Search results for: fiscal policy

Authors: Teboho J. Mosikari, Johannes T. Tsoku, Diteboho L. Xaba

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The increase of capital mobility across emerging economies has become an interesting topic for many economic policy makers. The current study tests the validity of Feldstein–Horioka puzzle for 5 BRICS countries. The sample period of the study runs from 2001 to 2014. The study uses the following parameter estimates well known as the Fully Modified OLS (FMOLS), and Dynamic OLS (DOLS). The results of the study show that investment and savings are cointegrated in the long run. The parameters estimated using FMOLS and DOLS are 0.85 and 0.74, respectively. These results imply that policy makers within BRICS countries have to consider flexible monetary and fiscal policy instruments to influence the mobility of capital with the bloc.

Keywords: Feldstein and Horioka puzzle, saving and investment, panel models, BRICS countries

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Authors: Hafez Abdo, Rob Ackrill

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Renewable energy (RE) promotion in the UK relies on multiple policy instruments, which are required to overcome the path dependency pressures favouring fossil fuels. These instruments include targeted funding schemes and economy-wide instruments embedded in the tax code. The resulting complexity of incentives raises important questions around the coherence and effectiveness of these instruments for RE generation. This complexity is exacerbated by UK RE policy being nested within EU policy in a multi-level governance (MLG) setting. To gain analytical traction on such complexity, this study will analyse policies promoting the on-farm generation of energy for heat and power, from farm and food waste, via anaerobic digestion. Utilising both primary and secondary data, it seeks to address a particular lacuna in the academic literature. Via a localised, in-depth investigation into the complexity of policy instruments promoting RE, this study will help our theoretical understanding of the challenges that MLG and path dependency pressures present to policymakers of multi-dimensional policies.

Keywords: anaerobic digestion, energy, green, policy, renewable, tax, UK

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Authors: Ying Guo, Miaochan Li, David Yang, Xiao-Yan Li

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This paper examines the relevance of accounting information to stock prices at different periods using manufacturing companies listed in China’s Growth Enterprise Market (GEM). We find that both the average stock price at fiscal year-end and the average stock price one month after fiscal year-end are more relevant to the accounting information than the closing stock price four months after fiscal year-end. This implies that Chinese stock markets react before the public disclosure of accounting information, which may be due to information leak before official announcements. Our findings confirm that accounting information is relevant to stock prices for Chinese listed manufacturing companies, which is a critical question to answer for investors who have interest in Chinese companies.

Keywords: accounting information, response time, value relevance, stock price

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Authors: Nino Pailodze, Malkhaz Sulashvili, Vladimer Kekenadze, Tea Khutsishvili, Irma Makharashvili, Aleksandre Kekenadze

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In the nearest future among the important problems which Georgia has solve the most important is economic stability, that bases on fiscal policy and the proper definition of the its directions. The main source of the Budget revenue is the national income. The State uses taxes, loans and emission in order to create national income, were the principal weapon are taxes. As well as fiscal function of the fulfillment of the budget, tax systems successfully implement economic and social development and the regulatory functions of foreign economic relations. A tax is a mandatory, unconditional monetary payment to the budget made by a taxpayer in accordance with this Code, based on the necessary, nonequivalent and gratuitous character of the payment. Taxes shall be national and local. National taxes shall be the taxes provided for under this Code, the payment of which is mandatory across the whole territory of Georgia. Local taxes shall be the taxes provided for under this Code, introduced by normative acts of local self-government representative authorities (within marginal rates), the payment of which is mandatory within the territory of the relevant self-governing unit. National taxes have the leading role in tax systems, but also the local taxes have an importance role in tax systems. Exactly in the means of local taxes, the most part of the budget is formatted. National taxes shall be: income tax, profit tax, value added tax (VAT), excise tax, import duty, property tax shall be a local tax The property tax is one of the significant taxes in Georgia. The paper deals with the taxation mechanism that has been operated in Georgia. The above mention has the great influence in financial accounting. While comparing foreign legislation towards Georgian legislation we discuss the opportunity of using their experience. Also, we suggested recommendations in order to improve the tax system in financial accounting. In addition to accounting, which is regulated according the International Accounting Standards we have tax accounting, which is regulated by the Tax Code, various legal orders / regulations of the Minister of Finance. The rules are controlled by the tax authority, Revenue Service. The tax burden from the tax values are directly related to expenditures of the state from the emergence of the first day. Fiscal policy of the state is as well as expenditure of the state and decisions of taxation. In order to get the best and the most effective mobilization of funds, Government’s primary task is to decide the kind of taxation rules. Tax function is to reveal the substance of the act. Taxes have the following functions: distribution or the fiscal function; Control and regulatory functions. Foreign tax systems evolved in the different economic, political and social conditions influence. The tax systems differ greatly from each other: taxes, their structure, typing means, rates, the different levels of fiscal authority, the tax base, the tax sphere of action, the tax breaks.

