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Wiley-Blackwell: Public Budgeting & Finance最新文献

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Sovereign Currency and Non‐Sovereign Budgets: The Modern Money Theory Approach 主权货币与非主权预算:现代货币理论方法
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2020-08-31 DOI: 10.1111/pbaf.12251
L. Randall Wray
{"title":"Sovereign Currency and Non‐Sovereign Budgets: The Modern Money Theory Approach","authors":"L. Randall Wray","doi":"10.1111/pbaf.12251","DOIUrl":"https://doi.org/10.1111/pbaf.12251","url":null,"abstract":"This paper will present the Modern Money Theory approach to government finance. In short, a national government that chooses its own money of account, imposes a tax in that money of account, and issues currency in that money of account cannot face a financial constraint. It can make all payments as they come due. It cannot be forced into insolvency. While this was well‐understood in the early post‐war period, it was gradually “forgotten” as the neoclassical theory of the household budget constraint was applied to government finance. Matters were made worse by the development of “generational accounting” that calculated hundreds of trillions of dollars of government red ink through eternity due to what neoconservatives label “entitlements” (largely, Medicare and Social Security). As austerity measures were increasingly adopted at the national level, fiscal responsibility was shifted to state and local governments through “devolution.” A “stakeholder” approach to government finance helped fuel white flight to suburbs and produced “doughnut holes” in the cities. To reverse these trends, we need to redevelop our understanding of the fiscal space open to the currency issuer—expanding its responsibility not only for national social spending but also for helping to fund state and local government spending. This is no longer just an academic debate, given the challenges posed by climate change, growing inequality, secular stagnation, and the rise of Trumpism.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126200817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
An Additional Form of Appropriation: A Note 拨款的另一种形式:附注
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2020-02-01 DOI: 10.1111/pbaf.12243
Anthony McCann
{"title":"An Additional Form of Appropriation: A Note","authors":"Anthony McCann","doi":"10.1111/pbaf.12243","DOIUrl":"https://doi.org/10.1111/pbaf.12243","url":null,"abstract":"Forms of appropriations continually evolve as Congress attempts to balance the interest of the appropriations committees against those committees and program supporters interested in assuring funding for their priorities. The 21st Century Cures Act is the latest attempt to balance these forces. The Act contains a two‐step process (i) the creation of an account via mandatory appropriations and (ii) the added requirement that funds be appropriated from the account via the annual appropriations process in order to be available for programmatic activity.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125243412","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Alternative Methods of Experience Rating Unemployment Insurance Employer Taxes 经验评定失业保险雇主税的替代方法
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2019-12-01 DOI: 10.1111/pbaf.12244
Michael Miller, Robert Pavosevich
{"title":"Alternative Methods of Experience Rating Unemployment Insurance Employer Taxes","authors":"Michael Miller, Robert Pavosevich","doi":"10.1111/pbaf.12244","DOIUrl":"https://doi.org/10.1111/pbaf.12244","url":null,"abstract":"For most states the methodology used for assigning Unemployment Insurance tax rates to employers arose when the program was first established in 1935. More than 80 years later, with evolving employment relationships, state systems have become outmoded. This paper critiques current experience rating methods and presents new methodologies that are much easier to operate and that improve the incentives for employers to increase employment. The proposed methods would assess taxes based on employment or payroll variation such that growing firms would have lower taxes. A simulation analysis illustrates the impact of the new methods on employer groups.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125677706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Toward a Theory of Fiscal Slack 财政松弛理论研究
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2019-10-18 DOI: 10.1111/pbaf.12240
E. Gorina, Craig S. Maher, Sungho Park
{"title":"Toward a Theory of Fiscal Slack","authors":"E. Gorina, Craig S. Maher, Sungho Park","doi":"10.1111/pbaf.12240","DOIUrl":"https://doi.org/10.1111/pbaf.12240","url":null,"abstract":"Though the fiscal slack literature has advanced over the past decade, more research is needed for a systematic understanding of the determinants and uses of fiscal reserves at the local level. This paper reviews theory and empirical evidence on the determinants of municipal fiscal reserves offers a conceptual framework for analyzing fiscal reserves accumulation and tests a series of hypotheses using a panel of 2007–2012 financial data for 145 U.S. cities from 21 states. Generalized least squares models show that unassigned general fund balances and unrestricted net assets are positively associated with general fund surpluses in the previous year and with local household incomes, while not being related to measures of fiscal risk, revenue effort, and voter characteristics. Overall, the findings suggest a relatively stronger influence of the capacity to save than the need to save on local fiscal reserves.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121127211","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 17
Local Government Fiscal Health: Comparing Self‐Assessments to Conventional Measures 地方政府财政健康:自我评估与传统措施的比较
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2019-09-01 DOI: 10.1111/pbaf.12226
Stephanie Leiser, Sarah B. Mills
{"title":"Local Government Fiscal Health: Comparing Self‐Assessments to Conventional Measures","authors":"Stephanie Leiser, Sarah B. Mills","doi":"10.1111/pbaf.12226","DOIUrl":"https://doi.org/10.1111/pbaf.12226","url":null,"abstract":"Municipal fiscal condition is typically assessed using objective financial indicators, but little is understood about how local officials subjectively evaluate their own fiscal health. Using both qualitative and quantitative approaches to analyze survey data from Michigan, we explore how local officials conceptualize fiscal health and compare self‐assessments with conventional financial indicators. The results reveal that local officials emphasize long‐run issues and external stressors, but the relative importance of different factors varies depending on whether they report high or low fiscal stress. We suggest that self‐assessments may be a useful supplement to conventional objective measures in capturing “true” fiscal health.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114374564","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 12
