1,121 results
Search Results
2. Public Financing of Professional Sports Facilities and Drug Asset Forfeiture.
- Author
-
Blemings, Benjamin and Humphreys, Brad
- Subjects
SPORTS facilities ,PUBLIC finance ,PROFESSIONAL sports ,SPORTS finance ,PUBLIC spending ,FORFEITURE ,ASSET forfeiture - Abstract
Local governments provide many crucial services from limited budgets, yet often subsidize the profitable, private businesses in professional sports leagues in the United States. Policing represents one important public service. Policing typically constitutes large portions of government budgets and also generates revenue through fines and forfeitures. Existing evidence suggests that large municipal expenditures in other areas can have an ambiguous effect on policing outcomes. This paper addresses the question of whether large public expenditures on sports facilities affect drug asset forfeiture using two-way fixed effects (TWFE) and generalized dynamic model specifications (GDMS). The results are similar across estimation methods, with static TWFE results suggesting a treatment effect of $1,274–5,589 in additional forfeiture per million in subsidies and results from the newer GDMS estimators suggesting $7,703 per million in subsidies. The results imply that, beyond generating no tangible local economic benefits, public subsidization of sports facilities also leads police to make up budget shortfalls by more aggressive policing, which has important implications for racial equity. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
3. Banks and State Public Finance in the New Republic: The United States, 1790-1860.
- Author
-
Sylla, Richard, Legler, John B., and Wallis, John J.
- Subjects
BANKING industry ,PUBLIC finance ,PAPER money ,U.S. states - Abstract
Explores how the banks chartered by states in the United States (U.S.) provide a source of flexibility in state public finance following the decision of the U.S. Constitution to remove the states' power to issue paper money. Role of investment earnings and tax revenues derived from banks in state public finance; Importance of state-bank relationships to public finance.
- Published
- 1987
- Full Text
- View/download PDF
4. SUMMARIES OF PAPERS IN THIS ISSUE.
- Subjects
ABSTRACTS ,TAX credits ,TAXATION ,TAX expenditures ,TAX laws ,PUBLIC finance - Abstract
This article presents summaries of various papers published in the March 1996 issue of "The Journal of the American Taxation Association." One of the papers examines the impact of three personal tax credits on the progressivity of the individual federal income tax during 1979-1988, using two progressivity indices and one income redistribution index. The objective of another paper is to identify and study the nature of horizontal inequities in the U.S. federal tax system that arise from the differential tax treatment of different types of income. In this paper, a taxpayer's ability to pay taxes is measured by expanded total income, an extension of Adjusted Gross Income that attempts to measure economic income. The Tax Reform Act of 1986 is the focus of another paper. The act increased the tax burden on the property and casualty insurance industry. This paper explores the extent to which that increase was borne by owners, consumers, and labor. The paper shows that single industry approach would be the most promising direction for future research into tax shifting.
- Published
- 1996
5. Tax-Free Bond Under Fire.
- Author
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Moore, William P.
- Subjects
PUBLIC finance ,PAPER recycling ,TAX exemption - Abstract
Focuses on the use of tax-exempt municipal solid waste bonds to finance paper recycling production in the United States. Impact of tax policy on recycled paper markets; Benefits of tax-exempt financing; Role of solid waste management companies in paper recycling operations.
- Published
- 2001
6. The unintended impact of tax and expenditure limitations on the use of special districts: the politics of circumvention.
- Author
-
Zhang, Pengju
- Subjects
TAXATION ,PUBLIC finance ,SPECIAL districts ,PUBLIC spending ,FEDERAL government ,LOCAL government - Abstract
The increasing trend of special districts deserves more attention as it raises concerns on the efficiency and accountability of the fragmented local governance system in America. This paper examines whether the rapid growth of special districts can be partially explained by the expansion of state-imposed tax and expenditure limitations (TELs) during the last several decades. Using panel data from 1972 to 2007, this paper finds that TELs produce unintended circumvention effects among local governments. Specifically, the results reveal TELs motivate local general-purpose governments to create new special districts as an institutional strategy to evade the fiscal constraints imposed by the state. [ABSTRACT FROM AUTHOR]
- Published
- 2018
- Full Text
- View/download PDF
7. Fannie's Release of Paper Seen as Anti-Fee Weapon.
- Author
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Fernandez, Tommy
- Subjects
PUBLIC finance - Abstract
Focuses on the proposal to change the role of the Office of Federal Housing Enterprise and Oversight on Fannie Mae and Freddie Mac in the United States. Effect of the budget plan on the role of the agency on Fannie and Freddie; Proposal for a legislation on the funding of the organizations; Details of the paper released by Fannie Mae.
- Published
- 2002
8. Prop. Regs. Would Eliminate Paper Coupons for Federal Tax Deposits.
- Author
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Levenson, Howard A.
- Subjects
TAXATION ,DEPOSITS (Law) ,PUBLIC finance - Abstract
The article reports on the issuance of proposed regulations that would eliminate the option of making federal tax deposits by paper coupon by the U.S. Internal Revenue Service (IRS) in 2010. Taxpayers are required to submit federal tax deposits using the Electronic Federal Tax Payment System (EFTPS). Taxpayers using the paper coupon deposit system are affected by the proposed rules. Also enumerated are the resources that offer information on the new system.
- Published
- 2011
9. NFMA Issues Final Water-Sewer Disclosure Practices Paper.
- Author
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Hume, Lynn
- Subjects
DISCLOSURE ,PUBLIC finance ,POLLUTION remediation - Abstract
The article reports on the National Federation of Municipal Analysts' issuance of a final paper recommending disclosure practices for water and sewer financings that is unchanged from a draft that was released last September 2005 in the United States. The issuance of the paper is timely because it comprises disclosure of environmental issuers and coincides with the Governmental Accounting Standards Board's efforts to produce accounting and reporting guidelines for pollution remediation obligations.
