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"Fiscal policy Asia History."
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Fiscal capacity and the colonial state in Asia and Africa, c. 1850-1960
\"This book examines the evolution of fiscal capacity in the context of colonial state formation and the changing world order between 1850 and 1960. Until the early nineteenth century, European colonial control over Asia and Africa was largely confined to coastal and island settlements, which functioned as little more than trading posts. The officials running these settlements had neither the resources nor the need to develop new fiscal instruments. With the expansion of imperialism, the costs of maintaining colonies rose. Home governments, reluctant to place the financial burden of imperial expansion on metropolitan taxpayers, pressed colonial governments to become fiscally self-supporting. A team of leading historians provides a comparative overview of how colonial states set up their administrative systems and how these regimes involved local people and elites. They shed new light on the political economy of colonial state formation and the institutional legacies they left behind at independence\"-- Provided by publisher.
Book
The Guangdong Model and Taxation in China
This book explores the formation, development, and characteristics of modern China's finance, focusing especially on Guangdong province as a case study to illustrate both the macro-level trends and the micro-level reality. The chronological range of this book is mainly from the late Qing period to the early Republican Era ending in 1937, when the full-scale Second Sino-Japanese War broke out. After the concept of modern finance was introduced to China for the first time in the late Qing period, the efforts to build modern finance continued in the Republican Era both nationally and locally. But this process was interrupted by the outbreak of the war against Japan in 1937 and, having been derailed, did not subsequently recover due to the subsequent civil war between the Kuomintang and the Chinese Communist Party. This interrupted process of financial modernization was resumed with Reform and Opening-up, launched in 1978. Therefore, in order to illustrate the structural transformation and persistent characteristics of China’s fiscal system, this book also includes discussions of the early Qing period and current Chinese finance.
eBook
MEASURING ECONOMIC POLICY UNCERTAINTY
We develop a new index of economic policy uncertainty (EPU) based on newspaper coverage frequency. Several types of evidence—including human readings of 12,000 newspaper articles—indicate that our index proxies for movements in policy-related economic uncertainty. Our U.S. index spikes near tight presidential elections, Gulf Wars I and II, the 9/11 attacks, the failure of Lehman Brothers, the 2011 debt ceiling dispute, and other major battles over fiscal policy. Using firm-level data, we find that policy uncertainty is associated with greater stock price volatility and reduced investment and employment in policy-sensitive sectors like defense, health care, finance, and infrastructure construction. At the macro level, innovations in policy uncertainty foreshadow declines in investment, output, and employment in the United States and, in a panel vector autoregressive setting, for 12 major economies. Extending our U.S. index back to 1900, EPU rose dramatically in the 1930s (from late 1931) and has drifted upward since the 1960s.
Journal Article
DEBT, DELEVERAGING, AND THE LIQUIDITY TRAP: A FISHER-MINSKY-KOO APPROACH
In this article we present a simple new Keynesian—style model of debtdriven slumps—that is, situations in which an overhang of debt on the part of some agents, who are forced into rapid deleveraging, is depressing aggregate demand. Making some agents debt-constrained is a surprisingly powerful assumption. Fisherian debt deflation, the possibility of a liquidity trap, the paradox of thrift and toil, a Keynesian-type multiplier, and a rationale for expansionary fiscal policy all emerge naturally from the model. We argue that this approach sheds considerable light both on current economic difficulties and on historical episodes, including Japan's lost decade (now in its 18th year) and the Great Depression itself.
Journal Article
Innovative East Asia : the future of growth
East Asian economies of the 1980s and 1990s were among the most competitive exporters of manufactured products and sustained growth rates far higher than those of other countries, developing or industrial. But the crisis of 1997-1998 uncovered weaknesses in the system, and faith in the potential of the region to sustain growth was shaken.The next decade is likely to be decisive for East Asia. The region will maintain and augment its past economic successes only if individual countries pursue a three-stranded formula for growth, through policies that provide the macroeconomic stability and the institutional foundations needed for a growth spiral led by innovation. The future performance of East Asia’s middle-and high-income countries rests on their creating a competitive environment keyed to knowledge-based activities supporting innovation and the commercialization of new ideas.
eBook
The making of a fiscal state in Song China, 960-1279
In light of the Schumpeterian paradigm, this article explores the rise of the tax state in eleventh-century China and its further transition towards a fiscal state until the Mongol conquest in 1279. By the late eleventh century in the Song dynasty, twothirds of state revenues came from taxing non-agricultural sectors, especially from the collection of excise. The Song state became the first sustainable tax state in global history, as manifested in three major aspects: monetization; indirect taxation; and centralization and professionalization in the tax administration. The boundary of the Song tax state was largely confined to urban settlements. In rural areas, the state gave up the collection of commercial taxes by farming out this right to local elites. In the twelfth century, as traditional tax revenues fell far short of supporting military defence, the Song administration utilized credit instruments. Around 1200, the amount of redeemable promissory notes first exceeded that of annual tax revenues. This shift from tax-based public finance to credit-based public finance completed the transition towards a fiscal state. Nonetheless, this development in the fiscal state was still at an early stage and proved to be unstable. Toward the end of the Southern Song, hyperinflation caused by the over-issuance of promissory notes seriously threatened the economy.
