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This paper presents a small-scale intertemporal model of endogenous growth that accounts for the composition of public expenditure and externalities associated with public capital. Government spending is disaggregated into various components, including maintenance, security, and investment in education, health, and core infrastructure. After studying its long-run properties, the model is calibrated for Haiti, using country-specific information as well as parameter estimates from the literature. A variety of policy experiments are then reported, including a reallocation of spending aimed at creating fiscal space to promote public investment; an improvement in fiscal management that leads to a reduction in tax collection costs; higher spending on security; and a composite fiscal package.

Budget Constraint --- Debt Markets --- Economic Theory and Research --- Expenditure --- Finance and Financial Sector Development --- Government Spending --- International Bank --- Investment and Investment Climate --- Investment Decisions --- Macroeconomics and Economic Growth --- Private Capital --- Public Investment --- Public Sector Economics and Finance --- Public Sector Expenditure Analysis and Management --- Public Spending --- Tax --- Tax Collection

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China has experienced more than 25 years of extraordinary economic growth. Underlying this growth has been a decentralized fiscal system, in which provinces and large cities are given the freedom to make infrastructure investments to stimulate local development, and are allowed to retain a large part of the fiscal revenues that are generated from economic activity. Although successful as a growth strategy, this policy created two problems for national fiscal management. First, it significantly reduced the central government's share of fiscal revenues, which fell from 34.8 percent in 1980 to 22 percent in 1992. Second, it widened economic and fiscal disparities between the rapidly growing urban coastal region and the rest of the country. Rapid growth in subnational debt (which rose 23-fold in a decade) and subnational nonperforming loans (estimated by the authors to range between USD 100 billion and USD 150 billion) has placed pressure on China's financial system. Traditionally, China has favored bank lending as a source of finance because the banking system has provided a vehicle for central political control over local debt. But as China's financial system matures, creditworthiness standards must become more important. The authors recommend greater use of the revenue streams from infrastructure assets as a financing source, and gradual relaxation of central political control over subnational debt. One step in this direction would permit leading cities to issue municipal bonds based on objective financial standards.

Bank Policy --- Banks and Banking Reform --- Budget --- Budget Constraint --- Capacity Constraints --- Capital Stock --- Debt Markets --- Degree of Risk --- Economic Development --- Emerging Markets --- Environment --- Environmental Economics and Policies --- Exchange --- Finance and Financial Sector Development --- Financial Literacy --- Fiscal Capacity --- Fiscal Decentralization --- Fiscal Policy --- Future --- Goods --- Infrastructure Finance --- Infrastructure Financing --- Market --- Municipal Financial Management --- Options --- Private Sector Development --- Profits --- Public and Municipal Finance --- Public Sector Economics and Finance --- Revenues --- Subnational Governance --- Taxes --- Urban Development --- Urban Economics

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China has experienced more than 25 years of extraordinary economic growth. Underlying this growth has been a decentralized fiscal system, in which provinces and large cities are given the freedom to make infrastructure investments to stimulate local development, and are allowed to retain a large part of the fiscal revenues that are generated from economic activity. Although successful as a growth strategy, this policy created two problems for national fiscal management. First, it significantly reduced the central government's share of fiscal revenues, which fell from 34.8 percent in 1980 to 22 percent in 1992. Second, it widened economic and fiscal disparities between the rapidly growing urban coastal region and the rest of the country. Rapid growth in subnational debt (which rose 23-fold in a decade) and subnational nonperforming loans (estimated by the authors to range between USD 100 billion and USD 150 billion) has placed pressure on China's financial system. Traditionally, China has favored bank lending as a source of finance because the banking system has provided a vehicle for central political control over local debt. But as China's financial system matures, creditworthiness standards must become more important. The authors recommend greater use of the revenue streams from infrastructure assets as a financing source, and gradual relaxation of central political control over subnational debt. One step in this direction would permit leading cities to issue municipal bonds based on objective financial standards.

Bank Policy --- Banks and Banking Reform --- Budget --- Budget Constraint --- Capacity Constraints --- Capital Stock --- Debt Markets --- Degree of Risk --- Economic Development --- Emerging Markets --- Environment --- Environmental Economics and Policies --- Exchange --- Finance and Financial Sector Development --- Financial Literacy --- Fiscal Capacity --- Fiscal Decentralization --- Fiscal Policy --- Future --- Goods --- Infrastructure Finance --- Infrastructure Financing --- Market --- Municipal Financial Management --- Options --- Private Sector Development --- Profits --- Public and Municipal Finance --- Public Sector Economics and Finance --- Revenues --- Subnational Governance --- Taxes --- Urban Development --- Urban Economics