Keywords: international accounting standards, financial accounting, tax systems, financial obligations

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Authors: Devasheesh Mathur

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The presentation reviews the literature on the phenomenon of policy innovation. Policy innovation refers to a shift in the way policy is made or executed. The paper covers comprehensively on the definition and also the various types of policy innovations. The emphasis is on the antecedents or the determinants of innovation in policies. The author has then made an effort to discover the knowledge gap in the field of policy innovation so as to identify the future scope of research. The objective is to lend more clarity in the area of policy innovation and help in creating a framework for policy-makers as well as academics.

Keywords: literature review, policy innovation, determinants, antecedents

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Authors: Jian Shao

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The effect of entrepreneurship on economic, innovation, and employment has been widely acknowledged by scholars and governments. As an essential factor of influencing entrepreneurship activities, entrepreneurship policy creates a conducive environment to support and develop entrepreneurship. However, the challenge in developing entrepreneurship policy is that policy is normally a combination of many different goals and instruments. Instead of examining the effect of individual policy instruments, we argue that attention to a policy mix is necessary. In recent years, much attention has been focused on comparing a single policy instrument to a policy mix, evaluating the interactions between different instruments within a mix or assessment of particular policy mixes. However, another required step in understanding policy mixes is to understand how and why mixes evolve and change over time and to determine whether any changes are an improvement. In this paper, we try to trace the development of the policy mix for entrepreneurship in China by mapping the policy goals and instruments and reveal the process of policy mix changing over time. We find two main process mechanisms of the entrepreneurship policy mix in China: patching and stretching. Compared with policy repackaging, patching and stretching are more realistic processes in the real world of the policy mix, and they are possible to achieve effectiveness by avoiding conflicts and promoting synergies among policy goals and instruments.

Keywords: entrepreneurship, China, policy design, policy mix, policy patching

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Authors: David P. Horton, Gary Lynch-Wood

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Western populations are aging, prone to various lifestyle health problems, and increasing their demand for health and social care services. This demand has created enormous fiscal and regulatory challenges. In response, government institutions have deployed strategies of behavior modification to encourage people to exercise greater personal responsibility over their health and care needs (i.e., welfare responsibilisation). Policy strategies are underpinned by the assumption that people if properly supported, will make better health and lifestyle selections. Not only does this absolve governments of the responsibility for meeting all health and care needs, but it also enables government institutions to assert fiscal control over welfare spending. Looking at the regulation of health and social care in the UK, the authors identify and outline a suite of regulatory tools that are designed to extract and manage the resources of health and social care services users and to encourage them to make (‘better’) use of these resources. This is important for our understanding of how health and social care regulation is responding to ongoing social and economic challenges. It is also important because there has been a failure to systematically examine the relevance of resources for regulation, which is surprising given that resources are crucial to how and whether regulation succeeds or fails. In particular, drawing from the regulatory welfare state concept, the authors analyse the key legal and regulatory changes and mechanisms that have been introduced since the 2008 financial crisis, focusing on critical measures such as the Health and Social Care Act and regulations introduced under the National Health Service Act. The authors show how three types of user resources (i.e., tangible, labor, and data) are being used to assert fiscal control and increase welfare responsibilisation. Amongst other things, the paper concludes that service users have become more than rule followers and targets of behavioral modification; rather, they are producers of resources that regulatory systems have come to rely on.

