The New Public Finance: responding to global challenges

Abstract

"Published for The United Nations Development Programme." This publication presents a first systematic account of how public finance has responded to the growing importance of the many global challenges. With contributions from more than 20 eminent scholars and practitioners, the book documents a major refurbishment of governments' public-finance toolkit, with greater reliance on international finance and insurance markets for risk management and greater attention to economic rationales and hence to public finance considerations and instruments in foreign affairs.--Publisher's description. Foreword / Mark Malloch Brown -- Prologue / Joseph E. Stiglitz -- Overview -- Why revisit public finance today? What this book is about / Inge Kaul and Pedro Conceição -- The changes under way : financing global challenges through international cooperation behind and beyond borders / Inge Kaul and Pedro Conceição -- The new national public finance : taking the outside world into account -- Blending external and domestic policy demands : the rise of the intermediary state / Inge Kaul -- Making policy under efficiency pressures : globalization, public spending, and social welfare / Vito Tanzi -- Internalizing cross-border spillovers : policy options for addressing long-term fiscal challenges / Peter S. Heller -- Managing risks to national economies : the role of macro markets / Robert J. Shiller -- Combining fiscal sovereignty and coordination : national taxation in a globalizing world / Peggy B. Musgrave -- Recognizing the limits to cooperation behind national borders : financing the control of transnational terrorism / Todd Sandler -- The new international public finance : relying on public-private cooperation and competition -- Exploring the policy space between markets and states : global public-private partnerships / Inge Kaul -- Accommodating new actors and new purposes in international cooperation : the growing diversification of financing mechanisms / Pedro Conceição -- Making the right money available at the right time for international cooperation : new financing technologies / Pedro Conceição, Hari Rajan, and Rajiv Shah -- Taking self-interest into account : a public choice analysis of international cooperation / Philip Jones -- The new international public finance : investing in global public goods provision abroad -- Identifying high-return investments : a methodology for assessing when international cooperation pays -- and for whom / Pedro Conceição, Ronald U. Mendoza -- Making international cooperation pay : financing as a strategic incentive / Scott Barrett -- Compensating countries for the provision of global public services : the tool of incremental costs / Kenneth King -- Creating new markets : the Chicago Climate Exchange / Richard L. Sandor -- Using markets more effectively : developing country access to commodity futures markets / C. Wyn Morgan -- Assessing contractual and statutory approaches : policy proposals for restructuring unsustainable sovereign debt / Barry Eichengreen -- Placing the emphasis on regulation : lessons from public finance in the European Union / Brigid Laffan -- The new international public finance : enhancing aid efficiency -- Using aid instruments more coherently : grants and loans / Paul Collier -- Rectifying capital market imperfections : the continuing rationales for multilateral lending / Yilmaz Akyüz -- Pulling not pushing reforms : delivering aid through challenge grants / Steven Radelet -- Overcoming coordination and attribution problems : meeting the challenge of underfunded regionalism / Nancy Birdsall -- Reducing the costs of holding reserves : a new perspective on special drawing rights / Jacques J. Polak and Peter B. Clark -- Creating incentives for private sector involvement in poverty reduction : purchase commitments for agricultural innovation / Michael Kremer and Alix Peterson Zwane -- Mitigating the risks of investing in developing countries : currency-related guarantee instruments for infrastructure projects / Stephany Griffith-Jones and Ana Teresa Fuzzo de Lima.