A.C.L. Davies
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199287390
- eISBN:
- 9780191713484
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199287390.001.0001
- Subject:
- Law, Constitutional and Administrative Law
Contract plays a vitally important role in the delivery of public services today. Both central and local government make extensive use of private firms to provide facilities, goods, and services. ...
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Contract plays a vitally important role in the delivery of public services today. Both central and local government make extensive use of private firms to provide facilities, goods, and services. Government contracts vary considerably from the relatively straightforward competitive procurement of office supplies to complex, long-term Private Finance Initiative or Public/Private Partnership arrangements in which the contractor researches and develops a new piece of military equipment, or builds and provides a fully serviced hospital over a thirty-year period. English law's traditional approach to government contracts has been to regard them as ordinary private law arrangements. As a result, they have understandably been neglected by public lawyers in both teaching and research. This book argues that, on closer inspection, constitutional law and administrative law (in the form of statute, common law, and government guidance) have been playing an increasingly important role in the regulation of certain key aspects of government contracting. The book analyses these public law elements in detail and suggests ways in which they might appropriately be developed more fully, in tandem with the underlying private law regime. The book's aim is to raise the profile of government contracts as a proper subject for public law scholarship, whilst at the same time contributing to important contemporary debates on issues such as the public/private divide, the scope of the judicial review jurisdiction, and the reach of the Human Rights Act 1998.Less
Contract plays a vitally important role in the delivery of public services today. Both central and local government make extensive use of private firms to provide facilities, goods, and services. Government contracts vary considerably from the relatively straightforward competitive procurement of office supplies to complex, long-term Private Finance Initiative or Public/Private Partnership arrangements in which the contractor researches and develops a new piece of military equipment, or builds and provides a fully serviced hospital over a thirty-year period. English law's traditional approach to government contracts has been to regard them as ordinary private law arrangements. As a result, they have understandably been neglected by public lawyers in both teaching and research. This book argues that, on closer inspection, constitutional law and administrative law (in the form of statute, common law, and government guidance) have been playing an increasingly important role in the regulation of certain key aspects of government contracting. The book analyses these public law elements in detail and suggests ways in which they might appropriately be developed more fully, in tandem with the underlying private law regime. The book's aim is to raise the profile of government contracts as a proper subject for public law scholarship, whilst at the same time contributing to important contemporary debates on issues such as the public/private divide, the scope of the judicial review jurisdiction, and the reach of the Human Rights Act 1998.
Georgia Levenson Keohane
- Published in print:
- 2016
- Published Online:
- September 2017
- ISBN:
- 9780231178020
- eISBN:
- 9780231541664
- Item type:
- book
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231178020.001.0001
- Subject:
- Business and Management, Business Ethics and Corporate Social Responsibility
Despite social and economic advances around the world, poverty and disease persist, exacerbated by the mounting challenges of climate change, natural disasters, political conflict, mass migration, ...
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Despite social and economic advances around the world, poverty and disease persist, exacerbated by the mounting challenges of climate change, natural disasters, political conflict, mass migration, and economic inequality. While governments commit to addressing these challenges, traditional public and philanthropic dollars are not enough. Here, innovative finance has shown a way forward: by borrowing techniques from the world of finance, we can raise capital for social investments today. Innovative finance has provided polio vaccines to children in the DRC, crop insurance to farmers in India, pay-as-you-go solar electricity to Kenyans, and affordable housing and transportation to New Yorkers. It has helped governmental, commercial, and philanthropic resources meet the needs of the poor and underserved and build a more sustainable and inclusive prosperity.
Capital and the Common Good shows how market failure in one context can be solved with market solutions from another: an expert in securitization bundles future development aid into bonds to pay for vaccines today; an entrepreneur turns a mobile phone into an array of financial services for the unbanked; and policy makers adapt pay-for-success models from the world of infrastructure to human services like early childhood education, maternal health, and job training. Revisiting the successes and missteps of these efforts, Georgia Levenson Keohane argues that innovative finance is as much about incentives and sound decision-making as it is about money. When it works, innovative finance gives us the tools, motivation, and security to invest in our shared future.Less
Despite social and economic advances around the world, poverty and disease persist, exacerbated by the mounting challenges of climate change, natural disasters, political conflict, mass migration, and economic inequality. While governments commit to addressing these challenges, traditional public and philanthropic dollars are not enough. Here, innovative finance has shown a way forward: by borrowing techniques from the world of finance, we can raise capital for social investments today. Innovative finance has provided polio vaccines to children in the DRC, crop insurance to farmers in India, pay-as-you-go solar electricity to Kenyans, and affordable housing and transportation to New Yorkers. It has helped governmental, commercial, and philanthropic resources meet the needs of the poor and underserved and build a more sustainable and inclusive prosperity.
