles in the field of modern public finance, a field which has seen a major revival of interest in the past 20 years. The articles reprinted are among those which have shaped its recent development, and include contributions by no fewer than seven Nobel Prize-winners.A.B. Atkinson - widely recognized as a leading authority in the field - has carefully selected a representative coverage of the most important articles and papers and has also included readings which help relate the subject to other areas of economics. The result is a reference collection which will be an essential companion for the specialist and non-specialist alike.Table of ContentsContents: Volume I Part I: Taxation and the Household G. Burtless and J.A. Hausman (1978), 'The Effect of Taxation on Labour Supply: Evaluating the Gary Negative Income Tax Experiment' M. Feldstein (1976), 'Social Security and Saving: The Extended Life Cycle Theory' J. Mossin (1968), 'Taxation and Risk-Taking: An Expected Utility Approach' M.G. Allingham and A. Sandmo (1972), 'Income Tax Evasion: A Theoretical Analysis' Part II: Taxation and the Firm P.A. Samuelson (1964), 'Tax Deductibility of Economic Depreciation to Insure Variant Valuations' R.E. Hall and D.W. Jorgenson (1967), 'Tax Policy and Investment Behavior' J.E. Stiglitz (1973), 'Taxation, Corporate Financial Policy, and the Cost of Capital' M.H. Miller (1977), 'Debt and Taxes' Part III: Overall Incidence of Taxation A.R. Prest (1955), 'Statistical Calculations of Tax Burdens' A.C. Harberger (1962), 'The Incidence of the Corporation Income Tax' J.B. Shoven and J. Whalley (1972), 'A General Equilibrium Calculation of the Effects of Differential Taxation of Income from Capital in the U.S.' L.H. Summers (1981), 'Capital Taxation and Accumulation in a Life Cycle Growth Model' J. Davies, F. St-Hilaire and J. Whalley (1984), 'Some Calculations of Lifetime Tax Incidence' Part IV: Public Goods P.A. Samuelson (1954), 'The Pure Theory of Public Expenditure' L. Johansen (1963), 'Some Notes on the Lindahl Theory of Determination of Public Expenditures' T.N. Tideman and G. Tullock (1976), 'A New and Superior Process for Making Social Choices' A.B. Atkinson and N.H. Stern (1974), 'Pigou, Taxation and Public Goods' K.J. Arrow (1971), 'A Utilitarian Approach to the Concept of Equality in Public Expenditures' Part V: Local Public Spending C.M. Tiebout (1956), 'A Pure Theory of Local Expenditures' T.F. Bewley (1981), 'A Critique of Tiebout's Theory of Local Public Expenditures' W.E. Oates (1969), 'The Effects of Property Taxes and Local Public Spending on Property Values: An Empirical Study of Tax Capitalization and the Tiebout Hypothesis' P. Mieszkowski (1972), 'The Property Tax: An Excise Tax or a Profits Tax' Name Index. Volume II Part I: Optimal Taxation P.A. Samuelson (1986), 'Theory of Optimal Taxation' P.A. Diamond and J.A. Mirrlees (1971), 'Optimal Taxation and Public Production I: Production Efficiency and II: Tax Rules' J.A. Mirrlees (1971), 'An Exploration in the Theory of Optimum Income Taxation' A.B. Atkinson and J.E. Stiglitz (1976), 'The Design of Tax Structure: Direct Versus Indirect Taxation' R.A. Musgrave (1976), 'ET, OT and SBT' Part II: Theory of Tax Reform M. Feldstein (1976), 'On the Theory of Tax Reform' W.J. Corlett and D.C. Hague (1953), 'Complimentarity and the Excess Burden of Taxation' G. Debreu (1954), 'A Classical Tax-Subsidy Problem' M.A. King (1983), 'Welfare Analysis of Tax Reforms Using Household Data' R. Guesnerie and K. Roberts (1984), 'Effective Policy Tools and Quantity Controls' Part III: The National Debt J. Tobin (1965), 'The Burden of the Public Debt: A Review Article' P.A. Diamond (1965), 'National Debt in a Neoclassical Growth Model' R.J. Barro (1974), 'Are Government Bonds Net Wealth?' Part IV: Macroeconomic Fiscal Policy A.S. Blinder and R.M. Solow (1989) , 'Does Fiscal Policy Matter?' A. Dixit (1976), 'Public Finance in a Keynesian Temporary Equilibrium' E.S. Phelps (1973), 'Inflation in the Theory of Public Finance' F.E. Kydland and E.C. Prescott (1977), 'Rules Rather than Discretion: The Inconsistency of Optimal Plans' Part V: Public Choice J.M. Buchanan (1987), 'The Constitution of Economic Policy' G. Brennan and J.M. Buchanan (1977), 'Towards a Tax Constitution for Leviathan' W.D. Nordhaus (1975), 'The Political Business Cycle' J.N. Bhagwati (1982), 'Directly Unproductive, Profit-Seeking (DUP) Activities' D.K. Foley (1978), 'State Expenditure from a Marxist Perspective' Name Index.

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Book SynopsisThis major three-volume work contains key papers which reflect the innovation and imagination that has characterised the field of welfare economics during the last 50 years. The selections range from literary treatments to the most advanced mathematical presentation. However, all readers, regardless of their mathematical sophistication or methodological predilections, will find a large number of the papers interesting and worthwhile in giving an overview of the present state of welfare economics and providing guides to the literature specialities of particular interest.Table of ContentsContents: Volume I Acknowledgements Introduction William J. Baumol and Charles A. Wilson PART I THE CRITERIA A Pareto Criterion and Compensation Principles 1. T. De Scitovszky (1941), ‘A Note on Welfare Propositions in Economics’ 2. Paul A. Samuelson (1950), ‘Evaluation of Real National Income’ 3. Vilfredo Pareto (1971), ‘Maximum Ophelimity’ B Compensation and its Shortcomings 4. Nicholas Kaldor (1939), ‘Welfare Propositions of Economics and Inter-Personal Comparisons of Utility’ 5. J.R. Hicks (1940), ‘The Valuation of Social Income’ 6. W.M. Gorman (1955), ‘The Intransitivity of Certain Criteria Used in Welfare Economics’ 7. John S. Chipman and James C. Moore (1973), ‘Aggregate Demand, Real National Income, and the Compensation Principle’ PART II FOUNDATIONS A General Treatment 8. Arnold C. Harberger (1971), ‘Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay’ 9. Martin S. Feldstein (1972), ‘Distributional Equity and the Optimal Structure of Public Prices’ 10. Robin W. Boadway (1974), ‘The Welfare Foundations of Cost–Benefit Analysis’ B Tools for Welfare Measurement: Single Consumer and Producer 11. J.R. Hicks (1943), ‘The Four Consumer’s Surpluses’ 12. E.J. Mishan (1959), ‘Communications: Rent as a Measure of Welfare Change’ 13. Robert D. Willig (1976), ‘Consumer’s Surplus Without Apology’ 14. Ezra J. Mishan (1977), ‘The Plain Truth About Consumer Surplus’ 15. Alan Randall and John R. Stoll (1980), ‘Consumer’s Surplus in Commodity Space’ PART III MANY-CONSUMER ECONOMIES A Aggregation of Welfare 16. Lord Robbins (1984), ‘Richard T. Ely Lecture: Economics and Political Economy’ and ‘The Significance of Economic Science’ 17. Abram Burk (1938), ‘A Reformulation of Certain Aspects of Welfare Economics’ 18. Paul A. Samuelson (1956), ‘Social Indifference Curves’ B Does Addition of Consumers’ and Producers’ Surpluses Add Up? 19. James E. Anderson (1974), ‘A Note on Welfare Surpluses and Gains From Trade in General Equilibrium’ 20. Richard Schmalensee (1976), ‘Another Look at the Social Valuation of Input Price Changes’ 21. Richard E. Just and Darrell L. Hueth (1979), ‘Welfare Measures in a Multimarket Framework’ 22. Neil Bruce and Richard G. Harris (1982), ‘Cost–Benefit Criteria and the Compensation Principle in Evaluating Small Projects’ PART IV CHOICE BETWEEN MARKET AND NON-MARKET ALLOCATION MECHANISMS 23. Clive Bull and Janusz A. Ordover (1987), ‘Market Structure and Optimal Management Organizations’ 24. R.H. Coase (1937), ‘The Nature of the Firm’ 25. Kenneth J. Arrow (1970), ‘The Organization of Economic Activity: Issues Pertinent to the Choice of Market Versus Nonmarket Allocation’ 26. Raaj Kumar Sah and Joseph E. Stiglitz (1986), ‘The Architecture of Economic Systems: Hierarchies and Polyarchies’ 27. Oskar Lange (1936-1937), ‘On the Economic Theory of Socialism’ 28. A.P. Lerner (1936-1937), ‘A Note on Socialist Economics’ PART V SECOND BEST ANALYSIS 30. Richard G. Lipsey and Kelvin Lancaster (1997), ‘The General Theory of Second Best’ 31. Otto A. Davis and Andrew B. Whinston (1965), ‘Welfare Economics and the Theory of Second Best’ 32. Jean-Jacques Laffont and Jean Tirole (1996), ‘Creating Competition Through Interconnection: Theory and Practice’ Name Index Volume II Acknowledgements An introduction and Preface by the editors to all three volumes appears in volume I PART I VIRTUES OF THE MARKET MECHANISM 1. Vilfredo Pareto (1972), excerpt from Manual of Political Economy 2. E. Barone (1935), ‘The Ministry of Production in the Collectivist State’ 3. A.C. Pigou, M.A. (1952), ‘Rates of Return and the Values of Marginal Private Net Products’ PART II PERFECT COMPETITION: THE FUNDAMENTAL THEOREMS OF WELFARE ECONOMICS A Basic Analysis and Results 4. Oscar Lange (1942), ‘The Foundations of Welfare Economics’ 5. Kenneth J. Arrow (1951), ‘An Extension of the Basic Theorems of Classical Welfare Economics’ 6. Tjalling C. Koopmans (1957), ‘Allocation of Resources and the Price System’ 7. Gerard Debreu (1959/1987), ‘Optimum’ B Application to Intertemporal Setting 8. Paul A. Samuelson (1958), ‘An Exact Consumption-Loan Model of Interest With or Without the Social Contrivance of Money’ 9. David Cass (1972), ‘On Capital Overaccumulation in the Aggregative, Neoclassical Model of Economic Growth: A Complete Characterization’ 10. K.J. Arrow (1964), ‘The Role of Securities in the Optimal Allocation of Risk-bearing’ 11. Oliver D. Hart (1975), ‘On the Optimality of Equilibrium when the Market Structure is Incomplete’ 12. Joseph E. Stiglitz (1982), ‘The Inefficiency of the Stock Market Equilibrium’ 13. John D. Geanakoplos and Heraklis M. Polemarchakis (1986), ‘Existence, Regularity, and Constrained Suboptimality of Competitive Allocations when the Asset Market is Incomplete’ PART III PUBLIC GOODS, EXTERNALITIES AND SCALE ECONOMIES A The Broad Issues 14. Francis M. Bator (1958), ‘The Anatomy of Market Failure’ B Externalities, Scale Economies and Nonconvexities 16. A.C. Pigou, M.A. (1912), ‘Hindrances to Equality of Marginal Net Products Due to Divergence Between Marginal Social Net Product and Marginal Private Net Product’ 17. Alfred Marshall (1920), excerpt from ‘Industrial Organization, Continued. Division of Labour. The Influence of Machinery’ and ‘Limitations of the Use of Statical Assumptions in Regard to Increasing Return’ 18. J.H. Clapham (1922), ‘Of Empty Economic Boxes’ 19. Donald J. Brown and Geoffrey Heal (1979), ‘Equity, Efficiency and Increasing Returns’ 20. William J. Baumol (1979), ‘Quasi Optimality: The Price We Must Pay for a Price System’ PART IV MONOPOLY AND IMPERFECT COMPETITION A General 21. A.C. Pigou, M.A. (1952), ‘Simple Monopoly’ and ‘Discriminating Monopoly’ 22. Joan Robinson (1972), ‘Comparisons of Monopoly and Competitive Output’ 23. Edward Chamberlin (1938), ‘Pure and Monopolistic Competition Compared’ 24. Michael Spence (1976), ‘Product Selection, Fixed Costs, and Monopolistic Competition’ B Social Costs of Monopoly 25. Arnold C. Harberger (1954), ‘Monopoly and Resource Allocation’ 26. Richard A. Posner (1975), ‘The Social Costs of Monopoly and Regulation’ 27. Gordon Tullock (1980), ‘Efficient Rent Seeking’ 28. Franklin M. Fisher (1985), ‘The Social Costs of Monopoly and Regulation: Posner Reconsidered’ PART V ASYMMETRIC AND IMPERFECT INFORMATION 29. George A. Akerlof (1970), ‘The Market for "Lemons": Quality Uncertainty and the Market Mechanism’ 30. Mark V. Pauly (1974), ‘Overinsurance and Public Provision of Insurance: The Roles of Moral Hazard and Adverse Selection’ 31. Charles A. Wilson (1979), ‘Equilibrium and Adverse Selection’ 32. Richard Arnott and Joseph Stiglitz (1990), ‘The Welfare Economics of Moral Hazard’ PART VI UNCERTAINTY 33. Frederick V. Waugh (1944), ‘Does the Consumer Benefit from Price Instability?’ 34. Walter Y. Oi (1961), ‘The Desirability of Price Instability Under Perfect Competition’ 35. Paul A. Samuelson (1972), ‘The Consumer Does Benefit From Feasible Price Stability’ 36. Stephen J. Turnovsky, Haim Shalit and Andrew Schmitz (1980), ‘Consumer’s Surplus, Price Instability, and Consumer Welfare’ Name Index Volume III Acknowledgements An introduction and preface by the editors to all three volumes appears in volume I PART I EXTERNALITIES AND PIGOUVIAN TAXATION 1. A.C. Pigou, M.A. (1952), excerpt from ‘Divergences Between Marginal Social Net Product and Marginal Private Net Product’ 2. J.E. Meade (1952), ‘External Economies and Diseconomies in Competitive Situation’ 3. R.H. Coase (1960), ‘The Problem of Social Cost’ 4. James M. Buchanan and Wm. Craig Stubblebine (1962), ‘Externality’ 5. William J. Baumol (1972), ‘On Taxation and the Control of Externalities’ 6. Martin L. Weitzman (1974), ‘Prices vs. Quantities’ 7. J.A. Ordover and R.D. Willig (1979), ‘The Role of Information in Designing Social Policy Towards Externalities’ 8. Dennis W. Carlton and Glenn C. Loury (1980), ‘The Limitations of Pigouvian Taxes as a Long-Run Remedy for Externalities’ PART II RAMSEY PRICING 9. F.P. Ramsey (1927), ‘A Contribution to the Theory of Taxation’ 10. M. Boiteux (1971), ‘On the Management of Public Monopolies Subject to Budgetary Constraints’ 11. William J. Baumol and David F. Bradford (1970), ‘Optimal Departures From Marginal Cost Pricing’ 12. Peter A. Diamond and James A. Mirrlees (1971), ‘Optimal Taxation and Public Production I: Production Efficiency’ 13. Peter A. Diamond and James A. Mirrlees (1971), ‘Optimal Taxation and Public Production II: Tax Rules’ PART III PREDATORY PRICING 14. Phillip Areeda and Donald F. Turner (1975), ‘Predatory Pricing and Related Practices Under Section 2 of the Sherman Act’ 15. Janusz A. Ordover and Robert D. Willig (1981), ‘An Economic Definition of Predation: Pricing and Product Innovation’ 16. William J. Baumol (1996), ‘Predation and the Logic of the Average Variable Cost Test’ PART IV REGULATION OF PRICES A Traditional Regulation 17. Harvey Averch and Leland L. Johnson (1962), ‘Behavior of the Firm Under Regulatory Constraint’ 18. Alfred E. Kahn (1989), ‘The Traditional Issues in the Pricing of Public Utility Services’ B Efficient Regulation, Stand-alone Cost Ceilings, and Price Caps 19. Harold Demsetz (1968), ‘Why Regulate Utilities?’ 20. Ingo Vogelsang and Jörg Finsinger (1979), ‘A Regulatory Adjustment Process for Optimal Pricing by Multiproduct Monopoly Firms’ 21. William J. Baumol (1982), ‘Productivity Incentive Clauses and Rate Adjustment for Inflation’ 22. Stephen C. Littlechild (1983), Regulation of British Telecommunications’ Profitability 23. William J. Baumol and Robert D. Willig (1986), ‘Contestability: Developments Since the Book’ 24. Jean-Jacques Laffont and Jean Tirole (1990), ‘The Regulation of Multiproduct Firms – Part I: Theory’ and ‘The Regulation of Multiproduct Firms – Part II: Applications to Competitive Environments and Policy Analysis’ C Pricing of Bottleneck Inputs 25. Robert D. Willig (1979), ‘The Theory of Network Access Pricing’ 26. William J. Baumol (1999), ‘Having Your Cake: How to Preserve Universal-Service Cross Subsidies While Facilitating Competitive Entry’ Name Index

