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Imperfect Union
Special purpose jurisdictions, such as school districts, water districts, and transit authorities, constitute the most common form of local government in the United States today. This book offers the first political theory of special purpose jurisdictions and provides extensive empirical analyses of the politics and finances of these often overlooked but increasingly influential governments.
Sovereign Debt
This book is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners, and policymakers through this complicated, but not intractable, subject.
State-Owned Enterprises in Emerging Europe: The Good, the Bad, and the Ugly
State-owned enterprises (SOEs) play an important role in Emerging Europe’s economies, notably in the energy and transport sectors. Based on a new firm-level dataset, this paper reviews the SOE landscape, assesses SOE performance across countries and vis-à-vis private firms, and evaluates recent SOE governance reform experience in 11 Emerging European countries, as well as Sweden as a benchmark. Profitability and efficiency of resource allocation of SOEs lag those of private firms in most sectors, with substantial cross-country variation. Poor SOE performance raises three main risks: large and risky contingent liabilities could stretch public finances; sizeable state ownership of banks coupled with poor governance could threaten financial stability; and negative productivity spillovers could affect the economy at large. SOE governance frameworks are partly weak and should be strengthened along three lines: fleshing out a consistent ownership policy; giving teeth to financial oversight; and making SOE boards more professional.
The Populist Temptation
"Populism, a political movement with anti-elite, authoritarian and nativist tendencies, typically spearheaded by a charismatic leader, is an old phenomenon but also a very new and disturbing one at that. The Populist Temptation is an effort to understand the wellsprings of populist movements and why the threat they pose to mainstream political parties and pluralistic democracy has been more successfully contained in some cases than others"--
The Elgar Companion to Public Choice
'This is a comprehensive set of essays on myriad facets of public choice by many of the leading contributors in the field. The coverage is excellent and the essays are terrific. I highly recommend this book for researchers and students.' – Todd Sandler, University of Texas at Dallas, US The Elgar Companion to Public Choice, Second Edition brings together leading scholars in the field of political economy to introduce readers to the latest research in public choice. The Companion lays out a comprehensive history of the field and, in five additional parts, it explores public choice contributions to the study of the origins of the state, the organization of political activity, the analysis of decision-making in non-market institutions, the examination of tribal governance, and to modeling and predicting the behavior of international organizations and transnational terrorism. With broad and up-to-date coverage, this second edition will appeal to politicians and policymakers, academics and researchers in public and social choice and political science as well as graduate students in economics, political science and public administration.
Canada
The Canadian economy appears to have achieved a soft landing: inflation has come down almost to target, while a recession has been avoided, with GDP growth cushioned by surging immigration even as per capita income has shrunk. Housing unaffordability has risen to levels not seen in a generation, with demand boosted by immigration and supply facing continued challenges to expansion.
Sovereign Debt Restructurings in Belize
This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006–07 and in 2012–13 that occurred outside of an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external liquidity concerns while the latter was motivated by a substantial increase in the coupon rates and future fiscal solvency concerns. Despite differential treatment between residents and non-residents, both 2006–07 and 2012–13 debt exchanges were executed through collaborative engagement, due in part to the existence of a broad-based creditor committee and the authorities’ effective communication strategy. However, while providing temporary liquidity relief, neither of the debt restructurings properly addressed long-term debt sustainability concerns. Going forward, the success of the 2012–13 debt restructuring will still depend on the country’s ability to strengthen fiscal efforts and public debt management framework.
Can Institutions Resolve Ethnic Conflict?
Ethnic diversity has a more adverse effect on economic policy and growth when a government's institutions are poor. But poor institutions have an even more adverse effect on growth and policy when ethnic diversity is high.
The Trickle-Down Delusion
From inside the book: “Since 1980, the economy has been growing, and productivity has been growing, but trickle-down values—that we, the American people promote, pursuant to the Republican Party’s conservative ideology—have rigged the economy to continuously upwardly redistribute those revenues attributable to our increased productivity, yielding a productivity/wage disconnect, resulting in increased concentration of income and wealth at the top, in corporations and among older Americans (beneficiaries of income from Social Security, pensions and investments and continuing income due to delaying retirement), and the lowest percentage of GDP attributable to wages and highest attributable to profits since World War II. But trickle-down has not only distorted our economic thought; it has also distorted our political thought, our sociology and our concept of the rule of law. The result has been that the trickle-down policies promoted by the Republican Party are undermining our economy, democracy, institutions and health.” For further discussion contact author at johnjseip@gmail.com.