- Published
- 2006
10. Commercial Paper Deal Finances Phoenix Water Works.
- Author
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Walker, Patrick M.
- Subjects
NEGOTIABLE instruments ,WATERWORKS maintenance & repair ,PUBLIC finance ,BOND ratings ,FINANCE - Abstract
Reports that Phoenix, Texas city officials are preparing to close a commercial paper sale that will provide interim financing for water system upgrades and expansion. First use by the city of commercial paper as a short-term financing tool; Rating given by Moody's Investors Service to the water system revenue bond anticipation notes.
- Published
- 2001
11. Though Shorter Paper Dropped to Cheaper Levels, Notes Are Still Pricey.
- Author
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Ryst, Sonja
- Subjects
MUNICIPAL bonds ,MONEY market ,PUBLIC finance - Abstract
Highlights trends in the municipal money markets in the United States as of July 21, 2000. Increased rates on daily and weekly municipal paper; General market daily variable-rate demand; Pricing for the tax and revenue anticipation notes from Oakland.
- Published
- 2000
12. Research Paper Series.
- Subjects
BIBLIOGRAPHY ,GOVERNMENT securities ,PUBLIC debts ,PUBLIC finance ,FINANCE - Abstract
The article presents a list of research papers related to U.S. Treasury. The papers include "Historical Trends in the U.S. Cost of Capital," by Robert Gillingham and John S. Greenlees, "An Econometric Model of Capital Gains Realization Behavior," by Robert Gillingham, John S. Greenlees and Kimberly D. Zieschang, "Social Security and the Public Debt," by James E. Duggan, and "Issues in Eastern European Social Security Reform," by John C. Hambor.
- Published
- 2005
13. INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation.
- Subjects
MONEY ,HARD currencies ,COINS ,PAPER money ,PUBLIC finance - Abstract
The article focuses on the U.S. Currency and Coin Outstanding and in Circulation statement, which informs the public of the total face value of currency and coin utilized as a medium of exchange that is circulating at the end of the given accounting month. It also offers a description of the various issues of paper money.
- Published
- 2005
14. GASB paper explores basic differences in accounting.
- Author
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Cheney, Glenn
- Subjects
ACCOUNTING ,PUBLIC finance ,TAXATION - Abstract
Deals with a study conducted by the U.S. Governmental Accounting Standards Board on the difference of governmental accounting and financial reporting with the financial assessments of private companies. Implications of the study for issues concerning taxation in the country; Total of state and local government revenues in 2002; Importance of the study to government finance officers and auditors.
- Published
- 2006
15. The efficacy/inefficacy of accounting in controlling labour during the transition from slavery in the United States and British West Indies.
- Author
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Fleischman, Richard K., Oldroyd, David, and Tyson, Thomas N.
- Subjects
GOVERNMENT accounting ,PUBLIC administration ,PUBLIC finance ,SLAVERY in the United States ,LIBERTY - Abstract
Purpose – The aim of this paper is to focus on the transition from slavery to wage workers in the American South and British West Indies, and the corresponding nature of the reporting and control procedures that were established in both venues, in order to create a disciplined workforce, and establish regular relations between employees and employers. It seeks to explain the differences in labour control practices between the two regions and to discuss the impact on these practices of accounting and other quantitative techniques c.1760-1870. In particular, it aims to consider the central role played by government in the process. Design/methodology/approach – The study forms part of an archival research project, in which the authors have consulted archives in four Southern States (Alabama, Louisiana, Mississippi, and North Carolina), three Caribbean island nations, formerly British colonies (Antigua, Barbados, and Jamaica), and record repositories the length and breadth of Great Britain. The records of the Freedmen's Bureau (FB), located in the National Archives, Washington, DC, have been likewise visited. These primary sources have been supported by the extensive secondary literature on slavery and its aftermath. Findings – In the USA, accounting for labour in the transition from slavery was typically ad hoc and inconsistent, whereas in the BWI it was more organised, detailed, and displayed greater uniformity – both within and across colonies. The role of the British Colonial Office (BCO) was crucial here. A range of economic and political factors are advanced to explain the differences between the two locations. The paper highlights the limitations of accounting controls and economic incentives in disciplining labour without the presence of physical coercion in situations where there is a refusal on the part of the workers to cooperate. Originality/value – There is a relatively small volume of secondary literature comparing US and BWI slavery and its legacy. Likewise, the accounting implications of labour-control practices, during the transition from slavery to freedom, are largely understudied. The research also points to a need to assess the decision-influencing capabilities of management accounting systems in other transitional labour settings. [ABSTRACT FROM AUTHOR]
- Published
- 2011
- Full Text
- View/download PDF
16. The public finance of healthy behavior.
- Author
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Rosenman, Robert
- Subjects
PUBLIC finance ,LIFESTYLES ,HEALTH behavior research ,TAX expenditures ,TAX incentives ,ECONOMICS - Abstract
Lifestyle can often affect the likelihood an individual will have a future illness. Subsidies often mitigate the consequences of poor lifestyle choices. In this paper we explore tax-subsidy policies that lower the consequences of incurring ill health. We find that a funding mechanism consistent with current US policy lowers the investment in healthy lifestyles by both the wealthy, who pay taxes, and the poor, who receive subsidies. We also explore alternative policy interventions such as investing in research to lessen the impact or probability of the disease. [ABSTRACT FROM AUTHOR]
