Public finance and taxation Books

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

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

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

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

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

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

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

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

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

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Book SynopsisAt last – a textbook on the public sector for students of social policy, public policy, political science and sociology. This book explains why we have a public sector and what tasks it is expected to perform.Bent Greve presents the key strengths and weaknesses of the public sector in modern European societies in a clear and straightforward fashion. He also highlights the new challenges the sector faces, including changes in global development, demography and technology.Public and private sectors are highly interdependent and Greve explores this relationship and the consequences of choosing different public expenditures and financing. He addresses differences across affluent European economies and demonstrates how countries can develop society as desired whilst ensuring that their economies remain resilient to external crises, such as the financial crisis of 2008 or the Covid-19 pandemic.Highly accessible and informative, this book will be a valuable resource for lecturers and students of social policy, public policy, political science and economic sociology. It is also essential reading for students of public sector management and administration who need to understand the fundamentals of public sector economics and political economy. Its novel interpretation of the broader role of the public sector will also be beneficial for practitioners and policy makers.Trade Review‘Recent years have witnessed the “Return of the State” after decades of spreading neo-liberalism and market ideology. Bent Greve’s book is a very well written text able to capture the old and new roles of the public sector in contemporary societies. It provides interesting and valuable insights both for scholars and students into how the relationship between the state, the market and society has been evolving and the present and future challenges.’ -- Emmanuele Pavolini, University of Macerata, Italy‘What is the public sector? Why is public spending necessary, and how is it funded and managed? Greve offers a clear, non-ideological account of the nature of the public sector in developed economies. His analysis of the complex connections between public and private, state and market, provides readers with a timely guide to this most fundamental of all relationships in the public sphere.’ -- Nick Ellison, University of York, UK‘This book is an excellent guide for students and professionals in public and social policy, helping them to understand the economic issues in policy making. The key concepts in public sector economics are clearly presented, with explanations of current debates and references to the most recent literature. The multiple economic and social effects of public sector and welfare state measures, and their mutual relationships are also well explained. Bent Greve illuminates the conceptual debate with compelling empirical illustrations which spark and maintain the interest of the reader. Last, but not the least, Greve accentuates new important topics not commonly included in textbooks: the social investment perspective and the consequences of this for policy making, international influences on national public sector economics (including EMU), and current developmental challenges for the public sector such as societal ageing, external shocks on economies and technological change.’ -- Tomáš Sirovátka, Masaryk University, CzechiaTable of ContentsContents: Preface 1. The role of the public sector 2. Allocation, distribution and stabilization 3. Market failure and other reasons for public interventions 4. Size of the public sector 5. Taxation and impact on societies 6. Fiscal policy – what works what does not work 7. Steering of the public sector economy 8. In-cash benefits – the role of the public sector 9. In-kind benefits – the service of the public sector 10. International influence, including the Economic and Monetary Union 11. A social investment perspective on public sector spending 12. Challenges for the public sector – a few concluding remarks Index

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Book SynopsisThis timely book explores the measurement and consequences of financialisation, as well as its driving forces, to take a fresh look at reconciling the twin concepts of financialisation and financial development. Imad Moosa provides a critical review of these two separate strands – the individual measures of economic development and financialisation – on the grounds that they are inadequate to represent a multi-dimensional process.Introducing a new composite measure encompassing the means of payment and asset ownership as well as conventional indicators, Moosa expertly investigates the economic, political and social consequences of financialisation. Identifying the driving forces of financialisation, he concludes that there is a requirement to reverse the current trend using more than just legislation and regulation to secure a sound and stable economy. This innovative book will be a fascinating and informative read for academics and research students of financial economics, regulation and economic sociology. Policy makers and politicians engaged in financial regulation will find the suggested insights into achieving future financial stability thought-provoking.Trade Review‘People in the finance industry have long advocated the benefits of financialisation. However, the detrimental effects that the other productive sectors in an economy wither away are often overlooked. This book presents the ugly and detrimental consequences of financialisation – something that is rarely discussed in the financial world. For any person interested in finance, this book is essential reading.’ -- George Tawadros, Winona State University, US‘With the ongoing decline of neoliberalism and the massive economic inequality it has produced, this highly accessible book is absolutely timely. It is compulsory reading for policy makers and all those demanding more government control over the running of economies and a reduction in the burgeoning artificial practice of making money out of money.’ -- Greg Bailey, La Trobe University, Australia‘Imad A. Moosa comprehensively addresses the “financialisation” literature and financialisation in practice – its history, incidence, causes and effects, ranging over grand narrative to fine detail, commanding technical and discursive contributions, and the economic and the social. It is a compelling starting point for anyone concerned with the defining characteristic of our age.’ -- Ben Fine, SOAS, University of London, UKTable of ContentsContents: Preface 1. Conceptual issues and preliminary observations 2. Financial development: concept and measurement 3. The economic effects of financial development 4. From financial development to financialisation 5. The driving forces of financialisation 6. Financialisation, neoliberalism and globalisation 7. Financialisation, financial instability and financial crises 8. The economic effects of financialisation 9. The political and social effects of financialisation 10. Epilogue References Index

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

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

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

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

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

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

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

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

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

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

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

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

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Book SynopsisThe 1964 Kennedy-Johnson tax cut is often cited as the single most successful application of Keynesian stabilization policy. The author challenges this orthodox historical view by exposing the haphazard planning, simplistic economic theorizing, irreconcilable numerical projections, and partisan political influences on the Council of Economic Advisers. The focus of the book is on the decisions, advice and actions of the three Chairmen of the Council during the 1960s: Walter Heller, Gardner Ackley and Arthur Okun. They were the authors of the ambitious and optimistic new economics that attempted to manipulate aggregate demand in the US economy to reach potential output. By 1965 this goal was achieved, but when Vietnam War spending and Great Society programs were added to the tax cut, the subsequent policy paralysis in the face of a surging economy clearly indicated a lack of symmetry in fiscal policy implementation. Much of the evidence for this revisionist view comes from the participants own statements in the form of White House memoranda and confidential reports as well as from counter-factual exercises that allow alternative policies or swifter responses.This book will be of great interest to macroeconomists as well as to scholars and students interested in economic history and in the formulation and implementation of economic policy.Trade Review'. . . an important contribution to the study of fiscal policy in the post-World War II era and a useful complement to other analyses of the subject under various circumstances. . . It also provides a positive critique of stabilisation policies by giving several suggestions for their successful design and implementation. Moreover, the chapters of the book include the data used in some of the econometric testing, allowing the interested reader to replicate the results obtained, thus providing valuable teaching material.' -- Esteban Perez, Economic Record'. . . Prachowny's book is a welcome addition to the literature on American fiscal policy history. . . . Prachowny has provided a valuable addition to the literature, one well researched and documented.' -- Richard Vedder, EH NetTable of ContentsContents: Introduction 1. What Went Wrong? 2. Estimating the Output Gap 3. The CEA Model of Taxes and Aggregate Demand 4. The Macroeconomic Effects of the Tax Cut 5. The Inflationary Aftermath 6. Fiscal Drag and the Burden of the Debt 7. Taxes and Voter Welfare 8. Lessons to be Learned Bibliography Index