Capital and the Common Good shows how market failure in one context can be solved with market solutions from another: an expert in securitization bundles future development aid into bonds to pay for vaccines today; an entrepreneur turns a mobile phone into an array of financial services for the unbanked; and policy makers adapt pay-for-success models from the world of infrastructure to human services like early childhood education, maternal health, and job training. Revisiting the successes and missteps of these efforts, Georgia Levenson Keohane argues that innovative finance is as much about incentives and sound decision-making as it is about money. When it works, innovative finance gives us the tools, motivation, and security to invest in our shared future.
A. B. Atkinson (ed.)
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199278558
- eISBN:
- 9780191601590
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199278555.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
As their Millennium Development Goals, world leaders have pledged by 2015 to halve the number of people living in extreme poverty and hunger, to achieve universal primary education, to reduce child ...
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As their Millennium Development Goals, world leaders have pledged by 2015 to halve the number of people living in extreme poverty and hunger, to achieve universal primary education, to reduce child mortality, to halt the spread of HIV/AIDS, and to halve the number of people without safe drinking water. Achieving these goals requires a large increase in the flow of financial resources to developing countries – double the present development assistance from abroad. In examining innovative ways to secure these resources, this book, which is part of the UNU–WIDER Studies in Development Economics series, sets out a framework for the economic analysis of different sources of funding and applying the tools of modern public economics to identify the key issues. It examines the role of new sources of overseas aid, considers the fiscal architecture and the lessons that can be learned from federal fiscal systems, asks how far increased transfers impose a burden on donors, and investigates how far the raising of resources can be separated from their use. In turn, the book examines global environmental taxes (such as a carbon tax), the taxation of currency transactions (the Tobin tax), a development‐focused allocation of Special Drawing Rights by the International Monetary Fund (IMF), the UK Government proposal for an International Finance Facility, increased private donations for development purposes, a global lottery (or premium bond), and increased remittances by emigrants. In each case, it considers the feasibility of the proposal and the resources that it can realistically raise, and offers new perspectives and insights into these new and controversial proposals.Less
As their Millennium Development Goals, world leaders have pledged by 2015 to halve the number of people living in extreme poverty and hunger, to achieve universal primary education, to reduce child mortality, to halt the spread of HIV/AIDS, and to halve the number of people without safe drinking water. Achieving these goals requires a large increase in the flow of financial resources to developing countries – double the present development assistance from abroad. In examining innovative ways to secure these resources, this book, which is part of the UNU–WIDER Studies in Development Economics series, sets out a framework for the economic analysis of different sources of funding and applying the tools of modern public economics to identify the key issues. It examines the role of new sources of overseas aid, considers the fiscal architecture and the lessons that can be learned from federal fiscal systems, asks how far increased transfers impose a burden on donors, and investigates how far the raising of resources can be separated from their use. In turn, the book examines global environmental taxes (such as a carbon tax), the taxation of currency transactions (the Tobin tax), a development‐focused allocation of Special Drawing Rights by the International Monetary Fund (IMF), the UK Government proposal for an International Finance Facility, increased private donations for development purposes, a global lottery (or premium bond), and increased remittances by emigrants. In each case, it considers the feasibility of the proposal and the resources that it can realistically raise, and offers new perspectives and insights into these new and controversial proposals.
David Brown
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9781526131997
- eISBN:
- 9781526152107
- Item type:
- book
- Publisher:
- Manchester University Press
- DOI:
- 10.7765/9781526132000
- Subject:
- History, British and Irish Modern History
This book is about the transformation of England’s trade and government finances in the mid-seventeenth century, a revolution that destroyed Ireland. During the English Civil War a small group of ...
