Public finance and taxation Books

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Book SynopsisA considerable amount has been written concerning the meaning of income for taxation purposes. The usual practice of Canadian writers has been to arrive at the meaning of income through the terms of the Canadian statute law. This approach may be justified on the view that the statute law is paramount and therefore of greater importance than the cases. On the other hand, the Canadian statute law, far from providing a code of law on the meaning of income, presents a very disjointed picture. Many matters of the utmost importance either are not dealt with at all or are dealt with only in part. Wherever the statute law is inadequate the case law remains the sole guide. Moreover, unless the approach and substance of the case law on the meaning of income is clearly understood the extent of this inadequacy cannot be readily appreciated. For this reason Francis Eugene LaBrie attempted to present, as far as possible, a complete picture of the case law on the meaning of income and then to supe

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Book SynopsisIn a geographically dispersed country such as Canada, in which regions are distinguished resource bases, transport policies are a critical factor in economic development. In this study James Melvin considers the role of tariffs as they affect transportation costs within Canada. Melvin proposes application of the two-country model of neoclassical trade to the interregional economic structure of Canada, taking into account the costs of internal transport. He applies this basic theoretical approach to a number of different problems; taxation, capital flows between regions, short-run factor immobility, and increasing returns to scale.Melvin's findings indicate that tariffs induce resource waste by encouraging excessive internal transportation of goods between regions. He concludes that with an assessment of policy implications for Ontario arising from his study.

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Book SynopsisIn this timely contribution, Geneviève Tellier imparts a sense of transparency to the public purse, providing a comprehensive account of the budget process of the federal and provincial and territorial governments.Table of ContentsList Of Tables List Of Figures Preface to the English Edition Introduction Part 1: Public Finance in Canadian Society Chapter 1: The Size and Composition of Canadian Public Sector Budgets Chapter 2: Canadian Federalism Chapter 3: Canadian Budget-Making Authorities Part 2: Budget Preparation Chapter 4: Setting the Agenda for Budget Actions Chapter 5: Formulation of The Fiscal Framework Part 3: The Budget Vote Chapter 6: Parliamentary Rules Chapter 7: The Parliamentary Calendar Part 4: Budget Implementation Chapter 8: The Budgetary Management System Chapter 9: Optimization of Budgetary Resources Part 5: Budgetary Control Chapter 10: Internal Auditing and Evaluation Mechanisms Chapter 11: External Budgetary Audit and Evaluation Mechanisms Conclusion Notes Bibliography Index

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Book SynopsisIn The Hypocritical Hegemon, Lukas Hakelberg takes a close look at how US domestic politics affects and determines the course of global tax policy. Through an examination of recent international efforts to crack down on offshore tax havens and the role the United States has played, Hakelberg uncovers how a seemingly innocuous technical addition to US law has had enormous impact around the world, particularly for individuals and corporations aiming to avoid and evade taxation.Through bullying and using its overwhelming political power, writes Hakelberg, the United States has imposed rules on the rest of the world while exempting domestic banks for the same reporting requirements. It can do so because no other government wields control over such huge financial and consumer markets. This power imbalance is at the heart of The Hypocritical Hegemon.Thanks to generous funding from COFFERS EU, the ebook editions of this book are available as Open Access volumes Table of Contents1. Change and Stability in Global Tax Policy 2. Power in International Tax Politics 3. Countering Harmful Tax Practices 4. The Swift Return of Tax Competition 5. The Emergence of Multilateral AEI 6. The BEPS Project: Long Live Arm's Length 7. From Hegemony to Transatlantic Tax Battle?

