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| 1 |
ID:
052288
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Mar 2004.
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| Summary/Abstract |
A recent body of literature with the paradigm of market preserving federalism at its core contends that China is a de facto federalist state. With the autonomy and tax rights of local governments entrenched in the reform era, local governments have allegedly become decentralized engines of growth. Scrutinizing the underlying premises of the above paradigm, this article arrives at a picture of China's local governments as less autonomous and the system of vertical bureaucratic control as more potent than that painted by the above paradigm. Emerging from our findings is an alternative interpretation of China's central-local fiscal relations that may help us understand such recent phenomena as the proliferation of arbitrary charges.
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| 2 |
ID:
052287
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Mar 2004.
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| Summary/Abstract |
This article questions the effectiveness and viability of the fiscal response to rural stability adopted by the Chinese state. Tax-for-fee reform (feigaishui) has been heralded as a possible solution to the cancer of excessive fiscal predation by local government. While the experiment may have achieved in relief of peasant burden, the success is simply based on central government financial sponsorship and is thus hardly sustainable as a national programme. And unless there is fundamental reform of fiscal redistribution, the new scheme will ironically hurt rather than help the poorest peasants. Putting all the blame on local cadres is politically expedient, but the central government needs to admit that the present crisis is a result of the systemic discrimination against peasants and the consequent deficit in financing rural governance. The ultimate solution entails a full-scale eradication of structural bias against the peasantry.
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| 3 |
ID:
126717
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2013.
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| Summary/Abstract |
This work examines the role of the State Department's Leader and Specialist programs in realizing the Eisenhower administration's (1953-1961) inter-American policies. Touted publically as a means of enhancing international goodwill, these two state-sponsored exchanges sought to cultivate more favorable views of the United States among foreign publics. The Leader programs invited foreigners to the United States for short-term visits, whereas the Specialist program financed extended travel for both foreign professionals going to the United States, and to Americans traveling overseas. In Argentina, Brazil, and Chile, U.S. officials emphasized the importance of persuading Latin Americans to reject economic nationalism in favor of free enterprise. Although U.S. officials attempted to direct the experiences of participants to maximize the likelihood of positive results, the programs failed to curb economic nationalism in the Americas. Nevertheless, these programs reflect the extent to which ideology and nationalism informed the policy making of U.S. officials during the early Cold War.
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| 4 |
ID:
133268
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2014.
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| Summary/Abstract |
The unemployment rate is a key indicator of labor market and economic performance. Based on a unique survey, we estimate the unemployment rate at 13.44 percent in 30 provincial capital cities in China in 2007, which is well above the officially announced registered unemployment rate. The discrepancy results from inaccuracy in the calculation of registered unemployment. The discrepancy is not stably evolving across regions or over the years, making it difficult to recover the true unemployment rate using a simple multiplier approach. We further investigate the sources of the discrepancy by examining the determinants of unemployment registration. It is evident that participation in certain public activities, which would facilitate the spread of knowledge related to job-searching and unemployment registration, encouraged unemployment registration. Social attention to government anti-unemployment programs also encouraged unemployment registration. These findings confirm the behavioral hypothesis that incomplete knowledge and limited attention can cause deviation from optimal choice. The policy implications of the findings of the study are discussed.
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| 5 |
ID:
130915
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2014.
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| Summary/Abstract |
The article empirically evaluates the role of financial intermediation in India's economic development. An assessment of various indicators of financial development reveals that both the bank-based and market-based intermediation processes have undergone remarkable improvements in the last six decades. While credit disbursement by Indian banks has increased sharply in the past decades, it is still below the world average level and even below the level of its emerging market and developing economies (EDEs) peers. However, in recent years, the market capitalisation of the Indian stock market has increased indicating greater reliance on market-based sources of funding. One-way Granger causality from private sector credit to real GDP confirms the supply-leading process of bank intermediation, while no causality was found between stock market capitalisation and real GDP. The ARDL co-integration test suggests that both the bank-based and market-based financial deepening have positive roles in driving India's economic development, while the former has a stronger role in driving India's economic growth. The findings indicate that in a relatively bank-centric financial sector, Indian banks have the potential of further channelisation of credit to productive sectors of the economy.
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| 6 |
ID:
130053
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2014.
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Demographic trends portend the rapid ageing of Developing Asia (DA), albeit at varying rates. This phenomenon, along with the need to extend coverage of social protection systems is likely to increase public and private expenditure on social protection, particularly for pensions and healthcare. This paper analyses the options for additional financing of social protection in DA. As total national and fiscal resources devoted to social protection increase, an important issue will be how the additional burden is shared between different sectors, and financing instruments. The paper, however, focuses on options to finance additional social protection expenditure. Three broad options are suggested: first, realizing efficiency gains in managing provident and pension fund organizations; second, design and service delivery innovations including better policy coordination and coherence within and amongst healthcare and pension programmes; third, developing capabilities to obtain resources from conventional and unconventional sources of budgetary revenue. The paper also stresses that complementary reforms in fiscal, labour market, financial and capital markets will be needed to manage rapid ageing in DA, and therefore the issue of ageing should be viewed as involving several economic and social arrangements, and not in isolation.
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| 7 |
ID:
130916
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2014.
