Government Grants Database
The Us federal welfare programme, originally 'Aid to Dependent Children', inaugurated under Title IV of the 1935 Social security Act. it enabled states to provide financial assistance to needy dependent children the states had the tasks of planning and supervising the use of these federal grants. When it began in 1936, there were about half a million recipients by 1987 the average number of monthly recipients was 11 million. originally intended to enable female heads of households to stay at home to rear their children, in 1967, the scheme was amended to encourage mothers to join the labour force this was done by reducing the implicit tax rate on earnings from 100 per cent to 67 per cent.
Firms in the commercial sector of the live performing arts do not receive government grants and are not eligible to accept tax-deductible charitable donations. Consequently, they rise or fall on their ability to sell tickets at the box office or (very rarely) to sell movie or other ancillary rights to their artistic properties. Nonprofit firms, on the other hand, do sometimes receive public funds and are also eligible to accept tax-deductible private donations. In fact, the principal reason they are organized on a not-for-profit basis is to become eligible for such tax-deductible private support. A survey of the finances of 166 nonprofit performing arts institutions by the Ford Foundation revealed that charitable contributions by individuals, business firms, and foundations accounted for 35 to 38 percent of total operating income in the years from 1965 to 1971.11 Indeed, such support is so important in the United States that we devote most of Chapter 12 to it. Grants-in-aid from the...
Private market arrangements have played a greater role at the college and university level than at the elementary and secondary level. But this sector has not been immune from the sickness of an overgoverned society. In 1928 fewer students were enrolled in government institutions of higher education than in private institutions by 1978 close to four times as many were. Direct government financing grew less rapidly than government operation because of tuition charges paid by students, but even so, by 1978 direct government grants accounted for more than half of the total expenditures on higher education by all institutions, government and private. In 1920 local funds made up 83 percent of all revenues of public schools, federal grants less than 1 percent. By 1940 the local share had fallen to 68 percent. Currently it is less than one-half. The state provided most of the rest of the money 16 percent in 1920, 30 percent in 1940, and currently more than 40 percent. The federal...
The government tries to provide the public good of general knowledge in various ways. Government agencies, such as the National Institutes of Health and the National Science Foundation, subsidize basic research in medicine, mathematics, physics, chemistry, biology, and even economics. Some people justify government funding of the space program on the grounds that it adds to society's pool of knowledge. Certainly, many private goods, including bullet-proof vests and the instant drink Tang, use materials that were first developed by scientists and engineers trying to land a man on the moon. Determining the appropriate level of governmental support for these endeavors is difficult because the benefits are hard to measure. Moreover, the members of Congress who appropriate funds for research usually have little expertise in science and, therefore, are not in the best position to judge what lines of research will produce the largest benefits.
Turning to Exhibit 12.1, current account items are lines 1 through 14, with the total at line 15. Most of the items are self-explanatory, but remittances are payments by workers back to their families in another country, and US government grants represent foreign aid expenditures. The long-term capital account begins with line 16 and ends with line 25, with line 26 being the total of current and long-term capital transactions. Short-term capital flows begin with line 27 and continue through line 41, with line 42 being the total of all current and capital account transactions. Lines 43 through 46 represent movements of foreign exchange reserves, and the total of these lines exactly matches line 42 with the opposite sign, which means that the table then totals zero. Lines 43 through 45 represent changes in US foreign exchange reserve liabilities to foreign central banks and governments. These transactions exist because many foreign countries hold the US dollar as a reserve currency....
Government grants of monopoly power will encourage rent seeking resources will be wasted by firms attempting to secure and maintain grants of market protection. Special favors granted by the government will lead to costly activities for those who seek such favors. As we noted in Chapter 6, economists refer to such activities as rent seeking. When licenses or other entry barriers erected by the government enhance the profitability and provide protection from the rigors of market competition, people will expend scarce resources to secure and maintain these political favors. From an efficiency standpoint, these rent-seeking costs related to getting and keeping monopoly power add to the welfare losses resulting from the allocative inefficiencies we previously mentioned.
In many cases, monopolies arise because the government has given one person or firm the exclusive right to sell some good or service. Sometimes the monopoly arises from the sheer political clout of the would-be monopolist. Kings, for example, once granted exclusive business licenses to their friends and allies. At other times, the government grants a monopoly because doing so is viewed to be in the public interest. For instance, the U.S. government has given a monopoly to a company called Network Solutions, Inc., which maintains the database of all .com, .net, and .org Internet addresses, on the grounds that such data need to be centralized and comprehensive.
