After 30 years of orthodox socialism, in 1979 China opened the door to a market economy. The unleashed entrepreneurial spirit and rapid accumulation of savings and investment led to unparalleled economic growth. Remarkably, investment, companies and even stock exchanges proceeded without...

In the last quarter of the 20th century, the concept of a tax expenditure budget emerged as the primary mode of analysis of concessions in tax laws in advanced economies. Under this approach, the fiscal cost of concessions is calculated and lost revenue is treated as the equivalent of revenue...