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Book SynopsisEconomic theorists and finance practitioners alike turn to the seminal work of Wallace E. Oates for a systematic statement of the economic principles of fiscal federalism. In this book, Professor Oates provides an overview of fiscal federalism and analyses specific problems in a selection of his most important articles and papers. This collection includes many pieces which are not readily accessible.The papers in this volume constitute a basic reference for current discussion of the evolution both of national fiscal systems and of the fiscal structure of the European Community and other supranational organizations. The range of approaches and quality of argument will ensure that the book becomes a central reference point for the continued discussion of this important topic.Trade Review'Over the past 25 years Wallace Oates has been the principal intellectual leader in the field of fiscal federalism. All his contributions have had a significant impact upon the direction of research not only in the US but also world-wide. Anyone who is interested in teaching or researching topics within the area of fiscal federalism must begin with the works of Wallace Oates. This volume assembles Wallace Oates's principal papers, making them easily accessible. Whether they are read for the first time or for a second or third time they are stimulating and a joy to digest.' -- P.M. Jackson, University of Leicester, UKTable of ContentsContents: Part I: Fiscal Federalism: An Overview Part II: The Roles of Different Levels of Government Part III: Intergovernmental Grants and Revenue Sharing Part IV: The Provision of Local Public Goods Part V: Capitalization and Local Finance Part VI: Public Choice and Fiscal Federalism

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Book SynopsisAt a time when there is growing concern in many countries over the funding of expanding public sectors, this important new book brings together leading specialists in public finance to re-examine the economics of public sector growth. Several chapters document changes in the size of the public sector over recent decades for major OECD and Third World economies. Subsequent chapters then explore prominent explanations including public choice perspectives, bureaucracy models, relative price effects and Wagner's Law, and assess their contribution to current knowledge. The book also provides a number of new case studies of specific government activities - education, health and social security.Trade Review'. . . provides a useful and readable overview of developments in this area . . .' -- Peter Else, The Economic Journal'One leaves this volume with a better understanding of the multifaceted nature of public sector growth'. -- David Schap, The Southern Economic Journal'This important collection offers new insights into the growth of the public sector (especially changes in public expenditure) that has fascinated economists from the time of Adam Smith.' -- Abstracts of Public Administration, Development and Environment'Those working with the development of the public sector should certainly add the book to their library. . .' -- Martin Paldam, The World EconomyTable of ContentsThe public sector - definition and measurement issues, Norman Gemmell; recent trends in the size and growth of government in OECD countries, Peter Saunders; recent trends in the size and growth of government in developing countries, David Lim; the Peacock-Wiseman hypothesis, Magnus Henrekson; public expenditure and political progress, Alan Hamlin; the economics of bureaucracy, John G. Cullis and Philip R. Jones; Wagner's Law and Musgrave's Hypothesis, Norman Gemmell; modelling public expenditure growth - an integrated approach, Peter Jackson; government consumption - effects on productivity, growth and investment, Steve Dowrick; social security expenditure, John Creedy; health care expenditure, David K. Whynes; higher education expenditure, Paul Ryan; the political economy of public sector growth in the United States, Terry L. Anderson and Thomas Stratmann; the public sector in Australia - a quantitative analysis, Franz Hackl, Friedrich Schneider and Glenn Withers.

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Book SynopsisAngus Maddison has made a major contribution to our understanding of the comparative, historical and quantitative aspects of economic growth. This important collection of his work - including a number of original new essays - offers an authoritative analysis of the economic performance of nations. Drawing extensively on quantitative and qualitative evidence, Professor Maddison provides a clear view of why growth rates differ, why real income and productivity spreads are so wide, and why the pace of growth has varied over time. The first section features essays which provide an analytical framework for causal analysis of growth performance, this is followed by papers on investment and capital stock estimation, savings behaviour and measurement of economic performance levels. There are three essays on the roots of economic 'backwardness' and the final section deals with the effect of economic and social policy on the performance of advanced capitalist countries. These essays offer a depth of historical and interspatial perspective which is unrivalled. In addition to focusing on the influences of institutions, ideology and colonialism, Professor Maddison's analysis makes sophisticated use of the growth accounting approach. A specially-written autobiographical essay has also been included.Trade Review'. . . this book is highly recommended. It is thoroughly researched, well-written and covers interesting ground. The final, autobiographical chapter is well worth reading: Maddison has had a far more varied and at times dramatic career than most economists could ever hope for.'Table of ContentsContents: Introduction Part I: Analytic Frameworks for Explaining Economics Growth Part II: Investment, Capital Stock and Saving Part III: Measuring Levels of Performance Part IV: The Roots of Economic Backwardness Part V: The Role of Government Policy in the Performance of Advanced Capitalist Countries Part VI: Confessions of a Chiffrephile

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Book SynopsisThe Foundations of Public Finance presents the most important articles and papers tracing the development of public finance from the earliest tolls and customs duties levied on goods and land to more complex tax systems up to 1950.A signal contribution of this collection is that it allows the founding fathers to describe the development of different schools or doctrines in their own words. It is a fascinating story showing how economic analysis develops partly as a response to the need to gain a deeper insight into practical questions such as 'how progressive should a tax systems be?'.The volume is a companion to and complements Modern Public Finance edited by A.B. Atkinson (also in The International Library of Critical Writings in Economics series) which covers the recent developments in public finance from 1950.

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Book SynopsisThis major new reference collection reprints the most important published papers on the problems of war finance under varying constraints imposed by institutions, technology, geography, and strategy from the time of Alexander the Great to the Gulf War in 1991. Larry Neal has written a new comprehensive introduction to accompany the volumes.Table of ContentsVolume I War from antiquity to artillery: the wars of antiquity; the wars of the Middle Ages; the wars of Early Modern Europe. Volume II War in the 18th and 19th centuries: war of League of Augsburg and war of the Spanish Succession; Seven Years War; American War of Independence; the wars of the Modern Age - French Revolution and Napoleonic Wars, Crimean War. Volume III War in the 20th century: World War I; World War II; Korean War; the Cold War; the Gulf War.

