There is no magic formula for balancing fiscal policy and economic performance. As a scholar and policy advisor, Vito Tanzi has made a major contribution to identifying links between public finance and macro and microeconomic consequences. His findings bear relevance in both developing and industrialized economies. The essays in this volume and its companion, Fiscal Policy and Economic Reform, highlight many of these interconnected issues, for instance: * the interaction between budgetary policy and economic aggregates, such as employment, inflation and growth * the implication of economic linkages for designing fiscal policies * expenditure policies and alternative deficit financing strategies * the trade-offs between macro- and microeconomic objectives The list of contributors includes Max Corden, John Makin, Ronald McKinnon and Richard Musgrave.
List of figures x(2) List of tables xii(3) List of contributors xv(2) Preface: Vito Tanzi -- The Economist and the Man xvii 1 INTRODUCTION AND OVERVIEW: PUBLIC FINANCE IN A MACROECONOMIC CONTEXT 1(12) Mario I. Blejer Teresa Ter-Minassian Part I Macroeconomic aspects of budgetary policies 13(60) 2 MICRO AND MACRO ASPECTS OF FISCAL POLICY 13(14) Richard A. Musgrave 3 SCOPE OF GOVERNMENT AND LIMITS OF ECONOMIC POLICY 27(13) Manuel Guitian 4 THE BUDGET-MINIMIZING BUREAUCRAT: THE JAPANESE CASE OF THE INVISIBLE HAND 40(33) Hirofumi Shibata Aiko Shibata Part II Fiscal federalism 73(58) 5 MARKET-PRESERVING FISCAL FEDERALISM IN THE AMERICAN MONETARY UNION 73(21) Ronald I. McKinnon 6 TOPICS IN THE THEORY OF REVENUE ASSIGNMENT: GAPS, TRAPS, AND NUANCES 94(16) Charles E. McLure, Jr 7 EUROPEAN INTEGRATION AND THE THEORY OF FISCAL FEDERALISM 110(21) Richard Hemming Paul Bernd Spahn Part III Macroeconomic aspects of fiscal policy in the open economy 131(104) 8 HOW WOULD A FISCAL EXPANSION AFFECT THE EXCHANGE RATE? 131(15) W. Max Corden 9 EQUIVALENCE RELATIONS IN INTERNATIONAL TAXATION 146(18) Alan Auerbach Jacob A. Frenkel Assaf Razin 10 COMPANY TAX HARMONIZATION IN THE EUROPEAN UNION: SOME FURTHER THOUGHTS ON THE RUDING COMMITTEE REPORT 164(15) Sijbren Cnossen Lans Bovenberg 11 TRADE REFORM, UNIFORM TARIFFS AND THE BUDGET 179(24) Sebastian Edwards 12 THE ROLE OF FOREIGN CURRENCY DEBT IN PUBLIC DEBT MANAGEMENT 203(32) Patrick de Fontenay Gian Maria Milesi-Ferretti Huw Pill Part IV Expenditure policies 235(32) 13 EXPENDITURE LAGS, INFLATION, AND THE REAL PURCHASING POWER OF GOVERNMENT: IS THERE A TANZI EFFECT ON THE OTHER SIDE OF THE BUDGET AS WELL? 235(32) Ernst-Albrecht Conrad Part V The financing of budget deficits 267(96) 14 TREASURY BILLS AUCTIONS: ISSUES AND USES 267(70) Leonardo Bartolini Carlo Cottarelli 15 THE FISCAL ABUSE OF CENTRAL BANKS 337(26) Maxwell J. Fry Part VI Fiscal policy and the macroeconomy: country studies 363(124) 16 BUDGETARY ASPECTS OF STABILIZATION AND STRUCTURAL ADJUSTMENT IN INDIA: THE PAINFUL ROAD TO A SUSTAINABLE FISCAL-FINANCIAL-MONETARY PLAN 363(50) Willem H. Buiter Urjit R. Patel 17 TAX REFORM AND STABILIZATION IN SRI LANKA 413(27) Nicholas Stern 18 FISCAL BALANCE DURING INFLATION, DISINFLATION AND IMMIGRATION: POLICY LESSONS FROM ISRAEL 440(29) Assaf Razin Efraim Sadka 19 MANAGING UNSUSTAINABLE TAX BURDENS IN THE US: A HISTORICAL PERSPECTIVE 469(18) John H. Makin Part VII List of selected publications of Vito Tanzi 487(1) SELECTED PUBLICATIONS BY VITO TANZI 487(6) Index 493
Mario Blejer, Teresa Ter-Minassian
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