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Book SynopsisThis insightful book examines the necessary conditions for the successful initiation and consolidation of unpopular economic reforms. Drawing on the burgeoning literature in the area of policy reform, it features a comparative analysis of fiscal reform in Hungary, Poland and the Czech Republic at different stages of the post-communist transformation. This analysis demonstrates that a significant number of the national differences in fiscal reform can be attributed to differences in political constraints. It also reveals that these very constraints change in the course of transformation and have become increasingly similar to the 'standard' restrictions which exist in the traditional EU and OECD countries.This in-depth analysis of the changing role of political determinants in post-communist fiscal reform will strongly appeal to economists and political scientists interested in the political economy of policy reform, post-communist economic transformation and the role of international organizations (IMF, EU) in shaping domestic policy-making. Policy analysts interested in fiscal reform in Hungary, Poland and the Czech Republic will also find much to interest them in this book.Trade Review'Frank Bonker has done a masterful job. . . This is probably the best book available on this important subject. And its significance is not limited to studies of postcommunist societies. It has important theoretical implications for everyone interested in the Political Economy of Policy Reform perspective within the field of comparative political economy.' -- John L. Campbell, Slavic Review'I read Frank Bonker's book with interest. The book is well documented, balanced, and interesting. The book is overall quite informative and detailed. The comparative approach is convincing and the author demonstrates a deep and detailed knowledge of the three countries and the subject. He also convincingly demonstrates that the topic has an importance that goes beyond the cases analyzed.' -- Bruno Dallago, President, European Association for Comparative Economic Studies and University of Trento, Italy'This is a very well organised and clearly written book with convincing arguments and analysis throughout. Its largely jargon-free style makes it accessible to the non-specialist and provides for a thorough and easily read piece of work. As well as being of interest to researchers specialising in this topic, the book should be usable by undergraduate as well as postgraduate students.' -- Martin Dangerfield, University of Wolverhampton, UKTable of ContentsContents: 1. Introduction: Fiscal Reform, Post-communist Transformation and the Political Economy of Policy Reform 2. The Political Economy of Fiscal Reform in the OECD Countries and the Developing Countries 3. Agenda and Context of Post-communist Fiscal Reform 4. Getting Started: The Initiation of Fiscal Reform after the Fall of Communism 5. Staying the Course I: Fiscal Reform During the Post-communist Fiscal Crisis 6. Staying the Course II: Fiscal Reform from the End of the Post-communist Fiscal Crisis to EU Accession 7. Conclusion: Post-communist Fiscal Reform and the Changing Nature of Political Constraints References Index

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Book SynopsisIn recent decades, local government has become increasingly complex. The Political Economy of Local Government draws upon recent developments in economics, including new institutional economics, and contemporary advances in the theories of social capital and leadership, in order to explain local government policy formulation.The authors go beyond the study of local public goods to explore the sources of market failure and examine whether local authorities are more susceptible to certain types of government failure. In addition, a transaction cost analysis of markets, hierarchies and networks is applied to ascertain the comparative institutional advantage local authorities might have in the supply of local governance. The book also considers the extent of the influence that these recent advances in the theories of social capital and leadership have on the process and implementation of local government policy. This book offers a fresh and readily accessible perspective on the political economy of local government policy making, and will be of particular interest to students and practitioners of economics, political science, public administration, policy studies and local government.Trade Review'The authors raise a wide range of thoughts for further analysis, and their book should be seen as a valuable - and indeed invaluable - catalyst for further study.' -- David N. King, The Economic JournalTable of ContentsContents: Preface 1. Introduction 2. Market Failure and Local Government 3. Government Failure and Local Government 4. The Empirical Measurement of Local Government Efficiency 5. New Institutional Economics and Alternative Mechanisms of Local Governance 6. The Political Economy of Local Government Reform 7. A Case Study of Local Government Reform in New Zealand 8. Conclusion References Index

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Book SynopsisThe twin benefits of improving environmental quality and reducing tax distortions through the recycling of environmental tax proceeds prove an attractive policy objective. This book analyses the use of the double dividend concepts for evaluating ecological tax reforms.The author aims to analyse unilateral environmental policy measures thoroughly and to assess under which conditions a double dividend can be achieved. The analysis is undertaken in the context of international capital mobility and cross-border externalities. He also includes a discussion of an empirically relevant example for an ecological tax reform scenario in Germany - the DIW proposal.International Environmental Externalities and the Double Dividend will be of great interest to all researchers and those working in NGOs in the areas of environmental economics, ecological tax reform issues as well as trade and the environment.Trade Review'Killinger provides a wonderful analysis of the welfare effects of unilateral ecological tax reforms, which should deepen and inform research in this area . . . researchers and students of environmental economic issues should find this book very useful in clarifying and extending the discussion regarding ecological tax reform.' -- Randall J. Hannum, Natural Resources Forum'In looking at the effects of ecological tax reform on allocation, this book addresses a very important issue. The results are interesting and have significant policy implications.' -- Glenn Feltham, Canadian Tax Journal'The book contains an excellent analysis of how environment taxation affects large countries that are highly integrated in world capital markets.' -- Lans Bovenberg, CPB Netherlands Bureau for Economic Policy Analysis, The NetherlandsTable of ContentsContents: 1. Introduction 2. The DIW Report: An Empirical Example 3. National Environmental Policies and International Integration 4. The Double Dividend of Ecological Tax Reforms 5. Indirect Internationalization and International Capital Mobility 6. Concluding Remarks Bibliography Index

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Book SynopsisPollution, alternative fuels, congestion, intelligent transportation systems, and the shift from construction to maintenance all call for a reconsideration of the existing highway revenue mechanisms, especially the gas tax. David Levinson explores the fundamental theoretical basis of highway finance, in particular the use of tolls, and supports that theory with empirical evidence. The author examines highway finance from the perspective of individual jurisdictions and travellers, and considers their interactions rather than specifying a single optimal solution. Congestion pricing has long been a goal of transportation economists, who believe it will result in a more efficient use of resources. Levinson argues that if the governance were to become more decentralized, and collection costs continue to drop, tolls could return to prominence as the preferred means of financing roads for both local and intercity travel. An approach that creates the local winners necessary to implement road pricing is required before it can be expected to become widespread.Economists, civil engineers, planners, students and policymakers will find this detailed examination of transportation networks enlightening and useful.Trade Review'The book ought to be read by any practitioner or scholar who claims a serious interest in transportation finance. It would be an excellent secondary text for any course in transportation finance or policy, in either an economics department or a public policy program. This is a most welcomed addition to the transportation finance literature.' -- Odd J. Stalebrink, West Virginia University, USTable of ContentsContents: 1. Introduction 2. History 3. Costs 4. Revenues 5. Hierarchy 6. Intertemporal Equity 7. Finance Choice on a Beltway 8. Finance Choice on an Interstate 9. Finance Choice at a Frontier 10. Congestion Pricing 11. Compensation 12. Deploying Electronic Tolls 13. Summary and Conclusions Bibliography Index

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Book SynopsisThe fall of the Soviet Union in 1991 brought enormous political, economic, and social challenges. Since 1991 fiscal reform has been a pillar of Russia's reform agenda. This book analyzes the effort to adopt a modern tax code where previously there were few recognizable taxes, establish an efficient tax administration where taxpayers had never paid taxes directly, and decentralize the system of governance where power had been centralized and dictatorial. Despite the remarkable achievements, many old and new challenges remain. The authors bring an analytical approach to fiscal reform in Russia, providing a detailed analysis of the tax system and estimates of tax compliance and evasion. The book offers a careful examination of the fiscal architecture of Russia and concludes with a presentation of remaining reform needs and options for Russia. Based on Russia's reform experience, the authors also draw lessons for fiscal reform in other developing and transitional countries.Given the dynamic nature of Russia's economic development, this book will prove a timely and informative resource for academics in economics, public finance, political science and public administration as well as for policy makers. Its lessons will also be useful for officials involved with finance in transition and developing countries.Table of ContentsContents: Preface 1. Introduction 2. Achievements and Failures during the Yeltsin Years 3. Tax Reform under Putin 4. Performance of the Tax System Before and After the Reform 5. The Structure of Taxes 6. The Evolution of Tax Administration and Tax Morale 7. Tax Policy Development and Intergovernmental Fiscal Relations 8. The Next Decades of Reform References Index