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Book Synopsis‘Governments should spend no more than their tax income.’ Most people in Europe and North America accept this statement as simple common sense. It resonates with the deeply engrained economic metaphors that dominate public discourse, from ‘living within your means’ to ‘balancing the budget’ – all necessary, or so conventional wisdom holds, to avoid the dangers of debt, taxation and financial ruin. This book shows how these homely metaphors constitute the ‘debt delusion’: a set of plausible-sounding yet false ideas that have been used to justify damaging austerity policies. John Weeks debunks these myths, explaining the true story behind public spending, taxation, and debt, and their real function in the management of our economies. He demonstrates that disputes about public finances are not primarily technical matters best left to specialists and experts, as many politicians would have us believe, but rather fundamentally questions about our true political priorities. Requiring no prior economic knowledge, this is an ideal primer for anyone wishing to cut through the rhetoric and misinformation that dominate political debates on economics and become an informed citizen.Trade Review"This book provides a much needed expose of austerity policies"—John McDonnell MP "The Debt Delusion is a reminder that public policy matters are key to a thriving economy. At a time when politicians are promising big public spending projects, we would be wise to read it."—Daniel Fisher, Financial Times Adviser "Analytically brilliant; crystal clear writing; forensic in its investigation; entertaining and erudite. If you want to know what the alternative to austerity is, there is no better guide."—Danny Dorling, University of Oxford "John Weeks is one of the most incisive critics of austerity policy. In this book, he shows, in clear, non-technical language, how the mythology of 'balancing the books' has subverted public understanding of the social and economic purpose of state budgets, allowing governments to inflict serious, unnecessary, and possibly lasting damage on ordinary citizens."—Lord Robert Skidelsky, Warwick University and the British Academy "John Weeks is a distinguished and worldly economist who, long before it became fashionable, rigorously and to devastating effect contested the intellectual foundations of neoliberal economics. His generosity in sharing his deep knowledge of economic theory, policies and systems has inspired and motivated many thousands of students, policy makers and activists. His work in discrediting the the policies of austerity laid the foundations on which Labour's Corbyn movement was built and popularised."—Ann Pettifor, Director, Prime Economics "Austerity is one of the greatest deceptions foisted on the British public in modern history. It was based on ideological economics designed to accelerate the dismantling of the social state and the privatisation of the commons. John Weeks has been a consistent principled critic since the austerity era was launched. His scorn should be welcomed."—Guy Standing, SOAS University of London "John Weeks has been one of the most powerful critics of mainstream Neoclassical economics and of neo-liberal economic policies in the last few decades. His analyses are razor-sharp and his criticisms unsparing, but he uses them to propose ways to build a solidaristic economy and a compassionate society."—Ha-Joon Chang, University of Cambridge "John Weeks has been a vigorous campaigner against the fallacies of neo-liberal economics. He is a model to us all in his energy and resilience in making the case for a more progressive economics and promoting an alternative approach to economic policy making that is sorely needed. He draws on his long and valuable experience in teaching, research and advising governments around the world. It is a tribute to his influence and his clarity of exposition that his students are now taking his ideas forward both at home and abroad."—Susan Himmelweit, Open University "[This] is an excellent book for open-minded people who want to know how public finance actually works."—ChoiceTable of ContentsIntroduction: Debt, Deficits and Austerity Chapter 1: We must live within our means Chapter 2: Governments must balance their books Chapter 3: We must tighten our belts Chapter 4: Don’t go into debt Chapter 5: Taxes are a burden Chapter 6: Austerity: There is no alternative Chapter 7: Always an alternative

