Post-Soviet economies are plagued by a public-sector practice whereby the Ministry of Finance cancels tax liabilities that enterprises owe it in exchange for debts the Ministry owes enterprises. While the practice seems innocuous enough to its practitioners, it has multiple distorting effects....

The "American Model" serves as a point of reference in discussions of economic policy around the world, especially in Europe. Many claim that the American version of the free market represents an ideal type - it is the highest form of capitalism. Senior Scholar James K. Galbraith argues,...

This paper examines capital tax competition in the presence of an interstate transfer policy without federal commitment. Lack of commitment implies that tax policy is chosen prior to federal transfers. The paper s main result is that ex-post federal policy internalizes horizontal fiscal...