- Published
- 2011
- Full Text
- View/download PDF
17. Conditional Strategic Retreat: The Court's Concession in the 1935 Gold Clause Cases.
- Author
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Glick, David
- Subjects
GOLD clause ,BONDS (Finance) ,CURRENCY question ,PUBLIC finance ,ACTIONS & defenses (Law) ,ECONOMIC aspects of decision making ,UNITED States politics & government, 1933-1945 - Abstract
Though forgotten by history, the 1935 Gold Clause cases concerning abrogation of gold-indexed bonds were instantly dubbed historical landmarks. Perry v. U.S., the case addressing federal bond contracts, should be remembered as an important instance of strategic judicial retreat. Expecting that the wrong outcome would provoke an attack and harm its legitimacy, the Supreme Court granted the administration an important technical victory. This paper elucidates three conditions necessary for retreat: (1) very strong government outcome preferences, (2) signals of a direct attack, and (3) an environment which makes these threats credible. It compares the Gold Clause cases with a control case, U.S. v. Butler. It shows that the former strongly met the conditions while the latter, in which the Court made a sincere decision, did not. Finally, it refutes legal and attitudinal explanations and argues that the Perry opinion was written to grudgingly reach the strategically necessary result by granting a technical victory in the remedy. [ABSTRACT FROM AUTHOR]
- Published
- 2009
- Full Text
- View/download PDF
18. Inflation, Presidents, Fed Chairs, and Regime Shifts in the U.S. Real Interest Rate.
- Author
-
Caporale, Tony and Grier, Kevin B.
- Subjects
INTEREST rate policy ,FISCAL policy ,MONETARY policy ,ECONOMIC policy ,PUBLIC finance ,FINANCE - Abstract
Several recent papers agree on the existence of significant regime shifts in the U.S. real interest rate, but disagree on the proximate causes of the shifts. Caporale and Grier (2000) point to large political changes as correlates, while Rapach and Wohar (2004) show that real rate breaks are correlated with inflation regime shifts and argue that the inflation regime changes cause the real rate shifts. In this paper we show that, controlling for the timing of changes in the inflation regime, dummy variables representing either party change in the Presidency or change in the identity of the Fed Chair are still strongly significant for explaining real interest rate fluctuations. When we control for a fixed coefficient linear relationship between inflation and the real rate, we find two real rate regime shifts that line up almost exactly with the accessions of Paul Volcker and Alan Greenspan. Even if we first let inflation regime switches explain the real rate and then look for regime shifts in the residuals, we find almost exactly the same two breaks. These results imply that Fed Chairs sometimes differ with respect to their preferred equilibrium real interest rate. [ABSTRACT FROM AUTHOR]
- Published
- 2005
- Full Text
- View/download PDF
19. N.Y.C. Sees $2.7B in West Side Bonds New Agency To Sell Rare PILOT Structure.
- Author
-
McDonald, Michael
- Subjects
BONDS (Finance) ,NEGOTIABLE instruments ,COMMERCIAL paper issues ,PUBLIC spending ,PUBLIC finance ,URBAN planning ,FINANCE - Abstract
Reports on the proposal of the New York City to sell multi-million dollar long-term revenue bonds and commercial paper to help finance the redevelopment of a largely industrial neighborhood on Manhattan's far West Side. Selection of senior managers for the program; Establishment of the Hudson Yards Infrastructure Corp.; Statement of Mark Page, director of the city's Office of Management and Budget.
- Published
- 2004
20. Government Asset and Liability Management in an Era of Vanishing Public Debt.
- Author
-
BOHN, HENNING
- Subjects
PUBLIC debts ,FISCAL policy ,GOVERNMENT liability ,ASSET management ,PUBLIC finance ,UNITED States economic policy ,UNITED States politics & government, 2001-2009 - Abstract
The paper examines alternative options for managing public debt and public assets in a government balance sheet framework that includes the Treasury, the Federal Reserve, and Social Security. Even after September 11, U.S. fiscal policy is on a trajectory to accumulate substantial "uncommitted funds." The paper examines how such funds should be invested. I conclude that high-quality fixed-income securities are the best benchmark and that Social Security is the most appropriate government asset manager. The analysis of policy alternatives reveals a trilemma between maintaining a liquid Treasury market, minimizing rent seeking, and facilitating inter-generational risk sharing. [ABSTRACT FROM AUTHOR]
- Published
- 2002
- Full Text
- View/download PDF
21. MUNICIPAL FISCAL STRESS: SELECTED MAJOR CASES OF THE 21ST CENTURY.
- Author
-
Zender, Joshua R. and Deal, Keren H.
- Subjects
BANKRUPTCY ,BUSINESS failures ,AMERICAN business enterprises ,LOCAL government ,FISCAL illusion ,ECONOMICS - Abstract
While considered uncommon in relation to U.S. corporate bankruptcies, an increasing number of Chapter 9 municipal defaults have occurred in the past twenty-five years. Bankruptcy has been voluntarily sought and, in most cases, successfully executed to overcome fiscal stress in U.S. cities of all sizes. This paper recounts the complex tale of the three largest U.S. public fiscal crises within the early 21
st century: the City of San Diego, California, Jefferson County, Alabama, and the City of Detroit, Michigan. Fiscal stress in a local government threatens the quality of municipal services and diminishes citizen confidence in their local leadership. The cases illustrated in this paper highlight the continued importance of studying the reasons for and solutions deployed to overcome fiscal stress conditions in local government. The research findings are of particular relevance to fiscal officers hoping to avert similar emergencies today. [ABSTRACT FROM AUTHOR]- Published
- 2016
22. Philosophical Implications of Taxpayer Funding for Prison Education.
- Author
-
Harnish, Jason
- Subjects
EDUCATION of prisoners ,INTERNAL revenue ,PUBLIC finance ,INTERNAL revenue law ,PRISONS -- History ,PRISON reform ,REHABILITATION of criminals - Abstract
This paper addresses the question of whether it is fair to use US taxpayer dollars on prison education programs. Through a philosophical inquiry from a pragmatist lens and a feminie ethic of care, issues of fairness are clarified. Following the philosophical inquiry, a historical analysis provides some background on the issue of prison history and reform movements in America. Finally, I conclude by briefly highlighting the main arguments in favor of funding prison education programs with US tax payer dollars. [ABSTRACT FROM AUTHOR]
- Published
- 2019
23. THE UNITED STATES TREASURY IN 1894-1896.
- Author
-
Taussig, F.W.