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Book Synopsis‘Governments should spend no more than their tax income.’ Most people in Europe and North America accept this statement as simple common sense. It resonates with the deeply engrained economic metaphors that dominate public discourse, from ‘living within your means’ to ‘balancing the budget’ – all necessary, or so conventional wisdom holds, to avoid the dangers of debt, taxation and financial ruin. This book shows how these homely metaphors constitute the ‘debt delusion’: a set of plausible-sounding yet false ideas that have been used to justify damaging austerity policies. John Weeks debunks these myths, explaining the true story behind public spending, taxation, and debt, and their real function in the management of our economies. He demonstrates that disputes about public finances are not primarily technical matters best left to specialists and experts, as many politicians would have us believe, but rather fundamentally questions about our true political priorities. Requiring no prior economic knowledge, this is an ideal primer for anyone wishing to cut through the rhetoric and misinformation that dominate political debates on economics and become an informed citizen.Trade Review"This book provides a much needed expose of austerity policies"—John McDonnell MP "The Debt Delusion is a reminder that public policy matters are key to a thriving economy. At a time when politicians are promising big public spending projects, we would be wise to read it."—Daniel Fisher, Financial Times Adviser "Analytically brilliant; crystal clear writing; forensic in its investigation; entertaining and erudite. If you want to know what the alternative to austerity is, there is no better guide."—Danny Dorling, University of Oxford "John Weeks is one of the most incisive critics of austerity policy. In this book, he shows, in clear, non-technical language, how the mythology of 'balancing the books' has subverted public understanding of the social and economic purpose of state budgets, allowing governments to inflict serious, unnecessary, and possibly lasting damage on ordinary citizens."—Lord Robert Skidelsky, Warwick University and the British Academy "John Weeks is a distinguished and worldly economist who, long before it became fashionable, rigorously and to devastating effect contested the intellectual foundations of neoliberal economics. His generosity in sharing his deep knowledge of economic theory, policies and systems has inspired and motivated many thousands of students, policy makers and activists. His work in discrediting the the policies of austerity laid the foundations on which Labour's Corbyn movement was built and popularised."—Ann Pettifor, Director, Prime Economics "Austerity is one of the greatest deceptions foisted on the British public in modern history. It was based on ideological economics designed to accelerate the dismantling of the social state and the privatisation of the commons. John Weeks has been a consistent principled critic since the austerity era was launched. His scorn should be welcomed."—Guy Standing, SOAS University of London "John Weeks has been one of the most powerful critics of mainstream Neoclassical economics and of neo-liberal economic policies in the last few decades. His analyses are razor-sharp and his criticisms unsparing, but he uses them to propose ways to build a solidaristic economy and a compassionate society."—Ha-Joon Chang, University of Cambridge "John Weeks has been a vigorous campaigner against the fallacies of neo-liberal economics. He is a model to us all in his energy and resilience in making the case for a more progressive economics and promoting an alternative approach to economic policy making that is sorely needed. He draws on his long and valuable experience in teaching, research and advising governments around the world. It is a tribute to his influence and his clarity of exposition that his students are now taking his ideas forward both at home and abroad."—Susan Himmelweit, Open University "[This] is an excellent book for open-minded people who want to know how public finance actually works."—ChoiceTable of ContentsIntroduction: Debt, Deficits and Austerity Chapter 1: We must live within our means Chapter 2: Governments must balance their books Chapter 3: We must tighten our belts Chapter 4: Don’t go into debt Chapter 5: Taxes are a burden Chapter 6: Austerity: There is no alternative Chapter 7: Always an alternative

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Book SynopsisThe most comprehensive and ambitious effort I've seen to compileand discuss, in one resource, all of the issues and informationabout this crucial topic. Nonprofit executives, managers, legalcounsel, and trustees all can benefit from this useful andinformative book. ?J. David Seay, vice president, secretary, and counsel, UnitedHospital Fund Bookman provides nonprofit leaders with a comprehensive examinationof federal, state, and local laws affecting nonprofit organizationsand recommAnds actions nonprofits can take to protect theirorganizations tax-exempt status. Using case studies extensively, he explains such crucial matters aspreparing for an IRS audit, reporting unrelated business income,responding to claims of unfair competition, and fighting challengesto nonprofits' property tax exemption. Protecting Your Organization's Tax Exempt Status demonstrates howfederal tax law applies to specific segments of the nonprofitsector. Discusses actual IRS audits of nonprofits, shows hownonprofits can develop positive community relations, and reviewscongressional hearings on federal tax exemptions for nonprofits.