Keywords: health care, regulation, resources, social care

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Authors: Joyly Jill Apud

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Corruption is an all-encompassing issue worldwide. Many attempts have been done to address such cases especially by the government through increasing transparency. The Philippine government increased the mechanism of transparency by opening to public its financial transactions through Full Disclosure Policy – mandating all local governments to post in their websites all financial transactions (Philippine Public Transparency Reporting Project, 2011). For transparency to be fully realized, the challenge lies in creating a mechanism where the constituents are encouraged to engage as social auditors. In line of the said challenge, the study focused in Davao City, Philippines measuring the respondent’s awareness, access and utilization of Full Disclosure Policy (FDP). Particularly, this study determined the significant difference on the awareness, access and utilization of respondents when grouped according to sector and the significant relationship between respondents’ awareness and in the access and utilization of FDP reports. The study used descriptive-correlation, Mean, Anova and Pearson R as statistical treatment. The 120 respondents are from the different sectors of Davao City. These are the Academe, Youth, LGUs, NGOs, Business, and Church groups. The awareness of the respondents was measured in three main categories: Existence of the Policy, Content of the Policy and the Manner of Publication. Access and Utilization of the FDP reports is divided into three: Budget Reports, Procurement Reports and Special Purpose Fund Reports. Results showed that the respondents are moderately aware of the Policy. Though it manifested that the respondents are aware of the disclosure, they are unaware of the Full Disclosure Policy and Full Disclosure Policy Portal. Moreover, the respondents seldom access and utilize all the FDP reports. Further results revealed that there is a significant difference in the awareness and the access and utilization of FDP when grouped according to sector. Moreover, significant relationship in the awareness and the access and utilization of the FDP is evident. It showed that the higher the awareness on FDP, the higher the level of access and utilization on the FDP reports.

Keywords: corruption, e-governance, budget transparency, participation

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Authors: Ly Nguyen, Vidit Munshi

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During the Covid-19 recession, the United States government has implemented several instruments to mitigate the impacts and revitalize the economy. This paper explores the effects of the various government policy decisions on stock returns, housing prices, and investor psychology during the pandemic in the United States. A numerous previous literature studies on this subject, yet very few focus on the context similar to what we are currently experiencing. Our monthly data covering the period from January 2019 through July 2021 were collected from Datastream. Utilizing the VAR model, we document a dynamic relationship between the market and policy actions throughout the period. In particular, the movements of Unemployment, Stock returns, and Housing prices are strongly sensitive to changes in government policies. Our results also indicate that changes in production level, stock returns, and interest rates decisions influence how investors perceived future market risk and expectations. We do not find any significant nexus between monetary and fiscal policy. Our findings imply that information on government policy and stock market performance provide useful feedback to one another in order to make better decisions in the current and future pandemic. Understanding how the market responds to a shift in government practices has important implications for authorities in implementing policy to avoid assets bubbles and market overreactions. The paper also provides useful implications for investors in evaluating the effectiveness of different policies and diversifying portfolios to minimize systematic risk and maximize returns.

Keywords: Covid-19 recession, United States, government policies, investor psychology, housing prices, stock market returns

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Authors: Fatbardha Kadiu, Nulifer Caliskan

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The value added tax came as a necessity of substituting the old tax on sales. Based on the advantages of this new tax in our days it is used successfully in more than 140 countries around the world. The aim of the paper is to describe the nature of this tax with its advantages and disadvantages. Also it will describe the way how it functions in most of the European countries and the actual challenges of these countries on value added tax. It will be present the types of goods which are exempt from this tax, the reasons and the consequences of those exemptions. The paper will be based on secondary data taken from respective literature. An econometric model will be present in order to identify the dependence of value tax from other parameters. The analyzing most refers to the two main principles of harmonization and billing on the fiscal system and the ways how to restructures the system in order to minimize the fiscal evasion.