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Book SynopsisThis book provides a long-term perspective on policies regarding intergovernmental grants in the US since the 1970s. This period spans six presidential administrations and encompasses a diverse set of political and economic conditions. Containing original research, this book contributes to critical assessments of intergovernmental grant issues such as: whether state and local government spending responds symmetrically to increases or decreases in federal aid the effects of converting categorical grants to block grants on program spending; and the political economy of federal aid distribution. >The author's empirical analyses are based on a unique data set of US federal intergovernmental grants and cover a range of programs, including transportation, substance abuse prevention and treatment, and community development and welfare. The book is a rich source of material on intergovernmental grants and fiscal relations for scholars and practitioners in public policy, political science, economics and public finance.Table of ContentsContents: 1. Introduction Appendix 1. US Intergovernmental Grant Data and Sources 2. Asymmetric Responses to Increases and Decreases in Grants Appendix 2A. Response of State and Local Highway Spending to Increases and Decreases in Federal Highway Grants Appendix 2B. Asymmetric Responses in Economic Models 3. Federal Block Grants Implications for Spending Effort by States and Localities Appendix 3. The Effect of Federal Alcohol and Drug Abuse Block Grants on State and Local Government Spending: The Role of Federal Oversight 4. Political Economy of Grant Allocations: The Case of Federal Aid for Highways Appendix 4: Political Economy of Federal Aid for Highways Additional Empirical Results Index

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Book SynopsisThe relationship between public investment and regional economic development is of perennial interest and is particularly topical now as issues of infrastructure and innovation are high on policy agendas in many countries. Public investment is often viewed as a possible method for 'jump-starting' lagging regional economies and also as a requirement for the continued development of more prosperous regions.Public Investment and Regional Economic Development provides a systematic analysis of the complex relationship between public investment and regional economic development. The authors offer new insights into the key issues of regional growth, and present a broad variety of perspectives ranging from transport and housing infrastructure through to human capital and innovation.With contributions from leading regional scientists, and each themed section of the book prefaced with an editorial introduction to ensure coherence, this illuminating book is sure to offer policymakers new research insights into key issues of regional growth. Academics and researchers of urban and regional planning, geography and economic development will also find the book of great interest.Trade Review'Public Investment and Regional Economic Development is a very interesting and stimulating reading for policymakers and anyone doing research in this area.' -- Adelheid Holl, Environment and Planning C: Government and PlanningTable of ContentsContents: Part I: Modelling and Planning Part II: Innovation and Knowledge Creation Part III: Human Capital Part IV: Physical Infrastructure Index

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Book SynopsisIn evaluating environmental policy, researchers have tended to focus on the industry or market that is targeted by regulation and to disregard policy impacts in other parts of the economy. Recent research indicates, however, that in economies where governments rely on distortionary taxes, environmental regulation can profoundly affect costs and efficiency in areas other than the targeted industry or market. These findings signal the importance of evaluating environmental policy using a general equilibrium framework - an approach that can capture interactions across industries, sectors or markets. General equilibrium analysis can fundamentally alter the evaluation of environmental tax policies, and can overturn conventional wisdom concerning the relative cost-effectiveness of environmental taxes, emissions quotas, or mandated technologies.This volume gathers together important papers on the general equilibrium impacts of environmental regulation in the presence of distortionary taxes. Topics include optimal environmental taxation,'green tax reform' and the 'double dividend', and the choice among alternative policy instruments. The volume will be of interest to environmental economists, public finance economists and researchers interested in the economics of regulation.Table of ContentsContents: Introduction Part I: Surveys of Environmental Policy Making in the Presence of Distortionary Taxes Part II: Optimal Environmental Taxation in the Presence of Distortionary Taxes Part III: Environmental Tax Reforms and the ‘Double Dividend’ Part IV: Environmental Instrument Choice in a Second-best Setting Part V: Efficiency–Distribution Trade-offs in Environmental Policy Index

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Book SynopsisTaxation and Economic Behaviour offers a number of broad introductory surveys in the areas of public economics and public finance. Divided clearly into two parts - measurement issues and taxation and economic behaviour - this innovative collection of articles consists of published refereed papers and several new and previously unpublished pieces.Initially, the book focuses on measurement issues, and includes chapters on income inequality, poverty, tax progressivity, income dynamics and welfare changes. It then goes on to explore the wider theme of taxation and economic behaviour, including material on taxation and labour supply, behavioural micro simulation modelling, and general equilibrium. Throughout the book, John Creedy makes use of numerical examples which help to illustrate the structure and use of the various models.Providing introductory material and syntheses of a wide range of topics, Taxation and Economic Behaviour will be welcomed by students, lecturers and researchers with an interest in public finance and public sector economics.Table of ContentsContents: Preface Part I: Measurement Issues 1. Measuring Income Inequality 2. Measuring Poverty: An Introduction 3. Taxation, Redistribution and Progressivity: An Introduction 4. Statics and Dynamics of Income Distribution: An Introductory Survey 5. Lifetime Earnings and Inequality 6. Measuring Welfare Changes and the Excess Burden of Taxation 7. Exact Welfare Measurement using Marshallian Demand Functions Part II: Taxation and Economic Behaviour 8. Tax Modelling 9. Behavioural Microsimulation with Labour Supply Responses 10. Taxes and Transfers with Endogenous Earnings: Some Basic Analytics 11. Labour Supply and Welfare with Piecewise Linear Budget Constraints: An Introduction 12. Taxation in General Equilibrium: An Introduction 13. The Built-in Flexibility of Income and Consumption Taxes: A Survey Index

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Book SynopsisIn this book, the authors outline how policymakers in advanced countries have moved away from exclusive reliance on the public sector in social service delivery, towards a more multi-faceted approach that seeks to combine the strengths of public agencies, private firms and voluntary organizations. This development raises interesting and complex questions concerning the comparative advantages of these respective groups in the delivery of goods and services. The Political Economy of the Voluntary Sector adopts a comparative institutions approach to assess the strengths and weaknesses of the government, market and voluntary sectors as alternative instruments for implementing social and economic policies. The authors examine existing market failure, government failure and supply-side models of non-profit organizations before proposing a new leadership theory of the voluntary sector. They then explore the interface between the voluntary sector and the development of social capital. The book culminates in an investigation of appropriate public policy approaches towards the voluntary sector. This book will be warmly welcomed by academics, students, and researchers working on alternative methods of public policy program delivery, primarily from the disciplines of economics, political science and public administration. Practitioners drawn from the public and voluntary sectors, as well as public policymakers in governments from around the world, will also find this accessible book of great interest.Trade Review'By posing the questions which economists might ask as they study the voluntary sector the authors have produced an innovative and useful piece of work which will contribute to the now considerable literature on voluntary organisations and to the current debate on how the welfare state should be reformed.' -- Citizen's Income'This book provides a superb review of the literature on nonprofit organizations and extends the boundaries of our knowledge in a substantial and novel way. In particular, Dollery and Wallis provide a seminal analysis of public policy alternatives on the voluntary sector. The book represents a "must read" for all scholars, practitioners, students and policymakers interested in nonprofit organizations.' -- Andrew Worthington, Queensland University of Technology, Australia'Dollery and Wallis have done it again, having presented the complex ideas of a very eclectic field into a comprehensible and eminently readable form. In addition, the policy implications they draw from the existing literature answer a much needed call for direction and rationale for the various tax breaks, subsidies and other tools at the disposal of politicians with regard to NPOs. This book not only presents a comprehensive picture of the issues involved and approaches to understanding the voluntary sector, but serves as a stepping stone to expand the frontier of this important, but still nascent field. A must read for anyone serious about policy towards NPOs.' -- Craig Parsons, Yokohama National University, JapanTable of ContentsContents: Preface 1. Introduction 2. Voluntary Organizations as a Response to Market Failure and Government Failure 3. Supply-side Theories of Nonprofit Organizations 4. Leadership and Nonprofit Organizations 5. Social Capital and the Voluntary Sector with Paul Killerby 6. Public Policy Approaches to the Voluntary Sector 7. Public Policy Toward the Voluntary Sector 8. Conclusion References Index