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Book SynopsisThis is the first collection of readings in the economics of state and local public finance in almost thirty years. The scope of the thirty pieces is broad, including both classic and current articles. The articles fall into three broad categories: public choice and fiscal federalism, revenue sources and the fiscal condition of cities. The book is an excellent resource for undergraduate economics courses in which state and local public finance comprises a substantial part of the syllabus, and for graduate courses in state and local public finance in public policy programs, planning and public administration. The collection is also valuable to anyone who needs to understand the theory and practice of public finance, including policy analysts, planners, public administrators, and financial market analysts.Trade Review"Readings in State and Local Public Finance by Drennan and Netzer is highly suitable to accompany the Fisher text, at least based on the first edition of the book. The articles serve several purposes: * They provide exposure to some of the well-known economists in the field, such as Richard and Peggy Musgrave, James Buchanan, Charles Tiebout, and Peter Mieszkowski. * They illustrate some of the controversy in the field, for example, by comparing Buchanan's views on which level of government should be responsible for redistributing income with the view of the Musgraves. * They go into more depth than is possible in a text, in specific topic areas, such as the Tax Reform Act of 1986 and urban fiscal problems. * They push the students hard in some areas and thereby give a sense of the potential for more sophisticated conceptual and empirical analysis, as in the Mieszkowski and Zodrow article and the Ladd and Yinger article." Helen F. Ladd, Professor of Public Policy at Duke University "I think that this is an excellent collection. It is well organized, the introductions by the editors are helpful, the selections are sensible, and it would be an ideal supplement for State and Local Public Finance by Ronald Fisher. The Fisher book is very good, but it does not present the analytical arguments in much depth or with much sense for the broader issues in the literature. The readings in this collection add those dimensions." John Yinger, Professor of Economics, Syracuse UniversityTable of ContentsTable of Contents:. Part I: Public Choice and Fiscal Federalism (Fisher's Part 2):. 1.1 Buchanan, James M., 'Public Finance and Public Choice,' National Tax Journal, Vol.28, Dec., 1975, pp.383-94. 1.2 Tiebout, Charles M., 'A Pure Theory of Local Expenditures,' Journal of Political Economy, Vol. 64, Feb., 1956, pp. 416-24. 1.3 Musgrave, Richard A. and Peggy B. Musgrave, 'Principals of Multiunit Finance,' Chap 27 in Public Finance in Theory and Practice, 5th ed. New York: McGraw Hill, 1989, pp. 445-56. 1.4 Buchanan, James M., 'Who Should Distribute What in a Federal System?' Hochman and Peterson, eds., Redistibution Through Public Choice. New York: Columbia University Press, 1974, pp. 22-42. 1.5 Gramlich, Edward M., 'The Economics of Fiscal Federalism and Its Reform,' in Swartz and Peck, eds., The Changing Face of Fiscal Federalism. New York: M. E. Sharpe, Inc., 1990, pp. 152-174. Part II: Revenues for State and Local Governments (Fisher's Part 3): . 2.1 Smith, Adam, 'Of Taxes,' The Wealth of Nations, Book V, Chap. II, Part II, New York: Modern Library, 1937, pp. 777-79. 2.2 Mieszkowski, Peter M., 'Tax Incidence Theory: The Effects of Taxes of the Distribution of Income,' Journal of Economic Literature, Vol. 7, 1969, pp. 1103-1124. 