- Subjects
UNITED States economic policy ,MONETARY policy ,PUBLIC finance ,DEPRESSIONS (Economics) ,RECESSIONS ,GOLD reserves ,UNITED States economy - Abstract
The article considers some aspects of the financial history of the United States. It focuses on some of the monetary operations of the Treasury during the years of depression that followed the crisis of 1893. The article highlights the salient events of the period, including the struggle with a declining revenue, the continued drain on the gold holdings, the repeated danger of the Treasury's collapse, and the successive loans needed to save it from virtual bankruptcy. The difficulties under which the Treasury inevitably labors under the present anomalous system or lack of system are examined.
- Published
- 1899
- Full Text
- View/download PDF
24. A Behavioral Study of the Meaning and Influence of Tax Complexity.
- Author
-
Milliron, Valerie C.
- Subjects
TAX laws ,INTERNAL revenue law ,INCOME tax ,PUBLIC finance - Abstract
Complexity has been linked to the quality of an income tax system (Dean, Keenan, and Kenney [1980]), including its possible influence on the system's ability to generate revenues (New York State Bar Association [1972]). Given the IRS' recent estimate that $81 billion in annual revenue is lost through noncompliance (IRS [1983, p. 21]), the question of whether tax complexity has a significant effect on taxpayers' reporting positions is a potentially important issue. Complexity represents but one strand in a web of interrelated factors and propositions influencing compliant tax reporting in a democratic society. Nevertheless, it has been singled out as a factor affecting compliance and a study of its effect thereon can be viewed as one step in an ongoing program of study of noncompliance. This study involved two distinct phases. The first phase was devoted to obtaining operational definitions of tax complexity, using multidimensional scaling. These definitions of tax complexity were then used in the second phase of the study to test for potential effects of complexity on reporting position selections in four different tax situations. While phase I is critical to phase 2 of my study, this paper highlights the results of the latter. Details of phase 1 can be obtained in Milliron [1984]. In section 2 I discuss previous literature involving tax complexity. Section 3 provides an overview of the methodology and the research issues studied. Sections 4 and 5 describe the data collection procedures and research findings of phases 1 and 2, respectively. The results indicate that taxpayers defined complexity in terms of four distinct dimensions, and that complexity did significantly influence tax-reporting positions. The conclusions, limitations, and potential extensions appear in section 6. [ABSTRACT FROM AUTHOR]
- Published
- 1985
- Full Text
- View/download PDF
25. TREASURY BILL AUCTION PROCEDURES: AN EMPIRICAL INVESTIGATION.
- Author
-
BOLTEN, STEVEN
- Subjects
TREASURY bills ,AUCTIONS ,GOVERNMENT securities ,GOVERNMENT auctions ,PUBLIC finance - Abstract
The weekly Treasury bill sale is conducted as a discriminatory auction because the Treasury maintains this maximizes its revenue. Opponents of this procedure, including Friedman and Smith, maintain a competitive auction would generate greater revenue because it would increase the number of participants, increasing demand and encouraging higher bids. Brimmer, Goldstein, and Rieber maintain that revenues under the present auction procedure are greater because any increased revenue from an enlarged participation would be offset by the loss of the revenue gained from the discrimination. To date this issue is unresolved. This paper attempts to determine empirically if the discriminatory auction or the competitive auction is the more compatible with the Treasury's revenue raising objectives. [ABSTRACT FROM AUTHOR]
- Published
- 1973
- Full Text
- View/download PDF
26. Can Good Yields and Specialty Paper Move Nervous Investors?
- Author
-
Albano, Christine
- Subjects
PUBLIC finance ,MUNICIPAL government ,POLITICAL campaigns ,MUNICIPAL bonds ,UNITED States politics & government - Abstract
Reports on municipal governments' efforts to boost demand for financings ahead of the United States presidential election in November 2000. Investors' response to political uncertainty; Concerns about tax-rate changes that will weaken the value of municipal bonds' tax exemption; Major deals.
- Published
- 2000
27. DISCUSSION.
- Author
-
GOETZ, CHARLES J.
- Subjects
PUBLIC finance ,METROPOLITAN finance ,FISCAL policy ,URBAN policy ,POLITICAL systems - Abstract
The article presents commentary and criticism regarding the reports "Metropolitan Fiscal Disparities: Their Nature and Determinants," by Seymour Sacks and "Revenue Sharing: Priorities and Policy Instruments," by George F. Break, both included within the issue. The author challenges the papers' methodology in "deterministically" studying the problems of lower-level government. It is suggested that the scope of such studies is often misleading due to the inability to represent citizen heterogeneity in fiscal opinion and decision making.
- Published
- 1968
- Full Text
- View/download PDF
28. FISCAL POLICY AND LENDING RELATIONSHIPS.
- Author
-
MELINA, GIOVANNI and VILLA, STEFANIA
- Subjects
LOANS ,FISCAL policy ,VECTOR autoregression model ,BANKING industry ,PUBLIC spending ,REGRESSION analysis ,PUBLIC finance - Abstract
This paper studies how fiscal policy affects loan market conditions in the United States. First, it conducts a structural vector-autoregression analysis showing that the bank spread responds negatively to an expansionary government spending shock, while lending increases. Second, it illustrates that these results are mimicked by a dynamic stochastic general equilibrium model where the bank spread is endogenized via the inclusion of a banking sector exploiting lending relationships. Third, it shows that lending relationships represent a friction that generates a financial accelerator effect in the transmission of the fiscal shock. (JEL E44, E62 ) [ABSTRACT FROM AUTHOR]
- Published
- 2014
- Full Text
- View/download PDF
29. Fragmentation, integration and macroprudential surveillance of the US financial industry: Insights from network science.