Fore hand out subsidies indiscriminately. But if funds are given indiscriminately, pseudoartists will be attracted to the field, and much of the government budget will be wasted in the production of fool's gold. Worse yet, true artists may actually find it harder to succeed when subsidies have built a world of false art.35 (Why these calamities have not occurred in Europe where arts subsidies have a long history is never discussed.) In speaking of the government as a judge of art, van den Haag seems to suggest the ludicrous picture of some committee of the Congress trying to decide which individual painters or composers or playwrights deserve support. In fact, as we see below in Chapters 12 and 13, most public agencies assisting the arts rely on elaborate systems of professional review in an attempt to spend their money fruitfully. No one would suggest that they always succeed or that political considerations are never a factor. But it seems merely fanciful of van den Haag, by...
At first there was a good deal of congressional opposition to the idea of federal financial support for art and culture. Netzer reports that southern Democrats and conservative Republicans (there were also liberal Republicans in those days) expressed the usual fear that government subsidies would lead to government control. Opponents also argued that government funding would reduce the incentive for the private support that was a justly cherished U.S. tradition.6 Nevertheless, in 1965 Johnson obtained from Congress and signed legislation establishing not one foundation but two the National Endowment for the Arts (NEA) and the National Endowment for the Humanities (NEH). The legislation authorized initial funding of 10 million to each of the endowments, but actual appropriations were well below that level in the first few years. By 1979, however, appropriations for the NEA had climbed to 149.6 million. As we see in Chapter 13, when adjustment is made for inflation, that was to be the...
State and local governments with an emphasis on the rearrangement rather than the reform or diminution of public authority. Devolution as a part of political rhetoric has taken on many meanings. Devolution, or defederalization, in its purest form, means state and or local governments will now be responsible for the financing, implementation, and responsibility of specific programs. In other versions, devolution can mean as little as the decrease in federal grants-in-aid without removing federal mandates. The author of this chapter views devolution as the reduction of authority, resources, and legitimacy of the federal government and as an opportunity for state and local governments to inherit or take over the authority, resources, and legitimacy of domestic programs. The political ramifications of this definition of devolution also mean a more limited interpretation of the enumerated powers and a broader interpretation of the Tenth Amendment by the Supreme Court (Leland, 2001).
Physics was a lot of fun as a student. Everyone wants you to provide research help. You get a chance to work on stuff you find interesting, write research papers, and show everyone how smart you are. When you are no longer a student, however, you have to support yourself in the eyes of the institution, which means writing endless grant proposals and churning out papers for the main reason of getting tenure. You end up spending 90 percent of your time not doing physics. I would be busy working on physics all day while the other people in the lab would be tearing their hair out writing grant proposals. I realized that wasn't for me.
Still, lump-sum grants from the central government to decentralized jurisdictions generally are the preferred approach for creating equalization across fiscally diverse jurisdictions. Although the United States does not make extensive use of lump-sum grants for equalization purposes, many other countries (including Canada, Germany, and Australia) utilize these grants as a major component of their intergovernmental finances (Oates, 1999). Often the question asked is whether these central government grants actually enhance the recipient jurisdiction's service or merely lower that jurisdiction's tax rate by using the grant to offset taxes. This logic is referred to as the veil hypothesis, which argues that a grant from a central government to a local government
One is national chemical products industry associations, who lobby government for support of university training. The other is national universities which train young chemists. National political processes and government funding agencies are also part of our story, but they will be treated implicitly rather than explicitly.
Real federal grants (1987 100) in the U.S. grew fairly steadily from the late 1950s and through the decade of the 1960s but declined since the mid-1970s with intermittent periods of increases (Figure 9.1). The reductions in federal aid, starting in the mid-1970s, were in sharp contrast to the several previous decades of rapid growth in federal intergovernmental aid. There has again been some reduction in these grants in the 1990s, but the grants have leveled out during the mid- to late 1990s. Total real state and local government expenditure (1987 100) also shows a hint of leveling off in 1990s, though, for most part, over the period 1957 through 1991 this expenditure was steadily rising (Figure 9.2).
