A TRIO BANDS TOGETHER

正It’s time for Beijing to lose some economic weight and synergize with neighboring Tianjin and Hebei Province By Deng Yaqing JOINT RECRUITMENT:A talent exchange fair for the Jing-Jin-Ji region is held at China International Science and Technology Convention Center in Beijing on April 23     

The immediate impact of the global financial crisis and neo-liberal austerity policies on in-work poverty dynamics in Lithuania

ABSTRACT

The article analyzes the extent and features of in-work poverty in Lithuania in the aftermath of the global economic crisis of 2007–2008. It argues that the significant expansion of the phenomenon during this time period was fostered by neoliberal policies that have been shaping the welfare system in the country for more than two decades. Furthermore, it draws attention to employment conditions and seeks to understand the experiences of those who live in in-work poverty. This article reveals that, during the period investigated, in-work poverty in Lithuania was associated with being a woman, having children, belonging to single-parent household, and being employed in a precarious working environment.     

Southern Europe and the Eurozone Crisis Negotiations: Preference Formation and Contested Issues

South European countries were severely hit by the eurozone crisis. Adopting the theoretical framework of prospect theory, this article conducts an empirical analysis of the interpretation of the situation by the South European political leaders in terms of gains and losses. After discussing the stances of South European countries vis-à-vis a number of contested issues which emerged during the 2010–2013 negotiations, the article goes on to provide a comparative account of the determinants of national preference formation with respect to the eurozone crisis reforms in Cyprus, Greece, Italy, Malta, Portugal and Spain, paying special attention to the relationship between governments and parliaments.     

Fiscal institutions of Brazilian municipal borrowing

In an effort to understand subnational borrowing, this article explores how three Brazilian institutions—the 1988 Constitution which mandates revenue and expenditure assignments among the levels of the federation; the national Law of Fiscal Responsibility, which imposes expenditure and debt limitations on all levels and branches of government; and various borrowing arrangements—affect the municipal borrowing environment. These institutions are examined in light of de Mello's (2001) policy recommendations for strengthening efficiency and fiscal discipline in subnational borrowing. The institutions of Brazilian borrowing were found to have some of de Mello's recommendations, with the new Constitution and the Law of Fiscal Responsibility making progress towards increased fiscal responsibility, but the current borrowing arrangements serving to maintain a controlled system that is not conducive to responsible municipal borrowing. Several recommendations are made to improve the borrowing environment and foster fiscal discipline and efficiency Copyright © 2008 John Wiley & Sons, Ltd.     

Reexamining the Relationship Between Fiscal Stress and Outsourcing

The determinants of outsourcing in local government are widely studied from a variety of frameworks. One concept consistently used to explain local government outsourcing is fiscal condition, with many noting that outsourcing is more likely when a local government’s fiscal condition declines into fiscal stress. Despite the ubiquity of this expectation in the outsourcing literature, several articles reviewed suggest that the findings for this relationship remain uncertain. As a result, the research presented in this article sought to examine and extend what is known about the relationship between fiscal stress and outsourcing in U.S. municipalities. The research includes previous measures of fiscal stress and adds new measures. In addition, it tries to overcome the limited theoretical testing of the relationship between fiscal stress and outsourcing by examining both direct and indirect effects of fiscal stress on outsourcing. It finds that municipalities in the United States that are experiencing fiscal stress are more likely to engage in outsourcing, particularly municipalities that are experiencing fiscal stress and have a positive evaluation of the external market to provide services.     

