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[1]Vijay Mallya Has Left the Country, Government Tells Supreme Court, New Indian Express (Mar. 9, 2016), https://www.newindianexpress.com/nation/2016/Mar/09/vijay-mallya-has-left-the-country-government-tells-supreme-court-901734.html.[2]Fugitive Economic Offenders Act, No. 17 of 2018, India Code (2018).[3]Directorate of Enforcement v. Mallya, Special Court (Prevention of Money-Laundering Act), Mumbai (Jan. 5, 2019) (Azmi, J.) (India) (unreported); see also Vijay Mallya Becomes First Person to Be Officially Tagged as a Fugitive Economic Offender, Bus. Today (Jan. 5, 2019), https://www.businesstoday.in/latest/economy-politics/story/vijay-mallya-becomes-first-person-to-be-officially-tagged-as-a-fugitive-economic-offender-157748-2019-01-05.[4]Mallya v. Gov't of India [2020] EWHC (Admin) 924, [3]–[12] (Eng.). The English Divisional Court's recital of the lending history is the most complete judicial account of the Kingfisher facts available in the public domain.[5]State Bank of India v. Mallya, 2022 INSC 700 (India).[6]Recovery of Debts Due to Banks and Financial Institutions Act, No. 51 of 1993, India Code (1993), renamed the Recovery of Debts and Bankruptcy Act, 1993, by the Insolvency and Bankruptcy Code, No. 31 of 2016, § 250, India Code (2016).[7]Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, No. 54 of 2002, India Code (2002).[8]Prevention of Money-Laundering Act, No. 15 of 2003, India Code (2003).[9]CBI Files Chargesheet Against Mallya in IDBI Loan Case, Bus. Standard (Jan. 24, 2017), https://www.business-standard.com/article/news-ians/cbi-files-chargesheet-against-mallya-in-idbi-loan-case-117012401278_1.html.[10]Shaswati Das & Jayshree P. Upadhyay, ED Files Charges Against Vijay Mallya in Case over IDBI Bank Loans to Kingfisher Airlines, Mint (June 15, 2017), https://www.livemint.com/Politics/VUWHexf9LQwbwgTDNPBt2M/Vijay-Mallya-chargesheeted-by-ED-in-case-over-IDBI-Bank-loan.html.[11]Vijay Mallya Receives Non-Bailable Warrant in Loan Default Case Linked to Indian Overseas Bank, Hindu (July 2, 2024).[12]Press Trust of India, Vijay Mallya Fraudulently Diverted Rs 3,700 Crore for Jet Sorties, F1, IPL Teams: Enforcement Directorate, NDTV (June 20, 2018), https://www.ndtv.com/india-news/vijay-mallya-charged-with-fradulently-diverting-rs-3700-crore-1870614.[13]Press Trust of India, Mallya Flew Away Just Like 'Kingfisher' Bird: HC, Mumbai Mirror (Sept. 19, 2016).[14]Money Laundering Case: Fraud Office Probes 17 Firms Who Took Loans to Fund Vijay Mallya, Indian Express (July 22, 2016). The Serious Fraud Investigation Office derives its investigative mandate from the Companies Act, No. 18 of 2013, §§ 211–212, India Code (2013).[15]State Bank of India v. Mallya [2018] EWHC (Comm) 1084 (Eng.). The Debt Recovery Tribunal's award was registered in England under the Foreign Judgments (Reciprocal Enforcement) Act 1933, c. 13 (U.K.).[16]Gov't of India v. Mallya (Westminster Magistrates' Ct. Dec. 10, 2018) (Arbuthnot, C.M.) (Eng.) (unreported).[17]Kingfisher Airlines Tycoon Loses Appeal Against Extradition to India, Guardian (Apr. 20, 2020).[18]Ron Emler, Vijay Mallya Debt Recovery Cannot End Criminal Case, Indian Court Told, Drinks Bus. (Sept. 14, 2026), https://www.thedrinksbusiness.com/2026/09/vijay-mallya-debt-recovery-cannot-end-criminal-case-indian-court-told/.[19]State Bank of India v. Mallya, supra note 5.[20]Press Trust of India, Mallya Assets Freeze Order in UK Courts Until April 2018, Econ. Times (Dec. 13, 2017), https://economictimes.indiatimes.com/news/politics-and-nation/mallya-assets-freeze-order-in-uk-courts-until-april-2018/articleshow/62057873.cms.[21]Naomi Canton, Indian Banks Face Uphill Task to Determine What Mallya Owns in England, Times India (July 11, 2018), https://timesofindia.indiatimes.com/business/india-business/indian-banks-face-uphill-task-to-determine-what-mallya-owns-in-england/articleshow/64937513.cms.