Overview

This textbook examines corruption through a macroeconomic lens, exploring the relationship between corruption, fiscal policy, and political economy. It merges macroeconomic growth models with elements of political economic theory to address important applied topics such as income inequality within and across countries, growth slowdowns, and fiscal crises. Revised and updated to include new research findings and recent policy discussions, the second edition contains 15 new sections and 2 new chapters on topics such as public defaults, the wage elasticity of work and the interest elasticity of saving, and the economic and fiscal impact of the 2020 pandemic. Most of the basic ideas are illustrated using a two-period model of government investment that captures the future cost of policies that favor the present. The more subtle and advanced issues are illustrated and, in some cases, quantified, using the overlapping-generations model of economic growth. The models used to illustrate the mechanisms of economic growth are extended to incorporate politics and the behavior of public official. The text concludes with a thorough discussion of policy reforms designed to address the issues discussed in earlier chapters. Intended for students familiar with intermediate-level economics, the second edition contains a technical appendix, expanded end-of-chapter questions and problems, and a complete solutions manual. The second edition also offers updated resources for instructors, including sample syllabi and over 550 multiple choice questions. Offering a unified explanation for the causes and consequences of government failure, fiscal crisis, and needed policy reforms, this text is appropriate for advanced undergraduate and beginning graduate courses in macroeconomics, political economy, and public policy.

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9783030675592

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Maksym Ivanyna is a Senior Economist at the Joint Vienna Institute, which he joined in 2011. He holds Doctor’s degrees in Economics from Regensburg University (Germany) and Michigan State University (USA). Apart from teaching at the JVI and other training centers, Maksym has served as a consultant to the IMF, World Bank, European Commission, German Institute for Development, and Centre for EU Enlargement.   Alex Mourmouras is division chief in the Asia and Pacific department of the IMF where he has served as mission chief for Vietnam, Singapore and Malaysia. He was previously division chief in the IMF Institute for Capacity Development and economist in the Fund’s Policy Development and Review and Fiscal Affairs Departments. He holds a Ph.D in economics from the University of Minnesota and a BA degree from Harvard College (US). Peter Rangazas is Professor and Master’s Program Director, Economics at Indiana University–Purdue University Indianapolis (US). He regularly publishes in academic economics journals including the American Economic Review, Review of Economics and Statistics, Journal of Monetary Economics, and Journal of Economic Growth.  He is coauthor of Economic Growth and Development: A Dynamic Dual Economy Approach, also published by Springer.

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