Pornographic and the other blasphemous.28 Once he had pointed this out, with characteristic emphasis, on the Senate floor, it became difficult for other members to defend the NEA even if they disagreed with Senator Helms's judgment (and many of them clearly did not), since they were reluctant to stand accused of spending the taxpayers' money on indecent or blasphemous projects. The Senate voted to bar the NEA from supporting obscene or indecent work and also to cut off funds for the offending exhibitions. It was the first time since the endowment was founded in 1965 that Congress had violated the spirit of the legislation establishing it by attempting to intervene directly in its grant-determination process. Supporters of the NEA, including many individual artists and artists organizations, cried censorship. Defenders of congressional oversight replied that since artists remained free to do whatever they chose without government funding, it was not a question of censorship but of...
During the period 1971 to 1997, federal grants to states and localities constituted an important lifeline for several social and economic public programs, ranging from an average of 44 of the total state and local government expenditure on welfare, health, and hospital programs (welfare programs) to as little as an average of 4 of the total state and local government expenditure on education (Table 9.1). Between 1980 and 1990, federal grants to state and local governments dropped from an average of 23 of state and local direct general expenditure to about 15 (Table 9.1). While the share of federal aid in state and local government expenditure declined in all categories of expenditure during the years 1980 to 1990, the reductions were the largest in the other expenditure category in the latter case the share of federal aid in state and local government expenditure dropped from 24 to 9 . In contrast, the share of federal aid in welfare dropped from 43 to 41 during the period 1980 to...
In many respects, state arts agencies operate in the same way as the NEA does. Almost all employ peer review panels in determining who shall receive grants, and most require, as the NEA does, that their grants to institutions be matched at least one-for-one by funds from other sources. The distribution of support among disciplines is not greatly different from that of the NEA, as already described. In 1986, music topped the list, receiving 17.3 percent of state grant dollars,
Another important concern about block grants is that the grantee might use the grant funds as a substitute for its own-source funding of the program. As a result, the U.S. federal government has imposed MOE and other restrictions on these grants and created federal oversight institutions to enforce these restrictions. Such measures diminish grant recipients' flexibility to use the money in accordance with their priorities and sometimes defeat the initial purpose of the block grant. The evidence is mixed on the effectiveness of federal restrictions and oversight of block grants to ensure that federal money is not used as a substitute for state and local government own-source funds. One study suggests that these restrictions have no effect without strict federal oversight, and states are likely to substitute most or all of the federal grant funds for their own sources of spending on the block grant program (Jacobsen and McGuire, 1996). These findings were based on a study of the Alcohol...
The standards cover the treatment of accounting policies, the results of associated companies, earnings per share, government grants, extraordinary items and prior year adjustments, changes in the purchasing power of money, taxation under the imputation system, stocks and work in progress, source and application of funds, deferred taxation, depreciation, current cost accounting, post-balancesheet events, contingencies, investment properties, foreign currency translation, leases and hire purchase contracts, goodwill, acquisitions and mergers, and research and development.
Public choice theory also proposes at least two ways for reducing the leverage of special-interest groups. One is to rely more on referenda to decide important political issues. When important decisions are subject to popular referendum, special-interest groups must focus their energy on influencing the general public rather than on currying favor with important politicians. Another method for reducing the influence of special-interest groups is to specify the total amount of public funds budgeted for the year and encourage different groups to compete for government funding and support. When the total amount of public expenditures is fixed, one group can gain only at the expense of others. Each group is then likely to present its best case for funding while exposing the weakness in competitor funding requests.
For that reason, no government anywhere in the world, no matter how conservative, keeps its hands off the economy. In modern economies governments take on many tasks in response to the flaws in the market mechanism. The military, the police, the national weather service, and highway construction are all typical areas of government activity. Socially useful ventures such as space exploration and scientific research benefit from government funding. Governments may regulate some businesses (such as banking and drugs) while subsidizing others (such as education and health care). Governments also tax their citizens and redistribute some of the proceeds to the elderly and needy.
