In spite of the hype in the international media about India’s global integration, economic reform there has been rather halting and hesitant. Cheerleaders of reform among corporate tycoons and financial columnists are often not aware how unpopular reform is, rightly or wrongly, among the general public in India. In the National Election Survey 2004 more than twothirds of about 23000 sample resp...

It is great to come back to NYU Law and especially fitting to be discussing business tax reform with all of you. Nearly a decade ago I co-taught the tax colloquium with Dan Shaviro. I am not sure how much anyone learned from me but I learned a huge amount from the NYU community and Dan in particular. And that learning continued in my close partnership with David Kamin for several years in the W...

Adrian Hearn Despite significant differences in economic and demographic scale, the governments of Cuba and China have confronted a comparable “dual” challenge as they open their economies to foreign investment. (UNCTAD, 2005; United Nations Population Information Network, 2005) The first part of this challenge has been to promote greater interdependence and collaboration between foreign multin...

The objective of this work is to analyze the effects of decrease in water subsidies (increase in the price of the water) on various economic sectors in order to promote the conservation of this resource based on the actual price of water. But over the past decades, various subsidizing methods hold the cost of water down. On the other hand, the indiscriminate use of these resources led the gover...

This article examines the nature of India’s federal system, and recent and potential reforms in its structure and working. We summarize key federal institutions in India, focusing particularly on the mechanisms for Center-state transfers. These transfers are large, and are the major explicit method for dealing with inequalities across constituent units of the federation. We examine the evidence...

A more generous consumer bankruptcy system provides greater insurance against financial risks but may also raise the cost of credit. We study this trade-off using 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which increased costs filing for bankruptcy. identify effects BAPCPA on borrowing variation in reform across credit scores. find that a one-percentage-point reduct...

Regulation is pervasive in modern societies. However, well targeted and designed regulation can generate significant benefits – delivering economic, social and environmental outcomes that may not have been achieved through a laissez-faire system. However, unnecessary or poorly formulated and implemented regulation can expose business to excessive compliance costs, stifle market competition and ...

We argue that China’s journey towards a market economy is far from being finished. Instead, in many areas, reforms have been delayed and economic problems accumulated. There are six major reforms that have to be accomplished in the near future in order for the economy to stay on the trajectory of growth. Meanwhile, the current reformers face more and bigger challenges than their predecessors, i...