Keywords: value added tax, revenues, complexity, legal uncertainty

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Authors: Zintle Sikhunyana

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Management of public finance in many countries such as South Africa is affected by political decisions and by policies around fiscal decentralization amongst the government spheres. Economic success is said to be determined by efficient management of public finance and by the policies or strategies that are implemented to support efficient public finance management. Policymakers focus on pay attention to how economic policies have been implemented and how they are directed into ensuring stable development. This will allow policymakers to address economic challenges through the usage of fiscal policy parameters that are linked to the achieved rate of economic growth and development. Efficient public finance management reduces the likelihood of corruption and corruption is said to have negative effects on economic growth and development. Corruption in public finance refers to an act of using funds for personal benefits. To achieve macroeconomic objectives, governments make use of government expenditure and government expenditure is financed through tax revenue. The main aim of this paper is to investigate the potential impact of public finance management on economic growth and development in South Africa. The secondary data obtained from the South African Reserve Bank (SARB) and World Bank for 1980- 2020 has been utilized to achieve the research objectives. To test the impact of public finance management on economic growth and development, the study will use Seeming Unrelated Regression Equation (SURE) Modelling that allows researchers to model multiple equations with interdependent variables. The advantages of using SUR are that it efficiently allows estimation of relationships between variables by combining information on different equations and SUR test restrictions that involve parameters in different equations. The findings have shown that there is a positive relationship between efficient public finance management and economic growth/development. The findings also show that efficient public finance management has an indirect positive impact on economic growth and development. Corruption has a negative impact on economic growth and development. It results in an efficient allocation of government resources and thereby improves economic growth and development. The study recommends that governments who aim to stimulate economic growth and development should target and strengthen public finance management policies or strategies.

Keywords: corruption, economic growth, economic development, public finance management, fiscal decentralization

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Authors: Hakan Akin

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The aim of this study was to examine the policy making process in Turkish Health System. This policy making process will be examined through public policy change theories. Since political actors played in the formulation of public policies also explains the type of policy change, this actors will be inspected in the supranational and national basis. Also the transformation of public policy in the Turkish health care system will be analysed under the concepts of New right ideology, neo-liberalism, neo-conservatism and governance. And after this analyse, the outputs and outcomes of this transformation will be discussed in the context of developing countries.

Keywords: policy transfer, policy diffusion, policy convergence, new right, governance

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Authors: Hamidou Diallo, Marianne Guille

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This paper identifies leading triggers of deficient episodes in terms of GDP growth based on a sample of countries at different stages of development over 1994-2017. Using logit models, we build early warning systems (EWS), and our results show important differences between developing countries (DCs) and advanced economies (AEs). For AEs, the main predictors of the probability of entering in a GDP growth deficient episode are the deterioration of external imbalances and the vulnerability of fiscal position while DCs face different challenges that need to be considered. The key indicators for them are first, the low ability to pay their debts, and second, their belonging or not to a common currency area. We also build homogeneous pools of countries inside AEs and DCs. The evolution of the proportion of AE countries in the riskiest pool is marked first, by three distinct peaks just after the high-tech bubble burst, the global financial crisis, and the European sovereign debt crisis, and second by a very low minimum level in 2006 and 2007. In contrast, the situation of DCs is characterized first by the relative stability of this proportion and then by an upward trend from 2006, that can be explained by a more unfavorable socio-political environment leading to shortcomings in the fiscal consolidation.

Keywords: currency area, early warning system, external imbalances, fiscal vulnerability, GDP growth, public debt

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Authors: Nadia Elouaer

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Tax revenue is the main state resource and one of the important variables in tax policy. Nevertheless, this resource is continually decreasing, so it is important to focus on the reasons for this decline. Several studies show that the taxpayer is reluctant to pay taxes, especially in countries at risk or in countries in transition, including Tunisia. This study focuses on the tax evasion behavior of a Tunisian taxpayer under the influence of his political beliefs, as well as the influence of different tax compliance variables. Using a questionnaire, a sample of 500 Tunisian taxpayers is used to examine the relationship between political beliefs and taxpayer affiliations and tax compliance variables, as well as the study of the causal link between political beliefs and fraudulent behavior. The data were examined using correlation, factor, and regression analysis and found a positive and statistically significant relationship between the different tax compliance variables and the tax evasion behavior. There is also a positive and statistically significant relationship between tax evasion and political beliefs and affiliations. The study of the relationship between political beliefs and compliance variables shows that they are closely related. The conclusion is to admit that tax evasion and political beliefs are closely linked, and the government should update its tax policy and modernize its administration in order to strengthen the credibility and disclosure of information in order to restore a relationship of trust between public authorities and the taxpayer.

