A generation ago little attention was focused on low-income homeownership. Today homeownership rates among under-served groups, including low-income households and minorities, have risen to record levels. These groups are no longer at the margin of the housing market; they have benefited from more flexible underwriting standards and greater access to credit. However, there is still a racial/ethnic gap and the homeownership rates of minority and low-income households are still well below the national average. This volume gathers the observations of housing experts on low-income homeownership and its effects on households and communities. The book is divided into five chapters which focus on the following subjects: homeownership trends in the 1990s; overcoming borrower constraints; financial returns to low-income homeowners; low-income loan performance; and the socioeconomic impact of homeownership.

Bringing change to our public school system is hard, and the current system of education governance creates barriers that can make that reform even harder. Here six authorities in public education discuss how local philanthropies can overcome them even if school districts cannot. Making School Reform Work identifies new institutions that can be created by foundations and civic groups to remedy deficiencies in local school governance, formulate bold reforms, and guarantee implementation. These institutions include incubators for starting new schools, independent data analysis centers, public-private partnerships for recruitment and training of school leaders, and new ways of funding and managing school facilities. The contributors are Sarah Brooks (Carleton College), Michael DeArmond (University of Washington), Marguerite Roza (University of Washington), and Abigail Winger (Milwaukee consultant).

Federal policies have made great progress protecting the environment. But the policies sometimes have imposed inordinate costs on local governments. Managing Green Mandates describes how various federal environmental directives do not suit diverse conditions at the local level, and compel local communities to spend their revenues on reducing relatively minor risks to the public health. While policymakers have thrown far-reaching requirements at the feet of local authorities, the federal government is providing them less aid to comply with the increasingly stringent standards. The burden of these underfunded mandates can further disadvantage many overtaxed municipalities. Pietro Nivola is a senior fellow in the Governmental Studies program at the Brookings Institution. He is the author of The Laws of the Landscape: How Politics Shape Cities in Europe and America (Brookings 1999). Jon Shields is a graduate student in the Department of Government and Foreign Affairs at the University of Virginia.

India is now enmeshed in the deterrence game —actively with its traditional adversary Pakistan, and potentially with China. At the same time it is finding easier access to fissile materials and strategic technologies. In order to deal with these developments safely and wisely, the nation needs a much more sophisticated and multidisciplinary understanding of the strategic, technological, operational, and cost issues involved in nuclear matters.

In this important book, Indian strategic analyst Verghese Koithara explains and evaluates India's nuclear force management, encouraging a broad public conversation that may act as a catalyst for positive change before the subcontinent experiences unthinkable carnage.

The defense management system of a nuclear power absolutely needs to be sound and thorough. In addition to the considerable demands of managing its nuclear forces, it also must control conventional forces in a manner that forestalls nuclear escalation of a conflict by either side. Expanding and upgrading nuclear forces without enhancing deterrence is dangerous and should be avoided. India's nuclear force management system is grafted onto a woefully inadequate overall system of defense management.

Koithara dissects all of these issues and suggests a way forward, drawing on recent developments in deterrence theory around the world.

This lively and innovative book is about computer code and the legal controls and restrictions on those who write it. The widespread use of personal computers and the Internet have made it possible to release new data or tools instantaneously to virtually the entire world. However, while the digital revolution allows quick and extensive use of these intellectual properties, it also means that their developers face new challenges in retaining their rights as creators. Drawing on a host of examples, Ben Klemens describes and analyzes the intellectual property issues involved in the development of computer software. He focuses on software patents because of their powerful effect on the software market, but he also provides an extensive discussion of how traditional copyright laws can be applied to code. The book concludes with a discussion of recommendations to ease the constraints on software development. This is the first book to confront these problems with serious policy solutions. It is sure to become the standard reference for software developers, those concerned with intellectual property issues, and for policymakers seeking direction. It is critical that public policy on these issues facilitates progress rather than hindering it. There is too much at stake.