- Author
-
Gandica, Yerali, Geraci, Marco Valerio, Béreau, Sophie, and Gnabo, Jean-Yves
- Subjects
FINANCIAL services industry ,STOCK exchanges ,FINANCIAL policy ,VECTOR autoregression model ,TIME-varying systems - Abstract
Drawing on recent contributions inferring financial interconnectedness from market data, our paper provides new insights on the evolution of the US financial industry over a long period of time by using several tools coming from network science. Relying on a Time-Varying Parameter Vector AutoRegressive (TVP-VAR) approach on stock market returns to retrieve unobserved directed links among financial institutions, we reconstruct a fully dynamic network in the sense that connections are let to evolve through time. The financial system analysed consists of a large set of 155 financial institutions that are all the banks, broker-dealers, insurance and real estate companies listed in the Standard & Poors’ 500 index over the 1993–2014 period. Looking alternatively at the individual, then sector-, community- and system-wide levels, we show that network sciences’ tools are able to support well-known features of the financial markets such as the dramatic fall of connectivity following Lehman Brothers’ collapse. More importantly, by means of less traditional metrics, such as sectoral interface or measurements based on contagion processes, our results document the co-existence of both fragmentation and integration phases between firms independently from the sectors they belong to, and doing so, question the relevance of existing macroprudential surveillance frameworks which have been mostly developed on a sectoral basis. Overall, our results improve our understanding of the US financial landscape and may have important implications for risk monitoring as well as macroprudential policy design. [ABSTRACT FROM AUTHOR]
- Published
- 2018
- Full Text
- View/download PDF
30. The Money Maker.
- Author
-
Drakes, Sean
- Subjects
- *
PAPER money , *PUBLIC finance - Abstract
The article profiles Larry Felix, director of U.S. Bureau of Engraving and Printing. Felix is charged with overseeing the operations of the Bureau in the production of U.S. currency and other government securities and documents. He is also responsible for the printing of 38 million notes a day with a face value of approximately $750 million. In the two years since attaining the directorship, the new $10 and $5 bills have been redesigned maintaining the integrity of U.S. paper currency.
- Published
- 2008
31. Tax earmarking, party politics and gubernatorial veto: theory and evidence from US states.
- Author
-
Jackson, Jeremy
- Subjects
EARMARKING (Public finance) ,UNITED States political parties ,GOVERNORS -- Powers & duties ,VETO ,SEPARATION of powers ,PUBLIC finance - Abstract
This paper provides a theory of earmarking based on the relative power of a legislature and executive. The politically powerful use earmarking as a means of resolving uncertainty and insulating preferred policy from the reach of future government. Tax revenue will be earmarked more often when political power is unified under one party or when a party has the legislative majority needed to overturn a gubernatorial veto. An empirical test of the theoretical predictions are conducted using a panel of data for US states. A state with a legislature controlled by a single party with a large enough majority to overturn a gubernatorial veto will earmark 5% more of its tax revenue than other states and a state with a unified government will earmark 6.5% more. Together these explain 18.5% of the observed decrease in the percentage of state tax revenues earmarked from 1954 to 1997. [ABSTRACT FROM AUTHOR]
- Published
- 2013
- Full Text
- View/download PDF
32. Moving to Higher Ground: Migration Response to Natural Disasters in the Early Twentieth Century.
- Author
-
Boustan, Leah Platt, Kahn, Matthew E, and Rhode, Paul W
- Subjects
EMIGRATION & immigration ,INVESTMENT of public funds ,PUBLIC spending ,CAPITAL budget ,UNITED States economy, 1918-1945 ,PUBLIC finance ,ECONOMIC impact ,NATURAL disasters ,INFRASTRUCTURE (Economics) - Abstract
Areas differ in their propensity to experience natural disasters. Exposure to disaster risks can be reduced either through migration (i.e., self-protection) or through public infrastructure investment (e.g., building seawalls). Using migration data from the 1920s and 1930s, this paper studies how the population responded to disaster shocks in an era of minimal public investment. We find that, on net, young men move away from areas hit by tornados but are attracted to areas experiencing floods. Early efforts to protect against future flooding, especially during the New Deal era of the late 1930s, may have counteracted an individual migration response. [ABSTRACT FROM AUTHOR]
- Published
- 2012
- Full Text
- View/download PDF
33. A better budget rule.
- Author
-
Dothan, Michael and Thompson, Fred
- Subjects
FISCAL policy ,PUBLIC finance ,PUBLIC spending ,TAX & expenditure limitations ,BANKING industry ,BONDS (Finance) ,MONETARY policy ,LEGISLATIVE bills - Abstract
Debt limits, interest coverage ratios, one-off balanced budget requirements, pay-as-you-go rules, and tax and expenditure limits are among the most important fiscal rules for constraining intertemporal transfers. There is considerable evidence that the least costly and most effective of such rules are those that focus directly on the rate of spending growth, even with their seemingly ad hoc nature and possibilities for circumvention. In this paper, we use optimal control theory and martingale methods to justify a transparent, nonarbitrary rule governing maximum sustainable rate of spending growth, treating the revenue structure of a jurisdiction as a given continuous-time stochastic process. Our results can be used to determine whether a proposed rate of spending growth is sustainable or not. © 2009 by the Association for Public Policy Analysis and Management [ABSTRACT FROM AUTHOR]
- Published
- 2009
- Full Text
- View/download PDF
34. The Political Economy of Opinion: Public Credit and Concepts of Public Opinion in the Age of Federalism.
- Author
-
Schmeller, Mark
- Subjects
PUBLIC opinion ,PUBLIC finance ,UNITED States history ,CREDIT ,POLITICAL systems ,POLITICAL science ,SOCIAL development ,ORGANIZATIONAL legitimacy ,UNITED States politics & government, 1789-1809 ,POLITICAL attitudes - Abstract
The article presents an exploration into the development of the concept of public opinion within U.S. political discourse during the Federalist era. Details are given noting the onset of the term and its impact in public discourse in the late 18th century, particularly as it related to economic political debate in connection to public finance issues of credit and debt. Discussion is offered mapping the correlations between the financial history of the U.S. in the aftermath of the Revolutionary War and the appropriation of "public opinion" into the political discourse of major figures such as James Madison and Alexander Hamilton.