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Book SynopsisPopulation ageing has been the subject of much discussion in recent years, often expressed in alarmist language that advocates evasive policy action to avert an imminent demographic crisis. This forward-looking book evaluates the debates surrounding population ageing and offers a more optimistic outlook on its effect on the economy.William Jackson initially considers general theoretical approaches to population ageing, particularly in relation to the rising dependency burden. He then goes on to examine traditional topics such as employment, productivity, pensions and social security, along with less traditional topics such as informal care, within the context of long-run structural changes. The author draws on an extensive range of economic literature and considers neoclassical arguments before analysing the issue from a non-neoclassical economic, social gerontological and sociological perspective. He maintains that conventional economic theory tends to overstate the effects of population ageing on the economy. Thus, he argues that while population ageing is a complex issue requiring some policy adjustments, it is a less acute problem than is suggested in popular and academic discussion.This book will be of great importance to scholars and students with an interest in population economics and the economics of social policy.Trade Review'. . . the new book by William Jackson brings a breath of fresh air . . . One of the main merits of this book is the breadth of issues and areas covered . . . The author draws on extensive literature, and presents a wide range of views, opinions and theories. This makes the book useful for both specialists, who follow closely the field, and for students and those just entering the discipline, who are in need of a text presenting a broad overview of the issues involved in population ageing . . . Overall, this is a thought-provoking book, which offers an alternative view on the economic and social implications of population ageing, and is therefore a valuable addition to the literature on the subject.'Table of ContentsContents: 1. Introduction 2. Ageing and Dependency 3. Population Ageing and Neoclassical Economics 4. Alternative views of Population Ageing 5. Productivity and Employment 6. Pensions and Retirement 7. Health Care and Social Services 8. Informal Economic Activity 9. Conclusion

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Book SynopsisPublic administration is under increasing pressure to become more efficient, better geared to the demands and opinions of citizens, more open to contacts with transnational bureaucracies, and more responsive to the ideas of elected policymakers. Bureaucracy in the Modern State offers a comparative analysis of how these challenges affect public administration in France, the United States, Germany, Japan, Britain, Sweden and the developing countries of the Third World. Specialist chapters written by acknowledged experts on the public policy of each country are brought together in a comparative framework in order to assess the impact of recent changes on the relationship between policy makers and the civil service, and the organizational challenges presented by the introduction of market-based ideology. Assessing public administration from a state-society perspective, the authors focus on four basic factors which they believe determine the role of the bureaucracy in modern societies: the configuration of the state, the relationship between policymakers and the bureaucracy, the internal organizational dynamics of the bureaucracy, and the relationship between the public bureaucracy and civil society. A special analysis of the relationship between domestic and transnational bureaucracies is also included, with particular reference made to the European Union. Addressing one of the key public policy issues of our time, this book will be widely used by teachers, students and researchers who will welcome the combination of in-depth studies of selected countries, from capitalist democracies to developing countries, with an authoritative comparative analysis held together by a distinct theoretical framework.Trade Review'Offering a broad geographical coverage and a comprehensive and well informed treatment of each national case, this book is an important contribution to the comparative understanding of the challenges facing public administration in the 1990s.' -- Wyn Grant, University of Warwick, UK'. . . is accessible, interesting and extremely useful to all social scientists with interests in this field.' -- Steve Molloy, Reviewing SociologyTable of ContentsComparative public administration - the state of the art, Jon Pierre; buureaucracy in a divided regime - the United States, B. Guy Peters; public administration at the crossroads - the end of the French specificity, Luc Rouban; public administration in Germany - political societal relations, Hans-Ulrich Derlien; "deprivileging" the UK civil service in the 1980s - dream or reality, Christopher Hood; Japan - divided bureaucrcy in a unified regime, Ellis S. Kraus; governing the welfare state - public administration, the state and society in Sweden, Jon Pierre; public administration in developing countries - Kenya and Tanzania in comparative comparative perspective, Goran Hyden; the Europeanization of the national bureaucracies?, Edward C. Page and Linda Wouters; conclusions - a framework of comparative public administration, Jon Pierre.

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Book SynopsisHousing is an important commodity in the national accounts of all countries and has generated a high quality specialised literature. The papers in this scholarly collection span a thirty-five year period from 1960 when the field of housing economics was just beginning to attract attention. Topics covered include housing and urban spatial structures, housing supply, the analysis of housing demand and empirical and theoretical studies of housing quality and prices. One of the features which complicates economic analysis of housing is the severe regulation of the housing and land markets; the implications of such controls, including rent control, local taxes and housing subsidies are investigated, as are the effects of property taxes and the provision of public services on housing choice. The articles in the final section cover recent research on the linkage between housing markets and financial markets, a subject which is currently of intense interest to economists in this field.Trade Review'These two volumes contain an outstanding collection of the most notable academic papers on housing and related urban issues. . . . a treasure trove. . . . it is a collection that I am destined to spend many hours pondering. Quigley's expertise and evenhandedness provides insurance that they will be hours well spent.' -- Frank Braconi, Citiges Housing of Planning Council of New York 'The collection covers the main topics that one would expect to find in any textbook on housing economics. . .'– Christine Whitehead, Housing StudiesTable of ContentsContents: Volume I: Introduction Part I: Housing and Urban Spacial Structure Part II: Housing Supply and Filtering Part III: Housing Demand Part IV: Housing Prices: Measurement and Interpretation Part V: Hedonic Markets and Housing Choice • Volume II: Part I: Tenure Choice and Homeownership Part II: Regulation in the Housing and Land Markets Part III: Housing Subsidy Policy Part IV: Housing Market Discrimination Part V: Local Taxes, Amenities, and Property Values Part VI: Risk, Mortgage, and Financial Markets

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Book SynopsisThis two volume set includes the most influential writings on international debt. In addition to essential early material, the editors have assembled the key contributions written during the unfolding of the modern international debt drama from the early 1970s. An introductory chapter by the editors explains the context and order in which the writings are presented. In particular, the individual contributions are grouped under sequential headings which are intended to draw out key themes and relationships between the concerns of the original authors. This collection reflects clearly the interaction between the evolution of the international policy debate and the development of major analytical insights on the debt problem and its resolution.Trade Review'Bird and Snowden have provided a useful service in pulling together a good selection of material which would otherwise be hard to find. These volumes will be particularly valuable to students and teachers of international economics.' -- Andrew Kilpatrick, The Economic JournalTable of ContentsPART I MOTIVES FOR BORROWING AND DEBT SERVICE CAPACITY 1. J. Eaton and M. Gersovitz (1981), ‘Private Lending with Potential Default: An Analytical Framework’ 2. Jeffrey Sachs (1984), ‘Theoretical Issues in International Borrowing’ 3. Jonathan Eaton and Mark Gersovitz (19980), ‘LDC Participation in International Financial Markets: Debt and Reserves’ PART II LENDING RISKS; DEFAULT PROBABILITIES, CREDIT RATIONING AND BANK BEHAVIOUR 4. Dwight M. Jaffee and Thomas Russell(1976), ‘Imperfect Information, Uncertainty, and Credit Rationing’ 5. Joseph E. Stiglitz and Andrew Weiss (1981), ‘Credit Rationing in Markets with Imperfect Information’ 6. Jonathan Eaton and Mark Gersovitz (1981), ‘Debt with Potential Repudiation: Theoretical and Empirical Analysis’ 7. Kenneth M. Kletzer (1984), ‘Asymmetries of Information and LDC Borrowing with Sovereign Risk’ 8. Gershon Feder and Richard E. Just (1977), ‘A Study of Debt Servicing Capacity Applying Logit Analysis’ 9. Sebastian Edwards (1984), ‘LDC Foreign Borrowing and Default Risk: An Empirical Investigation, 1976-1980’ PART III BORROWER AND LENDER MISCALCULATIONS IN THE 1970S AND 1980S 10. Andrew Berg and Jeffrey Sachs (1988), ‘The Debt Crisis: Structural Explanations of Country Performance’ 11. Rudiger Dornbusch (1985), ‘External Debt, Budget Deficits, and Disequilibrium Exchange Rates’ 12. Carlos F. Dinaz-Alejandro (1984), ‘Latin American Debt: I Don’t Think We Are in Kansas Anymore’ 13. Richard N. Cooper and Jeffrey D. Sachs (1985), ‘Borrowing Myopia in International Banking’ VOLUME II PART I CRISIS: RE-EMERGENCE OF THE TRANSFER PROBLEM AND THE 1930S PARALLEL 1. J. M. Keynes (1929), ‘The German Transfer Problem’ 2. Evsey D. Domar (1957), ‘The “Burden of the Debt” and the National Income’ 3. Rudiger Dornbusch (1985), ‘Policy and Performance Links between LDC Debtors and Industrial Nations’ 4. William R. Cline (1983), ‘International Debt and the Stability of the World Economy’ 5. Barry Eichengreen and Richard Portes (1986), ‘Debt and Default in the 1930s: Causes and Consequences’ PART II STRATEGIC BEHAVIOUR BY BORROWERS AND LENDERS 6. Paul Krugman (1985), ‘International Debt Strategies in an Uncertain World’ 7. Jeremy Bulow and Kenneth Rogoff (1989), ‘A Constant Recontracting Model of Sovereign Debt’ 8. Jeffrey Sachs and Harry Huizinga (1987), ‘U. S. Commercial Banks and the Developing-Country Debt Crisis’ PART III DEBT RESCHEDULING, BUY-BACKS, RELIEF AND REDUCTION 9. W. Max Corden (1989), ‘Debt Relief and Adjustment Incentives’ 10. Paul Krugman (1988), ‘Financing vs. Forgiving a Debt Overhang’ 11. Paul R. Krugman (1989), ‘Market-Based Debt-Reduction Schemes’ 12. Graham Bird (1987), ‘Debt Swapping in Developing Countries: A Preliminary Investigation’ 13. Michael P. Dooley (1988), ‘Buy-Backs and Market Valuation of External Debt’ 14. Michael P. Dooley (1988), ‘Self-Financed Buy-Backs and Asset Exchanges’ 15. Jeremy Bulow and Kenneth Rogoff (1988), ‘The Buyback Boondoggle’ PART IV SOLUTIONS: COMPREHENSIVE SCHEMES AND APPROPRIATE PRIVATE FINANCE 16. W. Max Corden (1988), ‘An International Debt Facility?’ 17. Donald R. Lessard (1989), ‘Beyond the Debt Crisis: Alternative Forms of Financing Growth’

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Book SynopsisThe Public Choice Approach to Politics presents some of Dennis Mueller's most important contributions to public choice and public economics. Employing the contractarian-constitutional methodology of public choice, Professor Mueller examines the properties of several voting methods and representation systems as well as questions of equity and justice. Constitutional issues, such as the nature of constitutional rights and the elements for an ideal constitution, are also addressed. The essays in this collection include discussions of Pareto optimal redistribution, the redistribution over time of the benefits from collective action, Rawls's social contract, the social discount rate, and the relationship between contractarianism and different concepts of morality. The volume also includes chapters on the methodology of public choice, the work of James Buchanan and the Virginia School and a survey of the public choice literature.This book brings together in one place Dennis Mueller's key articles and papers on public choice, making it of interest to all economists and political scientists working in this area, as well as to sociologists, philosophers and lawyers.Trade Review'Dennis Mueller has played a significant part in the development of public choice, and this volume pays a fitting tribute to that contribution.' -- Alan Hamlin, The Economic Journal