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This book is about the transformation of England’s trade and government finances in the mid-seventeenth century, a revolution that destroyed Ireland. During the English Civil War a small group of merchants quickly achieved an iron grip over England’s trade, dictated key policies for Ireland and the colonies, and financed parliament’s war against Charles I. These merchants were the Adventurers for Irish land, who, in 1642, raised £250,000 to send a conquering army to Ireland but sent it instead to fight for parliament in England. The Adventurers elected a committee to represent their interests that met in secret at Grocers’ Hall in London, 1642–60. During that time, while amassing enormous wealth and power, the Adventurers laid the foundations for England’s empire and modern fiscal state. Although they supported Cromwell’s military campaigns, the leading Adventurers rejected his Protectorate in a dispute over their Irish land entitlements and eventually helped to restore the monarchy. Charles II rewarded the Adventurers with one million confiscated Irish acres, despite their role in deposing his father. This book explains this great paradox in Irish history for the first time and examines the background and relentless rise of the Adventurers, the remarkable scope of their trading empires and their profound political influence. It is the first book to recognise the centrality of Ireland to the Wars of the Three Kingdoms.Less
This book is about the transformation of England’s trade and government finances in the mid-seventeenth century, a revolution that destroyed Ireland. During the English Civil War a small group of merchants quickly achieved an iron grip over England’s trade, dictated key policies for Ireland and the colonies, and financed parliament’s war against Charles I. These merchants were the Adventurers for Irish land, who, in 1642, raised £250,000 to send a conquering army to Ireland but sent it instead to fight for parliament in England. The Adventurers elected a committee to represent their interests that met in secret at Grocers’ Hall in London, 1642–60. During that time, while amassing enormous wealth and power, the Adventurers laid the foundations for England’s empire and modern fiscal state. Although they supported Cromwell’s military campaigns, the leading Adventurers rejected his Protectorate in a dispute over their Irish land entitlements and eventually helped to restore the monarchy. Charles II rewarded the Adventurers with one million confiscated Irish acres, despite their role in deposing his father. This book explains this great paradox in Irish history for the first time and examines the background and relentless rise of the Adventurers, the remarkable scope of their trading empires and their profound political influence. It is the first book to recognise the centrality of Ireland to the Wars of the Three Kingdoms.
Colin Thain and Maurice Wright
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198277842
- eISBN:
- 9780191684203
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198277842.003.0008
- Subject:
- Political Science, UK Politics, Political Economy
This chapter classifies the departments in Whitehall involved in expenditure policies as there are a number of organisations classified as ‘units’ for the purpose of the public expenditure and Supply ...
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This chapter classifies the departments in Whitehall involved in expenditure policies as there are a number of organisations classified as ‘units’ for the purpose of the public expenditure and Supply Estimates process. Each main spending department has a different level of expenditures from 1992 to 1993 employing three measures including spending counted as part of the New Control Total, own spending of the central Government, and gross running costs. Since the late 1970s, there were main changes in the spending departments and a brief survey of these changes and analysis of their functions are provided in the rest of this chapter. There is also a detailed analysis on how the departmental Finance Divisions and Principal Finance Officers function including the structures in which they are organized and their various roles.Less
This chapter classifies the departments in Whitehall involved in expenditure policies as there are a number of organisations classified as ‘units’ for the purpose of the public expenditure and Supply Estimates process. Each main spending department has a different level of expenditures from 1992 to 1993 employing three measures including spending counted as part of the New Control Total, own spending of the central Government, and gross running costs. Since the late 1970s, there were main changes in the spending departments and a brief survey of these changes and analysis of their functions are provided in the rest of this chapter. There is also a detailed analysis on how the departmental Finance Divisions and Principal Finance Officers function including the structures in which they are organized and their various roles.
George Mavrotas
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199278558
- eISBN:
- 9780191601590
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199278555.003.0006
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Proposals for new institutional arrangements for Official Development Assistance (ODA) that exploit techniques for securitisation in the capital market can function as an innovative source for ...
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Proposals for new institutional arrangements for Official Development Assistance (ODA) that exploit techniques for securitisation in the capital market can function as an innovative source for generating the funds necessary for the achievement of Millennium Development Goals (MDGs). This chapter takes as an example of this type of proposal the International Finance Facility (IFF) proposal published in the United Kingdom in January 2003 jointly by HM Treasury and the UK Department for International Development (DFID). It discusses the IFF proposal in detail, describing its main technical details and financial structure, and elaborating on crucially important administration and implementation issues. The proposal is evaluated in terms of both its potential advantages and its shortcomings, as well as suggesting ways to strengthen the proposal further. The key challenges for IFF are summarised in the concluding section.Less
Proposals for new institutional arrangements for Official Development Assistance (ODA) that exploit techniques for securitisation in the capital market can function as an innovative source for generating the funds necessary for the achievement of Millennium Development Goals (MDGs). This chapter takes as an example of this type of proposal the International Finance Facility (IFF) proposal published in the United Kingdom in January 2003 jointly by HM Treasury and the UK Department for International Development (DFID). It discusses the IFF proposal in detail, describing its main technical details and financial structure, and elaborating on crucially important administration and implementation issues. The proposal is evaluated in terms of both its potential advantages and its shortcomings, as well as suggesting ways to strengthen the proposal further. The key challenges for IFF are summarised in the concluding section.
Kathryn C. Lavelle
- Published in print:
- 2004
- Published Online:
- April 2005
- ISBN:
- 9780195174090
- eISBN:
- 9780199835287
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195174097.003.0004
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The chapter explores both the role of international organizations in promoting equity market finance and the circumstances of the international market for equities, which make a local market ...
