Recent years have witnessed a return of protectionism as tariff barriers were raised by the United States and other large trading partners, mainly China. However very little attention has been paid to the impact of the trade war on outside trading partners having trade relations with the US and...

Early warning indicators (EWIs) of banking crises should ideally be judged on how well they function in relation to the choice issue faced by macroprudential policymakers. Several practical features of this challenge are translated into statistical evaluation criteria, including difficulties...

Trade policy uncertainty impacts firm's decisions to enter export markets and make new investments. I extend the trade policy uncertainty literature in a multi-country trade model to evaluate the uncertainty effect on global trade flows. The model introduces two sources of uncertainty; namely a...

This paper examines possible heterogeneity in the direct and spillover effects of capital control on gross capital flows. First, I introduce signaling effect of capital control in a portfolio choice model with a multi-country set up to demonstrate the possibly heterogeneity in the direct effect...

This paper surveys the state of fiscal federalism in India, in the broader context of decentralization. We begin with an overview of the basic features and recent developments in intergovernmental fiscal relations, including the role of political institutions, the specifics of legislative and...

This paper provides a comparative assessment of fiscal decentralization in China and India, including the standard components of expenditure and revenue assignments and institutions for intergovernmental transfers, as well as the nature of subnational authorities over general nomic activity. In...