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Book SynopsisRecent Developments in the Economics of Education collects together the most important contributions in this rapidly developing field. Themes covered in this book include: efficiency and equity, externalities and the role of the government in providing education, the relationship between the markets for labour and education, cost functions in the education sector, the market for educators, and the economics of school choice. This volume complements an earlier volume in the series, The Economic Value of Education, edited by Mark Blaug.Trade Review'. . . a useful reference volume in which a good proportion of the more important and durable articles in the economics of education of the past 10 years will be available to students in a readily accessible form.'Table of ContentsPART I ISSUES OF EFFICIENCY AND EQUITY 1. Kenneth J. Arrow (1993), ‘Excellence and Equity in Higher Education’ 2. Henry M. Levin (1990), ‘The Economics of Justice in Education’ 3. Evert van Imhoff (1989), ‘Optimal Investment in Human Capital Under Conditions of Nonstable Population’ PART II EXTERNALITIES AND THE ROLE OF GOVERNMENT SUBSIDIES 4. David A. Kodde and Josef M.M. Ritzen (1985), ‘The Demand for Education Under Capital Market Imperfections’ 5. George E. Johnson (1984), ‘Subsidies for Higher Education’ 6. John M. Hartwick (1992), ‘Endogenous Growth with Public Education’ 7. John Creedy and Patrick François (1992), ‘Higher Education and Progressive Taxation: Equity, Efficiency and Majority Voting’ 8. Kjell Erik Lommerud (1989), ‘Educational Subsidies When Relative Income Matters’ 9. Martin Weale (1992), ‘Externalities from Education’ 10. Adam B. Jaffe (1989), ‘Real Effects of Academic Research’ 11. Robert H. Haveman and Barbara L. Wolfe (1984), ‘Schooling and Economic Well-Being: The Role of Nonmarket Effects’ 12. Edward T. Gullason (1989), ‘The Consumption Value of Schooling: An Empirical Estimate of One Aspect’ 13. Michael S. McPherson and Morton Owen Schapiro (1991), ‘Does Student Aid Affect College Enrollment? New Evidence on a Persistent Controversy’ 14. Elchanan Cohn and Sherrie L.W. Rhine (1989), ‘Foregone Earnings of College Students in the U.S. , 1970 and 1979: A Microanalytic Approach’ PART III ECONOMICS OF SCHOOL CHOICE 15. Edwin G. West (1991), ‘Public Schools and Excess Burdens’ 16. John E. Chubb and Terry M. Moe (1988), ‘Politics, Markets, and the Organization of Schools’ 17. Henry M. Levin (1991), ‘The Economics of Educational Choice’ PART IV THE COSTS OF PROVIDING EDUCATIONAL SERVICES 18. Paul T. Brinkman and Larry L. Leslie (1986), ‘Economies of Scale in Higher Education: Sixty Years of Research’ 19. Mun C. Tsang (1988), ‘Cost Analysis for Educational Policymaking: A Review of Cost Studies in Education in Developing Countries’ 20. Emmanuel Jimenez (1986), ‘The Structure of Educational Costs: Multiproduct Cost Functions for Primary and Secondary Schools in Latin America’ 21. Elchanan Cohn, Sherrie L.W. Rhine and Maria C. Santos (1989), ‘Institutions of Higher Education as Multi-Product Firms: Economies of Scale and Scope’ 22. Hans de Groot, Walter W. McMahon and J. Fredericks Volkwein (1991), ‘The Cost Structure of American Research Universities’ 23. Partha Dasgupta and Eric Maskin (1987), ‘The Simple Economics of Research Portfolios’ PART V LINKS BETWEEN EDUCATION AND THE LABOUR MARKET 24. Walter W. McMahon (1991), ‘Relative Returns to Human and Physical Capital in the U.S. and Efficient Investment Strategies’ 25. Kevin M. Murphy and Finis Welch (1992), ‘The Structure of Wages’ 26. Nachum Sicherman (1991), ‘“Overeducation” in the Labor Market’ 27. Mun C. Tsang, Russell W. Rumberger and Henry M. Levin (1991), ‘The Impact of Surplus Schooling on Worker Productivity’ 28. Keith Whitfield and R.A. Wilson (1991), ‘Staying on in Full-Time Education: The Education Participation Rate of 16-year-olds’ 29. David Card and Alan B. Krueger (1992), ‘Does School Quality Matter? Returns to Education and the Characteristics of Public Schools in the United States’ 30. John H. Bishop (1989), ‘Is the Test Score Decline Responsible for the Productivity Growth Decline?’ PART VI THE MARKET FOR EDUCATORS 31. Peter J. Dolton (1990), ‘The Economics of UK Teacher Supply: The Graduate’s Decision’ 32. Richard J. Murnane and Randall J. Olsen (1990), ‘The Effects of Salaries and Opportunity Costs on Length of Stay in Teaching: Evidence from North Carolina’ 33. Ronald Ehrenberg, Hirschel Kasper and Daniel Rees (1991), ‘Faculty Turnover at American Colleges and Universities: Analyses of AAUP Data’ 34. H. Lorne Carmichael (1988), ‘Incentives in Academics: Why Is There Tenure?’

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Book SynopsisThe election of the Clinton administration in the United States and the debate in the European Community about the consequences of the industrial policy clause in the Maastricht treaty have put industrial policy back on the academic and political agenda again. This volume brings together the key articles on industrial policy, ranging from general theoretical perspectives and overviews of the literature to studies of the experience of particular countries, including Japan and the newly industrialising countries of East Asia. Four articles are concerned with the industrial programmes of the European Community. This is a comprehensive and authoritative compilation of work on a theme of interest to economists and political scientists.Table of ContentsContents: Acknowledgements Introduction Part I: Overviews and Theoretical Perspectives 1. S. Wilks (1986), ‘Government-Industry Relations: A Review Article’ 2. M. Wright (1988), ‘Policy Community, Policy Network and Comparative Industrial Policies’ 3. M.M. Atkinson and W.D. Coleman (1989), ‘Strong States and Weak States; Sectoral Policy Networks in Advanced Capitalist Economies’ 4. J.A. Hart (1992), ‘The Effects of State-Societal Arrangements on International Competitiveness; Steel, Motor Vehicles and Semiconductors in the United States, Japan and Western Europe’ Part II Industrial Policies in European Countries 5. Nick Crafts (1991), ‘Reversing Relative Economic Decline? The 1980s in Historical Perspective’ 6. C. Deubner (1984), ‘Change and Internationalization in Industry: Toward a Sectoral Interpretation of West German Politics’ 7. S. Wilks (1984), ‘The Practice of the Theory of Industrial Adaptation in Britain and West Germany’ 8. K. Morgan and D. Webber (1986), ‘Divergent Paths: Political Strategies for Telecommunications in Britain, France and West Germany’ Part III The United States 9. W.E. Hudson (1985), ‘The Feasibility of a Comprehensive U.S. Industrial Policy’ 10. R.D. Norton (1986), ‘Industrial Policy and American Renewal’ 11. P. Eisinger (1990), ‘Do the American States Do Industrial Policy?’ 12. R.B. Reich (1990), ‘Who Is Us?’ Part IV Japan And The East Asian NICs 13. E. S. Krauss (1992), ‘Political Economy: Policymaking and Industrial Policy in Japan’ 14. R. Boyd (1989), ‘The Political Mechanics of Consensus in the Industrial Policy Process: The Shipbuilding Industry in the Face of Crisis, 1973–1978’ 15. R. Sarathy (1989), ‘The Interplay of Industrial Policy and International Strategy: Japan’s Machine Tool Industry’ 16. H. Kitschelt (1991), ‘Industrial Governance Structures, Innovation Strategies, and the Case of Japan: Sectoral or Cross-National Comparative Analysis?’ 17. Y.-H. Chu (1989), ‘State Structure and Economic Adjustment of the East Asian Newly Industrializing Countries’ 18. R. Wade (1992), ‘Review Article: East Asia’s Economic Success: Conflicting Perspective, Partial Insights, Shaky Evidence’ Part V The European Community 19. P.A. Geroski (1989), ‘European Industrial Policy and Industrial Policy in Europe’ 20. M. Sharpe (1987), ‘Europe: Collaboration in the High Technology Sectors’ 21. J. Peterson (1991), ‘Technology Policy in Europe: Explaining the Framework Programme and Eureka in Theory and Practice’ 22. W. Sandholtz (1992), ‘ESPRIT and the Politics of International Collective Action’ Name Index

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Book SynopsisThis volume provides the most important essays and papers on urban and regional policy, making it a convenient summary of the key theories, approaches and research results.The study of sub-national politics is no longer mainly concerned with the urban political decision-making process and now focuses on the political, economic and social preconditions for urban policy. As the articles and papers reprinted in this volume demonstrate, local and regional politics are increasingly important features of most Western democracies. Economic and political life are more and more determined by changes occurring at the local, regional and global levels rather than at the national level. This volume seeks to cover the most important elements of research on local government with a particular emphasis on different approaches and theories of urban political economy. The volume covers, in turn, the study of urban politics and government, theories of local government, central-local relationships and local autonomy, local politics, the political economy of local government and regional policy.Table of ContentsContents: Acknowledgements Introduction Part I: Urban Policy A. Theories of Local Government 1. E. Page (1982), ‘The Value of Local Autonomy’ 2. L.J. Sharpe (1970), ‘Theories and Values of Local Government’ 3. M. Goldsmith (1992), ‘Local Government’ 4. R.A. Dahl (1967), ‘The City in the Future of Democracy’ 5. M. Dear (1981), ‘A Theory of the Local State’ 6. A. Kirby (1989),‘State, Local State, Context, and Spatiality: A Reappraisal of State Theory’ 7. D. Ashford (1975), ‘Theories of Local Government: Some Comparative Considerations’ B. Central–Local Relationships and Local Autonomy 8. L.J. Sharpe (1988), ‘The Growth and Decentralisation of the Modern Democratic State’ 9. E.C. Page and M.J. Goldsmith (1987), ‘Centre and Locality: Explaining Crossnational Variation’. 10. D.S. King (1987), ‘The State, Capital and Urban Change in Britain’ 11. R. Warren (1990), ’National Urban Policy and the Local State: Paradoxes of Meaning, Action, and Consequences’ 12. R. Hambleton (1989), ‘Urban Government under Thatcher and Reagan’ C. Local Politics 13. P. Bachrach and M.S. Baratz (1962), ‘Two Faces of Power’ 14. K. Newton (1982), ‘Is Small Really so Beautiful? Is Big Really so Ugly? Size, Effectiveness, and Democracy in Local Government’ 15. C.N. Stone (1980), ‘Systemic Power in Community Decision Making: A Restatement of Stratification Theory’ 16. K. Newton and L.J. Sharpe (1977), ‘Local Outputs Research: Some Reflections and Proposals’ D. The Political Economy of Local Government: The Politics of Place 17. C.M. Tiebout (1956), ‘A Pure Theory of Local Expenditure’ 18. P.E. Peterson (1979), ‘A Unitary Models of Local Taxation and Expenditure Policies in the United States’ 19. H. Molotch (1976), ‘The City as a Growth Machine: Toward a Political Economy of Place’ 20. G. Stoker (1992), ‘The Comparative Study of Urban Regimes’. 21. T. Swanstrom (1988), ‘Semisovereign Cities: The Politics of Urban Development’ 22. P. Kantor (1987), ‘The Dependent City: The Changing Political Economy of Urban Economic Development in the United States’ 23. H. Molotch (1990), ‘Urban Deals in Comparative Perspective’ Part II: Regional Policy 24. R.D.P. Smith (1968), ‘The Changing Urban Hierarchy’ 25. M. Keating (1988), ‘Does Regional Government Work? The Experience of Italy, France and Spain’ 26. D. Massey (1979), ‘In What Sense a Regional Problem?’ 27. M. Chisholm (1985), ‘De-Industrialisation and British Regional Policy’ 28. J.N. Marshall (1985), ’Business Services, the Regions and Regional Policy’ 29. C.F. Sabel (1989), ‘Flexible Specialisation and the Re-emergence of Regional Economies’ 30. A.R. Markusen and V. Carlson (1989), ’Deindustrialization in the American Midwest: Causes and Responses’ Name Index

