In the early 1980s, interest rate ceilings and other regulations affecting financial assets were lifted in Thailand, Indonesia, and the Philippines. The paper finds that liberalization of interest rates significantly increased the real return on financial assets in Thailand and Indonesia,...

In developing countries, most financial assets in formal markets are deposits at financial institutions. This potentially important tax base could be taxed at a low administrative cost. When revenues of financial taxes are significant, implicit taxes dwarf explicit taxes. The author focuses on...

The purpose of this study is to set out a practical method for analyzing how inflation, interest ceilings, reserve requirements and like impositions have had tax-like effects and how they can be compared with explicit taxes. Using this method estimates of the varying magnitudes of the total...

Institutional lending in crisis is evaluated from a theoretical point of view. First, the share of senior loans in new loans is irrelevant under a given probability distribution of the country's resources. Second, seniority may partially alleviate the inefficiency of debt contracts when the...

Cote d'Ivoire represents an ideal opportunity for a case study of the effects of fiscal policy in a developing country with a fixed exchange rate. For the last 15 years, the growth of the Ivorian economy has been dramatically affected by both exogenous factors and the responses of fiscal policy....