PART ONE. DEVELOPMENT AND GROWTH. -- Patterns of development -- Measuring economic growth and development -- Economic growth: concepts and patterns -- Theories of economic growth -- States and markets -- PART TWO. DISTRIBUTION AND HUMAN RESOURCES. -- Inequality and poverty -- Population -- Education -- Health -- PART THREE. SAVING, INVESTMENT AND CAPITAL FLOWS. -- Saving and resource mobilization -- Investment, productivity, and growth -- Fiscal policy -- Financial policy -- Foreign aid -- Foreign debt and financial crises -- PART FOUR. PRODUCTION AND TRADE. -- Agriculture -- Primary exports -- Industry -- Trade and development -- Sustainable development -- Managing an open economy
In this volume, a group of distinguished economists, political scientists, and sociologists analyzes the political economy of European integration. The authors evaluate recent developments of European politics and institutions. They consider the current situation, and assess prospects for the future of an Integrated Europe. This book will be of great interest to observers, scholars, and students of European economic and political affairs, macroeconomic policy, institutional analysis, and comparative and international political economy. The book is unique in combining perspectives from economics and political science and provides in-depth analysis of the new European institutions. It is published in conjunction with "Monetary and Fiscal Policy in an Integrated Europe" by the same editors
Fiscal policy, being the policy of government expenditures and revenues can play an imperative role in mobilization of resources. Tax revenues determine the capability of an economy to finance government spending but tax situation in many developing countries like Pakistan is very unfortunate. This study explores the economic determinants of tax buoyancy in Pakistan for the period of 1996 to 2016. For this purpose, aggregate and disaggregated analyses of various types of taxes have been conducted using the ARDL bounds test technique. The findings of the study demonstrate that various taxes buoyancies have mixed results with various economic factors.
Тема гармонизации налоговых систем стран-членов экономических и валютных союзов в настоящее время является очень актуальной. В представленной статье подробно рассматриваются точки зрения ученых различных экономических школ на целесообразность скоординированной налоговой политики в рамках интеграционных объединений. Оцениваются роль и возможности использования налоговых инструментов в условиях формирования и функционирования экономических союзов. Выявляются причины обострения конкуренции в рамках Евросоюза. Анализируется опыт Евросоюза в области регулирования налогообложения стран-членов, а также формирования общего бюджета. Рассматриваются причины перераспределения средств бюджета ЕС в пользу проблемных стран и новых членов Евросоюза. Исследуется влияние фискальной составляющей на состояние экономик государств-членов экономических союзов. Особое внимание уделено необходимости гармонизации законодательства стран-членов интеграционных объединений в сфере косвенного налогообложения. Авторы приходят к выводу, что при ограничении возможностей государств-членов экономических союзов в области валютно-денежного регулирования актуально сохранение определенной самостоятельности в проведении налогово-бюджетной политики. При этом негативные последствия применения режимов фиксации валютных курсов или замены национальных валют единой коллективной могут быть частично нивелированы посредством грамотной налогово-бюджетной политики ; The topic of harmonization of tax systems of member countries of Economic and Monetary Union is currently very relevant. In the article we examine in detail the point of view of scientists of various economic schools on the feasibility of a coordinated fiscal policy in the framework of integration associations. Assess the role and the possibility of using tax instruments in the formation and functioning of the economic union. The reasons of increased competition within the EU are reviled. We analyze the EU experience in the field of regulation of taxation assess-member countries, as well as the formation of the general budget. The causes of the EU budget redistribution in favor of the troubled countries and new EU members are investigated. The causes of the EU budget redistribution in favor of the troubled countries and new EU members. The effect of the fiscal component of the state of the economies of Member States' economic unions. Particular attention is paid to the need of harmonization the legislation of member countries of integration associations in the field of indirect taxation. Authors conclude that the restrictions on currency and monetary control capabilities of Member States economic unions actually preserve certain independence in the conduct of fiscal policy. At the same time the negative effects of exchange rates regimes fixing or replacing the National currencies single collective may be partially offset by the competent fiscal policy
In this article, I investigate whether the euro is set to eclipse the dollar as the world currency. Although the euro has gained in importance at the expense of the dollar in all key currency functions, I argue that it is not about to replace the dollar as the unique currency of global importance. Notwithstanding America's current weakness, I argue that different preferences for monetary and fiscal policy inside the euro-zone, and the need to coordinate these, will make it difficult to accommodate and correct large-scale imports over the long term. I also find that taking on the role of the world's preferred import destination is bound to exacerbate internal differences and complicate decision-making.
AbstractThe world has been struck by a mutating systemic financial crisis that is unprecedented in terms of financial losses and fiscal costs, geographic reach, and speed and synchronization. The crisis from August 2007 to date can be divided into three main phases: the financial turmoil from August 2007 to the collapse of Lehman Brothers; the global financial crisis from September 2008 until spring 2010; and the eurozone sovereign debt crisis from spring 2010 to the current period. While each phase has brought significant challenges, the current sovereign debt crisis has been the most critical stage for the eurozone. It has brought unprecedented challenges for the monetary union and triggered extraordinary adjustments in both monetary policy and institutional arrangements at the eurozone level. The purpose of this article is to outline the features of each crisis phase, to describe the actions taken by the European Central Bank (ECB) during each phase and to explain the rationale for such measures. It also discusses the need to strengthen further the economic union in order to guarantee the sustainability of the monetary union of the eurozone. In this respect, it is argued that the recent institutional adjustments made at the European Union level would have been necessary independently of the financial crisis.