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The chapter explores both the role of international organizations in promoting equity market finance and the circumstances of the international market for equities, which make a local market necessary. It pays particular attention to the role of the International Finance Corporation (a part of the World Bank Group) in fostering convergence in the market for transnational equities. This market is really only available to large, multinational firms and sophisticated institutional investors. Hence, national or local markets become necessary for the creation of certain securities, particularly those associated with privatization programs.Less
The chapter explores both the role of international organizations in promoting equity market finance and the circumstances of the international market for equities, which make a local market necessary. It pays particular attention to the role of the International Finance Corporation (a part of the World Bank Group) in fostering convergence in the market for transnational equities. This market is really only available to large, multinational firms and sophisticated institutional investors. Hence, national or local markets become necessary for the creation of certain securities, particularly those associated with privatization programs.
Kathryn C. Lavelle
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199765348
- eISBN:
- 9780199918959
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199765348.003.0003
- Subject:
- Political Science, International Relations and Politics
This chapter explores the building stage of the relationships among Congress, the IMF, and the World Bank, along with their domestic constituencies in American politics. The exogenous change that ...
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This chapter explores the building stage of the relationships among Congress, the IMF, and the World Bank, along with their domestic constituencies in American politics. The exogenous change that facilitated this process was the gradual resumption of international lending after World War II when Citibank and Chase Manhattan extended their branch banking operations overseas. As the work programs of the IMF and World Bank evolved, they reached out to the corporate community and Wall Street, initially to enable securities legislation permitting the World Bank to raise capital domestically. The chapter argues that internationalists, together with banks and large corporations, forged a powerful bloc of support by promoting the Bretton Woods institutions as a rival development strategy to the communist one during the Cold War. The bloc subsequently assisted in passing legislation creating two new agencies under the umbrella of the World Bank Group, the International Development Association and the International Finance Corporation. An important mechanism of congressional advocacy in these years was the insertion of provisions in legislation creating them that influenced their early functioning.Less
This chapter explores the building stage of the relationships among Congress, the IMF, and the World Bank, along with their domestic constituencies in American politics. The exogenous change that facilitated this process was the gradual resumption of international lending after World War II when Citibank and Chase Manhattan extended their branch banking operations overseas. As the work programs of the IMF and World Bank evolved, they reached out to the corporate community and Wall Street, initially to enable securities legislation permitting the World Bank to raise capital domestically. The chapter argues that internationalists, together with banks and large corporations, forged a powerful bloc of support by promoting the Bretton Woods institutions as a rival development strategy to the communist one during the Cold War. The bloc subsequently assisted in passing legislation creating two new agencies under the umbrella of the World Bank Group, the International Development Association and the International Finance Corporation. An important mechanism of congressional advocacy in these years was the insertion of provisions in legislation creating them that influenced their early functioning.
Elisa Morgera
- Published in print:
- 2009
- Published Online:
- May 2009
- ISBN:
- 9780199558018
- eISBN:
- 9780191705311
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199558018.003.0010
- Subject:
- Law, Public International Law, Environmental and Energy Law
This chapter analyses the environmental performance standards utilized by international financial institutions working with the private sector, with a view to suggest further means to strengthen ...
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This chapter analyses the environmental performance standards utilized by international financial institutions working with the private sector, with a view to suggest further means to strengthen their application and integration in contractual loan agreements. In addition, the role of international financial institutions' complaints mechanisms is also considered as avenue for victims of corporate environmental damage. Once again, the specific case of the International Finance Corporation is analysed in detail to formulate recommendations that may be of interest for other international financial institutions.Less
This chapter analyses the environmental performance standards utilized by international financial institutions working with the private sector, with a view to suggest further means to strengthen their application and integration in contractual loan agreements. In addition, the role of international financial institutions' complaints mechanisms is also considered as avenue for victims of corporate environmental damage. Once again, the specific case of the International Finance Corporation is analysed in detail to formulate recommendations that may be of interest for other international financial institutions.
Marko Dimitrijević
- Published in print:
- 2016
- Published Online:
- September 2017
- ISBN:
- 9780231170444
- eISBN:
- 9780231542357
- Item type:
- book
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231170444.001.0001
- Subject:
- Business and Management, Strategy
Where are the next decade's greatest investment opportunities? Veteran investor Marko Dimitrijevic argues that they can be found in frontier markets, which account for seventy-one of the world's ...