2.3 Zodrow, George R. and Peter Mieszkowski, 'The Incidence of the Property Tax: The Benefit of View Versus the New View,' in Zodrow, ed., Local Provision of Public Services. New York: Academic Press, 1983, pp. 109-29. 2.4 Heilbrun, James, 'Who Bears the Burden of the Property Tax?' C. Lowell Hariss, ed., The Property Tax and Local Finance. New York: The Academy of Political Science, 1983, pp. 57-71. 2.5 Netzer, Dick, 'Property Taxes: Their Past, Present, and Future Place in Government Finance' Urban Finance Under Siege. New York: M. E. Sharpe, 1993, pp. 51-78. 2.6 Poterba, James M., 'Lifetime Incidence and the Distributional Burden of Excise Taxes, American Economic Review Papers and Proceedings,' Vol. 79, May 1989, pp. 325-330. 2.7 Siegfried, John J., and Paul A. Smith, 'The Distributional Effects of a Sales Tax on Services,' National Tax Journal, Vol. 44 (1991), pp. 41-53. 2.8 Mikesell, John L., 'Fiscal Effects of Differences in Sales Tax Coverage: Revenue Elasticity, Stability and Reliance,' in National Tax Association-Tax Institute of America, Proceedings of the Eighty-Fourth Annual Conference, 1991, pp. 50-57. 2.9 McLure, Charles E., Jr., 'The State Corporate Income Tax: Lambs in Wolves' Clothing," in Aaron and Boskin, eds., The Economics of Taxation. Washington: The Brookings Institution, 1980, pp. 327-346. 2.10 Netzer, Dick, 'Differences in Reliance on User Charges by American State and Local Governments,' Public Finance Quarterly, Vol. 20 (1992), pp. 499-511. 2.11 Gramlich, Edward M., 'The Deductibility of State and Local Taxes,' National Tax Journal, Vol. 38 (1985), pp. 447-65. 2.12 Chernick, Howard and Andrew Reschovsky, "Comment on 'The Deductability of State and Local Taxes,' 'National Tax Journal, Vol. 40, 1987, pp. 95-102. 2.13 Courant, Paul N. and Daniel L. Rubinfeld, 'Tax Reform: Implications for the State-Local Public Sector, 'Journal of Economic Perspectives, Vol. 1, Summer, 1987, pp. 87-100. 2.14 Zimmerman, Dennis, The Private Use of Tax-Exempt Bonds. Washington, Urban Institute Press, 1991, (Ch. 5) pp. 83-111. 2.15 Netzer, Dick, 'State Tax Policy and Economic Development: What Should Governors Do When Economists Tell Them Nothing Works?' in New York Affairs, Vol. 9 (1986), pp. 19-36. Part III: Applications: The Fiscal Conditions of Cities (Fisher's Part 5):. 3.1 Baumol, William, 'Macroeconomics of Unbalanced Growth: The Anatomy of Urban Crisis,' American Economic Review, Vol. LVII, No. 3, 1967. 3.2 Thompson, Wilbur, 'The City as a Distorted Price System,' The Urban Economy, H. Hochman, ed., New York: W. W. Norton, 1976, pp. 74-86. 3.3 Moody's Investors Service, 'City of New York, New York,' Municipal Credit Report, April 8, 1975. 3.4 Gramlich, Edward M., 'The New York City Fiscal Crisis: What Happened and What is to Be Done?', American Economic Review, Vol. 66, No. 2, May, 1976, pp. 415-429. 3.5 Drennan, Matthew P., 'The Present and Future Fiscal Problems of the Two New Yorks: What Happened This Time,' Public Budgeting and Finance, Vol. 14, No. 2, Summer, 1994. 3.6 Ladd, Helen F., 'Big City Finances in The New Era of Fiscal Federalism,' Swartz and Peck, eds, op cit, pp. 127-151. 3.7 Reschovsky, Andrew, 'Are City Fiscal Crises on the Horizon?' Urban Finance Under Siege, op cit, pp. 107-137. 3.8 Reischauer, Robert D., 'The Rise and Fall of National Urban Policy:' M. Kaplan and F. James, eds. Durham, NC: Duke University Press, 1990, pp. 225-34. 3.9 Yinger, John and Helen F. Ladd, 'The Determinants of State Assistance to Central Cities,' National Tax Journal, Vol. 42, No. 4, pp. 413-28. 3.10 Netzer, Dick, 'National Assistance to Urban Areas in the United States,' 'Urban Change in the United States and Western Europe,' A. Summers, P. Cheshire, and L. Senn, eds. Washington: The Urban Institute Press, 1993, pp. 465-91.