Since modern dance companies tend to be relatively small and relatively new, they do not attract private contributions as readily as larger and older institutions do. In 1970-71 almost two thirds of their unearned income came from government grants and only one sixth from private sources (other than national foundations).17 Still, there is a sense in which firms operating with a large earnings gap may seem to have given hostages to fortune Suppose that government grants are cut back because of a fiscal squeeze or that private donations decline because of a change in tax law or a serious economic recession. Is it not safer to depend on ticket income a little more and public or private charity a little less
The key features of federal aid programs include form of the grant, the limits on funding, and the formula for distribution of grants across the grant recipient jurisdictions. The federal grant forms considered in the U.S. can be classified as categorical, block, and shared revenues (Table 9.2). A categorical grant is one that is directed to a narrowly specified activity. Block grants provide a broader functional focus and greater discretion in the use of funds by the grant recipient. The distinction between categorical and block grants can be illustrated by considering separate federal grants for alcohol, drug abuse, and mental health (categorical) as opposed to a single grant for all three functions (federal block grant created in 1982). Finally, in the case of shared revenues, there is no specific function to which these grants are directed and their use is fully determined by the grant recipient. The U.S. revenue-sharing grant in 1973 to 1987 is the best example of a...
The balance of payments is a summary statement of a nation's transactions with the rest of the world during a year. The balance of payments is divided into three major sections I. The Current Account, which shows flows of goods and services and government grants. II. The Capital Account, which shows flows of investments and loans. (A statistical discrepancy may also be included here since it refers mostly to unreported capital transactions.) III. The Official Reserve Account, which shows the change in the nation's official (i.e., government) reserves and liabilities to balance the current and capital accounts. U.S. Government Grants -33
In measuring the fiscal effects of intergovernmental grants on the grant recipient's spending and other budgetary decisions, the disaggregation of federal grants by form is of crucial importance (Wilde 1971 Oates, 1972 Gramlich, 1977 Inman and Rubinfeld, 1997). The data on federal intergovernmental grants published by the U.S. Census Bureau and U.S. Office of Management and Budget are organized along functional lines. This has always been a major obstacle for those doing empirical work on the U.S. grant system. The functional division of federal intergovernmental grants in the U.S. Census data is far more detailed than the four aggregate functional categories considered earlier in Table 9.1. Since the 1970s, there are on an average, annually, about 100 functional categories in the U.S. Census data on federal intergovernmental grants. Each of these functional categories needs to be reclassified by the form of the grant it received to empirically measure the economic effects of grant...
A balance-of-payments section that includes the flow of goods, services, and government grants between the nation and the rest of the world. Debit (-). A transaction that results in a payment to foreigners. This includes imports of goods and services, government grants to foreigners, and capital outflows (i.e., investments and loans made abroad).
So far we have been considering only those air freight forwarders that are U.S. firms. But there are also firms of foreign nationality that have authority to accept and consolidate cargo within the United States for shipment abroad. Foreign firms have never been required to hold authority from the U.S. government if they consolidate shipments at the foreign point and send them into the United States. But to consolidate cargo that originates in the United States, the forwarder must register with DOT, and the government of its home country must have a policy of granting the equivalent privilege to U.S. forwarders. In fact, DOT will now permit a foreign forwarder to handle domestic shipments if its home government grants the same privilege to U.S. forwarders. As of early 1994, about 250 foreign air freight forwarders had registered with DOT, but it was not known how many of these were actively operating.
Even foreign air carriers may own and operate their own trucks within the United States in conjunction with their airline services. They must, however, confine such trucking to a 35-mile radius of the airport unless they have authorization from DOT to extend it nationwide. Such authorizations are granted where the airline's government grants similar rights to U.S. airlines.
The first type of grant program, a nonmatching grant, is simply a check from the federal government that the local government can spend without restriction. An unconditional grant of this sort expands the community budget line outward from PQ to TV in Figure 3.13a, where PT QV is the dollar amount of the grant. The response to this influx of dollars is to move to a higher indifference curve by selecting market basket B, with more of both goods (OU of private expenditures and OZ of police expenditures). But more private expenditures means that some of the money for police that came previously from taxes now comes from government grants.
For a second science example, consider the question of the adaptive response of science when its funding environment changes.46 When new funding is targeted to a specific area of research, it should be no surprise that scientists will be attracted to the area47 and transactional activity in the area will increase, that this activity will tend to be oriented toward those methods and conjectures consistent with the funding preconceptions and specifications, and that the resulting classification of phenomena will change accordingly. This does not imply that quality of scientific research is necessarily degraded by any particular funding source - provided the procedures, practices, and conventions that define science as we have characterized it remain operative, the funded scientists can still interact to produce 'good science', although the particular content of that emergent classification is certain to reflect salient features of the system's environment, of which any pressures...
Loans to states and municipalities without interest for the purpose of carrying on public works and the taking of such other measures as will lessen widespread misery. (Federal grants in aid to states and local municipalities currently total tens of billions of dollars a year.)