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Where are the next decade's greatest investment opportunities? Veteran investor Marko Dimitrijevic argues that they can be found in frontier markets, which account for seventy-one of the world's seventy-five fastest-growing economies and 19 percent of the world's GDP. Yet many investors ignore them. Fueled by new access to technology and information, frontier markets are emerging even faster than their predecessors, making them an essential component of a globally diversified portfolio. In Frontier Investor, Dimitrijevic shows through colorful case studies, compelling charts, and fascinating travel anecdotes that it is not only possible but prudent to invest in these unfamiliar and undervalued options. Dimitrijevic explains how frontier markets such as Nigeria, Panama, and Bangladesh are poised to follow the similar paths of Chinese, Indian, and Russian markets, which were considered exotic two decades ago. He details a strategy for how and where to invest, directly or indirectly, to profit from frontier growth. Dimitrijevic covers the risks, political and otherwise, of these markets, the megatrends that promise exciting investment opportunities in the coming years, and the prospects for countries beyond the frontier, including Myanmar, Cuba, and even Iran. Rich with experience and insight, Frontier Investor opens up a whole new world—and worldview—to investors.Less
Where are the next decade's greatest investment opportunities? Veteran investor Marko Dimitrijevic argues that they can be found in frontier markets, which account for seventy-one of the world's seventy-five fastest-growing economies and 19 percent of the world's GDP. Yet many investors ignore them. Fueled by new access to technology and information, frontier markets are emerging even faster than their predecessors, making them an essential component of a globally diversified portfolio. In Frontier Investor, Dimitrijevic shows through colorful case studies, compelling charts, and fascinating travel anecdotes that it is not only possible but prudent to invest in these unfamiliar and undervalued options. Dimitrijevic explains how frontier markets such as Nigeria, Panama, and Bangladesh are poised to follow the similar paths of Chinese, Indian, and Russian markets, which were considered exotic two decades ago. He details a strategy for how and where to invest, directly or indirectly, to profit from frontier growth. Dimitrijevic covers the risks, political and otherwise, of these markets, the megatrends that promise exciting investment opportunities in the coming years, and the prospects for countries beyond the frontier, including Myanmar, Cuba, and even Iran. Rich with experience and insight, Frontier Investor opens up a whole new world—and worldview—to investors.
Elisa Morgera
- Published in print:
- 2009
- Published Online:
- May 2009
- ISBN:
- 9780199558018
- eISBN:
- 9780191705311
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199558018.003.0007
- Subject:
- Law, Public International Law, Environmental and Energy Law
This chapter offers an assessment of the international environmental standards utilized by international financial institutions to review private companies' projects eligibility for funding and to ...
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This chapter offers an assessment of the international environmental standards utilized by international financial institutions to review private companies' projects eligibility for funding and to set conditions in loan agreements. It further explores the extent to which these standards are based on international environmental law, and the extent to which they are expected to be taken into account directly by private companies. The chapter focuses in particular on the most recent environmental Performance Standards launched in early 2006 by the International Finance Corporation (IFC), which clearly defined the standards for the environmentally acceptable conduct of private companies in accordance with specific international environmental treaties and initiatives.Less
This chapter offers an assessment of the international environmental standards utilized by international financial institutions to review private companies' projects eligibility for funding and to set conditions in loan agreements. It further explores the extent to which these standards are based on international environmental law, and the extent to which they are expected to be taken into account directly by private companies. The chapter focuses in particular on the most recent environmental Performance Standards launched in early 2006 by the International Finance Corporation (IFC), which clearly defined the standards for the environmentally acceptable conduct of private companies in accordance with specific international environmental treaties and initiatives.
Kathryn Tanner
- Published in print:
- 2019
- Published Online:
- September 2019
- ISBN:
- 9780300219036
- eISBN:
- 9780300241129
- Item type:
- book
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300219036.001.0001
- Subject:
- Religion, Theology
The current configuration of capitalism, in which finance plays a dominant role, has the capacity to shape people in ways that hinder the development of any critical perspective on it. This book ...
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The current configuration of capitalism, in which finance plays a dominant role, has the capacity to shape people in ways that hinder the development of any critical perspective on it. This book explores the various cultural forms of finance-dominated capitalism and suggests how their pervasive force in human life might be countered by Christian beliefs and practices with a comparable person-shaping capacity. In this way, the book reverses the project of the German sociologist Max Weber in his Protestant Ethic and the Spirit of Capitalism, while employing much the same methods as he used for discussing the relationship between religious beliefs and economic behavior. Weber showed how Christian beliefs and practices, by way of its work ethic, could form persons in line with what capitalism required of them. This book demonstrates the capacity of Christian beliefs and practices to help people resist the dictates of capitalism in its present, finance-dominated configuration.Less
The current configuration of capitalism, in which finance plays a dominant role, has the capacity to shape people in ways that hinder the development of any critical perspective on it. This book explores the various cultural forms of finance-dominated capitalism and suggests how their pervasive force in human life might be countered by Christian beliefs and practices with a comparable person-shaping capacity. In this way, the book reverses the project of the German sociologist Max Weber in his Protestant Ethic and the Spirit of Capitalism, while employing much the same methods as he used for discussing the relationship between religious beliefs and economic behavior. Weber showed how Christian beliefs and practices, by way of its work ethic, could form persons in line with what capitalism required of them. This book demonstrates the capacity of Christian beliefs and practices to help people resist the dictates of capitalism in its present, finance-dominated configuration.