Keywords: fiscal policy, political beliefs, tax evasion, taxpayer behavior

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Authors: Djehich Mohamed Yousri

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In this paper, we explore the extent to which states seek to promote regional foreign policy. More specifically, the analytical feasibility is to find out exactly what countries seek to export, and how they have used their relations and foreign policies to enhance cooperation with other countries. The first part discusses the development of regional interests and theoretical approaches that attempted to explain the push for regionalism in the field of foreign policy. The second part of the paper presents the motives and mechanisms through which states spread the idea of regionalism in making foreign policy. Finally, we assess the implications of regionalism for the nature and practice of foreign policy, particularly with regard to the gains or constraints to which various actors are exposed in their regional endeavors. We conclude with some considerations that indicate that strengthening regionalism has become an additional and real program in the field of foreign policy analysis.

Keywords: foreign policy, collective foreign policy, regionalization and foreign policy, regional foreign policy, foreign affairs

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Authors: Kwaku Damoah

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This paper presents a methodology and software application (App) designed to empower users in accessing, retrieving, and comparatively exploring data within the hierarchical network framework of the Government Finance Statistics (GFS) system. It explores the ease of navigating the GFS system and identifies the gaps filled by the new methodology and App. The GFS, embodies a complex Hierarchical Network Classification (HNC) structure, encapsulating institutional units, revenues, expenses, assets, liabilities, and economic activities. Navigating this structure demands specialized knowledge, experience, and skill, posing a significant challenge for effective analytics and fiscal policy decision-making. Many professionals encounter difficulties deciphering these classifications, hindering confident utilization of the system. This accessibility barrier obstructs a vast number of professionals, students, policymakers, and the public from leveraging the abundant data and information within the GFS. Leveraging R programming language, Data Science Analytics and Machine Learning, an efficient methodology enabling users to access, navigate, and conduct exploratory comparisons was developed. The machine learning Fiscal Analytics App (FLOWZZ) democratizes access to advanced analytics through its user-friendly interface, breaking down expertise barriers.

Keywords: data science, data wrangling, drilldown analytics, government finance statistics, hierarchical network classification, machine learning, web application.

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Authors: Felippe Clemente, Evaldo Henrique da Silva

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The need to adopt some type of industrial policy and innovation in Brazil is a recurring theme in the discussion of public interventions aimed at boosting economic growth. For many years, the country has adopted various policies to change its productive structure in order to increase the participation of sectors that would have the greatest potential to generate innovation and economic growth. Only in the 2000s, tax incentives as a policy to support industrial and technological innovation are being adopted in Brazil as a phenomenon associated with rates of productivity growth and economic development. In this context, in late 2004 and 2005, Brazil reformulated its institutional apparatus for innovation in order to approach the OECD conventions and the Frascati Manual. The Innovation Law (2004) and the 'Lei do Bem' (2005) reduced some institutional barriers to innovation, provided incentives for university-business cooperation, and modified access to tax incentives for innovation. Chapter III of the 'Lei do Bem' (no. 11,196/05) is currently the most comprehensive fiscal incentive to stimulate innovation. It complies with the requirements, which stipulates that the Union should encourage innovation in the company or industry by granting tax incentives. With its introduction, the bureaucratic procedure was simplified by not requiring pre-approval of projects or participation in bidding documents. However, preliminary analysis suggests that this instrument has not yet been able to stimulate the sector diversification of these investments in Brazil, since its benefits are mostly captured by sectors that already developed this activity, thus showing problems with moral hazard. It is necessary, then, to analyze the 'Lei do Bem' to know if there is indeed the need for some change, investigating what changes should be implanted in the Brazilian innovation policy. This work, therefore, shows itself as a first effort to analyze a current national problem, evaluating the effectiveness of the 'Lei do Bem' and suggesting public policies that help and direct the State to the elaboration of legislative laws capable of encouraging agents to follow what they describes. As a preliminary result, it is known that 130 firms used fiscal incentives for innovation in 2006, 320 in 2007 and 552 in 2008. Although this number is on the rise, it is still small, if it is considered that there are around 6 thousand firms that perform Research and Development (R&D) activities in Brazil. Moreover, another obstacle to the 'Lei do Bem' is the percentages of tax incentives provided to companies. These percentages reveal a significant sectoral correlation between R&D expenditures of large companies and R&D expenses of companies that accessed the 'Lei do Bem', reaching a correlation of 95.8% in 2008. With these results, it becomes relevant to investigate the law's ability to stimulate private investments in R&D.