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Book SynopsisThe debate regarding the increased funding of higher education has focused on specific issues - such as whether higher education should be financed through general taxation and the implications of collecting fees later in life through the use of a tax surcharge - while largely ignoring the important economic interdependencies which affect them.In The Economics of Higher Education, John Creedy explores the economic foundations of the debate and focuses attention on the process of government decision-making including the precise way that these decisions are affected by the possible external effects of higher education. This book addresses the key issues in the debate using a fully specified model which allows for dispersion of abilities, the individual’s decision to invest in higher education and the government’s choice of higher education grant, along with the government’s budget constraint. This model is also used to consider the effects of alternative tax and grant systems on the distribution of lifetime income within a cohort of individuals, and is extended to allow for the general equilibrium effects of other social transfers to the low paid, along with means testing of grants.The non-technical introduction discusses the author’s approach, the framework of analysis and the conclusions which he has reached. As a rigorous analytical contribution to a major public policy debate, this book will be welcomed by policymakers and educationalists, as well as by teachers and researchers in the field of public economics.Trade Review’John Creedy provides a highly rigorous technical analysis. . .’Table of ContentsContents: 1. Introduction 2. A General Framework of Analysis 3. Extensions to the Model 4. Majority Voting Over Progressive Taxation 5. Higher Education and Progressive Taxation 6. Further Extensions of the Model 7. Higher Education and Inequality 8. The Use of a Tax Surcharge 9. Conclusion References Index

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Book SynopsisThis three-volume set presents over 100 of the most influential articles in defence economics, which have been selected for their enduring value and importance and for their contribution to an understanding of the field.Topics covered in volume I include definitions of the field of defence economics, an examination of the demand side of defence economics, including the demand for military expenditures and the study of alliances, and an exploration of the impacts of defence spending on growth and development. Volume II examines the supply side of the subject, and covers the military production function, military personnel and weapon procurement. The supply side is further addressed in Volume III, which covers the defence industrial base, learning curves, costs, pricing and profits, industrial policies and the arms trade. This volume also discusses disarmament, conversion, peace and public policy and concludes with a section on non-conventional conflicts such as terrorism, insurrections and revolutions.Table of ContentsContents: Volume I Acknowledgements Introduction Keith Hartley and Todd Sandler PART I INTRODUCTION: DEFENCE ECONOMICS – AN OVERVIEW 1. Michael D. Intriligator (1990), ‘On the Nature and Scope of Defence Economics’ 2. Judith Reppy (1991), ‘On the Nature and Scope of Defence Economics: A Comment’ 3. Michael D. Intriligator (1991), ‘On the Nature and Scope of Defence Economics: A Reply to Judith Reppy’s Comment’ 4. M.W. Jones-Lee (1990), ‘Defence Expenditure and the Economics of Safety’ 5. W. Grigor McClelland (1990), ‘Defence Expenditure and the Economics of Safety: A Comment’ 6. M.W. Jones-Lee (1990), ‘Defence Expenditure and the Economics of Safety: Reply’ 7. Walter Isard (1994), ‘Peace Economics: A Beginning at Definition’ PART II DEMAND, ARMS RACES AND ALLIANCES A The Demand for Military Expenditure 8. Leonard Dudley and Claude Montmarquette (1981), ‘The Demand for Military Expenditures: An International Comparison’ 9. James C. Murdoch and Todd Sandler (1984), ‘Complementarity, Free Riding, and the Military Expenditures of NATO Allies’ 10. R.P. Smith (1989), ‘Models of Military Expenditure’ 11. Minoru Okamura (1991), ‘Estimating the Impact of the Soviet Union’s Threat on the United States–Japan Alliance: A Demand System Approach’ B Arms Races 12. Lewis F. Richardson (1953), ‘The Submissiveness of Nations’ 13. Anatol Rapoport (1957), ‘Lewis F. Richardson’s Mathematical Theory of War’ 14. Stephen A. Richardson (1957), ‘Lewis Fry Richardson (1881–1953): A Personal Biography’ 15. Robert P. Abelson (1963), ‘A “Derivation” of Richardson’s Equations’ 16. Michael D. Intriligator (1975), ‘Strategic Considerations in the Richardson Model of Arms Races’ 17. Martin McGuire (1977), ‘A Quantitative Study of the Strategic Arms Race in the Missile Age’ 18. Michael D. Intriligator and Dagobert L. Brito (1984), ‘Can Arms Races Lead to the Outbreak of War?’ 19. Thomas F. Mayer (1986), ‘Arms Races and War Initiation: Some Alternatives to the Intriligator-Brito Model’ 20. J.D. Byers and D.A. Peel (1989), ‘The Determinants of Arms Expenditures of NATO and the Warsaw Pact: Some Further Evidence’ 21. Charles H. Anderton (1990), ‘Teaching Arms-Race Concepts in Intermediate Microeconomics’ C Alliances 22. Mancur Olson, Jr. and Richard Zeckhauser (1966), ‘An Economic Theory of Alliances’ 23. Jacques van Ypersele de Strihou (1967), ‘Sharing the Defense Burden Among Western Allies’ 24. Harvey Starr (1974), ‘A Collective Goods Analysis of the Warsaw Pact after Czechoslovakia’ 25. Todd Sandler (1977), ‘Impurity of Defense: An Application to the Economics of Alliances’ 26. Todd Sandler and John F. Forbes (1980), ‘Burden Sharing, Strategy, and the Design of NATO’ 27. Martin C. McGuire (1982), ‘U.S. Assistance, Israeli Allocation, and the Arms Race in the Middle East’ 28. Mark A. Boyer (1989), ‘Trading Public Goods in the Western Alliance System’ PART III IMPACTS OF MILITARY EXPENDITURE: GROWTH, DEVELOPMENT AND MILITARY EXPENDITURE 29. Emile Benoit (1978), ‘Growth and Defense in Developing Countries’ 30. Ronald P. Smith (1980), ‘Military Expenditure and Investment in OECD Countries, 1954–1973’ 31. Gershon Feder (1982), ‘On Exports and Economic Growth’ 32. Ådne Cappelen, Nils Petter Gleditsch and Olav Bjerkholt (1984), ‘Military Spending and Economic Growth in the OECD Countries’ 33. Rati Ram (1986), ‘Government Size and Economic Growth: A New Framework and Some Evidence from Cross-Section and Time-Series Data’ 34. W. Robert J. Alexander (1990), ‘The Impact of Defence Spending on Economic Growth: A Multi-Sectoral Approach to Defence Spending and Economic Growth with Evidence from Developed Economies’ 35. Elizabeth S. Macnair, James C. Murdoch, Chung-Ron Pi and Todd Sandler (1995), ‘Growth and Defense: Pooled Estimates for the NATO Alliance, 1951–1988’ Name Index Volume II Acknowledgements An introduction by the editors to all three volumes appears in volume I PART I MILITARY PRODUCTION FUNCTION: MILITARY PERSONNEL 1. Franklin M. Fisher and Anton S. Morton (1967), ‘Reenlistments in the U.S. Navy: A Cost Effectiveness Study’ 2. W. Lee Hansen and Burton A. Weisbrod (1967), ‘Economics of the Military Draft’ 3. Walter Y. Oi (1967), ‘The Economic Cost of the Draft’ 4. Anthony C. Fisher (1969), ‘The Cost of the Draft and the Cost of Ending the Draft’ 5. B.F. Kiker and Jon Birkeli (1972), ‘Human Capital Losses Resulting from U.S. Casualties of the War in Vietnam’ 6. Thomas W. Epps (1973), ‘An Econometric Analysis of the Effectiveness of the U.S. Army’s 1971 Paid Advertising Campaign’ 7. Colin Ash, Bernard Udis and Robert F. McNown (1983), ‘Enlistments in the All-Volunteer Force: A Military Personnel Supply Model and Its Forecasts’ 8. Matthew S. Goldberg and John T. Warner (1987), ‘Military Experience, Civilian Experience, and the Earnings of Veterans’ 9. C.A. Knox Lovell, Richard C. Morey and Lisa L. Wood (1991), ‘Cost-Efficient Military Recruiting: An Econometric Approach’ 10. François Melese, James Blandin and Phillip Fanchon (1992), ‘Benefits and Pay: The Economics of Military Compensation’ 11. Richard Buddin (1993), ‘Recruiting for Joint Active/Reserve Tours’ PART II PROCUREMENT: DEMAND FOR EQUIPMENT 12. Keith Hartley (1969), ‘Estimating Military Aircraft Production Outlays: The British Experience’ 13. J.J. McCall (1970), ‘The Simple Economics of Incentive Contracting’ 14. Michael E. Canes (1975), ‘The Simple Economics of Incentive Contracting: Note’ 15. J. Michael Cummins (1977), ‘Incentive Contracting for National Defense: A Problem of Optimal Risk Sharing’ 16. Jean-Jacques Laffont (1987), ‘Toward a Normative Theory of Incentive Contracts Between Government and Private Firms’ 17. Jean-Jacques Laffont and Jean Tirole (1986), ‘Using Cost Observation to Regulate Firms’ 18. R. Preston McAfee and John McMillan (1986), ‘Bidding for Contracts: A Principal-Agent Analysis’ 19. Rafael Rob (1986), ‘The Design of Procurement Contracts’ 20. David P. Baron (1988), ‘Procurement Contracting: Efficiency, Renegotiation and Performance Evaluation’ 21. Michael H. Riordan and David E.M. Sappington (1989), ‘Second Sourcing’ 22. William P. Rogerson (1990), ‘Quality vs. Quantity in Military Procurement’ 23. F.R. Lichtenberg (1990), ‘US Government Subsidies to Private Military R&D Investment: The Defense Department’s Independent R&D Policy’ 24. Anthony G. Bower and Kent Osband (1991), ‘When More is Less: Defense Profit Policy in a Competitive Environment’ 25. Edward S. Cavin (1991), ‘An Optimal Control Model of New Weapon System Development’ 26. Tyler Cowen and Dwight Lee (1992), ‘The Usefulness of Inefficient Procurement’ 27. David L.I. Kirkpatrick (1995), ‘The Rising Unit Cost of Defence Equipment – The Reasons and the Results’ Name Index Volume III Acknowledgements An introduction by the editors to all three volumes appears in volume I PART I SUPPLY OF EQUIPMENT A Defence Industrial Base 1. Walter Adams and William James Adams (1972), ‘The Military-Industrial Complex: A Market Structure Analysis’ 2. Seymour Melman (1972), ‘Ten Propositions on the War Economy’ 3. Keith Hartley, Farooq Hussain and Ron Smith (1987), ‘The UK Defence Industrial Base’ 4. R.P. Smith (1990), ‘Defence Procurement and Industrial Structure in the U.K.’ 5. William E. Kovacic and Dennis E. Smallwood (1994), ‘Competition Policy, Rivalries, and Defense Industry Consolidation’ B Learning Curves 6. T.P. Wright (1936), ‘Factors Affecting the Cost of Airplanes’ 7. Werner Z. Hirsch (1956), ‘Firm Progress Ratios’ 8. Armen Alchian (1963), ‘Reliability of Progress Curves in Airframe Production’ 9. Nicholas Baloff (1966), ‘The Learning Curve – Some Controversial Issues’ C Costs, Pricing and Profits 10. S.G. Sturmey (1964), ‘Cost Curves and Pricing in Aircraft Production’ 11. George J. Stigler and Claire Friedland (1971), ‘Profits of Defense Contractors’ 12. Keith Hartley and William J. Corcoran (1975), ‘Short-Run Employment Functions and Defence Contracts in the UK Aircraft Industry’ 13. Ruben Trevino and Robert Higgs (1992), ‘Profits of US Defense Contractors’ D Industrial Policies 14. Bernard Udis and Keith E. Maskus (1991), ‘Offsets as Industrial Policy: Lessons from Aerospace’ 15. Theodore H. Moran and David C. Mowery (1991), ‘Aerospace’ 16. Keith Hartley and Stephen Martin (1993), ‘Evaluating Collaborative Programmes’ 17. Peter Hall and Stefan Markowski (1994), ‘On the Normality and Abnormality of Offsets Obligations’ E Arms Trade 18. Ron Smith, Anthony Humm and Jacques Fontanel (1985), ‘The Economics of Exporting Arms’ 19. Frederic S. Pearson (1989), ‘The Correlates of Arms Importation’ 20. Paul Levine, Somnath Sen and Ron Smith (1994), ‘A Model of the International Arms Market’ PART II DISARMAMENT, CONVERSION, PEACE AND PUBLIC POLICY A Disarmament 21. Dagobert L. Brito and Michael D. Intriligator (1981), ‘Strategic Arms Limitation Treaties and Innovations in Weapons Technology’ 22. Robert S. McNamara (1992), ‘The Post-Cold War World: Implications for Military Expenditure in the Developing Countries’ 23. Terry Barker, Paul Dunne and Ron Smith (1991), ‘Measuring the Peace Dividend in the United Kingdom’ 24. Michael D. Intriligator (1992), ‘The Economics of Disarmament as an Investment Process’ 25. Bruce Russett and Joel Slemrod (1993), ‘Diminished Expectations of Nuclear War and Increased Personal Savings: Evidence from Individual Survey Data’ 26. Keith Hartley (1993), ‘The Economics of Disarmament: Some Guidelines for Public Policy’ 27. Benedict Clements, Sanjeev Gupta and Jerald Schiff (1997), ‘What Happened to the Peace Dividend?’ B Conversion 28. Mark C. Berger and Barry T. Hirsch (1983), ‘The Civilian Earnings Experience of Vietnam-Era Veterans’ 29. Susan Willett (1990), ‘Conversion Policy in the UK’ 30. Euguene Bougrov (1994), ‘Conversion in Transitional Economies: The Case of the Former USSR and Russia’ 31. Nick Hooper and Barbara Butler (1996), ‘A Case Study of Redundant Defence Workers’ 32. Nick Hooper and Nick Cox (1996), ‘The European Union KONVER Programme’ PART III NON-CONVENTIONAL CONFLICTS: TERRORISM, INSURRECTIONS AND REVOLUTIONS 33. William M. Landes (1978), ‘An Economic Study of U.S. Aircraft Hijacking, 1961–1976’ 34. Richard M. Kirk (1983), ‘Political Terrorism and the Size of Government: A Positive Institutional Analysis of Violent Political Activity’ 35. Scott E. Atkinson, Todd Sandler and John Tschirhart (1987), ‘Terrorism in a Bargaining Framework’ 36. Edward F. Mickolus (1989), ‘What Constitutes State Support to Terrorists?’ 37. Timur Kuran (1991), ‘The East European Revolution of 1989: Is It Surprising that We Were Surprised?’ 38. Herschel I. Grossman (1991), ‘A General Equilibrium Model of Insurrections’ 39. Walter Enders and Todd Sandler (1993), ‘The Effectiveness of Antiterrorism Policies: A Vector-Autoregression-Intervention Analysis’ 40. Todd Sandler (1997), ‘The Future Challenges of NATO: An Economic Viewpoint’ Name Index