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

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Book SynopsisA study of budgeting and financial administration in developing countries, which probes reasons for failure and solutions for improvement. The contributors are all involved in relating prescription to practice, and theory to reality in this area. Their essays all seek to provide practical advice to administrators caught up in the ever-changing, unpredictable contemporary environment.Table of ContentsPart 1 Budgeting and development: from here to there and beyond - concepts and applications of public budgeting in developing countries, Naomi Caiden and Steven Chan. Part 2 Issues of fiscal policy: fiscal stress and structural adjustment, Jack Diamond; fiscal aspects of external debt, Martha de Melo. Part 3 Planning budgets: public expenditure planning and forecasting, William Alan; financial reform in Kenya - implementing a public investment programme in line ministries, Stephen Peterson; the role of project data banks in public investment programming, Katrina Sharkey. Part 4 Public expenditure management: budget management and budgeting - the Singapore approach, Doh Joon Chien; the recurrent cost crisis in development bureaucracies, Stephen Peterson; reforming public budgeting in Zimbabwe, Jonathon Moyo. Part 5 Privatization: privatization of public enterprise in Asia - current patterns and emerging issues, James Leighland; privatization in Latvia - market, political, financial and social factors, David O. Porter and Gundar J. King. Part 6 Accounting and auditing: government accounting in developing countries, Peter Dean; auditing in Africa - some unmet needs, Richard E. Zody.