"Moral values" dominated the post-election headlines in 2004. Analysts pointed to exit polls, strong turnout among evangelicals, and controversy over gay marriage as evidence that the election had been decided along religious lines. Soon, however, this explanation was called into question. In A Matter of Faith, distinguished scholars go beyond the headlines to assess the role of religion in the 2004 election. Were issues such as stem cell research really more influential than the economy and Iraq? Did deeply religious Americans necessarily vote Republican? Was the morality factor really a dramatic new development? David E. Campbell and his colleagues examine the religious affiliations of voters and party elite and evaluate the claim that moral values were decisive in 2004. The authors analyze strategies used to mobilize religious conservatives and examine the voting behavior of a broad range of groups, including evangelicals, African-Americans, and the understudied religious left. This rich perspective on faith and politics is essential reading on a critical aspect of American politics. Contributors include John Green (University of Akron; Pew Forum on Religion and Public Life), James Guth (Furman University), Sunshine Hillygus (Harvard University), Laura Hussey (University of Baltimore), John Jackson (University of Southern Illinois), Scott Keeter (Pew Research Center for the People and the Press), Lyman Kellstedt (Wheaton College), Geoffrey Layman (University of Maryland), David Leal (University of Texas at Austin), David Leege (Notre Dame), Eric McDaniel (University of Texas at Austin),Quin Monson (Brigham Young University), Barbara Norrander (University of Arizona), Jan Norrander (University of Minnesota), Baxter Oliphant (Brigham Young University), Corwin Smidt (Calvin College), and Matthew Wilson (Southern Methodist University).

Africa is working toward the goal of creating a common currency that would serve as a symbol of African unity. The advantages of a common currency include lower transaction costs, increased stability, and greater insulation of central banks from pressures to provide monetary financing. Disadvantages relate to asymmetries among countries, especially in their terms of trade and in the degree of fiscal discipline. More disciplined countries will not want to form a union with countries whose excessive spending puts upward pressure on the central bank's monetary expansion. In T he Monetary Geography of Africa, Paul Masson and Catherine Pattillo review the history of monetary arrangements on the continent and analyze the current situation and prospects for further integration. They apply lessons from both experience and theory that lead to a number of conclusions. To begin with, West Africa faces a major problem because Nigeria has both asymmetric terms of trade —it is a large oil exporter while its potential partners are oil importers —and most important, large fiscal imbalances. Secondly, a monetary union among all eastern or southern African countries seems infeasible at this stage, since a number of countries suffer from the effects of civil conflicts and drought and are far from achieving the macroeconomic stability of South Africa. Lastly, the plan by Kenya, Tanzania, and Uganda to create a common currency seems to be generally compatible with other initiatives that could contribute to greater regional solidarity. However, economic gains would likely favor Kenya, which, unlike the other two countries, has substantial exports to its neighbors, and this may constrain the political will needed to proceed. A more promising strategy for monetary integration would be to build on existing monetary unions —the CFA franc zone in western and central Africa and the Common Monetary Area in southern Africa. Masson and Pattillo argue that the goal of a creating a single African currency is probably beyond reach. Economic realities suggest that grand new projects for African monetary unions are unlikely to be successful. More important for Africa's economic well-being will be to attack the more fundamental problems of corruption and governance.

Once we paid for things with bills, coins, or checks. Today we pay with zeroes and ones —digital entries on credit and debit cards, or electronic messages sent over the Internet. In Moving Money, distinguished analysts explore this trend, its development and likely future, and the ramifications of this transformation.

This is a book about money as a medium of exchange —in the past, in the present, but particularly in the future. What forms has money taken over the years? Moreover, how have those means of payment changed in recent years, and how will they develop in the future? And what (if anything) should policymakers do to facilitate those changes, or at least allow them to develop and mature? Brookings economists Robert E. Litan and Martin Neil Baily and a distinguished group of experts dissect these issues and peer into the future of consumer payments.

The landscape of the consumer payments industry will be shaped at least in part by public policies. Historically, governments have had monopolies on the manufacture of money. Any form of payment clearly requires trust on the part of both the seller and the buyer, and the government must establish and enforce laws to secure this relationship. More controversial is the issue of whether, and to what extent, government is also needed to protect the market in private sector payments systems.