Journal Article
Shifting MNE taxation from national to global profits
The current “Separate Accounting” taxation of corporations gives governments the right to tax the national incomes of firms operating within their borders. However, multinational and increasingly digital business models beg the question: what is national taxable income? We argue that a radical rethink of the corporate taxation – moving away from a separate taxation of national corporate income to a taxation of global corporate income allocated via “Formula Apportionment” – is long overdue. Global corporate income as a basis for taxation is supported both by recent theoretical developments and corroborating empirical evidence, with the EU and emerging economies including China already considering its adoption. Nor is it new. As we relate, formula apportionment of global corporate income was used a century ago before commercial and political interests promoted separate accounting, thereby providing both precedent and experience to inform its re-adoption.
Journal Article
Navigating austerity : currents of debt along a South Asian river
Navigating Austerity addresses a key policy question of our era: what happens to society and the environment when austerity dominates political and economic life? To get to the heart of this issue, Laura Bear tells the stories of boatmen, shipyard workers, hydrographers, port bureaucrats and river pilots on the Hooghly River, a tributary of the Ganges that flows into the Bay of Bengal and Indian Ocean. Through their accounts, Bear traces the hidden currents of state debt crises and their often devastating effects.
Taking the reader on a voyage along the river, Bear reveals how bureaucrats, entrepreneurs and workers navigate austerity policies. Their attempts to reverse the decline of ruined public infrastructures, environments and urban spaces lead Bear to argue for a radical rethinking of economics according to a social calculus. This is a critical measure derived from the ethical concerns of people affected by national policies. It places issues of redistribution and inequality at the fore of public and environmental plans. Concluding with proposals for restoring more just long term social obligations, Bear suggests new practices of state financing and ways to democratize fiscal policy. Her aim is to transform sovereign debt from a financial problem into a widely debated ethical and political issue. Navigating Austerity contributes to policy studies as well as to the understanding of today's global injustices. It also develops new theories about the significance of state debt, speculation and time for contemporary capitalism. Sited on a single body of water flowing with rhythms of circulation, renewal and transformation, this ambitious and accessible book will be of interest to specialists and general readers.
eBook
Wang Anshi’s economic reforms
The parallel between the economic reforms of Chinese Song Dynasty Chancellor Wang Anshi and those associated with Keynesianism has been rather neglected so far. However, understanding the original ideas of Wang Anshi’s economic thought and his reform policies, and comparing those with John Maynard Keynes’, we argue that Wang Anshi’s reforms well deserve the label of ‘proto-Keynesianism’. Both sides reach a consensus about the importance of government’s expenditure to support aggregate demand, increasing inducement to invest and state control of the economy in order to combat economic depression, especially as regards unemployment.
Journal Article
Seven Decades of China's Fiscal Modernization
After its founding in 1949, the People's Republic of China started to modernize its fiscal system - an essential part of its broader modernization drive. Its unified and wellfunctioning fiscal system supported the stability of the nascent government, and helped stabilize the economy and restore public order after then. In the era of the planned economy, public finance in the country was put at the service of economic plans while striving to reach a fiscal equilibrium, which was of great significance at that time. Economic equilibrium, including fiscal, credit and material equilibrium, was perceived as a manifestation of macroeconomic stability. Problems encountered during the era of the planned economy led to the launch of a reform and opening-up program - a brilliant chapter in modern Chinese history. The Third Plenum of the 11th CPC Central Committee marks a brand-new era of reform and opening-up. In this transformative period, China's fiscal system was initially decentralized to keep abreast of its \"planned commodity economy.\" After the goal of socialist market economic reform was announced in 1992, China's fiscal reforms embarked on a fast track. As China strived to build a public finance system compatible with a socialist market economic system, fiscal reforms took place and fiscal policy played a more important role in macroeconomic regulation. The Third Plenum of the 18th CPC Central Committee held in November 2013 set the goal of the reform to establish a modern fiscal system. Afterwards, China deepened its fiscal reforms, focusing on budget management, taxation and reform of central-local fiscal relations.
Journal Article