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Sports economics is a relatively new field of research that is experiencing rapid growth in the economics literature. The importance of the sports industry to economies coupled with the availability of financial and productivity data have made the study of sports economics a useful avenue for exploring research questions that have eluded mainstream economics fields. The main goal of this Special Issue of the International Journal of Financial Studies is to encourage theoretical and applied research in sports economics, which is of interest to both academics and practitioners. For this purpose, this Special Issue on “Sports Finance” invites papers on topics, such as, but not limited to, salary determination, ticket pricing, revenue sharing, salary caps, competitive balance, new stadium financing, rival league behavior, determinants of revenue, television and media, tournament prize structures, financial distress in professional sports, financial fair play, financial control of sports clubs, Third Party Ownership, financial efficiency in professional sports, budget constrains and sport performance, financial information of sports, ownership of professional sport clubs and Crowdfunding in sports. Papers on both professional and amateur sports are welcome.

earnings persistence --- subsidy --- M42 --- M41 --- fighting --- welfare --- salary --- financial health --- KHL --- college sports --- earnings predictability --- sports finance --- Z2 --- financial fair play --- Zuffa LLC --- audit fees --- payment failure --- finances --- soft budget constraint --- European football clubs --- revenue sharing --- mixed martial arts (MMA) --- effort --- financial recovery --- moments --- NHL --- JEL Classification --- profit maximisation --- country of origin --- professional team sport --- polarization --- uncertainty of outcome --- bonuses --- fighter performance --- grants --- hockey --- accruals --- Financial Fair Play --- audit shopping --- football --- UEFA --- risk aversion --- economics --- Ultimate Fighting Championship (UFC) --- World Extreme Cagefighting (WEC) --- regulation --- French soccer --- cricket --- disequilibrium modelling --- segmented labour market --- finance --- attendance

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Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This revised second edition emphasizes the general equilibrium character of macroeconomics to explain effects across the whole economy while taking into account recent research in the field. It is the perfect resource for economists who need to brush up on the latest developments. Michael Wickens lays out the core ideas of modern macroeconomics and its links with finance. He presents the simplest general equilibrium macroeconomic model for a closed economy, and then gradually develops a comprehensive model of the open economy. Every important topic is covered, including growth, business cycles, fiscal policy, taxation and debt finance, current account sustainability, and exchange-rate determination. There is also an up-to-date account of monetary policy through inflation targeting. Wickens addresses the interrelationships between macroeconomics and modern finance and shows how they affect stock, bond, and foreign-exchange markets. In this edition, he also examines issues raised by the most recent financial crisis and two new chapters explore banks, financial intermediation, and unconventional monetary policy, as well as modern theories of unemployment. There is new material in most other chapters, including macrofinance models and inflation targeting when there are supply shocks. While the mathematics in the book is rigorous, the fundamental concepts presented make the text self-contained and easy to use. Accessible, comprehensive, and wide-ranging, Macroeconomic Theory is the standard book on the subject for students and economists. The most up-to-date graduate macroeconomics textbook available today General equilibrium macroeconomics and the latest advances covered fully and completely Two new chapters investigate banking and monetary policy, and unemployment Addresses questions raised by the recent financial crisis Web-based exercises with answers Extensive mathematical appendix for at-a-glance easy reference.

Macroeconomics. --- Arbitrage. --- Asset. --- Balance of trade. --- Budget constraint. --- Business cycle. --- Capital accumulation. --- Capital market. --- Central bank. --- Consumer. --- Consumption (economics). --- Convenience. --- Credit risk. --- Currency. --- Current Income. --- Current account. --- Debt. --- Depreciation. --- Economic equilibrium. --- Economic growth. --- Economics. --- Economy. --- Employment. --- Exchange rate. --- Expenditure. --- Finance. --- Financial asset. --- Financial crisis. --- Fiscal multiplier. --- Fiscal policy. --- Fiscal sustainability. --- GDP deflator. --- General equilibrium theory. --- Government bond. --- Government debt. --- Household. --- Income. --- Inflation targeting. --- Inflation. --- Interest rate. --- Interest. --- Intertemporal budget constraint. --- Investment. --- Investor. --- Keynesian economics. --- Labor demand. --- Lagrange multiplier. --- Logarithm. --- Long run and short run. --- Lump sum. --- Lump-sum tax. --- Macroeconomic model. --- Marginal cost. --- Marginal product of capital. --- Marginal product of labor. --- Marginal product. --- Marginal utility. --- Market failure. --- Market liquidity. --- Measures of national income and output. --- Monetary policy. --- Monopolistic competition. --- New Keynesian economics. --- Nominal interest rate. --- Open economy. --- Output gap. --- Payment. --- Pension. --- Present value. --- Price Change. --- Price level. --- Pricing. --- Private sector. --- Production function. --- Productivity. --- Rate of return. --- Real Rate Of Return. --- Real interest rate. --- Real versus nominal value (economics). --- Real wages. --- Recession. --- Relative price. --- Risk premium. --- Saving. --- Shortage. --- Stock. --- Supply (economics). --- Supply and demand. --- Supply shock. --- Tax rate. --- Tax. --- Technology shock. --- Trade-off. --- Unemployment. --- Utility. --- Valuation (finance). --- Value (economics). --- Wage. --- Wealth. --- Yield curve.