Colin Thain and Maurice Wright
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198277842
- eISBN:
- 9780191684203
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198277842.003.0009
- Subject:
- Political Science, UK Politics, Political Economy
The Treasury and the spending departments have a dynamic relationship and this is explored in this chapter as it looks into the concepts of policy community and policy network that can be used to ...
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The Treasury and the spending departments have a dynamic relationship and this is explored in this chapter as it looks into the concepts of policy community and policy network that can be used to identify and characterize the principal players and their roles, and to explain the behavioural and policy ‘rules of the game’ regulating the relationships of spending departments and Treasury. Exchange of information is crucial and the communication channels to which decisions between officials are conveyed are examined. This is important especially in determining the robustness of a department's financial management and the reliability and quality of people running the organization. Credibility is established through information delivered in a two-way process in which Expenditure Controllers must be able to bring what is promised on a proposal and equally the Finance Division or Policy Division must also be reliable.Less
The Treasury and the spending departments have a dynamic relationship and this is explored in this chapter as it looks into the concepts of policy community and policy network that can be used to identify and characterize the principal players and their roles, and to explain the behavioural and policy ‘rules of the game’ regulating the relationships of spending departments and Treasury. Exchange of information is crucial and the communication channels to which decisions between officials are conveyed are examined. This is important especially in determining the robustness of a department's financial management and the reliability and quality of people running the organization. Credibility is established through information delivered in a two-way process in which Expenditure Controllers must be able to bring what is promised on a proposal and equally the Finance Division or Policy Division must also be reliable.
Maurice Wright
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199250530
- eISBN:
- 9780191697937
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199250530.003.0011
- Subject:
- Political Science, Political Economy
The formal institutions and structures of Japan's budgetary system are complex; the processes of making budgets through them labyrinthine and opaque. The proliferation of the number and different ...
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The formal institutions and structures of Japan's budgetary system are complex; the processes of making budgets through them labyrinthine and opaque. The proliferation of the number and different types of budgets and accounts is partly an historical legacy of the creation of the modern state after the Meiji Restoration, when many of them were established, and used explicitly as instruments of national economic development. There are two main central government budgets: the General Account Budget and the so-called second budget, the Fiscal Investment and Loan Programme. Both budgets are revised in-year, and revisions are incorporated in one or more Supplementary Budgets. There are, besides, the budgets of public banks and finance corporations, compiled under the sole or shared supervisory jurisdiction of the Ministry of Finance, and those of other public corporations and special companies, supervised by various Spending Ministries and Agencies. Finally, there are thirty-eight Special Accounts, established by law to manage the revenues and expenditures of specific government activities or special projects.Less
The formal institutions and structures of Japan's budgetary system are complex; the processes of making budgets through them labyrinthine and opaque. The proliferation of the number and different types of budgets and accounts is partly an historical legacy of the creation of the modern state after the Meiji Restoration, when many of them were established, and used explicitly as instruments of national economic development. There are two main central government budgets: the General Account Budget and the so-called second budget, the Fiscal Investment and Loan Programme. Both budgets are revised in-year, and revisions are incorporated in one or more Supplementary Budgets. There are, besides, the budgets of public banks and finance corporations, compiled under the sole or shared supervisory jurisdiction of the Ministry of Finance, and those of other public corporations and special companies, supervised by various Spending Ministries and Agencies. Finally, there are thirty-eight Special Accounts, established by law to manage the revenues and expenditures of specific government activities or special projects.
Maurice Wright
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199250530
- eISBN:
- 9780191697937
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199250530.003.0012
- Subject:
- Political Science, Political Economy
Japan's Fiscal Investment Loan Programme (FILP), also known as the second budget, was a policy-based public finance system through which traditionally the national government transmitted the ...