- Published
- 2009
- Full Text
- View/download PDF
35. Institutions, incentives, and disaster relief: The case of the Federal Emergency Management Agency following Hurricane Katrina.
- Author
-
Westley, Christopher, Murphy, Robert P., and William L. Anderson
- Subjects
NATURAL disasters ,DISASTER relief ,HURRICANE Katrina, 2005 ,EMERGENCY management ,DISASTERS ,RESOURCE allocation ,INTERORGANIZATIONAL relations - Abstract
Purpose - The purpose of this paper is to highlight the importance of property rights institutions to disaster relief efforts, with a focus on the US Federal Emergency Management Agency in the aftermath of Hurricane Katrina in New Orleans, Louisiana. Design/methodology/approach - The paper utilizes public choice, Austrian, and new institutional analyses of bureaucracy. It discusses private and public sector responses to the situation in New Orleans following Katrina and to disasters in general, and compares the institutional frameworks that develop over time in both sectors. Findings - The paper finds that a large and bureaucratized response to disasters hinders economic calculation, incentive structure, and property rights institutions, all of which are crucial for rapid disaster response, the relief of human suffering, the minimization of knowledge problems, and the promotion of an efficient allocation of resources. Practical implications - This research suggests that the role of the price system in allocating resources is especially important following disasters and that in order to ensure relief efforts are as efficient as possible, public, sector actors should do nothing to impede them. It also suggests that the incentives to prepare an efficient emergency preparedness program are greater when those most affected by potential disasters are held responsible for their implementation. Originality/value - The paper provides a critical evaluation of the role of highly centralized approaches to disaster relief. [ABSTRACT FROM AUTHOR]
- Published
- 2008
- Full Text
- View/download PDF
36. Fiscal sustainability across government tiers.
- Author
-
Claeys, Peter, Ramos, Raúl, and Suriñach, Jordi
- Subjects
FEDERAL government ,FISCAL policy ,PUBLIC debts ,PUBLIC finance ,U.S. state budgets ,REGIONAL economic disparities ,PUBLIC spending ,GERMAN economic policy ,ECONOMICS - Abstract
This paper analyses how fiscal adjustment comes about when both central and sub-national governments are involved in consolidation. We test sustainability of public debt with a fiscal rule for both federal and regional government. Results for the German Länder show that lower tier governments bear a relatively smaller part of the burden of debt consolidation, if they consolidate at all. Most of the fiscal adjustment occurs via central government debt. In contrast, both the US federal and state levels contribute to consolidation of public finances. [ABSTRACT FROM AUTHOR]
- Published
- 2008
- Full Text
- View/download PDF
37. Districting and Government Overspending.
- Author
-
Baqir, Reza
- Subjects
GOVERNMENT spending policy ,PUBLIC finance ,FULL employment policies ,PUBLIC administration ,ECONOMIC policy - Abstract
Theories of government spending driven by a common-pool problem in the fiscal revenues pool predict that greater districting of a political jurisdiction raises the scale of government. This paper presents evidence on this and related predictions from a cross section of city governments in the United States. The main finding is that, when other plausible determinants of government spending are controlled for, greater districting leads to a considerably greater scale of government activity. The results also show that at-large electoral systems do not, and forms of government that concentrate powers in the office of the executive do, break this relationship. [ABSTRACT FROM AUTHOR]
- Published
- 2002
- Full Text
- View/download PDF
38. Publicly Funded Science and the Productivity of the Pharmaceutical Industry.
- Author
-
Cockburn, Iian M. and Henderson, Rebecca M.
- Subjects
PHARMACEUTICAL industry ,PUBLIC finance ,THERAPEUTICS - Abstract
U.S. taxpayers funded $14.8 billion of health related research last year, four times the amount that was spent in 1970 in real terms. In this paper we evaluate the impact of these huge expenditures on the technological performance of the pharmaceutical industry. While it is very difficult to be precise about the payoffs from publicly funded research, we conclude from a survey of a wide variety of quantitative and qualitative academic studies that the returns from this investment have been large, and may be growing even larger. Public sector science creates new knowledge and new tools, and produces large numbers of highly trained researchers, all of which are a direct and important input to private sector research. But this is not a one way street: the downstream industry is closely linked with upstream institutions, and knowledge, materials, and people flow in both directions. One important contribution of public science is that it sustains an environment in which for-profit firms can conduct their own basic research, which in turn contributes to the global pool of knowledge. Measured quite narrowly in terms of its effect on private sector R&D, the rate of return to public funding of biomedical sciences may be as high as 30% per year. Large as this figure is, these calculations are likely an underestimate, since they fail to fully capture the wider impact of pharmaceutical innovation on health and well-being. Indeed, the best may be yet to come: the revolution in molecular biology that began in publicly funded laboratories 25 years ago -- and continues to be driven by the academic research -- promises dramatic advances in the treatment of disease. [ABSTRACT FROM AUTHOR]
- Published
- 2001
39. Wisconsin's New Structure.
- Author
-
Shields, Yvette
- Subjects
NEGOTIABLE instruments ,PUBLIC finance - Abstract
Focuses on Wisconsin's plans to issue a $50 million worth of general obligation extendible commercial notes. Structure of the issue; Differences of the proposed issue from standard commercial paper; Range of maturity dates; Hurdles in crafting the deal to satisfy tax law requirements.
