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The Way the Money Goes traces out what happened to the UK's fiscal constitution - the framework for planning and controlling public spending - under three different governments (Conservative, Labour, Conservative/Liberal Democrat) from the early 1990s to the mid-2010s. The book tells the story of what happened under each government and combines narrative with vignettes that range from the funding of a new Treasury building to efforts to 'crowdsource' ideas for spending cuts. It also includes chapters devoted to different domains of spending control, namely capital spending, spending by subnational governments, running cost expenditure, fiscal forecasting, and the development of new accountin...
With a combined population of more than 350 million people, frontier and developing Asia, which includes countries such as Vietnam, Cambodia, and Bangladesh, is located in the world’s fastest-growing region and has favorable demographics. The countries share a number of common macroeconomic, financial, and structural challenges. This book addresses issues related to economic growth and structural transformation, as well as the risk of a poverty trap and rising income inequality.
Across a sample of thirty four emerging countries, the evidence shows the frequent existence of a pro-cyclical fiscal impulse. However, the scope for countercyclical policy increases with the availability of international reserves as it enhances credibility and mitigates concerns about the effect of expansionary fiscal policy on the cost of borrowing and debt service. The paper also examines the effectiveness of the fiscal policy in emerging countries in the short- and long-run and its underlying conditions, which does not appear to be uniform. In some cases, contractionary fiscal policy could stimulate growth in the short-run, if fiscal tightness lowers the cost of borrowing and debt service, and mitigates concerns about debt sustainability. However, an increase in international reserves is evident to mitigate these concerns. On the other hand, high inflation increases concerns about the impact of fiscal spending on inflationary expectations and the cost of borrowing, countering the effectiveness of the fiscal stimulus on output growth in the short-run. Where the debt burden is high, fiscal expansion has a longlasting negative effect on real growth.
While Woody Allen is generally considered to be a master of the comic genre he created, his serious films are very important in understanding his role as one of this generation's more influential filmmakers. In this work such Allen films as Annie Hall (1977), Broadway Danny Rose (1984), Crimes and Misdemeanors (1989) and Mighty Aphrodite (1995) are analyzed for the common philosophical themes they share. Gender issues, Allen's love-hate relationship with God, narcissism and moral relativism, and the use of the so-called existential dilemma are among the topics discussed. The extensive research is augmented with a rare interview with Allen.
Recent financial sector crises and their resolution have raised new issues and provided additional experiences to draw on in the future. Banking sector problems in Russia, Turkey, and a few Latin American countries occurred within the context of highly dollarized economies, high levels of sovereign debt, severely limited fiscal resources, or combinations thereof. These factors have challenged the effectiveness of many of the typical tools for bank resolution. This publication focuses on the issues raised in systemic crises, not on the resolution of individual bank problems. Based on the lessons learned during the Asian crisis, it updates the IMF’s work on the general principles, strategies, and techniques for managing these crises.
Loss of market access (LMA) is a central element and an exacerbator of balance of payments and fiscal crises. This paper provides an operational definition of LMA, examines the predictive power of potential LMA leading indicators, attempts to determine the likely nature (temporary versus structural) of an LMA episode, and analyzes potential implications of such an assessment on the required degree of adjustment to restore market access. Finally, it highlights the possible application of the methodological framework for identifying emerging risks to market access.