Fiscal consolidation under electoral risk

The European debt crisis has uncovered serious tension between democratic politics and market pressure in contemporary democracies. This tension arises when governments implement unpopular fiscal consolidation packages in order to raise their macroeconomic credibility among financial investors. Nonetheless, the dominant view in current research is that governments should not find it difficult to balance demands from voters and investors because the economic and political costs of fiscal consolidations are low. This would leave governments with sufficient room to promote fiscal consolidation according to their ideological agenda. This article re‐examines this proposition by studying how the risk of governments to be replaced in office affects the probability and timing of fiscal consolidation policies. The results show that governments associate significant electoral risk with consolidations because electorally vulnerable governments strategically avoid consolidations towards the end of the legislative term in order to minimise electoral punishment. Specifically, the predicted probability of consolidation decreases from 40 per cent after an election to 13 per cent towards the end of the term when the government's margin of victory is small. When the electoral margin is large, the probability of consolidation is roughly stable at around 35 per cent. Electoral concerns are the most important political determinant of consolidations, leaving only a minor role for ideological concerns. Governments, hence, find it more difficult to reconcile political and economic pressures on fiscal policy than previous, influential research implies. The results suggest that existing studies under‐estimate the electoral risk associated with consolidations because they ignore the strategic behaviour that is established in this analysis.     

Empirical examination of public debt sustainability in African economies: A panel data analysis

This study intends to investigate public debt sustainability across 29 Sub-Sahara African (SSA) economies, employing various econometric specifications, for the sampled years 1996–2020. The study employs Bohn's (Are stationarity and cointegration restrictions really necessary for the intertemporal budget constraint? Journal of monetary Economics, 54(7), pp.1837–1847.) framework of sustainability as the baseline model to assess public debt sustainability across the sampled Sub-Sahara African economies. As additional tests of public debt sustainability in order to support the baseline findings, the study also employs panel unit root and timeseries unit tests. The baseline findings from the OLS, panel quantile and instrumental panel quantile regressions show that public debt is sustainable across the panel of SSA economies. The positive and statistically significant response of primary balance under the Bohn's framework of sustainability manifest that the intertemporal budget constraint is not violated in the sampled economies. The consistency in the estimates under the OLS, panel quantile and instrumental panel quantile regressions also show that the estimates are robust throughout the estimation process. Also, utilizing the panel unit root test for public debt sustainability, the findings show that public debt is stationary over the sampled years which implies that intertemporal budget constraint holds and that public debt is sustainable across the sampled SSA economies. However, the timeseries analysis indicate that although majority of the SSA economies have sustainable public debt ratios, four countries namely Uganda, Sudan, Togo and Cote d'Ivoire have unsustainable public debt ratios. The study has important policy implications in terms of prudent public debt management and fiscal management for the sampled SSA economies.     

宪政下的公共财政与预算

公共财政已成为我国构建和谐社会进程中的财政转型的目标定位。宪政下公共财政问题的实质,是公民财产权与政府财政权的互动。公共财政应当体现以保障人权为宗旨,以充分实现财政民主为核心,以财政法治为保障。公共财政是建立在现代政府预算基础之上的财政制度,预算制度是关于民众赞同和监督国家财政活动的法律规范。在推进公共财政体制建设中,我国应坚持财政法定原则,尊重和保护纳税人权利,完善预算法,加强预算监督。     

Taking ‘Big Government Conservatism’ Seriously? The Bush Presidency Reconsidered

This article reflects on the ongoing debate about the ideological direction of the Bush presidency and what it means for the future of US conservatism in domestic policy. The paper considers the dual nature of US conservatism and then goes on to explore the 'conservative promise' of the 2000 presidential election and the debate over what critiques of the Bush administration have come to call 'big government conservatism'. Finally, the article studies two examples of how this alleged 'big government conservatism' has been manifested. First, the article contemplates the administration's fiscal policy. Second it looks at the 2003 reform of the Medicare system. We argue that, although these two cases provide some ground to the idea of 'big government conservatism', in the end this phenomenon does not add up to a coherent policy vision. Overall, beyond tax cuts, the Bush administration has failed to implement a bold conservative agenda.     

Benevolent Governance and Fiscal Federalism in Veit Ludwig von Seckendorff’s <Emphasis Type="Italic">Teutscher Fürsten Stat</Emphasis> (1656): Comment on Erik S. Reinert

The author comments on Erik S. Reinert’s presentation held at the 17{th} Heilbronn Symposion in Economics and the Social Sciences in June 2004.