For i 1, , N 265 and t m +1, ,9. (We have changed their notation slightly to make it more convenient.) Sitt, Rit and G, are municipal spending, receipts (taxes and fees) and central government grants, respectively. Analogous equations are specified for the current values of Ritt and G,. The appropriate lag length, m, is one of the features of interest to be determined by the empirical study. The model contains a municipality specific effect, f, which is not specified as being either fixed or random. In order to eliminate the individual effect, the model is converted to first differences. The resulting equation is
Nongovernmental institutions that applied economic science to economic policy either newly appeared after World War II or extended their roles substantially. Typically, they maintained some professional economists on permanent appointment provided a forum for economists between positions and engaged, as parttime associates, economists who had permanent appointments at academic institutions. These institutions caused the boundaries between government, media, the private sector, and civil society to be far more porous for economists in the United States than they had been before the war, and than they were in most other countries even after the war. Indeed, the in-and-outer economist became an important element in the American public policy process. Institutions that served the in-and-outers came to be known collectively as think tanks, ranging from the venerable Brookings Institution, the American Enterprise Institute for Public Policy Research, and the Council on Foreign Relations to...
In order to maintain independence, The Locke Institute accepts no government funding. Funding for the Institute is solicited from private foundations, corporations and individuals. In addition, the Institute raises funds from the sale of publications and from conference fees. The Institute is incorporated in the State of Virginia, USA, and enjoys non-profit, tax-exempt status under Section 501(c)3 of the United States Internal Revenue Code.
US federal grant to state or local governments. It can be a flat grant (equal to the sum raised by a state government), a proportionate grant (proportional to the contribution of the recipient government) or a percentage grant (percentage of the cost to the recipient government for maintaining a particular programme). The purpose of these grants is to ensure that a desired level of public service is reached in all the states whatever the ability or willingness of individual states to finance it.
The trading position of a nationalized industry is affected by its monopoly position and the lack of market discipline, both by having public finance to supplement borrowings from capital markets and by being kept in existence when virtually bankrupt. As a consequence, a high proportion of government grants has been to subsidize wage bills, rather than to finance long-term investment. In September 1981 President Mitterrand of France, one of the last to argue the case for nationalization, gave as reasons for taking large industrial groups and banks into state ownership, the elimination of monopoly and quasi-monopoly situations which provide a basis for political influence in France, safeguarding national sovereignty and the provision of tools for industrial development in the future.
An additional trend affecting revenue structures has been the devolution of functions from the federal government to state and local governments and from state governments to local governments. For example, federal aid to local governments has decreased since the 1970s, and state aid as a percentage of state spending has also been reduced in recent decades. Local governments have thus been forced to either cut services or increase their own revenues to make up for these losses. This reduces reliance on the income tax, which may be more progressive, and increases reliance on other sources, such as property tax, sales and excise taxes, and user fees, that may be less progressive (Krane et al., 2003). Musgrave (2002) has discussed the difficulty that lower-level governments have in using progressive tax systems because of the potential for individuals and businesses to move to lower-taxing areas. Progressive taxation is therefore impeded, especially since capital is the more mobile...
Associated with it and, hence, no entitlement to profits. These enterprises, usually financed by donations, endowments or government grants, aim to maximize the quantity and quality of the service provided and to break even. In the public sector, most governmental institutions are NPEs in the private sector, households, charitable foundations, mutual insurance companies and a variety of clubs are the major examples. The motives for establishing NPEs are various, including the provision of merit goods, the subsidization of religion and the arts and the commemoration of a major benefactor. A dislike of market mechanisms and altruistic attitudes have been fundamental to the growth of NPEs.
1 A replacement of employment earnings for retired persons. It can take the form of a flat rate benefit or be related to previous earnings and be arranged by a government or firm or financial institution. Pensions can be financed from an insurance fund or on a 'pay-as-you-go' principle with contributions and government grants financing the payout of benefits.
Payments to individuals as a category of federal expenditures is followed by federal grants to state and local governments. Grants to state and local governments with an average per capita expenditure of 1,067 make up about 19 of total federal expenditures. Intergovernmental grants involve assigning federal expenditures to subnational governments. The revenue from the federal government is primarily derived from the federal income tax, and then the money is used to offset inequities across state and local governments. Federal grant money funds a variety of programs, including Medicaid, highway construction, and social service programs (Hovey and Hovey 2000, 119). Federal grant money is often used to encourage state and local governments to spend their own sources of revenue on programs by providing matching grants. Federal grant money is different from direct payments to individuals because the grants are administered through state and local government agencies.
