inflows in Emerging Market Economies (EMEs). We introduce a novel theory that identifies an additional rationale for reserve … constrained efficient equilibrium. We test our theory using data from 34 EMEs over the period 1999-2019. The findings support our … theory, as countries with more restrictions on gross capital outflows tend to accumulate larger reserves in response to …

promote productivity in tradable sectors in current account surplus countries. Thirdly, in countries with more flexible …

living wage is a special kind of income tax of which marginal tax rate is -1, one can apply a classical theory of tax evasion … to understand illegal or excessive receipt of living wage caused by income under reporting. Utilizing a classical theory …