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Book SynopsisThis sixth volume is part of a series which serves as a research annual for the publication of academic tax research. Topics covered in this title include an empirical study of the objectivity of CPAS's tax work and the impact of education on perceptions of tax fairness.Table of ContentsAn empirical study of the objectivity of CPAS tax work, Dale D. Bandy et al; an empirical analysis of the trade offs of tax incentives and non tax costs related to the corporate alternative minimum tax, Gregory A. Carnes; the impact of education on perceptions of tax fairness, Anne L. Christensen et al; observations on the impact of the uniform inventory capitalization rules, Ron Colley et al; the efficiency of restricted stock relative to stock options in deferred compensation, Haim A. Mozes; how regressive are homeowner preference deductions? an analysis for the distributional effect of homeowner preference deductions, David Ryan; an empirical assessment of the impact of internal revenue code section 263 A, Paul G. Schloemer. Tax education research: tax professionals' perceptions of the importance of graduate education, Barry P. Arlinghaus, W. Peter Salzarulo; using blooms taxonomy to teach judicial law within a group structure, Alan B. Davis, Ernest R. Larkins; computer-assisted vs. conventional tax research - a controlled experiment, James E. Parker, James C. Stallman.

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Book SynopsisThere is a void in the literature on how to conduct research in the finance and economics of higher education. Students, professors, and practitioners have no concise document that examines the field, provides history, definitions of terms, sources of data, and research methods. Higher Education Finance Research: Policy, Politics, and Practice fills that void.The book is structured in four parts. The first section provides a brief history and description of the general organization of American higher education, the sources and uses of funds over the last 100 years, and who is served in what types of institutions. Definitions of terms that are unique to higher education are provided, and some basic rules for conducting research on the economics and finance of higher education are established. Although in some ways, conducting research in higher education funding is similar to that for elementary/secondary education, there are some important distinctions that also are provided. The second section introduces guiding philosophies, sources of data, data elements/vocabulary, metrics, and analytics related to institutional revenues and expenditures. Chapters in this section focus on student oriented revenues, institutionally-oriented revenues, and funding formulas. The third section introduces accountability-related concepts by first examining the accountability movement in higher education and performance-based approaches applied in budgeting and funding, then looking at methods to determine public and private returns on investment in postsecondary education, and closing with an examination of finance from the perspective of the primary consumer: students. The fourth and last section of the book focuses on presenting postsecondary finance research to policy audiences to assist in connecting academic research and policy making. Chapters focus on accounting for time considerations in analysis, the placing of data in context to make the data and findings relevant, and ways to effectively communicate findings to various policy-making audiences.

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Book SynopsisThere is a void in the literature on how to conduct research in the finance and economics of higher education. Students, professors, and practitioners have no concise document that examines the field, provides history, definitions of terms, sources of data, and research methods. Higher Education Finance Research: Policy, Politics, and Practice fills that void.The book is structured in four parts. The first section provides a brief history and description of the general organization of American higher education, the sources and uses of funds over the last 100 years, and who is served in what types of institutions. Definitions of terms that are unique to higher education are provided, and some basic rules for conducting research on the economics and finance of higher education are established. Although in some ways, conducting research in higher education funding is similar to that for elementary/secondary education, there are some important distinctions that also are provided. The second section introduces guiding philosophies, sources of data, data elements/vocabulary, metrics, and analytics related to institutional revenues and expenditures. Chapters in this section focus on student oriented revenues, institutionally-oriented revenues, and funding formulas. The third section introduces accountability-related concepts by first examining the accountability movement in higher education and performance-based approaches applied in budgeting and funding, then looking at methods to determine public and private returns on investment in postsecondary education, and closing with an examination of finance from the perspective of the primary consumer: students. The fourth and last section of the book focuses on presenting postsecondary finance research to policy audiences to assist in connecting academic research and policy making. Chapters focus on accounting for time considerations in analysis, the placing of data in context to make the data and findings relevant, and ways to effectively communicate findings to various policy-making audiences.

