Fiscal Governance in Europe (Cambridge Studies in Comparative Politics)

This book presents a theoretical framework to discuss how governments coordinate budgeting decisions. There are two modes of fiscal governance conducive to greater fiscal discipline, a mode of delegation and a mode of contracts. These modes contrast with a fiefdom form of governance, in which the decision-making process is decentralized. An important insight is that the effectiveness of a given form of fiscal governance depends crucially upon the underlying political system. Delegation functions well when there few, or no, ideological differences among government parties, whereas contracts are effective when there are many such differences. Based on original research, the book classifies European Union countries from 1985 to 2004. Empirically, delegation and contract states perform better than fiefdom states if they match the underlying political system. Additional chapters consider why countries have the fiscal institutions that they do, fiscal governance in Central and Eastern Europe, and the role of such institutions in the European Union.

Business & Money

Von Hagen, Jürgen

Hallerberg, Mark

Rainer Strauch, Rolf

Economics

Cambridge University Press

This book presents a theoretical framework to discuss how governments coordinate budgeting decisions. There are two modes of fiscal governance conducive to greater fiscal discipline, a mode of delegation and a mode of contracts. These modes contrast with a fiefdom form of governance, in which the decision-making process is decentralized. An important insight is that the effectiveness of a given form of fiscal governance depends crucially upon the underlying political system. Delegation functions well when there few, or no, ideological differences among government parties, whereas contracts are effective when there are many such differences. Based on original research, the book classifies European Union countries from 1985 to 2004. Empirically, delegation and contract states perform better than fiefdom states if they match the underlying political system. Additional chapters consider why countries have the fiscal institutions that they do, fiscal governance in Central and Eastern Europe, and the role of such institutions in the European Union.

When the European Monetary System (EMS) was created in 1978, economists on both sides of the Atlantic predicted its inevitable and early failure. But today EMS is alive and well, continuing to defy conventional economic wisdom. Professors Fratianni and von Hagen address three questions raised by the success of EMS: how it was created, how it works, and how it may evolve into a full-fledged monetary union. They answer these questions in the context of international economics, explaining why countries with very different rates of inflation might be willing to link their currencies and exploring the choice between a currency union, in which several countries adopt the same money, and an exchange-rate union. They also seek to understand whether members of the European Community should all adopt the same currency. If so, what kind of adjustment process would be best - a gradual transition or a fast one? Their presentation is always clear and evenhanded, a model of empirical research and theoretical sophistication. This is an essential book for scholars of European integration in particular and of international political economy in general.

The European Monetary System And European Monetary Union (Political Economy of Global Interdependence)

Fratianni, Michele

Westview Press

Macroeconomics for Business: The Manager's Way of Understanding the Global Economy

Interpreting and applying macroeconomic analysis to the global economic environment and understanding the tools used to do so is fundamental to making good managerial decisions. Presuming no background in economic theory and prioritizing international application, this textbook introduces macroeconomics to business students. It explains how to understand domestic and global macroeconomic developments, policies, and data, and makes extensive use of case studies and data sets to present modern macroeconomics in a globalized world. Each chapter has several specific data exercises and practices as well as an international application focusing on the global perspective. By providing a host of international material, this book is useful for instructors and students around the globe.

Davidson, Lawrence S.

Hauskrecht, Andreas

The fiscal policy framework of the EMU is in a states of crisis. Since the start of EMU, fiscal conditions in some member states have slipped considerably beyond the limits set by the Maastricht Treaty and the Stability and Growth Pact. It is clear that the preventive arm of the Stability and Growth Pact has failed to preclude excessive deficits. There is no shortage of proposals to reform the current fiscal framework in this crisis situation. They range from calls for softening their implementation, and to proposals for closer coordination of national fiscal policies. None of these proposals offers a convincing solution to the problem at the heart of the current crisis: how to balance the need for effective long-run fiscal stability in EMU with the need for short-run flexibility of fiscal policy in the member states. After a detailed analysis of the virtues and defects of the current fiscal framework, this report presents a proposal for reform that addresses this issue. The authors argue that EMU should move away from rigid fiscal rules for annual deficits towards a more judgmental process of monitoring the sustainability of fiscal policies. This approach is guided by three principles: independence, transparency, and legitimacy. Together wit the ability to assess the fiscal situation and outlook of each euro-area member state, they are the keys to designing a framework that provides enough flexibility and, at the same time, can build the required credibility and political support. The authors propose the creation of a Sustainability Council for the EMU, and independent body with the sole statutory task of safeguarding the sustainability of public finances in the euro area. The Sustainability Council regularly and openly reports to the public and the European Parliament its assessment of the member states' fiscal policies, taking into account past performance, current perspectives and the future course of fiscal policies. Its mandate is the counterpart of the ECB's principal task of maintaining price stability. However, the Sustainability Council has no operative role in fiscal policy; it relies solely on the pressure of informed public opinion to discipline national governments. The use of the instruments of fiscal policy is entirely left to the national governments, and the Sustainability Council can only be conceived as a judge of national public finances.

Stability and Growth in Europe: Towards a Better Pact: Monitoring European Integration 13 (MONITORING EUROPEAN INTEGATION)

Fatas, Antonio

Hallett, Andrew Hughes

Strauch, Rolf

Sibert, Anne

Center for Economic Policy Research

For this generation of Christians in the western world, sexuality is the battle being waged in the culture. Traditional marriage is out the window and every manner of sexual perversity is being pushed as good and healthy and normal on TV, in the movies, by the mainstream media, and by the fathers of our city and nation. At the forefront of this battle is homosexuality.
It's easy for Christians to see the enemy out there--to see all the ways that the modern tolerance machine is tearing down the bulwark of God's moral law. But what if the culture doesn't lead the church? What if the church leads the culture? What if the real responsibility lies with us?
The Grace of Shame exposes the errors the church has made on sexuality over the last several decades, from failing to understand the sin of effeminacy to promoting the "gay Christian" movement. With reverence for the church universal, and a keen prophetic eye for the sins and failures of our modern church, this book exposes all the ways we have allowed this sin to triumph in the culture at large, and offers hope for the future.

The Grace of Shame: 7 Ways the Church Has Failed to Love Homosexuals

Religion & Spirituality

Bayly, Tim

Bayly, Joseph

Religious Studies

Warhorn Media

Jesus is the Good Shepherd. He keeps perfect watch over His sheep, and He doesn't need any help. It's amazing, then, to realize that Jesus chooses to share with others the work of shepherding His people. He Himself appoints undershepherds--elders--to carry out the work of leading, guarding, and feeding His sheep.In Elders Reformed, Pastor Tim Bayly and Pastor Jürgen von Hagen bring decades of diverse pastoral experience to helping elders of Christ's Church understand what it means to shepherd the flock of God. With Scripture as their foundation, they teach how elders should be chosen and appointed, what elders should be like, and the difficult work elders must do. They then combine hundreds of years of church history with their own experiences of ministering to God's sheep-rich and poor, educated and uneducated, black and white, local and international.This book deals forthrightly with the dangers and challenges which face church elders every day. It addresses the horrors of sin which exist inside the church's walls, both among church members and-more importantly-among pastors and elders themselves. Pride, greed, cowardice, and abuse are all on the table. Elders will come away from Elders Reformed convicted and sobered, practically helped, and encouraged by God's promises to those who faithfully carry out the work of the Chief Shepherd.

Elders Reformed

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