Macroeconomic Dimensions of Public Finance: Essays in Honour of Vito Tanzi

by Blejer; Mario

• ISBN13: 9780415141116
• ISBN10: 0415141117
• Edition: 1st
• Format: Hardcover
• Copyright: 1997-01-24
• Publisher: Routledge

Summary

There is no magic formula for balancing fiscal policy and economic performance. As a scholar and policy advisor, Vito Tanzi has made a major contribution to identifying links between public finance and macro- and microeconomic consequences. His findings bear relevance in both developing and industrialized economies. The essays in this volume and its companion,Fiscal Policy and Economic Reform, highlight many of these interconnected issues, including the interaction between budgetary policy and economic aggregates, such as employment, inflation and growth; the implication of economic linkages for designing fiscal policies; expenditure policies and alternative deficit financing strategies; and the trade-offs between macro- and microeconomic objectives. The list of contributors includes Max Corden, John Makin, Ronald McKinnon and Richard Musgrave.

Table of Contents

List of figures	x	(2)
List of tables	xii	(3)
List of contributors	xv	(2)
Preface: Vito Tanzi -- The Economist and the Man	xvii
1 INTRODUCTION AND OVERVIEW: PUBLIC FINANCE IN A MACROECONOMIC CONTEXT	1	(12)
Mario I. Blejer
Teresa Ter-Minassian
Part I Macroeconomic aspects of budgetary policies	13	(60)
2 MICRO AND MACRO ASPECTS OF FISCAL POLICY	13	(14)
Richard A. Musgrave
3 SCOPE OF GOVERNMENT AND LIMITS OF ECONOMIC POLICY	27	(13)
Manuel Guitian
4 THE BUDGET-MINIMIZING BUREAUCRAT: THE JAPANESE CASE OF THE INVISIBLE HAND	40	(33)
Hirofumi Shibata
Aiko Shibata
Part II Fiscal federalism	73	(58)
5 MARKET-PRESERVING FISCAL FEDERALISM IN THE AMERICAN MONETARY UNION	73	(21)
Ronald I. McKinnon
6 TOPICS IN THE THEORY OF REVENUE ASSIGNMENT: GAPS, TRAPS, AND NUANCES	94	(16)
Charles E. McLure, Jr
7 EUROPEAN INTEGRATION AND THE THEORY OF FISCAL FEDERALISM	110	(21)
Richard Hemming
Paul Bernd Spahn
Part III Macroeconomic aspects of fiscal policy in the open economy	131	(104)
8 HOW WOULD A FISCAL EXPANSION AFFECT THE EXCHANGE RATE?	131	(15)
W. Max Corden
9 EQUIVALENCE RELATIONS IN INTERNATIONAL TAXATION	146	(18)
Alan Auerbach
Jacob A. Frenkel
Assaf Razin
10 COMPANY TAX HARMONIZATION IN THE EUROPEAN UNION: SOME FURTHER THOUGHTS ON THE RUDING COMMITTEE REPORT	164	(15)
Sijbren Cnossen
Lans Bovenberg
11 TRADE REFORM, UNIFORM TARIFFS AND THE BUDGET	179	(24)
Sebastian Edwards
12 THE ROLE OF FOREIGN CURRENCY DEBT IN PUBLIC DEBT MANAGEMENT	203	(32)
Patrick de Fontenay
Gian Maria Milesi-Ferretti
Huw Pill
Part IV Expenditure policies	235	(32)
13 EXPENDITURE LAGS, INFLATION, AND THE REAL PURCHASING POWER OF GOVERNMENT: IS THERE A TANZI EFFECT ON THE OTHER SIDE OF THE BUDGET AS WELL?	235	(32)
Ernst-Albrecht Conrad
Part V The financing of budget deficits	267	(96)
14 TREASURY BILLS AUCTIONS: ISSUES AND USES	267	(70)
Leonardo Bartolini
Carlo Cottarelli
15 THE FISCAL ABUSE OF CENTRAL BANKS	337	(26)
Maxwell J. Fry
Part VI Fiscal policy and the macroeconomy: country studies	363	(124)
16 BUDGETARY ASPECTS OF STABILIZATION AND STRUCTURAL ADJUSTMENT IN INDIA: THE PAINFUL ROAD TO A SUSTAINABLE FISCAL-FINANCIAL-MONETARY PLAN	363	(50)
Willem H. Buiter
Urjit R. Patel
17 TAX REFORM AND STABILIZATION IN SRI LANKA	413	(27)
Nicholas Stern
18 FISCAL BALANCE DURING INFLATION, DISINFLATION AND IMMIGRATION: POLICY LESSONS FROM ISRAEL	440	(29)
Assaf Razin
Efraim Sadka
19 MANAGING UNSUSTAINABLE TAX BURDENS IN THE US: A HISTORICAL PERSPECTIVE	469	(18)
John H. Makin
Part VII List of selected publications of Vito Tanzi	487	(1)
SELECTED PUBLICATIONS BY VITO TANZI	487	(6)
Index	493