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Fiscal Policy Sustainability in Oil-Producing Countries
Assessing the sustainability of a given fiscal policy is especially important for countries that depend on income from exhaustible resources. Political and growth pressures may push governments to raise expenditure when revenue from exhaustible resources rises, but cutting outlays when price swings reduce income is often difficult. Traditional fiscal accounting may give a misleading view of policy sustainability. This paper argues that for countries in which a significant proportion of government revenue is derived from the exploitation of an exhaustible natural resource, fiscal policy sustainability can best be assessed within a permanent income framework that takes into account total government wealth, including the imputed wealth from reserves of natural resources. Using this framework, the paper takes a sample of six countries where government revenue from petroleum extraction is significant and draws conclusions about the sustainability of their fiscal policies during 1980-92.
Hedge Funds and Financial Market Dynamics
Hedge funds are collective investment vehicles, often organized as private partnerships and resident offshore for tax and regulatory purposes. Their legal status places few restrictions on their portfolios and transactions, leaving their managers free to use short sales, derivative securities, and leverage to raise returns and cushion risk. This paper considers the role of hedge funds in financial market dynamics, with particular reference to the Asian crisis.
Algeria
This paper offers Algeria's recent experience with macroeconomic stabilization and systemic transformation from a centrally planned to a market economy. The analyses focuses on the period since 1994 when Algeria embarked on a comprehensive reform program that has benefitted from IMF support, first through a one-year Stand-by Arrangement, and from May 1995, through a three-year arrangement under the Extended Fund Facility. To better understand this experience, this paper provides some background information on Algeria's political history and economic developments during the period preceding the Stand-By arrangement.
The Sociology of Education
Putting Sociology to Work; Chapter 4 Gender, Race, and Class: Attempts to Achieve Equality of Educational Opportunity; Gender and Equality of Educational Opportunity; Class, Race, and Attempts to Rectify Inequalities in Educational Opportunity; Integration Attempts; Educational Experience of Selected Minorities in the United States; Improving Schools for Minority Students; Summary; Putting Sociology to Work; Chapter 5 The School as an Organization; The Social System of the School; Goals of the School System; The School as an Organization.
Modeling Love Dynamics
This book shows, for the very first time, how love stories -- a vital issue in our lives -- can be tentatively described with classical mathematics. Focus is on the derivation and analysis of reliable models that allow one to formally describe the expected evolution of love affairs from the initial state of indifference to the final romantic regime. The models are in full agreement with the basic philosophical principles of love psychology. Eight chapters are theoretically oriented and discuss the romantic relationships between important classes of individuals identified by particular psychological traits. The remaining chapters are devoted to case studies described in classical poems or in worldwide famous films.
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Preventing Deadly Conflict
Three inescapable observations form the foundation of this report. First, deadly conflict is not inevitable. Violence on the scale of what we have seen in Bosnia, Rwanda, Somalia, and elsewhere does not emerge inexorably from human interaction. Second, the need to prevent deadly conflict is increasingly urgent. The rapid compression of the world through breathtaking population growth, technological advancement, and economic interdependence, combined with the readily available supply of deadly weapons and easily transmitted contagion of hatred and incitement to violence, make it essential and urgent to find ways to prevent disputes from turning massively violent. Third, preventing deadly conf...
The Normalization of War in Israeli Discourse, 1967-2008
The Normalization of War in Israeli Discourse, 1967-2008, by Dalia Gavriely-Nuri opens a window to how Israelis talk, write, and think about war. In the post-World War II period, Israel has taken part in eight wars, more than almost any other western democracy. In addition to "official" wars, Israel has experienced two Intifadas and repetitive long periods of bombings of its border-settlements. This book argues that such an intensive involvement in military actions provides a natural arena for a uniquely fertile war discourse. Gavriely-Nuri identifies a special war discourse: a "war-normalizing discourse" (WND). WND as a set of linguistic, discursive, and cultural devices aims at blurring th...
Monet
This book is an essential volume for anyone wanting to learn more about this fascinating and ground-breaking artist, and to study his greatest works in one collection. The book follows his early experiences and artistic education, as well as his personal life, shedding light on why Monet became the painter he did. The second half is a gallery of more than 300 of his works with analysis of each painting.
