This paper studies an optimal tax problem for a small open economy where collecting taxes is costly. It is shown that, in the presence of collection costs modeled as an increasing function of the tax rate: (a) the standard rules of optimal commodity taxation (the Ramsey, the inverse elasticity,...

This paper provides a detailed account of Hong Kong on the eve of its reintegration into China as a special administrative region. It analyzes recent economic development and provides a clear overview of Hong Kong's economic, financial, institutional, and political circumstances, as well a brief...

China's economic performance hs been remarkable since the the reform process began 15 years ago. Notwithstanding the achievements that have been made, a number of serious problems remain. This papers discusses the current reform program and the effors being made to overcome the structural...