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Japan's Fiscal Investment Loan Programme (FILP), also known as the second budget, was a policy-based public finance system through which traditionally the national government transmitted the accumulated savings of small investors to dedicated governmental and quasi-governmental organizations for investment in projects and programmes designed to achieve prescribed national economic and social (and party political) objectives. Since its inception in 1953, FILP has been characterized, first, by the unique source of its funds, and the control of their allocation by the Ministry of Finance for the development of economic, industrial, and social infrastructure; second, by the methods of financing capital projects and programmes through investments, loans, and the underwriting of bonds issued by a number of eligible national, regional, and local organizations; and, third, by the provision of loans and subsidies to some Special Accounts, and the General Account Budget itself.Less
Japan's Fiscal Investment Loan Programme (FILP), also known as the second budget, was a policy-based public finance system through which traditionally the national government transmitted the accumulated savings of small investors to dedicated governmental and quasi-governmental organizations for investment in projects and programmes designed to achieve prescribed national economic and social (and party political) objectives. Since its inception in 1953, FILP has been characterized, first, by the unique source of its funds, and the control of their allocation by the Ministry of Finance for the development of economic, industrial, and social infrastructure; second, by the methods of financing capital projects and programmes through investments, loans, and the underwriting of bonds issued by a number of eligible national, regional, and local organizations; and, third, by the provision of loans and subsidies to some Special Accounts, and the General Account Budget itself.
Maurice Wright
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199250530
- eISBN:
- 9780191697937
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199250530.003.0013
- Subject:
- Political Science, Political Economy
The Ministry of Finance reacted to the emergence of the fiscal crisis in 1975 by prescribing three related policy aims: to devise and implement a strategy to change the structure of Japan's tax ...
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The Ministry of Finance reacted to the emergence of the fiscal crisis in 1975 by prescribing three related policy aims: to devise and implement a strategy to change the structure of Japan's tax system so as to provide a more stable and productive source of revenue; to constrain the growth of public spending; and to reduce and, if possible, eliminate the fiscal deficit, and with it the rising costs of government debt. Over the following twenty-five years, those aims were translated into specific short and medium-term policy objectives, refined and adjusted contingently to accord with conjunctural changes in the economy and the polity. This chapter explains the origins and evolution of those objectives, and describes the formulation of policies, and the process of ‘policy succession’, to achieve them. The fiscal reconstruction of 1976–87, fiscal consolidation of 1987–91, fiscal reform in 1996–98, and fiscal explosion in 1998–2000 are discussed.Less
The Ministry of Finance reacted to the emergence of the fiscal crisis in 1975 by prescribing three related policy aims: to devise and implement a strategy to change the structure of Japan's tax system so as to provide a more stable and productive source of revenue; to constrain the growth of public spending; and to reduce and, if possible, eliminate the fiscal deficit, and with it the rising costs of government debt. Over the following twenty-five years, those aims were translated into specific short and medium-term policy objectives, refined and adjusted contingently to accord with conjunctural changes in the economy and the polity. This chapter explains the origins and evolution of those objectives, and describes the formulation of policies, and the process of ‘policy succession’, to achieve them. The fiscal reconstruction of 1976–87, fiscal consolidation of 1987–91, fiscal reform in 1996–98, and fiscal explosion in 1998–2000 are discussed.
Maurice Wright
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199250530
- eISBN:
- 9780191697937
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199250530.003.0014
- Subject:
- Political Science, Political Economy
In Japan, the general context of budget-making, up to the Cabinet's approval of the Ministry of Finance's draft budgets for both the General Account Budget and the Fiscal Investment Loan Programme in ...
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In Japan, the general context of budget-making, up to the Cabinet's approval of the Ministry of Finance's draft budgets for both the General Account Budget and the Fiscal Investment Loan Programme in December, was shaped by a combination of short-term and medium-term political and economic factors. The medium-term context was set by the five-year National Economic Plan and the Medium Term Fiscal Projection. Revised and rolled forward each year, the latter provided stylized projections of aggregate expenditures and revenues for the upcoming fiscal year and three years ahead, based mainly on the (equally stylized) economic growth assumptions in the National Economic Plan. The shorter-term macroeconomic context was provided mainly by the annual estimates of GDP (and other key economic variables), and the consequential projections of revenue and borrowing.Less
In Japan, the general context of budget-making, up to the Cabinet's approval of the Ministry of Finance's draft budgets for both the General Account Budget and the Fiscal Investment Loan Programme in December, was shaped by a combination of short-term and medium-term political and economic factors. The medium-term context was set by the five-year National Economic Plan and the Medium Term Fiscal Projection. Revised and rolled forward each year, the latter provided stylized projections of aggregate expenditures and revenues for the upcoming fiscal year and three years ahead, based mainly on the (equally stylized) economic growth assumptions in the National Economic Plan. The shorter-term macroeconomic context was provided mainly by the annual estimates of GDP (and other key economic variables), and the consequential projections of revenue and borrowing.
Maurice Wright
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199250530
- eISBN:
- 9780191697937
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199250530.003.0015
- Subject:
- Political Science, Political Economy
In Japan, the processes of budget-making were divided temporally by the submission of the formal budget requests by the Spending Ministries and Agencies on 31 August. Prior to that, the Ministry of ...