Why do these issues matter? The payments industry is a large and important sector of developed economies. In the United States, private-sector payments providers generate approximately $280 billion a year in revenue, while the government invests substantial resources into making money (minting coins and printing bills) or moving it (via checks and various electronic transfers). And the way we pay for things influences our purchases —what we spend money on, how much we spend, and where we spend it. Thus the future of consumer payments is intertwined with the health of national economies.

Contributors: Martin Neil Baily (Brookings), Thomas P. Brown (O'Melveny & Myers), Kenneth Chenault (American Express Company), Vijay D'Silva (McKinsey and Company), Nicholas Economides (New York University), David S. Evans (Market Platform Dynamics), Robert E. Litan (Brookings and Kaufmann Foundation), Drazen Prelec (Massachusetts Institute of Technology), Richard Schmalensee (Massachusetts Institute of Technology)

Burma had the brightest prospects of any Southeast Asian nation after World War II. In the years since, however, it has dropped to the bottom of the world's socioeconomic ladder. The grossly misruled nation —officially known as Myanmar —is in the midst of a political transition based on a new constitution and its first multiparty elections in twenty years. That transition, together with a recent change in U.S. policy, prompted this book.

Two military dictators have ruled Myanmar with an iron fist for nearly fifty years. A popular uprising in 1988 was brutally suppressed, but it forced the generals to hold an election in 1990. When an anti-regime party led by Nobel Peace Prize Laureate Aung San Suu Kyi won by a landside, however, the generals rejected the results, put Suu Kyi under house arrest for most of two decades, and continued to exploit the country's abundant resources for their own benefit while depriving citizens of basic services. Years of Western sanctions had no measurable impact, but in 2009 the Obama administration adopted a new policy of "pragmatic engagement," encouraging greater respect of democratic principles and human rights as a basis for eventual removal of sanctions.

This thoughtful volume examines Burma today primarily through the eyes of its ASEAN partners, its superpower neighbors China and India, and its own people. It provides insights into the overarching problem of national reconciliation, the strategic competition between China and India, the role of ASEAN, and the underperforming, resource-cursed economy.

Contributors include Pavin Chachavalpongpun (Institute of Southeast Asian Studies, Singapore), Termsak Chalermpalanupap (ASEAN Secretariat, Jakarta), David Dapice (Tufts University), Xiaolin Guo (Institute for Security & Development Policy, Stockholm), Gurmeet Kanwal (Centre for Land Warfare Studies, New Delhi), Kyaw Yin Hlaing (City University of Hong Kong), Li Chenyang (Institute of Southeast Asian Studies and Yunnan University, Kunming), Andrew Selth (Griffith University, Brisbane), Michael Vatikiotis (Henry Dunant Centre for Humanitarian Dialogue, Singapore), Maung Zarni (London School of Economics)

New financial instruments —such as structured financial products and exchange-traded funds —and new financial institutions —including hedge funds and private-equity funds —present opportunities as well as policy and regulatory challenges in U.S. and Japanese financial markets. This book presents cutting-edge research from experts in academia and the financial industry on new instruments and new institutions while contrasting their developments in the different countries. The contributors highlight the innovative way in which Japanese financiers and government officials have learned from the U.S. regarding the introduction of new instruments into their market. New Financial Instruments and Institutions continues the productive collaboration between the Brookings Institution and the Nomura Institute of Capital Markets Research in examining current issues in capital and financial markets. Contributors include Jennifer Bethel (Babson College),Todd Broms (Managed ETFs, LLC), Frank Edwards (Columbia Business School), Allen Ferrell (Harvard Law School),Yasuyuki Fuchita (Nomura Institute of Capital Markets Research), Gary Gastineau (Managed ETFs, LLC), Ken Lehn (University of Pittsburgh), Josh Lerner (Harvard Business School), Frank Partnoy (University of San Diego Law School), Adam Posen (Institute for International Economics), Ken Scott (Stanford Law School), Steve G. Segal (Boston University, J.W. Childs Associates),Yuta Seki (Nomura Institute of Capital Markets Research, New York), Erik Sirri (Babson College), and Randall Thomas (Vanderbilt Law School).