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Book SynopsisThe Distribution of Tax Burdens brings together for the first time the most important published papers on tax incidence written in the past 50 years. The editors, two leading scholars in public finance, have written an authoritative introduction which provides a concise and thorough summary of the key developments in the field during this time.This comprehensive volume presents seminal writings covering the distributional impact of taxes in partial and general equilibrium models as well as in imperfectly competitive settings. The editors have also included significant recent contributions on tax incidence in dynamic settings including the important emerging literature on lifetime tax incidence. The articles have been arranged to allow the reader to understand the context and historical development of the field. This volume will be invaluable to graduate students and all scholars interested in the distribution of taxes in modern economies.Table of ContentsContents: Acknowledgements Introduction Don Fullerton and Gilbert E. Metcalf PART I EARLY INCIDENCE THEORY AND CALCULATIONS 1. Arnold C. Harberger (1962), ‘The Incidence of the Corporation Income Tax’ 2. Charles E. McLure, Jr. (1974), ‘A Diagrammatic Exposition of the Harberger Model with One Immobile Factor’ 3. Joseph A. Pechman and Benjamin A. Okner (1974), ‘Introduction and Summary‘ 4. Richard A. Musgrave, Karl E. Case and Herman Leonard (1974), ‘The Distribution of Fiscal Burdens and Benefits’ 5. Edgar K. Browning (1985), ‘Tax Incidence, Indirect Taxes, and Transfers’ PART II GENERAL EQUILIBRIUM ANALYSIS 6. Charles E. McLure, Jr. and Wayne R. Thirsk (1975), ‘A Simplified Exposition of the Harberger Model I: Tax Incidence’ 7. Adolf L. Vandendorpe and Ann F. Friedlaender (1976), ‘Differential Incidence in the Presence of Initial Distorting Taxes’ 8. Martin Feldstein (1977), ‘The Surprising Incidence of a Tax on Pure Rent: A New Answer to an Old Question’ 9. David F. Bradford (1978), ‘Factor Prices May Be Constant But Factor Returns Are Not’ 10. John B. Shoven (1976), ‘The Incidence and Efficiency Effects of Taxes on Income from Capital’ 11. Shantayanan Devarajan, Don Fullerton and Richard A. Musgrave (1980), ‘Estimating the Distribution of Tax Burdens: A Comparison of Different Approaches’ PART III INCIDENCE WITH IMPERFECT COMPETITION 12. Robert L. Bishop (1968), ‘The Effects of Specific and Ad Valorem Taxes’ 13. J.A. Kay and M.J. Keen (1983), ‘How Should Commodities Be Taxed? Market Structure, Product Heterogeneity and the Optimal Structure of Commodity Taxes’ 14. Michael L. Katz and Harvey S. Rosen (1985), ‘Tax Analysis in an Oligopoly Model’ 15. Nicholas Stern (1987), ‘The Effects of Taxation, Price Control and Government Contracts in Oligopoly and Monopolistic Competition’ 16. Sofia Delipalla and Michael Keen (1992), ‘The Comparison between Ad Valorem and Specific Taxation under Imperfect Competition’ PART IV PROPERTY TAXATION 17. Peter Mieszkowski (1972), ‘The Property Tax: An Excise Tax or a Profits Tax?’ 18. Richard A. Musgrave (1974), ‘Is a Property Tax on Housing Regressive?’ 19. Henry Aaron (1974), ‘A New View of Property Tax Incidence’ 20. Bruce W. Hamilton (1976), ‘Capitalization of Intrajurisdictional Differences in Local Tax Prices’ 21. Wallace 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’ PART V INCIDENCE IN DYNAMIC MODELS 22. Martin Feldstein (1974), ‘Incidence of a Capital Income Tax in a Growing Economy with Variable Savings Rates’ 23. B. Douglas Bernheim (1981), ‘A Note on Dynamic Tax Incidence’ 24. Lawrence H. Summers (1981), ‘Capital Taxation and Accumulation in a Life Cycle Growth Model’ 25. Alan J. Auerbach, Laurence J. Kotlikoff and Jonathan Skinner (1983), ‘The Efficiency Gains from Dynamic Tax Reform’ 26. Kenneth L. Judd (1985), ‘Redistributive Taxation in a Simple Perfect Foresight Model’ 27. Lawrence H. Summers (1985), ‘The Asset Price Approach to the Analysis of Capital Income Taxation’ PART VI LIFETIME INCIDENCE 28. James Davies, France St-Hilaire and John Whalley (1984), ‘Some Calculations of Lifetime Tax Incidence’ 29. James M. Poterba (1989), ‘Lifetime Incidence and the Distributional Burden of Excise Taxes’ 30. Don Fullerton and Diane Lim Rogers (1991), ‘Lifetime Versus Annual Perspectives on Tax Incidence’ 31. Erik Caspersen and Gilbert Metcalf (1994), ‘Is a Value Added Tax Regressive? Annual Versus Lifetime Incidence Measures’ 32. David Altig, Alan J. Auerbach, Laurence J. Kotlikoff, Kent A. Smetters and Jan Walliser (2001), ‘Simulating Fundamental Tax Reform in the United States’ Name Index

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Book SynopsisIt is hard to think of anyone who has contributed so much and so widely to research in international public finance in the last 40 years as has Richard Bird. This volume of essays emerged from a conference dedicated to him. It also expands on our understanding of international public finance.Richard Bird's academic and applied work has always benefited from a far-reaching involvement with, and knowledge of, relevant policy issues in many countries around the world. The range of public finance issues to which he has contributed over the years covers practically the whole gamut of the public finance discipline: tax policy, tax administration, the interdependency between the two, intergovernmental fiscal relations, public expenditure policy, and fiscal management processes. The topics covered in this book reflect the wide contributions of Richard Bird to the subject of international public finance, including original reviews of intergovernmental fiscal relations, fiscal policy, and tax evasion and tax administration, all with a special focus on transition and developing countries. These essays, by top scholars in their own right, will deepen our own understanding of relevant problems and issues in international public finance, much like Richard Bird has been doing for many years, and will be of interest to economists, policymakers and students.Table of ContentsContents: Foreword Part I: Intergovernmental Fiscal Relations Part II: Tax Evasion, Tax Administration and the Role of Government Part III: Fiscal Policy Part IV: A Summing Up Index