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Book SynopsisFor governments to be successful in achieving their objectives, they need to select the correct policy instruments. This volume addresses the role of policy instruments in achieving policy objectives.Policy Evaluation provides a systematic assessment of the impact that public policy evaluations have on the governance of democratic societies. This book emphasises the impacts of policy evaluations on the formulation, implementation and accountability functions of governments. At all three phases of the policy cycle, there is a need for coherent and systematic evaluation. This book demonstrates how such evaluations can be conducted and the opportunities for their subsequent utilization.Trade Review'This volume provides very comprehensive coverage of the subject.' -- International Review of Administrative SciencesTable of ContentsContents: Acknowledgements Introduction Part I: Policy Evaluation and the Policy Arena A. Theoretical Perspectives 1. E. Albaek (1989–90), ‘Policy Evaluation: Design and Utilization’ 2. F.L. Leeuw (1991), ‘Policy Theories, Knowledge Utilization, and Evaluation’ 3. D.J. Palumbo and M.A. Hallett (1993), ‘Conflict Versus Consensus Models in Policy Evaluation and Implementation’ B. Policy Evaluation and Policy Instruments 4. M. Howlett (1991), ‘Policy Instruments, Policy Styles, and Policy Implementation: National Approaches to Theories of Instrument Choice’ 5. M. Wrightson and T. Conlan (1989), ‘Targeting Aid to the Poor: What Have We Learned About Allocating Intergovernmental Grants?’ 6. B. Abel Smith (1992), ‘Cost Containment and New Priorities in the European Community’ C. Policy Evaluation and Utilization 7. A. Gray and B. Jenkins (1989–90), ‘Policy Evaluation in a Time of Fiscal Stress: Some Reflections from British Experience’ 8. M.L. Bemelmans-Videc (1989–90), ’Dutch Experience in the Utilization of Evaluation Research: The Procedure of Reconsideration’ 9. D.H. Greenberg and M.B. Mandell (1991), ‘Research Utilization in Policymaking: A Tale of Two Series (of Social Experiments)’ 10. J.E. Katz (1993), ‘Science, Technology, and Congress’ D. Policy Evaluation and Governance 11. J.-P. Nioche (1992), ‘Institutionalizing Evaluations in France: Skating on Thin Ice?’ 12. M. Bamberger (1991), ‘The Politics of Evaluation in Developing Countries’ 13. H.-U. Derlien (1992), ‘Two-Track Processes: Budgeting, Auditing and Evaluation in the Federal Republic of Germany’ Part II: The Policy Cycle A. Policy Formulation 14. D.A. Rochefort and R.W. Cobb (1993), ‘Problem Definition, Agenda Access, and Policy Choice’ 15. M. Peters and J. Marshall (1993), ‘Educational Policy Analysis and the Politics of Interpretation’ 16. S.B. Kamerman and A.J. Kahn (1989), ‘Family Policy: Has The United States Learned From Europe’? 17. C.A. Arnold (1989), ‘Beyond Self-Interest: Policy Entrepreneurs and Aid to the Homeless’ B. Policy Implementation 18. R.C. Lippincott and R.P. Stoker (1992), ‘Policy Design for Implementation Effectiveness: Structural Change in a County Court System’ 19. S. Jasanoff (1991), ‘Cross-National Differences in Policy Implementation’ 20. G. Byner 91991), ‘Implementing Global Environmental Agreements’ C. Policy Accountability 21. R.C. Rist (1989), ‘Management Accountability: The Signals Sent by Auditing and Evaluation’ 22. M. Bamberger (1989), ‘The Monitoring and Evaluation of Public Sector Programs in Asia: Why are Development Programs Monitored but Not Evaluated?’ 23. J.W. Guthrie (1991), ‘The World’s New Political Economy is Politicizing Educational Evaluation’ Part III: Sectorial Policy Evaluation A. Environment 24. L. Gan (1992–3), ‘Global Environmental Policy in Social Context: The Case of China’ B. Health Insurance 25. J.A Wysong and T. Abel (1990), ‘Universal Health Insurance and High-risk Groups in West Germany: Implications for U.S. Health Policy’ C. Education 26. P.A. McGavin (1991), ‘Policy Evaluation of Investment in Education: A Papua New Guinea Study’ D. Economic Development 27. D.L Brown and M.E. Warner (1991), ‘Persistent Low-Income Nonmetroplolitan Areas in the United States: Some Conceptual Challenges for Development Policy’ E. Industrial Relations 28. D. Marsh (1991), ‘British Industrial Relations Policy Transformed: The Thatcher Legacy’ F. Energy 29. D. Rahm (1993), ‘US Public Policy and Emerging Technologies: The Case of Solar Energy’ G. Child Support 30. J. Millar and P. Whiteford (1993), ‘Child Support in Lone-Parent Families: Policies in Australia and the UK’ H. Housing 31. D. Clapham and M. Satsangi (1992), ‘Performance Assessment and Accountability in British Housing Management’ Name Index

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Book SynopsisDo public goods and services, such as streets, parks and dams have to be provided by government? In Public Goods and Private Communities, Fred Foldvary's innovative application of public choice and spatial theory to questions of urban economics and governance shows how collective goods can be provided by agents in a market process.Rejecting the market-failure hypothesis, Dr Foldvary argues that an entrepreneur can provide collective goods by consensual community agreements. Instead of focusing particular services, as previous studies have done, this book concerns itself with entire private communities. A series of case studies demonstrates how real world communities, such as Walt Disney World, the Reston Association in Virginia and the private neighbourhoods of St Louis, are in fact financing their own public goods and services in accordance with this theory. For such communities to rise and prosper, the author contends, government must eliminate restrictions such as zoning as well as the taxation of private services. After considering the implications of his work for urban economies - at a time when many of America's cities are plagued by decay, violence and poverty - Dr Foldvary argues that prosperity can be restored to cities if private communities are allowed to develop. As an original response to an urgent, contemporary problem this well-written book will be welcomed by social scientists, policy makers and business leaders seeking solutions to problems of urban decay.Trade Review'Foldvary's book provides an interesting and exciting contribution to ongoing discussions on deregulation, privatization, and constitutions, taking place not only in the United States but in European countries and especially within the European Union as well. Readers interested in these topics will find the book of great interest.' -- Olivier Binet, Kyklos'. . . there is much of interest in this small volume. . . . Foldvary's contribution raises some provocative issues and offers some insights into how we provide shared goods and services in a variety of nontraditional settings.' -- Holley H. Ulbrich, American Journal of Agricultural Economics'Foldvary has written an admirably substantive work. It conveys much fresh and enthusiastic thinking, and it reports solid research on specific projects. His work stands in admirable contrast with several "Austrian" writings that paw away, abstractly and ineffectually, at the very concepts of public goods and market failure and even of externalities.' -- Leland B. Yeager, Auburn University, Alabama, US'The book contributes a significant argument to debates over the limits to government and the increasing privatization of society.' -- R.A. Beauregard, Social & Behavioral Sciences'Fred Foldvary has made a valuable contribution to the economic literature on public goods and public finance. If it is fully appreciated by the economics profession it could revolutionize and dramatically improve the study of urban economics specifically and public economics in general'. -- Roy E. Cardato, The Freeman'The author uses several case studies to lend an empirical foundation to this innovative thesis which, in turn , is cogently presented in this well written book.' -- Vani Borooah, Economic Journal'The most pleasing element of Foldvary's work is the wonderful streak of Utopianism which runs throughout. As Hayek noted some 30 years ago, advocates of the liberal order are often negative and defensive in their style. Here is a positive vision of how the future could be, of which all liberals can be proud.' -- Mark Pennington, Economic Affairs

