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Speech
Beyond the crisis: reflections on the challenges
Remarks at the Foreign Policy Association Corporate Dinner, New York City
Journal Article
Financial crises in the emerging markets: the roles of the public and private sectors
In the wake of the emerging market turmoil of recent years, a broad consensus has developed on ways of strengthening the institutional framework to create more robust, and thus more crisis-resistant, economies. But there is no comparable consensus on how best to handle crises once they do erupt, or the respective roles of public institutions and the private sector in containing and resolving such crises. This article examines some of the key issues and outlines a flexible, managed-market approach to crisis resolution that allows for different forms of participation by the public and private ...
Journal Article
The devolution tortoise and the centralization hare
There has been much talk in recent years of devolving powers and functions from the federal government to the states. Some observers even proclaim a devolution revolution, the result of which will be a more efficient and effective federal government and more robust and responsive states. The generally recognized objectives of devolution include (1) more efficient provision and production of public services; (2) better alignment of the costs and benefits of government for a diverse citizenry; (3) better fits between public goods and their spatial characteristics; (4) increased competition, ...
Journal Article
Capital flight, external debt, and domestic policies
The international debt crisis of 1982 revealed that unrecorded private capital outflows from developing countries occurred simultaneously with borrowing from international commercial banks. Current interest in capital flight has been generated by the possibility that the resurgence of private capital inflows to these countries may be limited to the return of flight capital. A simple public finance model shows that simultaneous capital outflows and inflows can be explained as the result of private international arbitrage of domestic policies. The paper discusses the welfare consequences of ...
Journal Article
Around the Fed : The double whammy of foreclosures
Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2010/q4/around_the_fed_weblinks.cfm
Journal Article
School finance takes center stage in the Southeast
Working Paper
What does the capital income tax distort?
In addition to taxing future consumption (including leisure), capital income taxation subsidizes the consumption of durables. the taxation of future consumption may be characterized as an intertemporal distortion, while the subsidy to durables may be characterized as a static distortion. the magnitude of this intertemporal distortion has received considerable attention, but few analyses have dealt with the static distortion. ; This paper decomposes the excess burden arising from capital income taxation into its static and intertemporal components. the analysis is based on a life-cycle model ...
Working Paper
State government finances: World War II to the current crisis
This article will explore the extent, causes, and proposed solutions of the current fiscal crisis from a historical perspective of state finance. Although the current fiscal crisis is severe, it becomes more difficult to assess unless one has a more complete understanding of the historical changes that have occurred in state revenue streams. This article will address the role of major revenue sources in the context of the current slowdown and also investigate how reliance on various revenue sources has changed over the past 50 years. The role of non-traditional revenue sources, such as state ...