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Book SynopsisPublic-private collaboration in infrastructure projects takes place in a variety of institutional frameworks worldwide. This volume considers the different cultural, political and legal settings in the US, UK, Japan and other countries and regions where policymakers are reconsidering traditional mechanisms for raising and deploying capital. By focusing on concrete examples in specific countries, the editors and contributors draw useful lessons for strong sector performance in telecommunications, power, water and social infrastructure. Innovative strategies that work can be modified and refined in other sectors and other countries. Going beyond ideological debate, this volume presents a pragmatic approach to best practice, one that combines market-oriented solutions with governmental oversight according to the specific cultural and institutional situations.Regulators, academics, policymakers, politicians, and students in public policy, finance and economics will find this volume practical and original.Trade Review'This book provides a useful overview of international developments in this important area of public policy. The breadth of international coverage is an important strength.' -- John Quiggin, Australian Journal of Public AdministrationTable of ContentsContents: Introduction Part I: Japan: Public–Private Partnerships in Transition 1. Infrastructure Building in the Japanese Telecommunications Sector: From Public–Public to Public–Private Partnership 2. The Third Sector's Failure in Japan 3. Regulatory Reform of the Electricity Industry in Japan: An Overview of the Process Part II: UK and India: Declining Role of the State 4. The Declining Role of the State in Infrastructure Investments in the UK 5. Private Initiatives in the England and Wales Electricity Industry 6. Private Financing Initiatives in India's Telecommunications Sector 7. Private Financing Initiatives in India's Electricity Sector Part III: US and Emerging Markets: Stakeholders and the Status Quo 8. Public Power: Perspectives in Electricity Restructuring 9. Domestic and International Environmental Issues in Restructuring Electric Industries 10. Infrastructure Management: Applications to Latin America 11. Institutions and Telecommunications Performances in Africa: Stability, Governance, and Incentives Conclusion Index

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Book SynopsisState and Local Finances under Pressure explores the future of state and local government fiscal systems given the numerous pressures they face from economic, legal, technological, demographic and political forces. It explores how these multiple forces play out in terms of the changes state and local governments should and are likely to make. The contributors argue that state and local governments must make substantial changes and that failure to act is likely to result in adverse effects and increasing pressures for modifications that are more difficult to implement and more politically unpalatable. Without reform, state and local fiscal systems will grow increasingly out of sync with economic reality. The authors suggest that government responses are likely to be evolutionary, but that in 25 years the recorded changes will be substantial.The first chapter provides a historic perspective of state and local fiscal trends. Each of the subsequent chapters describes the nature of one of the pressures state and local governments face including: political and legal forces, globalization of business, demographic and technological changes, deregulation of utilities, and urban sprawl. Policymakers, economists, political scientists, fiscal policy analysts and public administrators will find this comprehensive book of interest.Table of ContentsContents: 1. Introduction 2. The Changing State–Local Fiscal Environment: A 25 Year Retrospective 3. Changing Times: Demographic and Economic Changes and State and Local Government Finances 4. Politics, the Courts, and the Economy: Implications for the Future of School Financing 5. Popular Processes and the Transformation of State and Local Government Finance 6. The Federal Government’s Impact on State and Local Government Finances 7. Prospects and Challenges for State and Local Government in a Digital World 8. Deregulation of Utilities: A Challenge and an Opportunity for State and Local Tax Policy 9. Globalization and State–Local Government Finances 10. Urban Sprawl and the Finances of State and Local Governments Index

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Book SynopsisOne of the most important functions of modern government is to marshal and deploy resources to achieve desired objectives and outcomes. This task is overseen by the Central Budget Agencies (such as Ministries of Finance and Treasuries) who have the responsibility of generating tax revenue, and controlling and allocating public expenditure.This extensive comparative study investigates the changing nature and role of Central Budget Agencies (CBAs) in ten countries reflecting a spectrum of different institutional and constitutional contexts. Eighteen expert contributors offer detailed accounts of the various trajectories that have occurred within their respective CBAs, set against the changing political environment in which they operate. A recurring theme throughout is an evaluation of the power and agenda-setting roles of CBAs, assessing how their influence has grown or waned over time. An important feature of the book is that each chapter attempts to incorporate external scholarly analyses with internal practitioner views.Four key areas are examined in each of the CBAs, including: the changing roles and responsibilities of CBAs the politics of the budget process and the influence of CBAs administrative and post-administrative cultures inside government future prospects and directions for the CBAs. The original research presented in this book provides a new window into the world of CBAs, adding an important contribution to the scholarly research on public finance and government budgeting. It will also assist many CBAs to re-evaluate their roles and contributions to public budgeting and public sector management. This volume is required reading for anyone wanting to gain greater insight into whether CBAs really are the best guardians of the public purse.Trade Review'This book will greatly interest those in comparative public finance and those seeking a better understanding of the sometimes confusing and muddled government budget process. Highly recommended.' -- R.J. Phillips, Choice'This is an excellent book that should be read by students and scholars of public budgeting. It contains a balance of works by some of the world's experts in the field. The book is well-organized and the chapters are well written, referenced and edited. Topic coverage is comprehensive and the individual chapters are up-to-date on the latest trends and developments in budgeting and control in a most interesting set of nations. This is a must read.' -- Larry Jones, Naval Postgraduate School, California, US'Despite the importance of the Central Budget Agency (CBA), there is precious little international comparative information and research to explain and help guide the performance revolution. The research presented here is a good first step in filling that void. The chapters explore a range of countries, including those that have been among the most innovative and successful in reforming their public service. They answer the important questions of how CBAs have evolved and how the governance context in which they work is changing. Yet, the value of the research lies beyond a simple description of the budget process. The analysis of the staff, the management, their background, and their view of the work and organisational culture offers unique insights into challenges that policymakers face as they move forward with reform. In a world with many theories and few facts, this book is a welcome addition and an important resource for academics, citizens and their governments that seek to understand and improve their policies.' -- From the preface by Michael Ruffner, Organisation for Economic Cooperation and DevelopmentTable of ContentsContents: Preface Introduction: The Changing Role of Central Budget Agencies 1. ‘Good Practice: Does it Work in Theory?’ Australia’s Quest for Better Outcomes 2. Zen and the Art of Budget Management: The New Zealand Treasury 3. ‘Above the Fray’: The Role of the US Office of Management and Budget 4. Metamorphis in Kafka’s Castle: The Changing Balance of Power Among the Central Budget Agencies of Canada 5. Control Through Negotiated Agreements: The Changing Role of the Treasury in Controlling Public Expenditure in Britain 6. No Revolution in Sight: The Evolving Roles of the Central Budget Agency in Sweden 7. A ‘Super-Ministry’ or a Void of Politics? The Transformation of the Dutch Central Budget Agency: The Ministry of Finance 8. Aiming for Centrality: The Politico-Administrative Strategies of the Danish Ministry of Finance 9. Tempering the Rechtsstaat: Managing Expenditure in Re-unified Germany 10. Not So Much a Model, More a Way of Life: China’s Fragmented Authoritarianism in Budgetary Management 11. How do Sub-national Budget Agencies Operate? Experiences from Six Mid-west American States 12. Conclusion: Better Guardians? References Index

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Book SynopsisThe integration process of 'The Common Market of the South' (MERCOSUR) has been characterized by serious economic turbulence, including the devaluation of the Brazilian currency and the severe Argentinean monetary crisis. As a response to these difficulties, the adoption of monetary union has emerged as one possible solution to the financial uncertainty which has plagued this region.Whereas some believe MERCOSUR should become a free trade area, others are convinced that nothing less than full monetary union can bring stability to the region and ease the financial fragility of the member countries. This book discusses the future of MERCOSUR, focusing on monetary union and macroeconomic policy co-ordination, and addresses a number of important questions including: is it possible, or even desirable, to achieve monetary integration? what would the pre-conditions be for establishing such a union? what would the convergence criteria be for joining the monetary union? what are the expected economic consequences for the member countries? These questions are all addressed with particular reference to the experience of EMU and the lessons which can be learnt by MERCOSUR countries, in terms of the difficult transitions they may have to face.The book brings together a host of distinguished British, Argentinean and Brazilian economists to elucidate the critical policy issues surrounding the merits of monetary union in South America. Financial economists, international monetary economists, international relations experts, academics and practitioners interested in the issues surrounding economic and monetary union will all value the perceptive insights found in this volume.Table of ContentsContents: Introduction Part I: Lessons from the Euro and EMU for MERCOSUR 1. Learning From, and About, EMU – A UK View 2. The Euro and the EMU: Lessons for MERCOSUR Part II: MERCOSUR Macroeconomic Policy Co-ordination 3. MERCOSUR: Why Does Monetary Union Make Sense in the Long Term? 4. Macroeconomic Coordination in MERCOSUR – A Sceptical View 5. Monetary and Exchange Rate Arrangements: A Puzzle to be Solved Among Major MERCOSUR Countries 6. Some Issues on the Financial/Monetary Integration of MERCOSUR Part III: Exchange Rate Regimes and Monetary Dilemmas for MERCOSUR 7. Financial Opening, Instability and Macroeconomic Performance in Latin America During the 1990s: Some Possible Perverse Links 8. Monetary Dilemmas: Argentina in MERCOSUR Index