Does the Cost‐Cutting Strategy of Closing Public Schools Provide Financial Benefits? Evidence from Ohio 关闭公立学校的成本削减策略能带来经济效益吗?来自俄亥俄州的证据
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2019-09-01 DOI: 10.1111/pbaf.12236
Phuong Nguyen‐Hoang
{"title":"Does the Cost‐Cutting Strategy of Closing Public Schools Provide Financial Benefits? Evidence from Ohio","authors":"Phuong Nguyen‐Hoang","doi":"10.1111/pbaf.12236","DOIUrl":"https://doi.org/10.1111/pbaf.12236","url":null,"abstract":"From 1995 through 2014, 15 percent of school districts nationwide closed at least one school without opening any new school. Although budgetary constraints have been claimed as a major reason to close a public school, no empirical study has examined the financial benefits of school closures. This study finds that Ohio school closures reduce an average district's total operating expenditures by $278–$285 per pupil, and that savings come primarily from cuts in classroom instructional services, including teachers. This study provides empirical evidence on the financial implications of school closings needed for stakeholders involved in a school closing process.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133239922","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Factors to Consider When Analyzing the Need for an Elected State Treasurer 分析对选举产生的州财务主管的需求时要考虑的因素
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2018-06-27 DOI: 10.1111/pbaf.12196
Beverly S. Bunch, Barbara E. Ferrara
{"title":"Factors to Consider When Analyzing the Need for an Elected State Treasurer","authors":"Beverly S. Bunch, Barbara E. Ferrara","doi":"10.1111/pbaf.12196","DOIUrl":"https://doi.org/10.1111/pbaf.12196","url":null,"abstract":"Since 2010, public officials or other stakeholders in at least seven states have proposed the elimination of the publicly‐elected state treasurer position in their respective states. Advocates claim this would cut costs while opponents argue that it would decrease accountability and checks and balances. During the mid‐1990s and early 2000s, three states (Texas, Minnesota, and Florida) eliminated the elected state treasurer position. This paper presents case studies of what happened in those states and uses the findings, along with other information, to discuss factors to consider when evaluating whether a state should eliminate its elected state treasurer position.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125687606","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Infrastructure Reporting and State Bond Ratings 基础设施报告和国家债券评级
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2017-09-01 DOI: 10.1111/pbaf.12156
Earl D. Benson, Barry R. Marks
{"title":"Infrastructure Reporting and State Bond Ratings","authors":"Earl D. Benson, Barry R. Marks","doi":"10.1111/pbaf.12156","DOIUrl":"https://doi.org/10.1111/pbaf.12156","url":null,"abstract":"Municipal governments are given the choice of two methods for reporting infrastructure assets, the depreciation approach and the modified approach. Using a model that simultaneously estimates a state's bond rating and a state's choice of the modified approach to reporting infrastructure, empirical tests suggest that bond rating agencies evaluate the government-wide accounting information differently for states that adopt the modified approach compared to states that use depreciation accounting. The use of the modified approach may lead to either a higher or lower bond rating, depending on the level of other accounting measures.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"95 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116707008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
The Impact of Fiscal Stress on Local Government Fiscal Structures: An Event Study of the Orange County Bankruptcy 财政压力对地方政府财政结构的影响——基于奥兰治县破产的事件研究
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2017-06-01 DOI: 10.1111/pbaf.12149
Robert C. Mackay
{"title":"The Impact of Fiscal Stress on Local Government Fiscal Structures: An Event Study of the Orange County Bankruptcy","authors":"Robert C. Mackay","doi":"10.1111/pbaf.12149","DOIUrl":"https://doi.org/10.1111/pbaf.12149","url":null,"abstract":"I analyze the effect of fiscal stress on local government fiscal structures. In 1994, sudden investment losses of nearly $1.7 billion led to Orange County's default on debt obligations and bankruptcy. This event study provides a descriptive analysis of one of the most extreme fiscal crises in recent decades. I use a synthetic control methodology to measure the impact of the investment losses and find the investment losses resulted in Orange County total revenue falling by 12 percent, cash and securities by 66 percent, and total expenditure by 11 percent, while total debt increased by 17 percent.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127739053","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Special Districts and Local Government Debt: An Analysis of 'Old Northwest Territory' States 特区与地方政府债务:对“老西北领地”州的分析
Wiley-Blackwell: Public Budgeting & Finance Pub Date : 2017-03-01 DOI: 10.1111/PBAF.12122
Dagney Faulk, Larita J. Killian
{"title":"Special Districts and Local Government Debt: An Analysis of 'Old Northwest Territory' States","authors":"Dagney Faulk, Larita J. Killian","doi":"10.1111/PBAF.12122","DOIUrl":"https://doi.org/10.1111/PBAF.12122","url":null,"abstract":"Special districts potentially offer a way for local governments to issue more debt than allowed by debt limits. This research examines the relationship between the number of special districts in a county and local government debt levels. Using data from states formed from the Northwest Territory and controlling for other local governments, demographic, and fiscal factors, we find that the number of special districts in a county is positively related to local government debt in four of the five states examined (Indiana, Michigan, Ohio, and Wisconsin). The results for Illinois were insignificant.","PeriodicalId":135866,"journal":{"name":"Wiley-Blackwell: Public Budgeting & Finance","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121358930","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
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