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| Summary/Abstract |
The approaching tenth year of the Doha Round with no achievements to celebrate indicates a failure of the World Trade Organization. Formal negotiations of the Round expired in 2005 without reaching a consensus, and informal negotiations were stalled in 2008. Thus, the Trans-Pacific Partnership (TPP), a recent initiative to deepen trade relations among countries bordering the Pacific, was greeted with applause and relief as a step in the right direction. This article discusses the region-wide Free Trade Agreement series of linked agreements that cover various members and issues. The recursive dynamic computable general equilibrium (CGE) model simulates two scenarios against the baseline, namely, a TPP agreement with China and without China. The preliminary results show that the TPP agreement without China cannot change the significant roles of markets and geography as the principal factors behind the economic integration of Southeast Asia with China. Trade and investment agreements facilitate market forces, they do not oppose them. The integration of the Asia-Pacific countries may benefit the US and other key economies.
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| 8 |
ID:
128772
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| Publication |
New Delhi, Academic Foundation, 2011.
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| Description |
336p.Hbk
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| Standard Number |
9788171888665
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Copies: C:1/I:0,R:0,Q:0
Circulation
| Accession# | Call# | Current Location | Status | Policy | Location |
| 057620 | 338.954/KOC 057620 | Main | On Shelf | General | |
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| 9 |
ID:
097205
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2010.
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| Summary/Abstract |
In 1997-98 East and Southeast Asia experienced a region-wide financial crisis that saw national currencies lose 75 per cent of their value and stock markets wiped out. The financial crisis became an antagonistic and racialised referendum on Asian values between certain Asian governments and their Western critics. What was the larger political significance of this focus on Asian values? Focusing on the Malaysian government's controversial decision to go against the international financial community by implementing capital controls during the crisis, I argue that the debate over Asian values can be understood as performances to challenge and psychologically defend the conventional hierarchy of international relations that followed its symbolic disruption through the economic success of the regional economies before the crisis.
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| 10 |
ID:
130054
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2014.
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| Summary/Abstract |
There is an ongoing debate about whether microfinance has a positive impact on education and health for borrowing households in developing countries. To understand this debate, we use a survey designed to meet the conditions for propensity score matching (PSM) and examine the impact of household credit on education and healthcare spending by the poor in peri-urban areas of Ho Chi Minh City, Vietnam. In addition to matching statistically identical non-borrowers to borrowers, our estimates also control for household pre-treatment income and assets, which may be associated with unobservable factors affecting both credit participation and the outcomes of interest. The PSM estimates show a significant and positive impact of borrowing on education and healthcare spending. However, further investigation of the effects of the treatment reveals that only formal credit has a significant and positive impact on education and healthcare spending, while informal credit has an insignificant impact on spending. This paper contributes to the limited literature on peri-urban areas using evidence from one of the largest and most dynamic cities in Southeast Asia.
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| 11 |
ID:
127190
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2014.
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| Summary/Abstract |
After 40 years of oil investments, the UK is now a mature oil province. During these 40 years or so, the UK Government has changed the type of governance it uses to manage its petroleum resources. This paper introduces the theoretical background to two models of mineral resource governance: proprietorial and non-proprietorial regimes. It investigates how adoption any of these two models by the UK Government has historically affected the achievement of the objectives of the UK petroleum fiscal regime. The analysis tracks the changes in the governance of the UK petroleum resources using changes in the average petroleum tax rate, and how this last influenced the achievement of the objectives of the UK petroleum Regime. The findings remain significant for their policy implications. The study concludes that the UK Government adopted a proprietorial type of mineral governance during the period 1975-1982, before changing to a non-proprietorial regime in the period 1983-2000. Since 2000 it has begun to move back towards a proprietorial style of governance. The excessive use of one type of these modes of governance leads to the objectives of the UK petroleum fiscal regime being not met.
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| 12 |
ID:
133026
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| Publication |
2014.
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| Summary/Abstract |
Many studies suggest that strict balanced budget rules can restrain sovereign debt and lower sovereign borrowing costs, even if those rules are never enforced in court. Why might public officials adhere to a rule that is practically never enforced in court? Existing literature points to a legal deterrence logic in which the threat of judicial enforcement deters sovereigns from violating the rules in the first place. By contrast, we argue that balanced budget rules work by coordinating decentralized punishment of sovereigns by bond markets, rather than by posing a credible threat of judicial enforcement. Therefore, the clarity of the focal point provided by the rule, rather than the strength of its judicial enforcement mechanisms, determines its effectiveness. We develop a formal model that captures the logic of our argument, and we assess this model using data on U.S. states. We then consider implications of our argument for the impact of the balanced budget rules recently imposed on eurozone states in the Fiscal Compact Treaty.
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| 13 |
ID:
192358
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| Summary/Abstract |
This study examines the role of ownership concentration, measured by the top-five shareholders' equity ownership, in shaping corporate finance policies in China. Among privately-owned enterprises (POEs), ownership concentration has negative and positive effects on their debt and cash reserves, respectively, consistent with controlling shareholders' incentives to stave off business failures and ride out adverse future circumstances. These effects are more pronounced if POEs have high market-to-book, suggesting that growth opportunities heighten their controlling shareholders' desire to avoid debt and hoard cash. Although ownership concentration has similar effects on debt and cash in state-owned enterprises (SOEs), these effects in SOEs appear to reflect management discretion or conservatism. Our evidence suggests that ownership concentration is a key driver of corporate finance in an emerging market, but private and state ownership concentrations have seemingly similar but qualitatively different consequences.
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| 14 |
ID:
044798
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| Publication |
London, Croom Helm Ltd., 1988.
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| Description |
334p.hbk
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| Series |
Nation,State and Integration in the Arab World
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| Contents |
Vol. IV
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| Standard Number |
070994148X
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Copies: C:1/I:0,R:0,Q:0
Circulation
| Accession# | Call# | Current Location | Status | Policy | Location |
| 029448 | 956/LUC 029448 | Main | On Shelf | General | |
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