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Mid-2018 was a period of intense market volatility and rising economic stress in Turkey that was precipitated by existing macroeconomic imbalances and elevated political tensions with the United Staes. A confluence of burgeoning domestic economic imbalances and a more challenging external environmentled to a dent in investor confidence in Turkish assets and a sharp slowdown in capital flows to Turkey in 2018 Q2-Q3. Though this did not technically amount to a sudden stop, Turkey was particularly badly affected by a general move away from emerging markets (EMDE) due to its accumulated macro imbalances (high current account deficit, high inflation, overheating economy) and perceived policy weaknesses. Market volatility in Turkey has subsided since the turbulence in August, but the economic situation remains fragile. Turkey's large external exposure leaves it vulnerable to further market jitters and external monetary tightening. The external shock in the summer of 2018 also translated into significant real sector impacts, including a sharp acceleration in inflation from already elevated levels. The gap between consumer and producer price inflation widened significantly since July, reflecting suppliers' inability to pass on priceincreases to consumers due to declining demand. High production costs together with slowing demand have prompted supply side adjustments.

Given the finite nature of petroleum resources and associated sovereign wealth fund, it iscritical for Timor-Leste to build a strong foundation for sustainable revenue mobilization tofinance public spending on development and poverty reduction. Timor-Leste faces the risks ofa fiscal cliff as, under the current spending trajectories, the Petroleum Fund may be fullyexhausted in about ten years. In line with the recent Government's efforts, there is an opportunity to collect more revenue using value-added and property taxes. The income tax rate is among the lowest in the world while most excise tax rates are insufficient. The authorities may consider to: (i) introduce a value-added tax (VAT); (ii) raise outdated excise tax rates; (iii) increase income tax rates, with a view to promoting greater alignment with regional peers; (iv) improve revenue administration by modernizing the tax system and investing in capacity; and (v) evaluate the potential of a property tax and reporting on tax expenditures (while planning a gradual phasing out).

"First published in a small edition by the city of Philadelphia. The Academy republishes it here in a revised form. It is particularly appropriate and valuable as a supplement to the larger volume on 'Personnel and employment problems in industrial management'." (Annals of the American Academy of Political and Social Science. May 1916) ; "The investigation forming the basis of this study was carried on in the Department of public works of the city of Philadelphia." ; Mode of access: Internet.

The first half of 2023 saw considerable change in Scotland's politics, with the resignation of First Minister Nicola Sturgeon and a divisive and bitter leadership contest in the SNP. The nature and scope of this political crisis is not yet clear, and this editorial looks briefly at the prospects for the SNP, and its new leader Humza Yousaf, with the significant difficulties he faces in steadying the ship.

The impossible math of Aspen, Colorado -- Place-based class cultures -- Living the "Aspen Dream"? : redefining and realizing the good life -- Steadying the pendulum -- Place-making and the construction of "small-town character" -- "But does it deliver value?" : negotiating Aspen's land use code -- A mall at the base of a mountain -- Buscañdo el sueno americano : Latinos in the valley -- The limits and possibilities of place-making in the era of supergentrification -- Appendix A : Methodology -- Appendix B.

Although there was no balance of payments problem of the familiar kind in 1970, the year proved conspicuously unsuccessful in other respects. So far from leading on to a period of well-sustained economic growth, declining unemployment, and steadying prices, the hard-won struggle to 'make devaluation work' instead brought in its wake a period of accelerating price rises, a wage inflation of virtually unparalleled intensity, and a declining pressure of demand. This combination of 'nominal' inflation and 'real' stagnation was aptly named 'stagflation'.

Intro -- Half Title -- Series Page -- Title Page -- Copyright Page -- Contents -- Figures -- Tables -- Contributors -- Preface -- Part I: Introduction -- 1. Dancing with the black swan: the balance between economic growth and risk in a new paradigm -- I A new paradigm of macroeconomic analysis -- 1 Macro-financial linkages -- 2 The balance sheet approach -- II The debate around the potential growth rate -- 1 Theoretical predictions tend to lag behind practice -- 2 Is potential growth bound to fall? -- 3 Lessons of economic slowdown from the USA and Japan -- a USA -- b Japan -- III 2020: the difficult trade-off between steadying growth and preventing risk -- 1 Why is the risk problem so important? -- 2 A multi-dimensional measure of risk -- a How large is the government's "hidden debt"? -- b The pressure of interest payment under a high leverage ratio -- c Future trend of the macro leverage ratio -- 3 Dancing with the black swan in 2020 -- a The seesaw of stabilizing growth and stabilizing leverage -- b Dancing with the black swan in 2020 -- c The dynamic balance between steadying growth and preventing risk -- Notes -- Part II: Stabilizing growth -- 2. The analysis and prospects of consumption -- I Policy background and overall trend of household consumption -- II Structural changes of household consumption -- 1 The overall structure of expenditure -- 2 Urban-rural comparison of consumption -- 3 Regional comparison of consumption -- 4 Relevant international comparisons -- III The origins of constrained consumption and relevant policy thoughts -- Case study I: housing expenditure and relevant consumer durables -- 1 Housing expenditure -- 2 Housing-related consumer durables -- Case study II: automobile consumption -- 1 The trend of China's automobile consumption.

Cover -- Title -- Copyright -- Contents -- Introduction -- 1 Appointment -- 2 Steadying the Ship -- 3 Building a Team -- 4 Working with Sir Humphrey -- 5 Crisis Management -- 6 Strategy -- 7 The Brexit Challenge -- 8 A Place with No Government -- 9 Dealing with the Cabinet -- 10 Shuffling the Pack -- 11 Media Relations -- 12 A Tale of Two Conference Speeches -- 13 Dealing with The Donald -- 14 National Security -- 15 Authorising the Use of Force -- 16 Negotiating with Brussels -- 17 Chequers and Doing the Deal -- 18 A Lucky Break -- 19 Parliamentary Shenanigans -- 20 Talking to the Opposition -- 21 Time's Up -- 22 What Can You Achieve in Two Months? -- 23 Leaving Narnia -- Epilogue -- Acknowledgements.