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Book SynopsisMicrosimulation Modelling of Taxation and the Labour Market reports new research on behavioural microsimulation modelling of tax and transfer systems. Its aims are twofold. Firstly, the book discusses the rationale for the basic modelling approach adopted and provides information on econometric methods used to estimate behavioural relationships. Secondly, it describes the Melbourne Institute Tax and Transfer Simulator (MITTS) in detail, explaining its main features, installation and use.After providing a broad review of tax modelling, the authors review alternative approaches to the analysis of labour supply behaviour, discuss the main components of behavioural microsimulation models and present econometric results concerning wage functions and preferences. They go on to provide a detailed description of MITTS, which was constructed by the authors in order to examine the implications of tax reforms in Australia. Microsimulation Modelling of Taxation and the Labour Market will appeal to those with a special interest in the analysis of tax and transfer systems and labour supply behaviour.Table of ContentsContents: Preface Part I: Introduction 1. Introduction and Outline 2. Tax Modelling Part II: Estimation and Modelling 3. Wage Functions 4. Budget Constraints 5. Labour Supply 6. Labour Supply with Continuous Hours 7. Labour Supply of Single Persons 8. Household Labour Supply 9. The Quadratic Direct Utility Function Part III: The MITTS Model 10. Outline of MITTS 11. Installing MITTS 12. Using MITTS 13. Taxes and Benefits: March 1998 Bibliography Index

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Book SynopsisThere is a long-standing difference amongst public economists between those who think that collective choice must be formally acknowledged, and those who derive their policy recommendations from a social planning framework in which politics plays no role. The purpose of this book is to contribute to a meaningful dialogue between these two groups, in the belief that the future of both political economy and of normative public finance lies somewhere between the two approaches.Some of the specific questions addressed in the book include: does public finance need political economy? Should collective choice play a role in the standard of reference used in normative public finance? What is a 'failure' in a non-market or policy process? And what have we learned about the theory and practice of public finance from three decades of empirical research on public choice? The book also provides a practitioner's view of the political economy of redistribution. The distinguished list of authors, many of whom are pre-eminent in their fields, includes Robin Boadway, Geoffrey Brennan, Albert Breton, AnIbal Cavaco Silva, Walter Hettich, Gebhard Kirchgassner, Dennis Mueller, William Niskanen, Hirofumi Shibata, Eugene Smolensky, Heinrich Ursprung, Frans van Winden, Stanley Winer and Donald Wittman.The importance of political economy to any understanding of why public policy evolves as it does is now widely accepted by public finance scholars and practitioners. This book goes a step further by considering the role of collective choice in defining what constitutes 'good' or 'better' policy. It will be an essential companion for all scholars of public finance and political economy.Trade Review'The overall quality of the volume is excellent, so reading the entire volume would be worthwhile, and readers interested in the specific topics covered by any of the chapters would find those chapters helpful. The individual chapters can stand alone, but taken together the volume illustrates how public choice analysis can influence the subject matter of traditional public finance.' -- Randall G. Holcombe, Public ChoiceTable of ContentsContents: Preface 1. Political Economy and Public Finance: A Brief Introduction Stanley L. Winer and Hirofumi Shibata PART I: DOES PUBLIC FINANCE NEED POLITICAL ECONOMY? 2. Public Finance, Public Choice and the Political Economy of Regulation Geoffrey Brennan 3. Public and Welfare Economics under Monopolistic and Competitive Governments Albert Breton PART II: SHOULD COLLECTIVE CHOICE PLAY A ROLE IN THE STANDARD OF REFERENCE USED IN NORMATIVE PUBLIC FINANCE? 4. The Role of Public Choice Considerations in Normative Public Economics Robin Boadway 5. Better than What? Policy Analysis, Collective Choice and the Standard of Reference Walter Hettich Comments and a Rejoinder PART III: WHAT IS A ‘FAILURE’ IN A NON-MARKET OR POLICY PROCESS? 6. Normative Public Finance Without Guilt: Why Normative Public Finance is Positive Public Finance Donald Wittman 7. On the Origin and Identification of Government Failures William A. Niskanen Comments PART IV: WHAT HAVE WE LEARNED ABOUT THE THEORY AND PRACTICE OF PUBLIC FINANCE FROM THREE DECADES OF EMPIRICAL RESEARCH ON PUBLIC CHOICE? 8. Interest Groups, Redistribution and the Size of Government Dennis C. Mueller 9. The Effects of Fiscal Institutions on Public Finance: A Survey of the Empirical Evidence Gebhard Kirchgässner 10. Experimental Investigation of Collective Action Frans van Winden PART V: A PRACTITIONER’S VIEW OF THE POLITICAL ECONOMY OF REDISTRIBUTION 11. Equity Policy and Political Feasibility in the European Union Aníbal Cavaco Silva PART VI: WHERE DO WE GO FROM HERE? 12. Directions for Future Research Eugene Smolensky 13. Where Do We Go from Here? Heinrich W. Ursprung Comments Index

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Book SynopsisIn this book a distinguished group of contributors discuss the changing political economy of pension reform. They focus on those countries which have launched a significant reframing of their pension system. Each chapter provides a detailed review of recent pension reforms and offers institutional evidence of the extent to which these reforms suggest a redirection of the welfare state towards a more public-private mix of policies. The countries were selected to represent the variety of new directions which mature industrial countries as well as countries in transition have taken.The book brings to light a number of surprising developments. These include the observation that pension systems do not conform to pure models of welfare system regimes; that a number of diverse developments have contributed to the extension of private pensions; that an emerging pattern of substituting private for public pensions can be detected but public provision still dominates in transition economies and that traditional employer-provided private pension schemes are undergoing significant change. One conclusion is that the design of the pension scheme may be more important than the mix of public-private in preventing the growth of inequality among the aged.This important book will be essential reading for scholars of economics, public policy, political science and finance as well as policymakers and practitioners involved in pension system reform.Trade Review'This first comprehensive analysis of public-private mixings discovers pension systems as rather flexible 'hybrid forms' not locked in as "uniform types". The balance shifts towards extended coverage of private pensions or functional privatization of public pensions - the private increasingly substituted for the public, and the contribution-benefit link is forged closer. What does the future hold? Surely, more income inequality in old age - unless "the rest of society" is already characterized by low poverty rates and low inequality, or unless active political design of the public-private mix compensates for social polarization, preventing a 21st century return of "the two nations". The modern state may "devolve" delivery of benefits - but an ageing electorate will still hold the state responsible for designing the requisite mix.' -- Stephan Leibfried, University of Bremen, Germany'This is the best book out there for surveying the variety of mixed public-private systems that have been sweeping the social security world during the last two decades. Separate chapters written by experts from each country explain what is happening in OECD countries, Latin America and the transitional economies, placing the recent multi-pillar reforms into the context of each country's history and political structure. Cross-cutting chapters by Rein and Schmahl pull it all together. This enables us to view both the commonalities and differences across countries, and to evaluate how path dependencies operate through time. I recommend it as a valuable reference source.' -- Estelle James, The Urban Institute, USTable of ContentsContents: Introduction Part I: The Experience of Mature Welfare States in Western Economies A. Contracting Out: The Experience in the United Kingdom and Japan 1. Contracting Out of the State Pension System: The British Experience of Carrots and Sticks 2. The Relationship between the Role of the Corporate Pension and the Public Pension Plan in Japan B. Mandating of Contractual Agreements: Australia, Switzerland and the Netherlands 3. Reforming Pensions: The Australian Experience 4. The Institutionalization of the Swiss Multi-pillar Pension System 5. The Quality of the Dutch Pension System: Will it be Sustainable in the Twenty-first Century? C. Carve-outs: Germany, USA and Swedish Financial Accounts 6. Paradigm Shift in German Pension Policy: Measures Aiming at a New Public–Private Mix and their Effects 7. Individual Accounts and the Continuing Debate over Social Security Reform in the United States 8. Public Pension Reform and Contractual Agreements in Sweden: From Defined Benefit to Defined Contribution D. Pathways Towards a Mixed Public–Private Pension System 9. How Societies Mix Public and Private Spheres in their Pension Systems 10. Whose Money is it Anyhow? Governance and Social Investment in Collective Investment Funds Part II: Economies in Transition and Latin America 11. Home-made Pension Reforms in Central and Eastern Europe and the Evolution of the World Bank Approach to Modern Pension Systems 12. Public and Private Mix in the Polish Pension System 13. Conflicting Interests in Shaping Hungary’s New Private Pension Scheme 14. Latin American and East European Pension Reforms: Accounting for a Paradigm Shift Part III: The Public–Private Mix and Wellbeing in Aged Households 15. The Public–Private Mix of Retirement Income in Nine OECD Countries: Some Evidence from Micro Data and an Exploration of its Implications 16. Income Packaging and Economic Wellbeing in the Last Stage of the Working Career Index