Keywords: brazilian innovation system, moral hazard, R&D, Lei do Bem

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Authors: Dina Maratovna Aikenova

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Child care policy must be a priority area of public authorities in any country. This study investigates child care policy in Kazakhstan in accordance with the current position of children and laws. The results show that Kazakhstan policy in this sphere needs more systematic model including state economic and social measures, parental involvement and role of non-government organizations.

Keywords: children, Kazakhstan, policy, vulnerability

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Authors: Thiru Vandeyar

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This study sets out to explore how teachers’ beliefs and attitudes about ICT policy influence a consensus approach to the formulation of a school ICT policy. This case study proposes Q- methodology as an innovative method to facilitate a school’s capacity to develop policy reflecting teacher beliefs and attitudes. Q-methodology is used as a constructivist approach to the formulation of an ICT policy. Data capture was a mix of Q-methodology and qualitative principles. Data was analyzed by means of document, content and cluster analysis methods. Findings were threefold: First, teachers’ beliefs and attitudes about ICT policy influenced a consensus approach by including teachers as policy decision-makers. Second, given the opportunity, teachers have the inherent ability to deconstruct and critically engage with policy statements according to their own professional beliefs and attitudes. And third, an inclusive approach to policy formulation may inform the practice of school leaders and policymakers alike on how schools may develop their own policy.

Keywords: ICT, policy, teacher beliefs, consensus

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Authors: Narimen Rdhaounia Mohamed Kouni

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Our aim in this paper is to identify the origins of inflation in Tunisia on the period from 1988 to 2018. In order to estimate the model, an ARDL methodology is used. We studied also the effect of informal economy on inflation. Indeed, we estimated the size of the informal economy in Tunisia based on Gutmann method. The results showed that there are three main origins of inflation. In fact, the first origin is the fiscal policy adopted by Tunisia, particularly after revolution. The second origin is the increase of monetary variables. Finally, informal economy played an important role in inflation.

Keywords: inflation, consumer price index, informal, gutmann method, ARDL model

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Authors: Alvian R. E. Purnomo, K. Noni Srijati, Hernawan Adi

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Government regulation is a result of agreement on the struggle of ideas, interests, and ideologies among elites in state institution. The polemic about death penalty policy in Indonesia is still becoming an interesting discussion and also a complex issue. There are pros/ cons of whether the policy is humane or not. Indonesia becomes the concern of the world’s community because the policy of death penalty applied is considered not reflecting the values of Indonesian culture including tolerance, mutual cooperation, and love. This paper examines them using literature study on how public policy theories respond to humanity issues and how Indonesian government should take steps to the issue of the death penalty that has become polemic until now.

Keywords: government regulation, public policy, death penalty policy, humanity

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Authors: Md Abu Saieed

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Crafting and implementing public policy is one of the indispensable works in any form of state and government. But the policy objectives, methods of formulation and tools of implementation might be different based on the ideological nature, historical legacy, structure and capacity of administration and management and other push and factors. Public policy in Islamic economic system needs to be based on the key guidelines of divine scriptures along with other sources of sharia’h. As a representative of Allah (SWT), the governor and other apparatus of the state will formulate and implement public policies which will enable to establish a true welfare state based on justice, equity and equality. The whole life of Prophet Muhammad (pbuh) and his policy in operating state of affairs in Madina is the practical guidelines for the policy actors and professionals in Islamic system of economics. Moreover, policy makers need to be more meticulous in formulating Islamic public policy which meets the needs and demands of contemporary worlds as well.

