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...Corporate tax reform is high on this agenda, and so is the rollback of financial regulation. President Trump has signed an executive order to “do a number” on Dodd-Frank, the 2010 landmark law on US financial regulation that implemented many of the reforms proposed by Basel III. What is at stake, and what are the global implications of such a rollback in the US? The context is clear. For years, Wall Street has complained that restrictions placed on industry—on capital, leverage and stress testing, especially on the largest financial institutions—after the financial crisis were too costly. ...Live Mint on April 11, 2017, 12:19 a.m.
...What is at stake in US fiscal reform, and what are the global spillovers? First, let’s look at the US growth context and long-standing growth concerns. The reality is that US potential growth (the long-term trend growth of output) has fallen from about 3% in the early 2000s to 2% now. A major factor has been declining productivity growth, reflecting marked falls in business dynamism. Reforms to lift tax and regulatory hurdles and restore business investment and productivity in the US have been long awaited. However, it will not be easy to gain consensus across corporate America, in Congress, as well as international support. Corporate tax reform is a critical element, given that the system is highly flawed relative to competitors. ...Live Mint on Feb. 19, 2017, 11:37 p.m.
...The reality is that it is consumption that has been driving Indian growth, rather than investment. Private investment has not yet picked up, despite rising public infrastructure investment, structural reforms in key sectors such as power, the passage of a long-awaited insolvency and bankruptcy code, and the further easing of limits on foreign direct investment. This trend in private investment will have to change if India’s growth is to be sustained, given the constraints on public investment from India’s still elevated public debt, and the government’s fiscal consolidation path. This will require, among other things, domestic financial conditions to become much more supportive of private investment. ...Live Mint on Nov. 24, 2016, 12:26 a.m.