[22]Press Trust of India, Vijay Mallya Discontinues Bankruptcy Annulment Application in UK, Econ. Times (Oct. 13, 2025), https://economictimes.indiatimes.com/news/india/vijay-mallya-discontinues-bankruptcy-annulment-application-in-uk/articleshow/124531165.cms.[23]United Nations Convention Against Corruption arts. 51–57, opened for signature Dec. 9, 2003, 2349 U.N.T.S. 41 (ratified by India May 9, 2011). Article 51 declares the return of assets a fundamental principle of the Convention.[24]U.N. Comm'n on Int'l Trade Law, Working Grp. V (Insolvency Law), Civil Asset Tracing and Recovery in Insolvency Proceedings, U.N. Doc. A/CN.9/WG.V/WP.189 (63d Sess., Dec. 11–15, 2023).[25]Surbhi Pareek & Monil Chheda, Asset Tracing and Recovery: Is India Ready? (INSOL Int'l, Tech. Paper Series No. 63, June 2024), https://www.cyrilshroff.com/wp-content/uploads/2024/07/asset-tracing-and-recovery-is-india-ready.pdf.[26]Extradition Treaty Between the Government of the Republic of India and the Government of the United Kingdom of Great Britain and Northern Ireland, India-U.K., Sept. 22, 1992 (entered into force Nov. 15, 1993); see also Extradition Act, No. 34 of 1962, India Code (1962).[27]Why UK Prosecutors Toured Tihar Jail Before Deciding on Vijay Mallya and Nirav Modi's Fate, Moneycontrol (Sept. 7, 2025), https://www.moneycontrol.com/news/india/why-uk-prosecutors-toured-tihar-jail-before-deciding-on-vijay-mallya-and-nirav-modi-s-fate-13526640.html.[28]Bharatiya Nagarik Suraksha Sanhita, No. 46 of 2023, §§ 355–356, India Code (2023). Section 356 permits inquiry, trial or judgment in the absence of a proclaimed offender.[29]Press Info. Bureau, Gov't of India, Release No. 2179886 (Oct. 16, 2025), https://pib.gov.in/PressReleasePage.aspx?PRID=2179886.[30]Neeraj Chauhan, Shah Calls for Special Jails to Aid Extradition, Hindustan Times (Oct. 17, 2025), https://www.hindustantimes.com/india-news/shah-calls-for-special-jails-to-aid-extradition-101760641216821.html.[31]Viraj Chetan Shah v. Union of India, 2024 SCC OnLine Bom 1195 (India). The High Court quashed clause 8(b)(xv) of the Ministry of Home Affairs Office Memorandum of 27 October 2010 (and its equivalent, clause 6(B)(xv) of the consolidated Office Memorandum of 22 February 2021), which had authorised the heads of public sector banks to request Look-Out Circulars.[32]Maneka Gandhi v. Union of India, (1978) 1 S.C.C. 248 (India).[33]Union of India v. Viraj Chetan Shah (S.C. Aug. 20, 2024) (India) (interim stay of the High Court's judgment, with liberty to affected borrowers to seek travel permission from the High Court).[34]Ritu Singal v. Bureau of Immigration, 2026:DHC:3806 (India) (following Viraj Chetan Shah).[35]Kiran Ashok Kadam, State Bank of India v. Dr. Vijay Mallya, Int'l J. Legal Stud. & Soc. Sci. (July 2024), https://ijlsss.com/wp-content/uploads/2024/07/18.-KiranKadam.pdf.[36]Press Info. Bureau, Gov't of India, Union Minister of Finance and Corporate Affairs Launches New Initiatives for Corporate Sector (Feb. 20, 2019), https://www.pib.gov.in/pressreleasepage.aspx?prid=1555992.[37]Reserve Bank of India, Master Circular on Wilful Defaulters, RBI/2015-16/100, DBR.No.CID.BC.22/20.16.003/2015-16 (July 1, 2015), https://www.rbi.org.in/commonperson/English/Scripts/Notification.aspx?Id=1458.[38]Reserve Bank of India, Report of the Committee on the Financial System (1991) (Chairman: M. Narasimham).[39]Reserve Bank of India (Treatment of Wilful Defaulters and Large Defaulters) Directions, 2024, RBI/DoR/2024-25/122, DoR.FIN.REC.No.31/20.16.003/2024-25 (July 30, 2024) (India).