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This paper explores the role of public debt and fiscal deficits on factor productivity in an economy with credit market frictions and heterogeneous firms. When credit market conditions are sufficiently weak, low interest rates permit the government to run Ponzi schemes so that permanent primary deficits can be sustained. For small enough deficit ratios, the model has two steady states of which one is an unstable bubble and the other one is stable. The stable equilibrium features higher levels of credit and capital, but also a lower interest rate, lower total factor productivity and output. The model is calibrated to the US economy to derive the maximum sustainable deficit ratio and to examine the dynamic responses to changes in debt policy. A reduction of the primary deficit triggers an expansion of credit and capital, but it also leads to a deterioration of total factor productivity since more low-productivity firms prefer to remain active at the lower equilibrium interest rate.

Addresses the dialogue on new strategies for public unions by arguing that labor in the public sector is uniquely political. Rather than imitating their private counterparts by relying on economic actions, public sector unions should develop their political potential to build a broad based political movement capable of redefining the public agenda. (SJK)

Reform is never far from the centre of public administration practice and scholarship. In this article Doug McTaggart, the chairman of the Queensland Public Service Commission, and Janine O'Flynn, from the University of Melbourne, explore the challenges of reform and the state of play. McTaggart, who was a commissioner on the Queensland Commission of Audit, sets out the case that business as usual will no longer suffice given the range of challenges faced by governments. He sets out to explain how we ended up in our current state and what needs to happen to repair it, drawing on deep experience in the practice of reform. O'Flynn positions reform as one of the central questions in public administration and management and makes the case for rethinking reform conceptually to drive change in practice. In doing so she points to our weaknesses in determining whether reform fails or succeeds and makes the case that, until we rethink reform, business as usual might be all we end up with. McTaggart and O'Flynn bring together the expertise of practice and academia to bring new insights in this persistent challenge of public administration, and raise a series of questions for debate.

In his Budget Statement this year the Chancellor restated his medium-term financial strategy (MTFS) and in particular his objectives for the public sector borrowing requirement (PSBR). He said, 'Since its inception in 1980 the MTFS has indicated a steadily declining path for the PSBR expressed as a percentage of GDP. We have now reached what I judge to be its appropriate destination: a PSBR of 1 per cent of GDP. My aim will be to keep it there over the years ahead. This note considers the implications of that scale of borrowing for the balance sheet position of the public sector. We are able to do this with more confidence thanks to recent publication by the CSO of new figures for the balance sheet positions of all sectors of the economy up to the end of 1985. Prior to that publication, the latest figures available for the overall balance sheet position of the public sector had referred to 1975. The new data modify the picture of recent trends, without changing their character fundamentally.

Cover -- Title Page -- Copyright Page -- Table of Contents -- List of Tables and Figures -- Preface -- Part 1. Introduction -- 1. Leadership and Its Context -- 2. Public-Sector Leadership Theory: An Assessment -- 3. Different Perspectives on the Practice of Leadership -- 4. Leaders and Leadership -- Part 2. The Preliminary Assessments That Leaders Need to Make -- 5. Organizing Around the Head of a Large Federal Department -- 6. Total Quality Management: An Opportunity for High Performance in Federal Organizations -- 7. Reevaluating Methods of Establishing Priorities for Governmental Services

State administration in modern industrialized countries is facing major challenges to its basic institutional premises. The changing conditions of the global economy mean that the public sector needs to develop far-reaching strategies for innovation. A fundamental reform of the public sector is thus one of the most urgent issues on the international agenda. The volume examines and compares trends, issues and experiences of this reform process in Sweden and Germany.

In the present study, an attempt is made to analyze the present position of capital adequacy of selected public sector banks in India. First section includes a brief review of some of the earlier studies. Second section covers the scope, objectives, hypothesis and research methodology. In third section, an attempt is made to analyze the capital adequacy of selected banks namely State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BOB), Bank of India (BOI) and Canara Bank (CB) in India by using CAMEL Model ratios for a period of 2012-13 to 2016-17. Fourth section covers the conclusion and limitations of the study. To achieve the objectives of the study, the use is made of secondary data collected mainly from Report on Trends and Progress of Banking in India, various journals such RBI Bulletin, IBA Bulletin, etc. To test the statistical significance of the results, one-way ANOVA technique has been used. The results of the study reveal that there is a significant difference in the capital adequacy ratio, ratio of advances to total assets, ratio of government securities to total investments and debt-equity ratio in the selected banks; therefore, null hypothesis is rejected