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Book SynopsisThe days of buoyant capital investment, jobs, and wealth are passing Alberta by as the boom-and-bust cycle runs its course and the global climate crisis becomes more acute. As the province scrambles to boost the dying oil economy and curb spending, one solution is all but ignored – a sales tax. In this collection, Alberta scholars and policy experts map out why and how a provincial sales tax should and can be implemented.Drawing on policy analysis, recent history, personal experiences, and conversations with Albertans, former politicians, and senior public servants, contributors build a decisive case for why a sales tax is a more efficient tax than corporate or personal income taxes. They examine energy revenues, household incomes, and political support as well as opportunities for improving democracy and reducing the volatility of government revenues. Finally, this volume offers recommendations on structuring a consultative review process to improve Alberta’s long-term fiscal sustainability.

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

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Book SynopsisThis volume provides a splendid and wide-ranging collection of studies analyzing the political-economy of decentralization in Latin-America. It's a fascinating story with numerous and profound insights into how fiscal decentralization actually works in the context of a variety of fiscal institutions and in a setting with a high degree of inequality in the distribution of income and territorial disparities.'- Wallace E. Oates, University of Maryland, College Park US'The volume on Decentralization and Reform in Latin America is an important addition to the growing literature on decentralization. Some of the issues in the implementation and effectiveness of decentralization are similar all over the world, but there are issues of particular salience to Latin America, a region where decentralization reforms have come sometimes in the wake of major political reforms. This volume pays special attention to the complexity of issues (both relating to equity and efficiency) arising in the context of vertical fiscal imbalance and inter-governmental transfers, in the delivery of social services or investment spending, in the sharing of rent from natural resources among social and regional groups and in macro-fiscal stabilization. I expect the volume to receive widespread attention.'- Pranab Bhardan, University of California, Berkeley, US'Giorgio Brosio and Juan Pablo Jiménez have made a remarkable job in preparing the best comprehensive treatment of comparative decentralization experiences in Latin America. It will be essential reading for analysts of fiscal and local government issues in the region and a very useful tool for Latin Americanists in general.'- José Antonio Ocampo, Professor, Columbia University. Former Executive Secretary of the Economic Commission for Latin America and the Caribbean and Finance Minister of ColombiaDecentralisation and Reform in Latin America analyzes the process of intergovernmental reform in Latin America in the last two decades and presents a number of emerging issues. These include the impacts of decentralization and the response of countries in the region to challenge such as social cohesion, interregional and interpersonal disparities, the assignment of social and infrastructure expenditure, macrofinancial shocks, fiscal rules and the sharing of natural resources revenue. The main aim of the book is to assess the effective working of decentralized arrangements and institutions, with a view of suggesting corrections and reforms where the system is not working according to expectations.Policymakers, researchers and academics with an interest in subjects related to public policy, fiscal rules, intergovernmental relations, governance and decentralization will find this book invaluable.Contributors include: J.R. Afonso, E. Ahmad, V. Almeida, G. Arballo, G. Brosio, K. Castro, O. Cetrángolo, S. Dain, L. de Mello, A. Faveret, R. Gargarella, A. Goldschmit, J.C. Gómez Sabaini, V. Grembi, J.P. Jiménez, A. Manoel, J. Martinez-Vasquez, F. Rezende, C. Sepulveda, T. Ter-Minassian, J. VelosoTrade Review‘This volume provides a splendid and wide-ranging collection of studies analyzing the political-economy of decentralization in Latin-America. It’s a fascinating story with numerous and profound insights into how fiscal decentralization actually works in the context of a variety of fiscal institutions and in a setting with a high degree of inequality in the distribution of income and territorial disparities.’ -- Wallace E. Oates, University of Maryland, US‘The volume on Decentralization and Reform in Latin America is an important addition to the growing literature on decentralization. Some of the issues in the implementation and effectiveness of decentralization are similar all over the world, but there are issues of particular salience to Latin America, a region where decentralization reforms have come sometimes in the wake of major political reforms. This volume pays special attention to the complexity of issues (both relating to equity and efficiency) arising in the context of vertical fiscal imbalance and inter-governmental transfers, in the delivery of social services or investment spending, in the sharing of rent from natural resources among social and regional groups and in macro-fiscal stabilization. I expect the volume to receive widespread attention.’ -- Pranab Bhardan, University of California, Berkeley, US‘When it comes to fiscal decentralization in developing countries, Latin America has long led the way. In the two decades prior to the mid-1990s, some countries in the region extensively decentralized expenditures, especially social expenditures, and to a much lesser extent revenues to subnational governments. Some excesses and distortions resulted from these initial efforts and over the next decade major attempts were made to offset such problems, primarily by changing fiscal rules and transfer systems. The recent boom in natural resource revenues has again exacerbated pressure on the intergovernmental fiscal system in many countries, leading to further attempts to adjust the flow of finance between governments in order to maintain macroeconomic balance while achieving both more effective service delivery and greater social cohesion. This book, which provides both description and analysis of the rich Latin American experience, should be required reading not only for all those interested in the region but for scholars and policy-makers anywhere who are concerned with the complex and many-faceted issues associated with decentralization.’ -- Richard M. Bird, University of Toronto, Canada‘Giorgio Brosio and Juan Pablo Jiménez have made a remarkable job in preparing the best comprehensive treatment of comparative decentralization experiences in Latin America. The volume reviews all aspects of the decentralization process: its constitutional roots and its contribution to social cohesion; the provision of social services and infrastructure; taxation, sharing in natural resource revenues and the design of the intergovernmental transfers; and its macro-financial implications and associated fiscal rules. It will be essential reading for analysts of fiscal and local government issues in the region and a very useful tool for Latin Americanists in general.’ -- José Antonio Ocampo, Professor, Columbia University. Former Executive Secretary of the Economic Commission for Latin America and the Caribbean and Finance Minister of ColombiaTable of ContentsContents: Preface 1. Introduction: Approaching Recent Transformations of Intergovernmental Relations from Multiple Profiles Giorgio Brosio and Juan Pablo Jiménez 2. Federalism and Fiscal Federalism: The Emergence and Distortion of the Centro-federalist Constitutional Model in its Political and Fiscal Manifestations Roberto Gargarella and Gustavo Arballo 3. Fiscal Decentralization: Increasing Social Cohesion Among Widely Disparate Territorial Units Oscar Cetrángolo and Ariela Goldschmit 4. Reflections on Two Decades of Social-spending Decentralization José Roberto Afonso, Sulamis Dain, Vivian Almeida, Kleber Castro and Ana Cecília Faveret 5. Fiscal Decentralization and Public Investment Luiz de Mello 6. The Financing of Subnational Governments Juan Carlos Gómez Sabaini and Juan Pablo Jiménez 7. Explaining Property Tax Collections in Developing Countries: The Case of Latin America Cristian Sepulveda and Jorge Martinez-Vazquez 8. Intergovernmental Transfers in Subnational Finances Fernando Rezende and João Veloso 9. Intergovernmental Transfers: A Policy Reform Perspective Jorge Martinez-Vazquez and Cristian Sepulveda 10. The Intergovernmental Allocation of Revenue from Natural Resources: Finding a Balance between Centripetal and Centrifugal Pressure Giorgio Brosio and Juan Pablo Jiménez 11. Macroeconomic Challenges of Fiscal Decentralisation Juan Pablo Jiménez and Teresa Ter-Minassian 12. Fiscal Rules for Subnational Governments? Evidence from Latin America Veronica Grembi and Alvaro Manoel 13. Intergovernmental Reforms in Latin America, ‘Asian Transplants’ and the Role of International Agencies Ehtisham Ahmad Index

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