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Mr. Robert P Flood
The paper discusses a model in which growth is a negative function of fiscal burden. Moreover, growth discontinuously switches from high to low as the fiscal burden reaches a critical level. The paper provides an overview of key elements of corporate bankruptcy codes and practice around the world that are relevant to the debate on sovereign debt restructuring. It also describes the broad trends in international financial integration for a sample of industrial countries and explains the cross-country and time-series variation in the size of international balance sheets.
Mr. Robert P Flood

negative effects of STTs are convincing, the conclusions are so one-sided and clear that a reader can’t help but wonder: What am I missing? If STTs have so many substantial costs, yet no real benefits, why do so many countries use them? Why are different variants of STTs (such as the Tobin tax) frequently raised in international forums? Why do they garner so much support from a variety of groups? Although the authors briefly allude to several reasons why STTs gain sponsorship, some of these arguments merit further exploration before being dismissed so quickly. In