Direct Versus Indirect Federal Bond Subsidies: New Evidence on Cost of Capital

The longstanding debate surrounding the most effective way for the U.S. federal government to subsidize state and local government capital‐raising received renewed attention in recent years due to the passage and subsequent expiration of the taxable Build America Bond (BAB) program. Recent academic studies, as well as reports from the U.S. Treasury Department, claim that the direct subsidy approach as evidenced by the BAB program provides greater bond borrowing cost benefits to state and local governments compared to traditional tax‐exempt bonds. This research investigates the extent to which such borrowing cost benefits may be overstated since it appears previous studies did not adequately account for the early call optionality of tax‐exempt bonds.     

Linking Accounting and Budget Data: A Discourse

Although the federal government has long been required to provide a reliable linkage between its accounting and budget data, it has only recently developed tools that can provide a consistent, government‐wide solution. This article analyzes these tools by a discussion of the criteria necessary for linkage and by providing examples of certain key budget linkages. In addition, the history of the development of these linkage tools is discussed. This article was developed from ideas presented by the authors while participating on a Linking Accounting and Budget panel at the Fall 2001 American Association for Budget and Program Analysis (AABPA) Symposium.     

De facto Veto? The Parliamentary Liberal Democrats

The parliamentary party of the Liberal Democrats is a symbol of the third party's growth in recent years. As a result of successful election targeting and an improvement in electoral reach, the party has seen its number of MPs at Westminster more than triple since 1992. It has been claimed that the increase in size of the parliamentary party has been accompanied by an increase in its power, so that the parliamentarians now have a de facto power of veto over policy despite the official policy-making structures as laid out in the Liberal Democrat constitution. This article investigates the make-up of the parliamentary Liberal Democrats and their contemporary influence over policy formation, and the parliamentary party's relationship with the conference and the party leader—and especially the events leading to the change of Liberal Democrat leader in 2006—to establish the veracity of this claim.     

Up for Debate: Consultations,the Constitution and the Communications Allowance

Using the Parliamentary Communications Allowance, MP David Drew recently conducted a large scale research project into public opinion on the British Constitution. There could not have been a better time to do so. Not only are we in the wake of severe economic and political crises, but also a period of unprecedented legislative interest in the constitution. Coordinated by Ed Leighton (an undergraduate at the LSE), the project consisted of a postal survey of 43,000 households, public debates around the constituency and workshops in local schools. The response from the public was incredible, and the results both interesting and unexpected. This article will outline some of those findings and demonstrate that large scale consultations with the public are both readily achievable and warmly welcomed. That this can all be done within the budget of the Parliamentary Communications Allowance also shows that at its best this fund can be used to genuinely engage with the public.     

Careless with Our Democracy: Group Think and Voting Reform

The Representation of the People Act 2000 introduced what has come to be known as 'voting on demand'. In the process it paved the way for an absentee ballot system in Britain that would, in the words of the judge who heard two extraordinary electoral fraud cases in Birmingham in February and March 2005, disgrace a banana republic. Flaws in the policy making process that preceded the largely uncritical acceptance of universal access to postal votes were also exposed by failures to respond quickly to allegations of fraud and to detailed Electoral Commission recommendations aimed at improving ballot security. These failures raise serious questions about the prevalence of 'group think' in Whitehall and Westminster. The narrowness of Labour's General Election victory in votes, though not in seats, means that doubts about the integrity of Britain's voting arrangements threaten to reinforce a general loss of confidence in British politics.     

FEAR OF CRIME IN RESIDENTIAL COMMUNITIES

Three variables were hypothesized to cause a fear of crime and a potential change in behavior. These were: (1) crimes against a person rather than crimes against property; (2) a crime committed in an area frequented rather than a crime occurring in an area one never entered; (3) a recurring crime rather than a crime that occurred once. Two different samples of female subjects (n = 249) were approached at their residences and were asked to read one of a number of fictitious crime stories that the news media supposedly had not reported and to complete two scales measuring: (1) an emotional response to crime and (2) a potential behavioral response to crime. The results indicate that a physical assault produces both more fear and more potential behavioral change than a burglary. A crime that occurs eight times causes people to consider taking precautions in comparison to a crime that occurs once. There is some evidence that a crime in an area one frequents causes more fear than a crime occurring in an area one never enters.