- Published
- 1999
40. THE EFFECT OF INCOME TAXES ON HOUSEHOLD INCOME.
- Author
-
Auten, Gerald and Carroll, Robert
- Subjects
TAX laws ,TAXATION ,INCOME inequality ,INCOME tax ,PUBLIC finance ,TAX reform ,DISTRIBUTION (Economic theory) - Abstract
Research on the distribution of income during the 1980s has identified a trend towards increasing inequality, which may be the continuation and acceleration of trends spanning several decades. This paper explores to what extent behavioral responses to the tax changes during the 1980s may also explain the rising inequality. The 1986 Tax Reform Act is used as a natural experiment to explore the roles played by both taxes and a variety of nontax factors. Our principal finding is that both tax rates and nontax factors appear to have had significant effects on relative income growth during the late 1980s. [ABSTRACT FROM AUTHOR]
- Published
- 1999
- Full Text
- View/download PDF
41. Public Services, Private Substitutes, and the Demand for Protection Against Crime.
- Author
-
Clotfelter, Charles T.
- Subjects
CIVIL service ,CRIME prevention ,PUBLIC finance ,SUBSTITUTION (Economics) - Abstract
It is a common notion in the theory of public finance that privately provided goods may be substituted for publicly provided goods, such as locks for more police and sprinkler systems for more firemen. Yet empirical studies of the demand for public goods have in general ignored such substitutes. For example, Theodore Bergstrom and Robert Goodman correctly note that the prices of private goods affect individual demand for public goods, p. 283, but in their empirical analysis they assume that these prices and the unit prices of public goods are the same in all communities. The possibility of public-private substitution has received some theoretical attention. John Head and Carl Shoup touch on this problem in their normative analysis of the proper identification of public, private, and "ambiguous" goods, based on each good's optimal allocation. And in his text, Shoup, p. 68, mentions the simultaneous provision of burglar alarms and police within the context of his discussion of public services. In another application to crime prevention, Henry Tulkens and Alex Jacquemin present a theoretical analysis which allows for the simultaneous provision of public and private protection. It is primarily in the area of education, however, that the public-private choice has received much positive analysis (see Mark Pauly, Yoram Barzel, Sam Peltzman, and Joseph Stiglitz). The purpose of this paper is to analyze the role of private substitutes for public services within the more general context of public sector decision making, and then to apply this analysis in an empirical analysis of the demand for protection against crime. Section I illustrates the importance of the private substitutes available for some local public services and describes the various forms of private protection. Section II presents a general analysis of the choice between private and public modes of provision. Section III illustrates this analysis with an application to the case of private protection against crime and presents estimates of a CES form of the production of security using data for U.S. states in 1970. The implications of these findings for rising expenditures by local governments are also noted. Section IV summarizes the analysis. [ABSTRACT FROM AUTHOR]
- Published
- 1977
42. DOCUMENTS, REPORTS, AND LEGISLATION: Public Finance.
- Subjects
PUBLIC finance ,TAX rates ,LOCAL revenue ,PUBLIC administration - Abstract
The article presents information on reports, documents and legislation on public finance in the U.S. The Bureau of the Census has prepared an "Abstract of Special Bulletins: Wealth, Debt, and Taxation, 1913," which is based upon seven bulletins dealing with: "Assessed Valuation of Property and Amounts and Rates of Levy: 1860-1912"; "National and State Indebtedness and Funds and Investments: 1870-1913"; "County and Municipal Indebtedness: 1913, 1902 and 1890; and Sinking Fund Assets: 1913"; "Taxation and Revenue Systems of State and Local Governments"; National and State Revenues and Expenditures: 1913 and 1903; and Public Properties of the States: 1913"; "County Revenues, Expenditures, and Public Properties: 1913"; and 1913"; and "Municipal Revenues, Expenditures, and Public Properties: 1913. The Ohio Legislative Reference Department has published a bulletin entitled Report of the Committee for an Investigation of Finances of Municipatities. Papers are grouped under the following headings: public expenditures; effect of high tax-rates; what other states are doing; and the remedy in Indiana.
- Published
- 1915
43. Two-line Editorials.
- Subjects
UNITED States economy, 1918-1945 ,PUBLIC finance ,WAGE decreases - Abstract
The article shares comments on several business and economics-related issues in the U.S. including Secretary of the Treasury Andrew W. Mellon's handling of public finance, wage reductions and increasing railway dividends.
- Published
- 1922
44. READERS' GUIDE TO PERIODICALS.
- Subjects
ACCOUNTING ,PERIODICALS ,BUDGET ,PUBLIC finance ,PUBLIC spending ,LIQUIDATION - Abstract
The article presents information on various papers related to accounting, published in different periodicals. In one of the papers, Aaron Wildavsky and Arthur Hammond compare comprehensive versus incremental budgeting in the U.S. Department of Agriculture. The writers focus on the results of an interesting experiment in the Department of Agriculture to determine whether a complete, periodic reevaluation of all departmental programs is better or worse than an evaluation of only a small number of incremental changes calling for significant departures from the previous budget, the traditional approach of much governmental budgeting. In the paper "Pitfalls in Corporate Liquidation," by Alan R. Bromberg, the writer compares the tax effects of corporate liquidation under the various Internal Revenue Code sections. Another paper written by Alfred Hayes throws light upon some problems facing the budget system. Today, the newspapers are reporting the concern of the U.S. Administration and economists in industry over the ability of the economy to absorb the demands made upon it.
- Published
- 1966
45. Fiscal Policy in the Aftermath of 9/11.
- Author
-
Eichenbaum, Martin and Fisher, Jonas D. M.