[40]Vijay Mallya Questions Minister's Statement on Recoveries from Him, Deccan Herald (Dec. 2, 2025), https://www.deccanherald.com/india/vijay-mallya-questions-ministers-statement-on-recoveries-from-him-3816968. The reply placed before the Lok Sabha recorded fifteen declared fugitive economic offenders owing a principal sum of Rs 26,645 crore and accrued interest of Rs 31,437 crore as on 31 October 2025, against recoveries of Rs 19,187 crore.[41]Fugitive Economic Offenders Act, supra note 2, § 1(3).[42]Fugitive Economic Offenders Act, No. 17 of 2018, § 4(2) proviso, India Code (2018). The declaration is available only where the value involved is at least one hundred crore rupees.[43]Fugitive Economic Offenders Act, No. 17 of 2018, § 11, India Code (2018).[44]Id. § 12.[45]Id. § 14.[46]Rahul Madathil, Fugitive Economic Offenders Regulations and Securities Laws of India, 10 Int'l J. Rsch. & Analytical Revs. 560 (2023), https://ijrar.org/papers/IJRAR23B1798.pdf.[47]Fugitive Economic Offenders Act, No. 17 of 2018, § 12(8), India Code (2018). The provision permits the Special Court to exclude property in which a person other than the offender holds an interest acquired bona fide and without knowledge that the property represented proceeds of crime.[48]Rs 14,131.6 Crore Recovered from Vijay Mallya's Asset Sales, Bus. Standard (Dec. 18, 2024), https://www.business-standard.com/india-news/vijay-mallya-assets-recovered-nirmala-sitharaman-ed-124121800573_1.html.[49]Mallya Still Owes Rs 6,997 Crore Out of Total Dues of Rs 17,781 Crore, Says Finance Ministry, New Indian Express (June 12, 2025).[50]Vijay Mallya Questions Minister's Statement on Recoveries from Him, supra note 40.[51]Vijay Mallya, Interview by Raj Shamani, Figuring Out with Raj Shamani (June 2025).[52]Emler, supra note 18.[53]Ron Emler, Vijay Mallya Misses Mumbai Court Deadline in Fugitive Offender Case, Drinks Bus. (Feb. 20, 2026), https://www.thedrinksbusiness.com/2026/02/vijay-mallya-misses-mumbai-court-deadline-in-fugitive-offender-case/.

Hariharan, Anesha V. “DARK PATTERNS AND PSYCHOLOGICAL MANIPULATION IN ONLINE SHOPPING: A LEGAL ANALYSIS.” White Black Legal – International Law Journal, Volume 4, Issue 1

Shailesh karkhur. “Forensic Microbiology in India: Emerging applications, legal challenges & prospects for criminal justice..” White Black Legal – International Law Journal, Volume 4, Issue 1

[1]Bharatiya Nyaya Sanhita 2023, ss 111, 314, 316, 318.[2]Information Technology Act 2000, ss 43, 66, 66C, 66D.[3]Prevention of Money Laundering Act 2002, ss 3, 5, 8, 12; Financial Intelligence Unit–India, ‘Registration of Virtual Digital Asset Service Providers as Reporting Entity under PMLA’ (4 July 2023).[4]Income-tax Act 1961, ss 2(47A), 115BBH, 194S; Finance Act 2025.[5]Securities and Exchange Board of India Act 1992, s 11AA.[6]Internet and Mobile Association of India v Reserve Bank of India (2020) 10 SCC 274.[7]Ganesh Shivkumar Sagar v State of Gujarat, Special Leave to Appeal (Crl) No 268 of 2023 (Supreme Court materials discussed in the source research).[8]Enforcement Directorate, materials concerning the Morris Coin investigation and attachment of assets.[9]Divyesh Dhansukhbhai Darji v State of Gujarat, R/Criminal Misc Appl Nos 16743 & 17068 of 2021 (Guj HC).[10]Nirod Kumar Das v State of Odisha (OPID), BLAPL No 12151 of 2023 (Orissa HC).[11]US Securities and Exchange Commission, ‘Crypto Task Force’ materials (2025–2026); Financial Crimes Enforcement Network, Bank Secrecy Act guidance concerning convertible virtual currency and money services businesses.[12]Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCA).[13]Payment Services Act 2019 (Singapore); Monetary Authority of Singapore, requirements applicable to Digital Payment Token service providers.[14]Chainalysis, ‘Crypto Pump and Dump Schemes Make Up 24% of New Tokens’ (2023).[15]Financial Action Task Force, standards concerning virtual assets and virtual asset service providers, including the Travel Rule.