Schuster explains that cofinancing was built into the NEA's rules from the beginning, primarily for political reasons. First, there was the fear that government funding might lead to government control. Since cofinancing would promote diversity in funding sources, it would allay that fear. Second, there was concern that government aid would supplant private funding. Cofinancing would help to prevent such substitution. Finally, some feared that federal support programs
In addition to the foreign aid dispensed by international agencies, there are also direct government-to-government grants of money, shipments of free food, and loans which are made available on terms more lenient than those available in the financial markets and which are periodically forgiven, allowed to default, or rolled over by being repaid from the proceeds of new and larger loans. Thus American government loans to the government of India and British government loans to a number of Third World governments have been simply canceled, converting these loans into gifts.
When considering the budgetary decisions of the recipients of inter-governmental grants, models of rational choice suggest that the response to a lump-sum grant should be roughly the same as the response to an equal increase in income resulting from a federal tax cut. But empirical studies of the response to grants have rejected this equivalence. There are indeed strong evidence that local government spending is more sensitive to grants than it is to increasing income through tax cut. Among the best estimates of this in the US the marginal propensity for state local governments to spend out of personal income in the state is about 10 percent. But the marginal propensity for state local governments to spend out of grants from the federal level is around 80-90 percent. This has been known as the flypaper effect to say that money sticks where it hits. This is intriguing because it suggests that the same budget could give rise to different choices depending on what form the increment to...
Unconditional grant (H7) Australian federal grant to an individual state which is a means of sharing tax revenues to provide public services at the same level throughout Australia. As the use of these grants is not stipulated, it is possible for them to be used to reduce taxes rather than to maintain services.
The analysis of performing arts company finances in Chapter 8 focused on the problem of the earnings gap, which was defined as the difference between total expenditures and earned income. The revenue shortfall was covered by unearned income, consisting of government grants and income contributed by private supporters. Following Baumol and Bowen's lead, it was pointed out that income. To that extent, museums do not have to scratch and scramble to meet their expenses. Nevertheless, museums are heavily dependent on contributed funds. As revealed in Table 10.7, government grants and donations by individuals, corporations, and foundations accounted for 49.6 percent of total income in 1993 but fell to 22.8 percent in 1997, reflecting the rising importance of earned income cited above.
Obtain any trustworthy evidence to show whether great improvements may be expected in the immediate future, or whether the limit of practical utility may have already been nearly attained'. In fairness to the committee, it should be noted that it reported in January 1909, six months before Louis Bleriot made his pioneering flight across the English Channel. Another consideration guiding the committee was their belief that airship development would be dependent on government funding, whereas aeroplanes appeared to offer an attractive field for private enterprise, given likely demand 'for sport and recreation'. Accordingly, the committee recommended that the navy estimates should include 35,000 for building a rigid airship for scouting and 'possibly for destructive purposes' that the army estimates should include 10,000 for continuing experiments with 'navigable balloons' (small, non-rigid airships) to replace captive balloons but that the experiments that the army had been making with...
The main argument against a more direct user fee system is the desire to maintain a national system of air travel facilities. It is argued that reliance on market mechanisms will leave areas without vital air service and will endanger the nation's network of airports that benefits all citizens, not just users. Federal grants support between 75 and 80 of the investment funds at general aviation airports, compared to between 20 and 25 at large and medium hubs (U.S. Congressional Budget Office, 1985). Thus, removing or reducing this subsidy would threaten some general aviation airports, possibly cutting off certain low-density areas from air service. While not unpersuasive, one has to question the practicality of this argument for the U.S. today. Currently, there are 17,451 airports in the U.S., 11,853 of which are closed to the public, and 5,598 of which are open to the public. Only 4,169 of the public access airports are publicly owned (Truitt and Esler, 1997). Even a large decline in...
The balance of payments is a yearly summary statement of a nation's transactions with the rest of the world. The balance of payments is divided into three major sections (1) current account, which shows flows of good and services and government grants (2) capital account, which shows flows of investments and loans and (3) official reserve account, which shows the change in the nation's official government reserves and liabilities to balance the current and capital accounts.
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