ISBN:
9781461460619
Language:
English
Pages:
Online-Ressource (XX, 356 p, online resource)
Series Statement:
Studies in Public Choice 8
Series Statement:
SpringerLink
Series Statement:
Bücher
Parallel Title:
Druckausg.
Parallel Title:
Erscheint auch als Hou, Yilin State government budget stabilization
Keywords:
1946-2008
;
Haushaltskonsolidierung
;
Haushaltsplanung
;
Öffentliche Finanzen
;
Teilstaat
;
USA
;
Economics
;
Political science
;
Public finance
;
Public administration
;
Economics
;
Finance
;
USA
;
Finanzwirtschaft
;
Öffentlicher Haushalt
;
Stabilisierung
;
Geschichte 1946-2008
Abstract:
Table of Contents -- Preface -- List of Abbreviations -- 1. Introduction and Overview -- Part I: From Economic Stabilization to Budget Stabilization: Theory and Tools -- 2. From Economic Stabilization to Budget Stabilization -- 3. Subnational Government Tools for Budget Stabilization -- Part II: Boom-Year Savings and Effects in Bust Years -- 4. Patterns of State Savings with BSF and GFS -- 5. State Saving Behavior - Effects of BSF in Interaction with BBR -- 6. Effects of Boom-year Savings across Three Types of State Expenditures -- 7. Effects of Boom-year Savings on Bust-year Budgetary Actions -- Part III: Implications for Budgeting and Financial Management -- 8. Budgeting for Fiscal Stability over the Economic Cycle -- 9. Boom-Year Savings and Budgetary Forecasting -- 10. Debt as Counter-cyclical Fiscal Tool -- 11. A Framework for Fiscal Policy Coordination and Economic Stability -- 12. Prospects for Budget Stabilization by Subnational Governments -- References -- Notes -- General Appendixes -- Index
Abstract:
This book is the first comprehensive, full-scale treatment of the law, politics and economics with regard to the policies and policy instruments for budget stabilization at the state level. Covering the period from 1946 through 2008 in the United States, it provides details on the methods and results of empirical tests of the effects of budget stabilization instruments on government operations, public service provision, and some other aspects of social and economic life. With the lingering effects of the most recent financial crisis and economic downturn, and the subsequent Tea Party movement advocating smaller government and deficit reduction, this book carries timely and important theoretical as well as practical implications, particularly in regard to the potential for counter-cyclical fiscal policy in mitigating negative impacts during a recession. The first contribution of the book is in public finance theory: it provides insights into the applications of the stabilization function in the context of strong government, thereby refining Keynesianism. The second aspect is in Public Choice: the creation and functioning of budget stabilization funds offer extra evidence to demonstrate that the general public provides input and voice in more than the conventional ways when it comes to policy making, even in an area dominated by strong government. The third aspect is in policy making, exploring the opportunities for refining policy tools in preparation for future downturns
Description / Table of Contents:
State Government Budget Stabilization; Preface; Acknowledgements; Contents; Abbreviations; Chapter 1: Introduction and Overview; 1.1 Introduction to the Book; 1.1.1 What Is the Book About?; 1.1.2 Whom Is the Book for?; 1.2 Budget Stabilization Under the Public Choice Perspective; 1.2.1 The Norm of Budget Balance; 1.2.1.1 Budgetary and Economic Logic in the Norm; 1.2.1.2 The Norm's Annual Component: De fi cits; 1.2.1.3 The Norm's Cyclical Component: Debts; 1.2.2 Boom-Year Savings Under Public Choice Perspective; 1.2.2.1 Tax-Smoothing Theory and Public Choice Perspective
Description / Table of Contents:
1.2.2.2 Government Savings and Public Choice1.3 Overview of the Book; 1.3.1 Chapter Plan of the Book; 1.3.2 Contribution and Limitations of the Book; References; Part I: From Economic Stabilization to Budget Stabilization: Theory and Tools; Introduction; Chapter 2: From Economic Stabilization to Budget Stabilization; 2.1 The Stabilization Function of Government: An Overview; 2.1.1 Economic Cycle; 2.1.2 Evolution of Theory; 2.2 Economic Stabilization by Central Government; 2.2.1 Fiscal Policy for Economic Stability; 2.2.2 Problems with Discretionary Policies
Description / Table of Contents:
2.2.3 Debate on Stabilization Policy2.3 Stabilization at Subnational Level; 2.3.1 Stabilization Theory Extended to Subnational Level; 2.3.2 Stabilization Practices by State Governments; 2.3.3 Summary: Budget Stabilization; References; Chapter 3: Subnational Government Tools for Budget Stabilization; 3.1 Introduction; 3.2 Informal Tool: General Fund Surplus; 3.2.1 De fi ning General Fund Surplus; 3.2.2 Data Sources of UUB; 3.2.3 Changing Patterns of General Fund Surplus; 3.3 Formal Tool: Budget Stabilization Fund; 3.3.1 Origin and Evolution; 3.3.2 De fi ning Budget Stabilization Fund
Description / Table of Contents:
3.3.3 Structural Features of BSF Enabling Legislation3.3.3.1 Purposes of Budget Stabilization Funds; 3.3.3.2 Funding Sources of BSF; 3.3.3.3 Maximum Amount Allowed: Caps on BSF Balance Levels; 3.3.3.4 Procedures for Use Approval; 3.3.4 Patterns of BSF Adoption and Diffusion; 3.3.5 State BSF Data Sources and Balance Levels; Box 3.1 The Survey-Initiated, Document-Based, Multi-Check Data Collection Steps; 3.3.6 Changing Patterns of BSF Balance; 3.4 BSF Structural Features and Balance Levels; 3.4.1 Data and Methodology; 3.4.2 Empirical Methodology; 3.4.3 Results and Discussion
Description / Table of Contents:
3.4.3.1 Relative Effects of the Features3.4.3.2 Patterns in Boom and Lean Years; 3.4.3.3 Relative Effects of the Features in Lean Versus Boom Years; 3.4.4 Policy Recommendations; References; Part II: Boom-Year Savings and Effects in Bust Years; Introduction; Chapter 4: Patterns of State Savings with Budget Stabilization Funds and General Fund Surplus; 4.1 Introduction; 4.2 State Policy Instruments for Budget Stabilization; 4.3 Supplementation and Substitution Between Policy Instruments; 4.4 Data, Methodology, and Model Speci fi cation; 4.4.1 State Savings: A Statistical Analysis
Description / Table of Contents:
4.4.2 Empirical Methodology
Note:
Description based upon print version of record
DOI:
10.1007/978-1-4614-6061-9
URL:
Volltext
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