Keywords: formulation, Islam, public policy, policy factors, Sharia’h

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Authors: Abdelkader Guendouz, Fatima Zohra Adel

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Since about two decades, the Algerian government created a new instrument in the field of its fiscal policy, which is the FRR (Fonds de Régulation des Recettes). The FRR is a sovereign fund, which the initial role was saving the surplus generated by the fixation of a referential oil price to establish the state budget in the aim equilibrium between budgetary incomes and public expenditures. After a while, the government turns to use this instrument in boosting the public investment more than keeping for funding a deficit budget in periods of crisis. This lead to ask some justified questions about the efficiency of this sovereign fund and its real role.

Keywords: FRR sovereign fund, public expenditures, public investment, efficiency

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Authors: Hui Wang, Huan Zhang

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This study uses systematic review and qualitative comparative analysis methods to comprehensively inquire about the recent street-level policy entrepreneurship research, to identify the characteristics and lessons we can learn from 20 years of street-level policy entrepreneurship literature, and the relations between political contexts and street-level policy entrepreneurs’ strategies. Using data from a systematic review of street-level policy entrepreneurship literature, we identify the sub-components of different political contexts and core strategies of street-level policy entrepreneurs and estimate the configurational relations between different political settings and street-level policy entrepreneurs’ strategies. Our results show that street-level policy entrepreneurs display social acuity, define the problem, and build team strategies when policy or political streams dominate. Street-level policy entrepreneurs will use lead-by-example strategies when both policy and political streams dominate. Furthermore, street-level policy entrepreneurs will use bureaucratic strategies, even if no stream dominates in the political context.

Keywords: policy entrepreneurs, qualitative comparative analysis, street-level bureaucracy, systematic review

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Authors: Ratri Werdiningtyas, Yongping Wei, Andrew Western

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This paper contributes to on-going attempts at bringing together land, water and environmental policy in catchment management. A tension remains in defining the boundaries of policy integration. Most of Integrated Water Resource Management is valued as rhetoric policy. It is far from being achieved on the ground because the socio-ecological system has not been understood and developed into complete and coherent problem representation. To clarify the feature of integration, this article draws on institutional fit for public policy integration and uses these insights in an empirical setting to identify the mechanism that can facilitate effective public integration for catchment management. This research is based on the journey of Victoria’s government from 1890-2016. A total of 274 Victorian Acts related to land, water, environment management published in those periods has been investigated. Four conditions of integration have been identified in their co-evolution: (1) the integration policy based on reserves, (2) the integration policy based on authority interest, (3) policy based on integrated information and, (4) policy based coordinated resource, authority and information. Results suggest that policy coordination among their policy instrument is superior rather than policy integration in the case of catchment management.

Keywords: catchment management, co-evolution, policy integration, phase

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Authors: Qian Zaijian

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E-government is one of the hot issues in the current academic research of public policy and management. As the organic integration of information and communication technology (ICT) and public administration, e-government is one of the most important areas in contemporary information society. Policy information system is a basic subsystem of public policy system, its operation affects the overall effect of the policy process or even exerts a direct impact on the operation of a public policy and its success or failure. The basic principle of its operation is information collection, processing, analysis and release for a specific purpose. The function of E-government for public policy information system lies in the promotion of public access to the policy information resources, information transmission through e-participation, e-consultation in the process of policy analysis and processing of information and electronic services in policy information stored, to promote the optimization of policy information systems. However, due to many factors, the function of e-government to promote policy information system optimization has its practical limits. In the building of E-government in our country, we should take such path as adhering to the principle of freedom of information, eliminating the information divide (gap), expanding e-consultation, breaking down information silos and other major path, so as to promote the optimization of public policy information systems.