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Book SynopsisThis ambitious book seeks both to revive and revise the idea of 'functional finance'. Followers of this doctrine believe that government budgets should concentrate solely on their macroeconomic impact on the economy, rather than reflecting a concern for sound finance and budgetary discipline.Reinventing Functional Finance examines the origins of this idea and then considers it in a modern context. The authors explore the concept of NAIRU and argue that modern economies can operate at the level of full employment without provoking unmanageable inflation. They also contend that budget deficits do not have the deleterious effects commonly ascribed to them; the belief that they do rests on a misunderstanding of modern money. In this context, they highlight the relevance of Abba Lerner's famous dictum, 'money is a creature of the State'. The authors also debate the merits of various proposals for 'Employer of Last Resort' programs, which combine automatic stabilizers with the buffer stock principle. The book boasts an array of eminent contributors which includes, amongst others, James Duesenberry, Robert Eisner, Robert Heilbroner, Richard Musgrave, Edward Nell and Randall Wray.Financial economists, politicians, policymakers and bankers will welcome this provocative and refreshing book which challenges established economic thinking.Trade Review'This book serves as a good introduction to the neglected approach to macroeconomic theory and policy developed by Abba Lerner and his followers. Graduate students will find it particularly useful, but most of the essays could be read by undergraduates in appropriate courses, and anyone interested in macroeconomics will find them profitable reading.' -- Christopher J. Niggle, Review of Political Economy'Grounded on the fundamental analysis of the state nature of money and the role of government in the modern capitalist economy, Reinventing Functional Finance is without any doubt a great book through which solutions to various economic problems can be sought.' -- Yan Liang, Oeconomicus'Nell and Forstater have put together a set of thought-provoking papers that examine Lerner's functional finance theory, linking it to transformational growth, full employment, price stability, labour market dynamics, as well as fiscal and monetary policies . . . Reinventing Functional Finance is a must read for all scholars interested in public finance and full employment policy. Policymakers (and their economic advisers) are encouraged to read it and to consider going back to the basic insights that Abba Lerner and others brought to light six decades ago. This is an insightful, fresh, and well-overdue look at functional finance and its policy implications. The challenging task ahead is to take the principles of functional finance back to the policy arena.' -- Fadhel Kaboub, International Labor ReviewTable of ContentsContents: Preface Part I: Introduction 1. Transformational Growth and Functional Finance Interlude I: Opening Remarks Part II: Functional Finance: The Background 2. Functional Finance, New Classical Economics and Great-Great Grandsons 3. Toward a New Instrumental Macroeconomics: Abba Lerner and Adolph Lowe on Economic Method, Theory, History and Policy 4. Neisser’s Unorthodox Quantity Theory of Money 5. Functional Finance, Past and Present Part III: Assessing the Inflation Barrier 6. The NAIRU and Fiscal and Monetary Policy for Now and Our Future: Some Comments 7. The History of Abba Lerner’s Supply-side Inflation 8. Functional Finance and Fiscal Function 9. Are These Trade-offs Necessary? Part IV: Fiscal and Monetary Linkages 10. Functional Finance and US Government Budget Surpluses in the New Millennium 11. Functional Finance and Full Employment: Lessons from Lerner for Today 12. Anchors Aweigh: From Real to Nominal Money and from Market to Government Stabilization 13. Interest Rates, Profits and Economic Growth Interlude II: Roundtable Discussion Part V: Functional Finance and Full Employment 14. Equality and Enterprise: Can Functional Finance Offer a New Historical Compromise? 15. The Operational Role of Functional Finance for Labor Market Behavior and Outcomes 16. The Job Guarantee: Full Employment and Price Stability in a Small Open Economy Part VI: The Final Hour 17. Short-run Macroeconomic Stabilization by an Employer of Last Resort 18. Transformational Growth Project Members and Conference Participants in Open Conversation Index

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Book SynopsisThere is a long-standing difference amongst public economists between those who think that collective choice must be formally acknowledged, and those who derive their policy recommendations from a social planning framework in which politics plays no role. The purpose of this book is to contribute to a meaningful dialogue between these two groups, in the belief that the future of both political economy and of normative public finance lies somewhere between the two approaches.Some of the specific questions addressed in the book include: does public finance need political economy? Should collective choice play a role in the standard of reference used in normative public finance? What is a 'failure' in a non-market or policy process? And what have we learned about the theory and practice of public finance from three decades of empirical research on public choice? The book also provides a practitioner's view of the political economy of redistribution. The distinguished list of authors, many of whom are pre-eminent in their fields, includes Robin Boadway, Geoffrey Brennan, Albert Breton, AnIbal Cavaco Silva, Walter Hettich, Gebhard Kirchgassner, Dennis Mueller, William Niskanen, Hirofumi Shibata, Eugene Smolensky, Heinrich Ursprung, Frans van Winden, Stanley Winer and Donald Wittman.The importance of political economy to any understanding of why public policy evolves as it does is now widely accepted by public finance scholars and practitioners. This book goes a step further by considering the role of collective choice in defining what constitutes 'good' or 'better' policy. It will be an essential companion for all scholars of public finance and political economy.Trade Review'The overall quality of the volume is excellent, so reading the entire volume would be worthwhile, and readers interested in the specific topics covered by any of the chapters would find those chapters helpful. The individual chapters can stand alone, but taken together the volume illustrates how public choice analysis can influence the subject matter of traditional public finance.' -- Randall G. Holcombe, Public ChoiceTable of ContentsContents: Preface 1. Political Economy and Public Finance: A Brief Introduction Stanley L. Winer and Hirofumi Shibata PART I: DOES PUBLIC FINANCE NEED POLITICAL ECONOMY? 2. Public Finance, Public Choice and the Political Economy of Regulation Geoffrey Brennan 3. Public and Welfare Economics under Monopolistic and Competitive Governments Albert Breton PART II: SHOULD COLLECTIVE CHOICE PLAY A ROLE IN THE STANDARD OF REFERENCE USED IN NORMATIVE PUBLIC FINANCE? 4. The Role of Public Choice Considerations in Normative Public Economics Robin Boadway 5. Better than What? Policy Analysis, Collective Choice and the Standard of Reference Walter Hettich Comments and a Rejoinder PART III: WHAT IS A ‘FAILURE’ IN A NON-MARKET OR POLICY PROCESS? 6. Normative Public Finance Without Guilt: Why Normative Public Finance is Positive Public Finance Donald Wittman 7. On the Origin and Identification of Government Failures William A. Niskanen Comments PART IV: WHAT HAVE WE LEARNED ABOUT THE THEORY AND PRACTICE OF PUBLIC FINANCE FROM THREE DECADES OF EMPIRICAL RESEARCH ON PUBLIC CHOICE? 8. Interest Groups, Redistribution and the Size of Government Dennis C. Mueller 9. The Effects of Fiscal Institutions on Public Finance: A Survey of the Empirical Evidence Gebhard Kirchgässner 10. Experimental Investigation of Collective Action Frans van Winden PART V: A PRACTITIONER’S VIEW OF THE POLITICAL ECONOMY OF REDISTRIBUTION 11. Equity Policy and Political Feasibility in the European Union Aníbal Cavaco Silva PART VI: WHERE DO WE GO FROM HERE? 12. Directions for Future Research Eugene Smolensky 13. Where Do We Go from Here? Heinrich W. Ursprung Comments Index