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Book SynopsisAlthough what has come to be known as transaction cost economics has its origins in the 1930s, it was not until the 1970s that transaction cost economics as a systematic and identifiable field of study began. Since then, numerous theoretical developments and empirical applications have expanded and enriched the field. Recognition of its contributions to our understanding of organizations and institutions includes two Nobel laureates, Ronald Coase in 1991 and Oliver Williamson in 2009. This is an important selection of key articles on transaction cost economics by distinguished scholars including Ronald Coase, Herbert Simon, Kenneth Arrow and Richard A. Posner. This research review addresses key areas such as private ordering and credibility, contracts and organization, internal organization, vertical integration and contracting.Trade Review‘The individual items included are all worthy, and the brief introductons provided to each volume are useful guides. The collection is clearly worthwhile as a place to send students to begin, or as a handy reference source.’ -- Malcom Rutherford, Journal of Institutional and Theoretical EconomicsTable of ContentsVolume I PART ONE: CLASSICS 1. R.H. Coase (1972), ‘Industrial Organization: A Proposal for Research.’ 2. Kenneth J. Arrow (1974), ‘Organization and Information.’ 3. Herbert A. Simon (1962), ‘The Architecture of Complexity.’ PART II: RUDIMENTS 4. Armen A. Alchian and Harold Demsetz (1972), ‘Production, Information Costs, and Economic Organization.’ 5. Benjamin Klein, Robert G. Crawford and Armen A. Alchian (1978), ‘Vertical Integration, Appropriable Rents, and the Competitive Contracting Process.’ 6. Oliver E. Williamson (1979), ‘Transaction-Cost Economics: The Governance of Contractual Relations.’ 7. Oliver E. Williamson (1991), ‘Comparative Economic Organization:The Analysis of Discrete Structural Alternatives.’ 8. David J. Teece (1982), ‘Towards an Economic Theory of the Multiproduct Firm.’ PART III: PRIVATE ORDERING AND CREDIBILITY 9. Benjamin Klein and Keith B. Leffler (1981), ‘The Role of Market Forces in Assuring Contractual Performance.’ 10. Oliver E. Williamson (1983), ‘Credible Commitments: Using Hostages to Support Exchange.’ 11. Avner Greif (1993), ‘Contract Enforceability and Economic Institutions in Early Trade: The Maghribi Traders' Coalition.’ 12. Douglass C. North and Barry R. Weingast (1989), ‘Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England.’ PART IV: CONTRACTS AND ORGANIZATION 13. Sanford J. Grossman and Oliver D. Hart (1986), ‘The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration.’ 14. Oliver Hart and John Moore (1990), ‘Property Righs and the Nature of the Firm.’ 15. Michael H. Riordan (1990), ‘What is Vertical Integration.’ 16. Jean Tirle (1988), ‘The Theory of the Firm.’ PART V: INTERNAL ORGANIZATION 17. Oliver E. Williamson (1985), ‘The Limits of the Firms: Incentive and Bureaucratic Features.’ 18. Paul Milgrom and John Roberts (1990), ‘Bargaining Costs, Influence Costs, and the Organization of Economic Activity.’ 19. David M. Kreps (1990), ‘Corporate Culture and Economic Theory.’ 20. Bengt Holmstrom and Paul Milgrom (1991), ‘Multitask Principal–Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design.’ 21. Masahiko Aoki (1990), ‘Toward an Economi Model of the Japanese Firm.’ PART VI: PROSPECTS AND RETROSPECTIVE 22. Eirik G. Furubotn and Rudolf Richter (1991), ‘The New Institutional Economics: An Assessment.’ 23. Ronald H. Coase (1991), ‘The Institutional Structure of Production.’ 24. Richard A. Posner (1993), ‘The New Institutional Economics Meets Law and Economics.’ 25. Ronald H. Coase (1993), ‘Coase on Posner on Coase.’ 26. Oliver E. Williamson (1993), ’Transaction Cost Economics Meets Posnerian Law and Economics.’ Volume II PART I: VERTICAL INTEGRATION 1. Benjamin Klein (1988), ‘Vertical Integration as Organizational Ownership.’ 2. Paul L. Joskow (1985), ‘Vertical Integration and Long-term Contracts: The Case of Coal-burning Electric Generating Plants.’ 3. Kirk Monteverde and David J. Teece (1982), ‘Supplier Switching Costs and Vertical Integration in the Automobile Industry.’ 4. Scott E. Masten (1984), ‘The Organization of Production: Evidence from the Aerospace Industry.’ 5. Erin Anderson and David C. Schmittlein (1984), ‘Integration of the Sales Force: An Empirical Examination.’ 6. George John and Barton A. Weitz (1988), ‘Forward Integration into Distribution: An Empirical Test of Transaction Cost Analysis.’ 7. Scott E. Masten, James W. Meehan Jr. and Edward A. Synder (1991), ‘The Costs of Organization.’ PART II: CONTRACTING 8. Thomas M. Palay (1984), ‘Comparative Institutional Economics: The Governance of Rail Freight Contracting.’ 9. Victor P. Goldberg and John R. Erickson (1987), ‘Quantity and Price Adjustment in Long-Term Contracts: A Case Study of Petroleum Coke.’ 10. Paul L. Joskow (1987), ‘Contract Duration and Relationship-Specific Investments: Empirical Evidence from Coal Markets.’ 11. J. Harold Mulherin (1986), ‘Complexity in Long-term Contracts: An Analysis of Natural Gas Contractual Provisions.’ 12. Scott. E. Masten and Keith J. Crocker (1985), ‘Efficient Adaptation in Long-Term Contracts: Take-or-Pay Provisions for Natural Gas.’ 13. Keith B. Leffler and Randal R. Rucker (1991), ‘Transactions Costs and the Efficient Organization of Production: A Study of Timber-Harvesting Contracts.’ 14. Keith J. Crocker and Scott E. Masten (1991), ‘Pretia ex Machina? Prices and Process in Long-Term Contracts.’ PART III: REGULATION AND POSITIVE POLITICAL ECONOMY 15. Oliver E. Williamson (1976), ‘Franchise Bidding for Natural Monopolies – In General and with Respect to CATV.’ 16. Victor P. Goldberg (1976), ‘Regulation and Administered Contracts.’ 17. George L. Priest (1993), ‘The Origins of Utility Regulation and the “Theories of Regulation” Debate.‘ 18. Brian Levy and PabloT. Spiller (1994), ‘The Institutional Foundations of Regulatory Commitment: A Comparative Analysis of Telecommunications Regulation.’ 19. Barry R. Weingast and William J. Marshall (1988), ‘The Industrial Organization of Congress; or, Why Legislatures, Like Firms, Are Not Organized as Markets.’ 20. Rafael Gely and Pable T. Spiller (1990), ‘A Rational Choice Theory of Supreme Court Statutory Decisions with Applications to the State Farm and Grove City Cases.’ PART IV: ANTITRUST 21. Oliver E. Williamson (1979), ‘Assessing Vertical Market Restrictions: Antitrust Ramifications of the Transaction Cost Approach.’ 22. Roy W. Kenney and Benjamin Klein (1983), ‘The Economics of Block Booking.’ 23. Scott E. Masten and Edward A. Snyder (1993), ‘United States versus United Shoe Machinery Corporation:

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Book SynopsisThis three-volume collection - prepared by a leading scholar and practitioner - presents the subject through a collection of important published articles on the debt market. It focuses first on the classical bond market and moves on to a discussion of rational expectations, estimation and the term structure. This is followed by the modern theory of the term structure derived from modelling the stochastic movements of interest rates. The third section discusses implementation and related subtopics including taxation and the management of interest rate risk. The final section extends the discussion to corporate bonds and mortgages.Table of ContentsContents: Volume I: Acknowledgements • Introduction Part I The Classical Expectations Hypothesis 1. F.A. Lutz (1941), ‘The Structure of Interest Rates’ 2. J.M. Culbertson (1957), ‘The Term Structure of Interest Rates’ 3. John H. Wood (1964), ‘The Expectations Hypothesis, the Yield Curve, and Monetary Policy’ 4. Franco Modigliani and Richard Sutch (1966), ‘Innovations in Interest Rate Policy’ 5. J. Huston McCulloch (1975), ‘An Estimate of the Liquidity Premium’ Part II Testing Rational Expectations Hypotheses 6. Robert J. Shiller (1990), ‘The Term Structure of Interest Rates’ 7. John Y. Campbell and Robert J. Shiller (1991), ‘Yield Spreads and Interest Rate Movements: A Bird’s Eye View’ 8. Robert F. Stambaugh (1988), ‘The Information in Forward Rates: Implications for Models of the Term Structure’ 9. Eugene F. Fama (1975), ‘Short-Term Interest Rates as Predictors of Inflation’ 10. Bradford Cornell (1978), ‘Monetary Policy, Inflation Forecasting and the Term Structure of Interest Rates’ 11. Eugene F. Fama (1984), ‘Term Premiums in Bond Returns’ 12. Tadashi Kikugawa and Kenneth J. Singleton (1994), ‘Modeling the Term Structure of Interest Rates in Japan’ Part III The Derivative Asset Approach to the Term Structure 13. Robert C. Merton (1973), ‘Theory of Rational Option Pricing’ 14. John C. Cox and Stephen A. Ross (1976), ‘The Valuation of Options for Alternative Stochastic Processes’ 15. Oldrich Vasicek (1977), ‘An Equilibrium Characterization of the Term Structure’ 16. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1981), ‘A Re-examination of Traditional Hypotheses about the Term Structure of Interest Rates’ 17. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1985), ‘A Theory of the Term Structure of Interest Rates’ 18. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1985), ‘An Intertemporal General Equilibrium Model of Asset Prices’ 19. Michael J. Brennan and Eduardo S. Schwartz (1979), ‘A Continuous Time Approach to the Pricing of Bonds’ 20. David Heath, Robert Jarrow and Andrew Morton (1992), ‘Bond Pricing and the Term Structure of Interest Rates: A New Methodology for Contingent Claims Valuation’ 21. Philip H. Dybvig, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1996), ‘Long Forward and Zero-Coupon Rates Can Never Fall’ Name Index Volume II: Part I Testing the Derivative Asset Approach 1. Stephen J. Brown and Philip H. Dybvig (1986), ‘The Empirical Implications of the Cox, Ingersoll, Ross Theory of the Term Structure of Interest Rates’ 2. Robert Litterman and José Scheinkman (1991), ‘Common Factors Affecting Bond Returns’ 3. Robert Litterman, José Scheinkman and Laurence Weiss (1991), ‘Volatility and the Yield Curve’ 4. Michael R. Gibbons and Krishna Ramaswamy (1993), ‘A Test of the Cox, Ingersoll, and Ross Model of the Term Structure’ 5. Roger H. Brown and Stephen M. Schaefer (1994), ‘The Term Structure of Real Interest Rates and the Cox, Ingersoll, and Ross Model’ Part II Implementing the Derivative Asset Approach 6. John C. Cox, Stephen A. Ross and Mark Rubinstein (1979), ‘Option Pricing: A Simplified Approach’ 7. Thomas S.Y. Ho and Sang-Bin Lee (1986), ‘Term Structure Movements and Pricing Interest Rate Contingent Claims’ 8. Fischer Black, Emanuel Derman and William Toy (1990), ‘A One-Factor Model of Interest Rates and Its Application to Treasury Bond Options’ 9. John Hull and Alan White (1990), ‘Pricing Interest-Rate-Derivative Securities’ Part III Taxation and Clientele Effects 10. J. Huston McCulloch (1975), ‘The Tax-Adjusted Yield Curve’ 11. Philip H. Dybvig and Stephen A. Ross (1986), ‘Tax Clienteles and Asset Pricing’ and ‘Discussion’ 12. Walter N. Torous (1985), ‘Differential Taxation and the Equilibrium Structure of Interest Rates’ 13. Stephen M. Schaefer (1982), ‘Tax-Induced Clientele Effects in the Market for British Government Securities: Placing Bounds on Security Values in an Incomplete Market’ 14. Richard Roll (1984), ‘After-Tax Investment Results from Long-Term vs. Short-Term Discount Coupon Bonds’ 15. George M. Constantinides and Jonathan E. Ingersoll, Jr. (1984), ‘Optimal Bond Trading with Personal Taxes’ Part IV Duration, Immunization and Hedging 16. F.M. Redington (1952), ‘Review of the Principles of Life-Office Valuations’ 17. Lawrence Fisher and Roman L. Weil (1971), ‘Coping with the Risk of Interest-Rate Fluctuations: Returns to Bondholders from Naïve and Optimal Strategies’ 18. G.O. Bierwag (1977), ‘Immunization, Duration, and the Term Structure of Interest Rates’ 19. Jonathan E. Ingersoll, Jr., Jeffrey Skelton and Roman L. Weil (1978), ‘Duration Forty Years Later’ 20. Jonathan E. Ingersoll, Jr. (1983), ‘Is Immunization Feasible? Evidence from the CRSP Data’ 21. Stephen M. Schaefer (1984), ‘Immunisation and Duration: A Review of Theory, Performance and Applications’ 22. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1979), ‘Duration and the Measurement of Basis Risk’ Name Index Volume III: Part I Corporate Bonds 1. Fischer Black and Myron Scholes (1973), ‘The Pricing of Options and Corporate Liabilities’ 2. Robert C. Merton (1974), ‘On the Pricing of Corporate Debt: The Risk Structure of Interest Rates’ 3. Fischer Black and John C. Cox (1976), ‘Valuing Corporate Securities: Some Effects of Bond Indenture Provisions’ 4. Jonathan E. Ingersoll, Jr. (1977), ‘A Contingent-Claims Valuation of Convertible Securities’ 5. Michael J. Brennan and Eduardo S. Schwartz (1977), ‘Savings Bonds, Retractable Bonds and Callable Bonds’ 6. Clifford W. Smith, Jr. and Jerold B. Warner (1979), ‘On Financial Contracting: An Analysis of Bond Covenants’ 7. René M. Stulz and Herb Johnson (1985), ‘An Analysis of Secured Debt’ 8. Edward I. Altman (1989), ‘Measuring Corporate Bond Mortality and Performance’ 9. Robert Litterman and Thomas Iben (1991), ‘Corporate Bond Valuation and the Term Structure of Credit Spreads’ 10. Kenneth B. Dunn and Kenneth M. Eades (1989), ‘Voluntary Conversion of Convertible Securities and the Optimal Call Strategy’ 11. Douglas W. Diamond (1993), ‘Seniority and Maturity of Debt Contracts’ Part II Mortgages and Other Fixed Income Instruments 12. Scott M. Pinkus, Susan Mara Hunter and Richard Roll (1987), ‘An Introduction to the Mortgage Market and Mortgage Analysis’ 13. Douglas T. Breeden (1991), ‘Risk, Return, and Hedging of Fixed-Rate Mortgages’ 14. Scott F. Richard and Richard Roll (1989), ‘Prepayments on Fixed-Rate Mortgage-Backed Securities’ 15. Eduardo S. Schwartz and Walter N. Torous (1989), ‘Valuing Stripped Mortgage-Backed Securities’ 16. Sheridan Titman and Walter Torous (1989), ‘Valuing Commercial Mortgages: An Empirical Investigation of the Contingent-Claims Approach to Pricing Risky Debt’ 17. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1980), ‘An Analysis of Variable Rate Loan Contracts’ 18. Krishna Ramaswamy and Suresh M. Sundaresan (1986), ‘The Valuation of Floating-Rate Instruments: Theory and Evidence’ 19. Richard Roll (1996), ‘U.S. Treasury Inflation-Indexed Bonds: The Design of a New Security’ Name Index

