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The social heritage of the Christian church derives from Judaism, and methods of financing today's local churches can be traced from the pre-Christian era. Many leaders insist that the Jewish tithe of the Old Testament should be the basis of church support today. The process of local church finance in the earliest days is described in this paper and compared with the new, complex methods which are practiced by contemporary churches. Churches have grown—in numbers and wealth—with the changing society. There is a great difference between the "collections" of two generations ago and the budgeting and accounting principles of the successful churches of today. With some of the larger churches operating on annual budgets of three quarters of a million dollars, and with sixty to eighty persons on their payrolls, a serious consideration of business methods in church finance is clearly warranted.

The social heritage of the Christian church derives from Judaism, & methods of financing today's local churches can be traced from the pre-Christian era. Many leaders insist that the Jewish tithe of the Old Testament should be the basis of church support today. The process of local church finance in the earliest days is described & compared with the new, complex methods which are practiced by contemporary churches. Churches have grown-in numbers & wealth-with the changing society. There is a great diff between the 'collections' of 2 generations ago & the budgeting & accounting principles of the successful churches of today. With some of the larger churches operating on annual budgets of $750,000, & with 60-80 persons on their payrolls, a serious consideration of business methods in church finance is clearly warranted. AA.

First Published in 1993. Routledge is an imprint of Taylor & Francis, an informa company.

This paper provides the comparison of the Ukrainian system ofintergovernmental relations and international experience of developed and developing countries in the context of revenue sharing within current decentralisation trends. The paper analyses the role of income taxes (and personal income tax in particular) within the economic and legal framework and emphasises their importance in funding needs of local governments. Statistic and comparative analyses are employed for this aim. A set of directions for further reform is proposed, aiming at providing local governments with tools and levers to generate sufficient financial resources for efficient provision of essential local services.

Local currency bond markets in emerging Asian economies have expanded dramatically since governments took steps to end the currency and maturity mismatches that savaged borrowers in the region's financial crisis nearly 20 years ago. Encouraged in part by regional cooperation programs such as the Asian Bond Markets Initiative, the value of local currency government and corporate bond sales has grown fourfold in the past decade, helping to fund much-needed infrastructure development and protect businesses from global financial shocks. However, much more needs to be done to strengthen market infrastructure and institutions, address inconsistent policies and regulations, and enhance corporate governance. This paper presents evidence that better macroeconomic performance and stronger institutions help develop larger local currency bond markets and also create conditions for the growth in local currency sales of corporate debt and bonds with longer maturities. Regional integration can be stepped up to support the key determinants for developing efficient local currency bond markets in emerging Asia.