, financial reforms that ended decades of financial repression, and a massive privatization program. We investigate the role … played by ideas, interests and institutions. More specifically, we examine the role played by the 'reform team' investigate …

likely to happen by government decree. Instead, they usually come about when the unanimous blocking of reform by powerful … sustainability of reform depends on the existence of new groups that benefit from the new status quo and have enough power to defend … it. Thus, the speed of successful reform is determined by the speed with which new groups are consolidated. Initially …

This paper examines the consequences of the 2015 reform on the London fixing in the interbank forex market, which … behavior after the reform, and the volume spike in the fixing window disappeared. However, the anomalies on price dynamics … to examine the efficiency of banks' behavior after the reform. The volume pattern during the fixing time window suggests …

Economists recommend to partly redistribute gains to losers from a structural reform, which in many cases may be … required for making the reform politically viable. However, taxation is distortionary. Then, it is unclear that compensatory … transfers can support a Pareto-improving reform. This paper provides sufficient conditions for this to occur, despite tax …

explanations for why that is the case; many individuals will simply not know how they will fare under trade reform, and this can … reduce support for a reform which would have been otherwise popular, even in the absence of risk aversion. We show that …