Keywords: China, e-consultation, e-democracy, e-government, e-participation, ICTs, public policy information systems

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Authors: Gordana Kordić, Petra Palić

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The European countries that during the past two decades based their exchange rate regimes on currency board arrangement (CBA) are usually analysed from the perspective of corner solution choice’s stabilisation effects. There is an open discussion on the positive and negative background of a strict exchange rate regime choice, although it should be seen as part of the transition process towards the monetary union membership. The focus of the paper is on the Baltic countries that after two decades of a rigid exchange rate arrangement and strongly influenced by global crisis are finishing their path towards the euro zone. Besides the stabilising capacity, the CBA is highly vulnerable regime, with limited developing potential. The rigidity of the exchange rate (and monetary) system, despite the ensured credibility, do not leave enough (or any) space for the adjustment and/or active crisis management. Still, the Baltics are in a process of recovery, with fiscal consolidation measures combined with (painful and politically unpopular) measures of internal devaluation. Today, two of them (Estonia and Latvia) are members of euro zone, fulfilling their ultimate transition targets, but de facto exchanging one fixed regime with another. The paper analyses the challenges for the CBA in unstable environment since the fixed regimes rely on imported stability and are sensitive to external shocks. With limited monetary instruments, these countries were oriented to the fiscal policies and used a combination of internal devaluation and tax policy measures. Despite their rather quick recovery, our second goal is to analyse the long term influence that the measures had on the national economy.

Keywords: currency board arrangement, internal devaluation, exchange rate regime, great recession

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Authors: Lukasz Kurowski, Paweł Smaga

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We explore the procyclicality of monetary policy decisions towards the financial cycle in the 1995−2015 period on a sample of six central banks. Using interest rate paths and the credit-to-GDP gap to construct a monetary policy procyclicality ratio, we provide evidence that monetary policy procyclicality was high in BoE and CNB and low in Riksbank and ECB. The results support the need for coordination between macroprudential and monetary policies, for example, by including financial stability considerations to the inflation targeting strategy.

Keywords: central bank, financial stability, macroprudential policy, monetary policy

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Authors: Pouriya Angosht Baft

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Globalization should be considered as a process that has affected all areas of human activity, including the foreign policy of countries. The phenomenon of globalization has created tremendous changes in the economic, political and cultural fields. Obviously, no country can keep itself away from the new global consequences and globalization process. Dealing with the world requires formulating a realistic and intelligent foreign policy. By examining the phenomenon of globalization and its impact on foreign policy, this article aims to provide solutions for formulating a more active and effective foreign policy. The conclusion of this research is that Iran's foreign policy has gradually moved towards more realism, and maintaining and strengthening national interests in the changing world has been the focus of foreign policymakers and decision-makers. Strengthening the course of more realism in the future should be at the center of formulating Iran's foreign policy.

Keywords: globalization, foreign policy, international relations, realism, iran

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Authors: Chukwudi S. Osondu

Abstract:

Currently, the two most economically viable states in Nigeria, Lagos State and Rivers, are challenging the National Government over the legality of the latter’s continued collection and disbursement of the Value Added Tax (VAT) in their respective states. These states recently enacted laws empowering their respective states agencies to collect and administer the Value Added Tax (VAT) in their states. Before now, it was the Federal Inland Revenue Service (FIRS) that is mandated by the National Government to collect VAT throughout the Federation, and have same administered by the Federal Revenue Mobilization Allocation and Fiscal Commission, another Federal agency. Most states in the South-South and South-West geopolitical zones and a handful of states in the South-East are supportive of the actions taken by Lagos and Rivers states and are ready to follow suit. This action is seen as the beginning of resistance by the states over the continued strangulating over-centralized systems operating in the country. The Nigeria Federation has over the years operated a unitary system with grave consequences for development and possible implosion of the polity. The Quota System, the Federal Character policy, the control of the natural resources, and the security infrastructure by the National Government have been in place for decades with the attendant misgivings by some sections in the Nigeria Project. This paper evaluates the impact of the over-centralization power on the National Government with reference to fiscal policies, security, resource exploitation, infrastructural development, and national cohesion. It concludes that “unitary federalism” scuttles national development, inflames disunity, and stokes dissatisfaction among states in the federation. The paper concludes by suggesting a federation where power is devolved to the states, with the states as the federating units allowed to, each develop at its own pace.

Keywords: peace, conflict, insecurity, corporate existence, sustainable development, peaceful coexistence

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