This paper argues that with the recent economic reforms, an efficient and active debt market, particularly in long-term private debt instruments, is essential for the country to realize the full benefits of the reform process and to achieve its potential.

The most popular technique for estimating tax elasticities is the “Proportional Adjustment†method. This paper shows that the standard methodology used will almost invariably lead to biased elasticity estimates, and proposes an alternative methodology which avoids this problem. [WP]