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Facsimiles of 23 papers published since 1969 or forthcoming in professional journals. Gramlich (economics and public policy, U. of Michigan) provides a new introduction to the empirical, theoretical, and diagnostics studies of financial federalism and evaluations of systems in the US, Australia, Sweden, and Canada. He discusses such aspects as state and local government behavior, grant policies, macroeconomic policies, state tax limitations, federal and sub- national tax policy, infrastructure investment, and public welfare policies. No subject index. Annotation copyrighted by Book News, Inc., Portland, OR

DIVThe chair of the recent Social Security Advisory Council explains and shares his views on Social Security reform /div

DIVThe chair of the recent Social Security Advisory Council explains and shares his views on Social Security reform /div

Over the past decade, a new mortgage market offering loans at low interest rates and for little or no money down has given low-income people an opportunity to pursue the American dream of homeownership. The resulting wave in home buying promised to stabilize neighborhoods and families, boost the economy, and reduce crime. In many ways, the optimists were correct, but now, less than fifteen years later, the subprime mortgage market is collapsing, threatening to take the rest of the housing sector along with it. Subprime Mortgages: America's Latest Boom and Bust analyzes how the subprime market emerged, why it is in crisis, and how we can reform public policy to avert disaster. An attendant examination of the rental market also offers recommendations for shoring up what may be the best housing option for some families.

Booms & busts have played a prominent role in Amer. economic history. In the 19th cent., the U.S. benefited from the canal boom, the railroad boom, the minerals boom, & a financial boom. The 20th cent. brought another financial boom, a postwar boom, & a dot-com boom. Each of these cases featured initial discoveries or breakthroughs, widespread adoption, widespread investment, & then a collapse & many investors lost a lot of money. When the dust cleared, there was financial carnage & many investors learned to be more careful the next time. This article describes why the subprime lending market, despite its problems, is a promising development that has permitted low-income & minority borrowers to participate in credit markets.

Over the past decade, a new mortgage market offering loans at low interest rates and for little or no money down has given low-income people an opportunity to pursue the American dream of homeownership. The resulting wave in home buying promised to stabilize neighborhoods and families, boost the economy, and reduce crime. In many ways, the optimists were correct, but now, less than fifteen years later, the subprime mortgage market is collapsing, threatening to take the rest of the housing sector along with it. Subprime Mortgages: America's Latest Boom and Bust analyzes how the subprime market emerged, why it is in crisis, and how we can reform public policy to avert disaster. An attendant examination of the rental market also offers recommendations for shoring up what may be the best housing option for some families.