policy instruments that financially support unpaid carers. Financial compensation can allow carers to reduce their working hours or (temporarily) exit employment, which may facilitate the combination of work and care, without serious financial consequences. This study does not, per se, evaluate the role of the cash benefits available in the German LTCI directly, but instead assesses whether the underlying assumption holds that monetary transfers to the unpaid carer stimulate employment reductions. This is important to know because although financial transfers may offer
Gabriella Legrenzi* Istituto di Scienze Economiche e Statistiche, Universita degli Studi di Milano, Via Kesta del Perdono 7, 20122 Milano, Italy An Empirical Analysis of the Relationships among State Transfers, Local Revenues and Expenditures in the Growth of the Italian Government Abstract-The analysis of local governments as potential devices to improve the efficiency of public sectors becomes particularly important for Italy, given both the relevant post-war growth of its public sector and the supra-national constraints imposed by the European Mon
75 FOUR Conjuring money out of thin air: money and banking A classic magician’s trick is to conjure an object out of thin air. The audience is shown an empty container. With the tap of a wand or a dramatic flourish, the container now contains an object such as a bottle or a bunch of flowers. This chapter will show how banks can do the same thing with money and, more specifically, the public currency. The public currency is the authorised yardstick and means of transfer of notional value in a monetary community, usually a nation-state. As we saw in the
has become less able or more risk-averse in transferring down financial resources, possibly due to perceived uncertainty in their own future economic circumstances owing to a lasting effect of financial crisis and changes in pension entitlements. Contrary to the decreasing trend of direct transfers, co-residence with parents increased substantially between 2008/10 and 2014/16 for young adults (see Figure 3 ). Parents may have chosen to help them save on living cost by providing a place to live rather than by providing monetary support which depletes their own
6.9 per cent in 2015 ( Yeo et al, 2016 ), due to general increases in household incomes, including for households with dependent children, and also to policy efforts aimed at mitigating child poverty ( Yeo, 2018 ). Despite the decrease in the monetary poverty among children, many children in Korea continue to experience material deprivation and poor living conditions which affect their broader development and well-being. For example, over the last five years, around 350,000 children (4%) received government-provided food benefits, and around 10 per cent of
and performance. However, public organisations never lose their responsibility for services purchased from third parties. Their accountabilities remain the same. These changes in public sector delivery are frequently termed as privatisation although nothing in the international agreements and their associated legal frameworks for public sector liberalisation have required specific service transfer from public to other sectors. Rather there has been an agreement that they should be open to competition (Jackson et al, 1982). While the introduction of
-party support. By then the living standards of families had been eroded by the falling value of benefits for children and a shift in the burden of taxation towards families. 1 In the event, Harold Wilson resigned in March 1976. Faced with mounting economic problems, the new prime minister, Jim Callaghan, a former trade union official and a wily operator, was eventually forced into accepting a loan from the Washington-based International Monetary Fund (IMF). The loan – the largest the fund had ever given – came with a tough condition: significant public spending cuts. This
Compare J. NlEHANS, The Theory of Money, Baltimore-London, Johns Hopkins Press, 1978, Chapter 12, pp. 286 ff. Constitutional Constraints on the Monetary Powers of Government 99 trol on the quantity principle no longer feasible15. An illustrative nightmare will make the point. Suppose that all debits and credits in the economy arising from current resource transfers are fed into a clearing house comput er programmed to hunt for closed loops of indebtedness and to clear all such loops up to the largest common numerator. Debts and claims are sys tematically settled
pressures. Legal and political independence eliminate any temptations elected governments might have towards policies with an inflationary bias. The result is what analysts call policy delegation: transferring monetary policy to the central bank by prohibit ing central bank from «pursuing short term objectives in terms of real economic variables» [BINI SMAGHI and DEL GIOVANE, 1996]. One consequence is that the management of monetary policy would be directed only towards nominal vari ables and would be separated from other economic policy variables. 2.1. - CBI
), since it may be compared to throwing out money from helicopters. Transferring the money for free to the government has become a particularly hot topic with the rise of the controversial ‘Modern Monetary Theory’ (MMT) during the last years. The core argument of the theory is that states have no need to refinance their expenditures, because states create money. In this perspective, the central bank is part of the state and it can simply provide the government with money, without the detour via issuing public debt. This is not only hypothetical; the Bank of England
