Neli Popova
University of National and World Economy, 1700 Sofia, Students’ Town, Bulgaria

​​2nd International Scientific Conference – EMAN 2018 – Economics and Management: How to Cope With Disrupted Times, Ljubljana – Slovenia, March 22, 2018, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; Faculty of Management Koper, Slovenia; Doba Business School – Maribor, Slovenia; Integrated Business Faculty –  Skopje, Macedonia; Faculty of Management – Zajecar, Serbia, ISBN 978-86-80194-11-0


Traditionally public finance theory has analyzed the interactions between the government and market participants (households and firms) in the domestic context exclusively, without taking into account the external world. However, public policies are increasingly influenced by factors that are exogenous to the national economy, such as financial markets instability, pollution, climate change, trade liberalization, criminal activities, health issues, etc. Globalization gives rise to a growing number of regional and global challenges. Addressing these challenges is considered a global public good, since it would generate benefits that transcend country borders. Many regional and global problems cannot be tackled by individual actions of any country. Instead they require collective actions both in the framework of existing intergovernmental organizations and mechanisms, and through the establishment of new forms of international cooperation. The present paper is devoted to global public goods, which are at the core of the so-called New public finance. The purpose of the paper is to outline the current state and prospects for the further development of this relatively new field of research, and it’s application in public policies. The paper is structured, as follows: the introduction describes the main characteristics of a global public good; the second part presents a concise review of the literature; the third part dwells on the possibilities and obstacles to the provision of global public goods; and the fourth part concludes.    

Key words

New Public Finance, Global Public Goods, Globalization


  1. Hyman, D. (2010) Public Finance: A Contemporary Application of Theory to Policy. New York: Cengage Learning, p. 146
  2. Kaul I,, P. Conceiçao, ed., The New Public Finance: Responding to Global Challenges. New York: Oxford University Press, p. 614
  3. Barett, S. (2007) Why Cooperate? The Incentive to Supply Global Public Goods. Oxford University Press
  4. Kaul, Inge, K. Le Goulven (2003). Financing Global Public Goods: A New Frontier of Public Finance. In: Kaul I., P. Conceicao, K. Le Goulven, R. Mendoza, ed., Providing Global Public Goods, Oxford University Press, p. 9
  5. Conceição, P., R. Mendoza (2006) Identifying High-Return Investments: A Methodology For Assessing When International Cooperation Pays—And For Whom. In: Kaul, I., P. Conceiçao, ed., The New Public Finance: Responding to Global Challenges. New York: Oxford University Press, p. 332
  6. Kaul I., I. Grunberg and M. Stern (1999). Global Public Goods: International Cooperation in the 21st Century. Oxford University Press, p. 3
  7. Stiglitz, J. (2006) Global Public Goods and Global Finance: Does Global Governance Ensure that the Global Public Interest is Served? In: Touffut J. P., ed., Advancing Public Goods. Edward Elgar Publishing, p. 162
  8. Kaul, I., P. Conceiçao, (2006). Why Revisit Public Finance Today. In: Kaul I,, P. Conceiçao, ed., The New Public Finance: Responding to Global Challenges. New York: Oxford University Press, p. 22

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