Other written product issued by the Government Accountability Office with an abstract that begins "The nation's economic vitality and the quality of life of its citizens depend significantly on the security, availability, and dependability of its transportation network. The nation's transportation network presents particularly complex policy challenges, because it encompasses many modes on systems owned, funded, and operated by both the public and the private sectors. As the August collapse of a bridge span in Minneapolis illustrated, policymakers currently face the challenge of maintaining the safety and condition of the transportation network--in a time of increasing fiscal constraint. Addressing these challenges requires a fundamental reexamination and transformation of the nation's transportation policies and programs. This forum brought together government, academic, and transportation industry experts, along with GAO's own transportation specialists. The discussion addressed (1) the appropriate goals for the nation's transportation policy, (2) the role of the federal government in achieving transportation goals, (3) how transportation goals might be financed, and (4) next steps in transforming transportation policy for the 21st century. These highlights do not necessarily represent the views of any one participant or the organizations that these participants represent, including GAO."
A crisis often presents an opportunity for policy shift and a time to get ahead of the competition. But for the Gulf Arab states, the twin crises of the Covid-19 pandemic and the collapse of oil prices in 2020 have accelerated trends already underway to differentiate their economic policies and force more aggressive responses to demands for job creation and market liberalization. The Covid-19 pandemic has called upon states to intervene and support domestic economies, making the competing priorities of shrinking public sector payrolls and stimulating domestic demand all the more difficult. What emerges are trade-offs that reveal leadership priorities, targeted support, and important distinctions within the ever-weakening body of the GCC on a range of policies from immigration, labor markets, fiscal programs and taxes, to monetary policy.
This book explores the formation, development, and characteristics of modern China's finance, focusing especially on Guangdong province as a case study to illustrate both the macro-level trends and the micro-level reality. The chronological range of this book is mainly from the late Qing period to the early Republican Era ending in 1937, when the full-scale Second Sino-Japanese War broke out. After the concept of modern finance was introduced to China for the first time in the late Qing period, the efforts to build modern finance continued in the Republican Era both nationally and locally. But this process was interrupted by the outbreak of the war against Japan in 1937 and, having been derailed, did not subsequently recover due to the subsequent civil war between the Kuomintang and the Chinese Communist Party. This interrupted process of financial modernization was resumed with Reform and Opening-up, launched in 1978. Therefore, in order to illustrate the structural transformation and persistent characteristics of China's fiscal system, this book also includes discussions of the early Qing period and current Chinese finance.
In: Policy sciences: integrating knowledge and practice to advance human dignity ; the journal of the Society of Policy Scientists, Band 33, Heft 2, S. 125-154
Defence date: 20 January 2015 ; Examining Board: Jorge Flores, EUI (Supervisor); Michael J. Braddick, University of Sheffield (External supervisor); Regina Grafe, EUI; Catia Antunes, Leiden University. ; The levying of royal fiscal 'impositions' on overseas trade in 1558 eclipsed varied yet relatively light customs taxation that had existed since at least the thirteenth century. The records of governors that concern this new, relatively lucrative trade taxation are dominated by reports of fraud and evasion. The methods by which merchants and particularly customs officers were said to have embezzled and concealed the taxation, imply organised networks that undertook the fraudulent schemes. This is a curious dominant fixation of Elizabethan ministers, and of those who laboured the issue to them. Such allegations amount to rich seam of source material, and were undoubtedly part of a greater, now perished body of similar records, and they communicate a great deal about Tudor customs taxation - still a mysterious subject. When it came to governing the new customs regime, the principal aim was to standardise and regulate data entered into customs accounts now known as port books. Mistrust of that information became a locus for dramatic allegations and legal activity. Both as practices, but also in a kind of discourse, misbehaviour was coming to be described as the 'corruption' of an essentially public resource. Whether the statements of endemic abuse are true or not, they highlight the structural changes that generated widespread fear of abuse. Historians have ignored such information, arguing that Elizabethan government of customs taxation was too effective to allow for such misbehaviour on any significant scale. However, I show that governance in this sphere was inchoate. The structural changes to English taxation and administration at around this time are outlined using architectural plans, early regional maps and other surviving images. This collection demonstrates the ambition and methods used by governors to augment royal trade taxation from 1558. This was to be achieved by control over strategic locations, along rivers and in English towns, and most strikingly by the control of the information to be submitted and collected at such places by merchants and customs men. We will look at examples of new standardised accounting books from 1565, which for the first time featured voluminous or "big" data. These books were designed in reality to ensure accuracy of customers 'entries', not as statistical devices of a state. There was an epistemological problem to the extension of governance over customs houses, which had previously been virtually free of central oversight. The way the Tudor monarchy came to know its customs taxation in theory would allow specifically for more precise auditing of customs declarations. I demonstrate that fraud and corruption were not side issues, but rather intimate with the very birth of this new 'modern' taxation and administration.