- Subjects
FISCAL policy ,PUBLIC finance ,ECONOMIC policy ,SEPTEMBER 11 Terrorist Attacks, 2001 ,ECONOMICS - Abstract
This paper investigates the nature of U.S. fiscal policy in the aftermath of 9/11. We argue that the recent declines in the government surplus and tax rates cannot be accounted for by either the state of the U.S. economy as of 9/11 or as the typical response of fiscal policy to a large exogenous rise in military expenditures. Our evidence suggests that, had tax rates responded in the way they 'normally' do to a large fiscal shock, aggregate output would have been lower and the surplus would not have changed by much. Our results do not bear directly on the desirability of the decline in tax rates or the surplus after 9/11. [ABSTRACT FROM AUTHOR]
- Published
- 2005
- Full Text
- View/download PDF
46. Comment on GOVERNMENT ASSET AND LIABILITY MANAGEMENT IN AN ERA OF VANISHING PUBLIC DEBT.
- Author
-
Gokhale, Jagadeesh
- Subjects
PUBLIC debts ,FISCAL policy ,GOVERNMENT liability ,PUBLIC finance ,SOCIAL security ,UNITED States economic policy ,UNITED States politics & government, 2001-2009 - Abstract
The article presents commentary on the report "Government Asset and Liability Management in an Era of Vanishing Public Debt," by Henning Bohn, included within the issue. An overview of the report's conceptual basis is given and a review is provided of its three primary explorations into the potential treasury surplus, rent-seeking, and balance sheet analysis monetary policies adoptable by the United States. Comments on the clarity and methodology of the paper are included, along with discussion regarding the viability of its conclusion goals of a state-contingent Social Security tax-benefit policy.
- Published
- 2002
- Full Text
- View/download PDF
47. Cost-effective conservation planning: Lessons from economics.
- Author
-
Duke, Joshua M., Dundas, Steven J., and Messer, Kent D.
- Subjects
- *
ECONOMISTS , *COST effectiveness , *CORPORATE finance , *PUBLIC spending , *PUBLIC finance , *ADVERSE selection (Commerce) , *LABOR incentives - Abstract
Abstract: Economists advocate that the billions of public dollars spent on conservation be allocated to achieve the largest possible social benefit. This is “cost-effective conservation”—a process that incorporates both monetized benefits and costs. Though controversial, cost-effective conservation is poorly understood and rarely implemented by planners. Drawing from the largest publicly financed conservation programs in the United States, this paper seeks to improve the communication from economists to planners and to overcome resistance to cost-effective conservation. Fifteen practical lessons are distilled, including the negative implications of limiting selection with political constraints, using nonmonetized benefit measures or benefit indices, ignoring development risk, using incomplete cost measures, employing cost measures sequentially, and using benefit indices to capture costs. The paper highlights interrelationships between benefits and complications such as capitalization and intertemporal planning. The paper concludes by identifying the challenges at the research frontier, including incentive problems associated with adverse selection, additionality, and slippage. [Copyright &y& Elsevier]
- Published
- 2013
- Full Text
- View/download PDF
48. Can Government Purchases Stimulate the Economy?
- Author
-
Ramey, Valerie A
- Subjects
GOVERNMENT spending policy ,PUBLIC spending ,PUBLIC finance ,UNITED States economy ,UNITED States economic policy - Abstract
This essay briefly reviews the state of knowledge about the government spending multiplier. Drawing on theoretical work, aggregate empirical estimates from the United States, as well as cross-locality estimates, I assess the likely range of multiplier values for the experiment most relevant to the stimulus package debate: a temporary, deficit-financed increase in government purchases. I conclude that the multiplier for this type of spending is probably between 0.8 and 1.5. (JEL E23, E62, H50) [ABSTRACT FROM AUTHOR]
- Published
- 2011
- Full Text
- View/download PDF
49. PUBLIC FINANCES CRISES WITHIN THE COUNTRIES OF PIIGS GROUP.
- Author
-
Górniewicz, Grzegorz
- Subjects
FINANCIAL crises ,MORTGAGE banks ,BANKRUPTCY ,FINANCIAL aid - Abstract
The world financial crisis, started by the collapse of the mortgage market in USA, gave rise to the deterioration of public finances in many European countries. The countries on which the impact was strong are Portugal, Ireland, Italy, Greece and Spain (or PIIGS). Already during 2010, Greece and Ireland would have both had to declare their bankruptcy but for the external financial aid. The purpose of the present paper is to highlight the causes that gave rise to the critical situation of the countries referred to as PIIGS, the scale of the phenomenon and the measures taken to improve the given situation. [ABSTRACT FROM AUTHOR]
- Published
- 2011
50. Regime shifts in stock-flow I(2)-I(1) systems: the case of US fiscal sustainability.
- Author
-
Berenguer-Rico, Vanessa and Carrion-i-Silvestre, Josep Lluís
- Subjects
STOCK-flow analysis ,SUSTAINABILITY ,STOCHASTIC control theory ,TIME series analysis ,PUBLIC spending ,PUBLIC finance ,COINTEGRATION - Abstract
In the last two decades, fiscal sustainability has been tested through the use of non-stationary time series analysis. Two different approximations can be found in the literature: first, a univariate approach that has focused on the stochastic properties of the stock of debt and, second, a multivariate one that has focused on the long-run properties of the flows of expenditures and revenues, i.e., in the stochastic properties of the deficit. In this paper we unify these approaches considering the stock-flow system that fiscal variables configure. Our approach involves working in an I(2) stochastic processes framework. Given the possibility of the existence of regime shifts in the sustainability of US deficit that the literature has pointed out, we develop a new statistic that can be applied to test several types of I(2) cointegration and multicointegration relationships allowing for regime shifts. To test for these kinds of changing long-run relationships we propose the use of a residual-based Dickey-Fuller class of statistic that accounts for one structural break. We show that consistent estimates of the break fraction can be obtained through the minimization of the sum of squared residuals when there is I(2) cointegration. The finite sample performance of the proposed statistic is investigated by Monte Carlo simulations. The econometric methodology is applied to assess whether the US fiscal deficit and debt are sustainable. Copyright © 2010 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]
- Published
- 2011
- Full Text
- View/download PDF
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