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Book SynopsisThe introduction of effective, competitive and innovative financial systems will be a key factor in the economic success, or failure, of Central and Eastern Europe. This important volume presents a comprehensive, up-to-date analysis of the development of financial systems in the region with contributions from leading researchers and bankers.An overview of recent developments and discussion of some of the major issues - including central bank independence, bank privatization and bankruptcy regulations - is followed by discussion of the conditions for and likely consequences of financial liberalization in Central and Eastern Europe. The contributors draw upon the experience of Austria and Finland, two West European countries that recently accomplished full financial liberalization. The final section includes a series of specific regional studies on the results and problems of financial reform in the Czech Republic, Hungary and Poland, three leading reforming countries, and Bulgaria, one of the ‘second wave’ of transitional economies.Providing an authoritative review of current trends, The Development and Reform of Financial Systems in Central and Eastern Europe makes a unique contribution to a neglected area in the literature on economic transformation and development in former command economies.Trade Review’[T]his publication does contain some very interesting articles.’Table of ContentsFinancial distress in Central and Eastern Europe - an overview; the banking system - the foundation for emerging financial markets; financial liberalization - lessons from experience; reforming financial markets - case studies in Central and Eastern Europe.

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Book SynopsisBureaucracy and Public Economics brings together in one volume the classic book and related articles which put forward the first formal economic theory of the behaviour of bureaucracies. William Niskanen Jr. has consistently argued that bureaucrats have personal objectives - that differ from those of both their political supervisors and the general public - which they further by use of their monopoly power. He develops his argument to contend that government budgets have become too large and should be curtailed. All of Professor Niskanen's major contributions to this field have been brought together in this one volume including his pioneering article on 'The Peculiar Economics of Bureaucracy', the full text of the book 'Bureaucracy and Representative Government' and his recent reassessment of the larger body of scholarship on the economics of bureaucracy.Scholars, students and teachers of public economics will welcome this volume which, by making some of the key contributions in the field more widely accessible, will provoke discussion, debate and further research. Trade ReviewReviews of the first edition: -- 'This book is a lively, well organized, clearly written development of a model of bureaucratic production.'– Earl A. Thompson, Journal of Economic Literature'This useful and thought-provoking volume brings together all of the author's major contributions to this field.' -- Aslib Book Guide'This reprint of Niskanen's work is very valuable. We may hope that this time round, readers will concentrate less on Niskanen's catchphrase and more on the analysis which he offers. Perhaps they will then realize that the question of bureaucratic over-supply is both more complex than is often recognized and also less assured.' -- Keith Dowding, The Manchester School'Edward Elgar are to be commended for making Niskanen's important and highly topical contributions more readily available to a new generation of scholars and enabling some less well-stocked libraries to fill an important gap in their collections.' -- Stuart Sayer, The Economic Journal'He [the author] is a highly esteemed professional economist. Clearly, he brings to this subject unquestionable competence and deep conviction about the importance of the subject . . . the concluding sections deserve respectful attention by anyone seriously interested in promoting improvement in what has become a major element in the way we live - government.' -- C. Lowell Harriss, Presidential Studies Quarterly'This particular book offers a very useful collation of Niskanen's leading contribution over more than two decades to the development of a formal economic theory of how and why the rational self interest of bureaucrats, often grounded in the interests of the bureau itself, subvert their masters' intentions and the process of representative government more generally.' -- Steve Molloy, Reviewing Sociology

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Book SynopsisThis important new book brings together a significant body of new essays on some of the central economic problems facing governments, firms and individuals in the 1990s. Under the direction of Paul Davidson and Jan Kregel, an international group of distinguished economists provide new perspectives on key issues including employment, corporate and work place restructuring, economic growth and development, financial integration and transformation of the former command economies. Combining rigorous scholarly assessments of the issues with policy prescription, the contributors seek to provide solutions to the problem of providing full employment, to identify the factors determining the expansion of the economy, and to analyse the impact of financial markets, financial derivatives and international regulations on domestic and global economic performance.Employment, Growth and Finance will be welcomed by all those interested in the solutions to international economic problems being developed by post Keynesian economists.Trade Review’. . . the book will be of interest to anyone who would like a sample of post Keynesian view on some important economic issues.’ -- S. Drakopoulos, Economic JournalTable of ContentsPart 1 Employment: The intellectual and institutional requirements for full employment, Malcolm Sawyer; the psychological costs of unemployment and unemployment hysteresis - theory and evidence, Arthur B. Goldsmith, Jonathan R. Veum, William Darity Jr.; aggregate and household behaviour - poverty and savings, David Bunting; the guaranteed minimum income as a proposal to remove poverty in Brazil, Eduardo Matarazzo, Suplicy and Samir Cury; the influence of changes in income distribution on aggregate demand in a Kaleckian model - stagflation vs exhilaration reconsidered, Tracy Mott, Edward Slattery; ownership and management, Nina Shapiro. Part 2 Growth: What's so "new" about the "new" theories of technical change? - Adam Smith, Robert Lucas Jr and economic growth, William Darity Jr; recent developments in growth theory - a post-Keynesian response, Mark Setterfield; structural change and productivity in OECD, John Cornwall, Wendy Cornwall; Part 3 Finance: Full employment and economic growth as an objective of economic policy - some thoughts on the limits of capitalism, Hyman Minsky; global protfolio allocation, hedging, and September 1992 in the European monetary system, Jan A. Kregel; the role of the Basle committee on banking supervision in the regulation of international banking, Andrew Cornford; is there an economic (neo-classical) explanation for the magic of the technical analysis of stock markets, Andrea Terzi; can capitalism be built through shortcuts? lessons from Poland's economic reform, Edward K. Zajicek.

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Book SynopsisThis book is the first English language edition of Le Commerce et le Gouvernement by the distinguished eighteenth century economist and philosopher Condillac. It was one of the most original contributions to French economics in the eighteenth century. In this edition the editors provide an English translation of the original and a comprehensive account of Condillac's life and contribution to economics. In the late eighteenth century Condillac used the clarity and precision of thought of a leading philosopher to derive a fundamental set of economic principles and their implications for policy. He arrived at the same free trade conclusions as Adam Smith, and Le Commerce et le Gouvernement was published in the same year as The Wealth of Nations. Condillac's economics was initially condemned by the physiocrats because in his utility-based analysis, industry and commerce and not just agriculture contributed to the wealth of France. The original French edition was quickly dismissed by those in positions of power in France who preferred dirigism to competition, while across the Channel the British were unaware of its existence. The importance of Condillac's contribution to economics was recognised after the marginal revolution of the 1870's. In the eighteenth century Condillac won the respect of Voltaire and Rousseau, and the high regard of the King and the Church. His work has since been admired by Allais, Hayek, Menger and Weulersse, while Jevons believed that it provided the first distinct statement of the true connection between value and utility. Commerce and Government will be of special interest to historians of economic thought and those interested in the economic history of the eighteenth century.Trade Review'. . . fine translation of Condillac's book prepared by Shelagh Eltis. . . . the translation is crisp, elegant and, of particular importance, accurately reflects Condillac's meaning in so far as any translation can do so. To this high quality translation can be added an equally high quality introduction in which the translator is joined by Walter Eltis, the noted commentator on French eighteenth century economics.'Table of ContentsContents: Preface Part I: The Life and Contribution to Economics of the Abbé de Condillac 1. Étienne Bonnot: Abbé de Condillac, 1714–1780 2. The Economics of the Abbé de Condillac 3. The Editions of Commerce and Government Part II: Commerce and Government: Considered in their Mutual Relationship (Translated by Shelagh Eltis) Bibliography Index

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