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Book SynopsisDuring the past decade the issue of a general welfare double dividend (an improvement in environmental quality combined with a positive welfare effect) triggered by a tax shift from labour to energy resources has been extensively debated. In this book, Kurt Kratena studies the employment effects of revenue neutral tax shifts from labour to energy, and measures the impact on theoretical and empirical models of the European labour market.A common theoretical framework is devised to analyse the impact of environmental tax reform. Various 'labour market regimes' (competitive labour markets, union wage bargaining and efficiency wages) are derived and taken as the starting point for different specifications of the labour market. The theoretical outcomes of tax shifts in these different labour market regimes are then analysed and compared. The results reveal that whereas an econometric based multi-sectoral model yields significant double dividend effects, a general equilibrium model only finds employment double dividend effects. The book also highlights the potentially positive economic consequences of environmental tax reform such as a shift in demand from energy to non-energy goods.This book provides a concise appraisal of the general double dividend question combined with an innovative analysis of the employment double dividend effect. It utilises extensive empirical evidence and reveals the sensitivity of the various theoretical concepts surrounding the debate. This book will be of interest and relevance to academics in the fields of environmental economics, labour theory and fiscal studies.Trade Review'This is an excellent study which is to-the-point, well-argued and topical. The book addresses important issues for fiscal policy and mitigation of climate change, and complements other studies in the area, in that it emphasises the importance of assumptions about the workings of the labour market. This is a significant contribution to the literature.' -- Terry Barker, University of Cambridge, UK'This book relates to two lines of current research on environmental taxation: the renewed interest in environmental tax reform stimulated by the issue of sustainable development and the recently discovered link to employment policy and its relationship to different labour market regimes. As such, it is a very useful source for judging the arguments that have evolved over the past decade in the context of environmental tax reform. Because of the comprehensive approach that emphasises different theoretical perspectives and the importance of empirical modelling work, the book is a valuable contribution to the double dividend debate. Of particular value is the excellent presentation of the role of different labour market regimes which contains substantial innovative material.' -- Stefan P. Schleicher, University of Graz, AustriaTable of ContentsContents: Introduction 1. General Aspects of Environmental Tax Reform 2. Theoretical Assessment of Different Labour Market Regimes 3. Environmental Tax Reform in Different Labour Market Regimes: Theory 4. Environmental Tax Reform in Different Labour Market Regimes: Applications 5. Conclusions References Index

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Book SynopsisCivil services in Western liberal democracies have undergone significant changes since the early 1980s, so much so that many of the traditional assumptions underpinning their role and operating practices have been fundamentally questioned. This volume explores a number of themes inherent in this transformation process and the significant problems encountered in modernizing civil services.The commitment to modernizing public services has been a constant trend of Western governments and has encompassed many approaches under a variety of labels, such as new public management and reinventing government. As a result of such developments, the public services of many countries have been transformed, with civil services being singled out for particular attention. This book critically examines the application of the modernization agenda in the old Commonwealth, the USA and Western Europe, including the institutions of the EU. Particular attention is given to developments in the British civil service, including the implications of devolved government, human rights legislation, and the Blair government's attempts to improve the policy process. For students and academics of public administration, public policy and comparative politics, this book will provide unrivalled coverage of one of the most critical issues in contemporary public management and policy.Trade Review'The chapters in Modernizing Civil Services, read collectively, provide an interesting overview of some of the major themes in public administration today. . . Modernizing Civil Services will be of interest to a wide range of students of public administration in booth the practitioner and academic domains.' -- Phil Charko, Canadian Public Administration'This is an excellent collection of papers examining the dimensions of change in contemporary civil service systems. It is especially valuable in linking changes in the civil service with other changes in governing.' -- B. Guy Peters, University of Pittsburgh, USTable of ContentsContents: Preface 1. Modernizing Civil Services: An Era of Reform 2. Localism and Exceptionalism: Comparing Public Sector Reforms in European and Westminster Systems 3. Protecting Liberty and Benefiting Society: Can Market-based Administrative Reforms and Market-based Political Institutions Effectively Co-exist in the US? 4. Modernization as Europeanization: The Impact of the European Union on Public Administration 5. Executive Agencies and ‘Modernizing Government’ 6. Devolution, Integration and Modernization in the United Kingdom Civil Service 7. Modernization and Civil Service Accountability: The Case of Scottish Devolution 8. Implementation of the Human Rights Act 1998 in the Lord Chancellor’s Department 9. Modernizing Policy-making for the Twenty-first Century: The Professional Model 10. Civil Society, Virtue, Trust: Implications for the Public Service Ethos in the Age of Modernity References Index

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Book SynopsisExamining cutting-edge issues of international relevance in the ongoing redesign of the South African local government fiscal system, the contributors to this volume analyze the major changes that have taken place since the demise of apartheid. The 1996 Constitution and subsequent legislation dramatically redefined the public sector, mandating the development of democratic local governments empowered to provide a wide variety of key public services. However, the definition and implementation of new local functions and the supporting democratic decision-making and managerial capabilities are emerging more slowly than expected. Some difficult choices and challenges commonly faced by developing countries must be dealt with before the system can evolve to more effectively meet the substantial role envisioned for local governments. The contributors outline these choices and challenges, consider options for meeting them, and review the implications of different decisions. Their analyses also highlight the interrelationships among the elements of the local fiscal structure, and emphasize the often-ignored challenge of how to define an appropriate fiscal decentralization implementation strategy in an environment where local governments are extremely diverse in terms of needs, resources and capacities. Though the research, much of it based on newly collected data, is specific to South Africa, the approach provides a model for other countries facing similar fiscal decentralization policy challenges.Applied public finance and policy academics, policymakers in developing countries, researchers and program managers in international development organizations, and students interested in local government finance in developing countries will find this timely and comprehensive volume a valuable addition to their libraries.Table of ContentsContents: Preface 1. Overview of Fiscal Decentralization in South Africa 2. Municipal Powers and Functions: The Assignment Question 3. Overview of the Local Government Revenue System 4. Property Taxation 5. The Regional Service Council Levy 6. Intergovernmental Transfers: The Equitable Share 7. Integrating Fiscal Decentralization Reforms and the Challenges of Implementation Annexes Index

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