More
In Japan, the processes of budget-making were divided temporally by the submission of the formal budget requests by the Spending Ministries and Agencies on 31 August. Prior to that, the Ministry of Finance had to decide, and Cabinet approve: first, the upper limit on the size of the overall General Account Budget, and the amount and type of government borrowing to finance capital investment programmes, and to cover any deficit on current expenditure; second, the budget guidelines to be used in the preparation of budget requests; and, third, within those guidelines, the upper limit or ceiling for the budget of each ministry and agency. The budget processes of the Fiscal Investment Loan Programme proceeded in parallel and interacted with those of the General Account Budget at several important stages. This chapter examines Japan's budget strategy and guidelines as well as ministerial budget ceilings and the influence of the Liberal Democratic Party in budget-making.Less
In Japan, the processes of budget-making were divided temporally by the submission of the formal budget requests by the Spending Ministries and Agencies on 31 August. Prior to that, the Ministry of Finance had to decide, and Cabinet approve: first, the upper limit on the size of the overall General Account Budget, and the amount and type of government borrowing to finance capital investment programmes, and to cover any deficit on current expenditure; second, the budget guidelines to be used in the preparation of budget requests; and, third, within those guidelines, the upper limit or ceiling for the budget of each ministry and agency. The budget processes of the Fiscal Investment Loan Programme proceeded in parallel and interacted with those of the General Account Budget at several important stages. This chapter examines Japan's budget strategy and guidelines as well as ministerial budget ceilings and the influence of the Liberal Democratic Party in budget-making.
Maurice Wright
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199250530
- eISBN:
- 9780191697937
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199250530.003.0016
- Subject:
- Political Science, Political Economy
In Japan, ministries and agencies submitted budget requests for shares of the General Account Budget to the Ministry of Finance (MOF) on 31 August each year. Their processes of internal compilation ...
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In Japan, ministries and agencies submitted budget requests for shares of the General Account Budget to the Ministry of Finance (MOF) on 31 August each year. Their processes of internal compilation were concerned with two main issues: the budget limit or ceiling agreed informally with the Budget Bureau prior to submission, and, within that ceiling, the allocation of shares to each bureau, and to the programmes, projects, and items of spending of their policy divisions. Those issues were articulated through four linked and overlapping processes: first, the evolution, preparation, discussion, and negotiation of budget proposals within and between the policy divisions of each bureau; second, the examination of those proposals by the ministry's Budget and Accounts Division, and its negotiations with divisions and bureaux; third, and concurrently, the ministry's Budget and Accounts Division's informal negotiations with the MOF's Budget Bureau of that probable budget ceiling (that is, its putative share of the total of the planned General Account Budget); and, finally, the preparation and legitimation of formal budget requests.Less
In Japan, ministries and agencies submitted budget requests for shares of the General Account Budget to the Ministry of Finance (MOF) on 31 August each year. Their processes of internal compilation were concerned with two main issues: the budget limit or ceiling agreed informally with the Budget Bureau prior to submission, and, within that ceiling, the allocation of shares to each bureau, and to the programmes, projects, and items of spending of their policy divisions. Those issues were articulated through four linked and overlapping processes: first, the evolution, preparation, discussion, and negotiation of budget proposals within and between the policy divisions of each bureau; second, the examination of those proposals by the ministry's Budget and Accounts Division, and its negotiations with divisions and bureaux; third, and concurrently, the ministry's Budget and Accounts Division's informal negotiations with the MOF's Budget Bureau of that probable budget ceiling (that is, its putative share of the total of the planned General Account Budget); and, finally, the preparation and legitimation of formal budget requests.
Maurice Wright
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199250530
- eISBN:
- 9780191697937
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199250530.003.0017
- Subject:
- Political Science, Political Economy
After Cabinet approved the budget strategy, and ministries and agencies were informed of their ceilings in June or July, the initiative within the Budget Bureau passed to the budget examiners and ...
More
After Cabinet approved the budget strategy, and ministries and agencies were informed of their ceilings in June or July, the initiative within the Budget Bureau passed to the budget examiners and deputy budget examiners. The broad aim was to deliver by December a draft Ministry of Finance budget within the budget ceiling, and consistent with the guidelines approved by Cabinet for the different categories of expenditure. There were four main stages of compilation following the formal submission of budget requests at the end of August: the hearings, examination, negotiations, and ‘revival negotiations’.Less
After Cabinet approved the budget strategy, and ministries and agencies were informed of their ceilings in June or July, the initiative within the Budget Bureau passed to the budget examiners and deputy budget examiners. The broad aim was to deliver by December a draft Ministry of Finance budget within the budget ceiling, and consistent with the guidelines approved by Cabinet for the different categories of expenditure. There were four main stages of compilation following the formal submission of budget requests at the end of August: the hearings, examination, negotiations, and ‘revival negotiations’.
