State Government Budget Stabilization Policy, Tools, and Impacts
This book is the first comprehensive, full-scale treatment of the law, politics and economics with regard to the policies and policy instruments for budget stabilization at the state level. Covering the period from 1946 through 2008 in the United States,
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Series Editor Randall G. Holcombe Florida State University, Tallahassee, Florida, USA Founding Editor Gordon Tullock George Mason University, Fairfax, Virginia, USA
For further volumes: http://www.springer.com/series/6550
Yilin Hou
State Government Budget Stabilization Policy, Tools, and Impacts
Yilin Hou University of Georgia Athens, GA, USA
ISSN 0924-4700 ISBN 978-1-4614-6060-2 ISBN 978-1-4614-6061-9 (eBook) DOI 10.1007/978-1-4614-6061-9 Springer New York Heidelberg Dordrecht London Library of Congress Control Number: 2012954061 © Springer Science+Business Media, LLC 2013 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
In memory of my parents, Shao-Yun and Shu-Lan C. Hou, who decades ago when we were in extreme difficulty said that I would be doing fine. To my four elder brothers who protected and cared for me through many years of hardship.
Preface
This book project dates back to January 1998 when I had just started my doctoral studies at the Maxwell School of Syracuse University. The Government Performance Project (GPP), funded by the Pew Charitable Trusts, had then just been launched and I worked on the financial management section. Volumes of detailed survey responses from the state governments overwhelmed me, but soon I was beginning to absorb a lot of
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