[1] WTO, TRIPS Agreement.[2] Cecilia Oh, “TRIPS and pharmaceuticals: A case of corporate profits over health”, Third World Network, August-September 2000. Available from https://twn.my/title/twr120a.htm.[3] Carlos M. Correa, Integrating Public Health Concerns into Patent Legislation in Developing Countries(Geneva. South Centre, 2000). Available from https://www.southcentre.int/wp- content /uploads/2017/06/Bk 2000 Integrating-Public-Health-Concerns-into-Patent-Legislation EN.pdf. 4 Carlos M. Correa, "Interpreting the Flexibilities Under the TRIPS Agreement", in Carlos M. Correa and Reto M. Hilty, eds., Access to Medicines and Vaccines: Implementing Flexibilities Under Intellectual Property Law (Springer, 2022). Available  from https://doi.org/10.1007/978-3-030-83114-1 1. 5 WTO, TRIPS Agreement, Art. 27-30.[4] Ibid, Art. 31.[5] Ibid., arts. 6, 30, 39.3. Also see Correa, "Interpreting the Flexibilities Under the TRIPS Agreement."[6] World Trade Organization, document WT/L/971. Available from https://docs.wto.org/dol2fe/Pages/SS/directdoc.aspx?filename=q:/WT/L/971.pdf.[7] South Centre, “A Public Health Related Approach to Intellectual Property Rights: Public Health Related Flexibilities in the TRIPS Agreement”. Available from https://ipaccessmeds.southcentre.int/wpcontent/uploads/2018/12/Public-Health-Related-Flexibilities-in-the-TRIPS-Agreement.pdf.[8] World Trade Organization, document WT/MIN(01)/DEC/2, Available from https://www.wto.org/english/thewto e/minist e/min01 e/ trips e.htm 11 Ibid, Para 4. [9] UNHLP, "Final Report".[10] International Covenant on Economic, Social and Cultural Rights (1966), art. 12.[11] United Nations Committee on Economic Social and Cultural Rights, document E/C. 12/2000/4, para,43.[12] Ibid, paras, 43-44.[13] UNHRC, A/HRC/RES/12/24[14] United Nations Human Rights Council, document A/HRC/23/14. Available from http://daccessods.un.org/access.nsf/Get?Open&DS=A/HRC/RES/23/14&Lang=E[15] See, e.g., United Nations General Assembly, document A/HRC/11/12. Available from https://digitallibrary.un.org/record/652915?v=pdf#files.[16] The Patents Act, No. 39 of 1970, § 84 (India).[17] Carlos Correa, Intellectual Property Rights and the Use of Compulsory Licenses: Options for Developing Countries, 6 S. Ctr. Res. Papers (2016).[18] Agreement on Trade-Related Aspects of Intellectual Property Rights art. 31, Apr. 15, 1994, 1869 U.N.T.S. 299.[19] The Patents Act, No. 39 of 1970, § 84 (India).[20] Ibid.[21] Natco Pharma Ltd. v. Bayer Corp., Compulsory License Application No. 1 of 2011 (Controller of Patents, India Mar. 9, 2012).[22] Frederick M. Abbott, The WTO Medicines Decision: World Pharmaceutical Trade and the Protection of Public Health, 99 Am. J. Int’l L. 317 (2005).[23] Ellen ’t Hoen, TRIPS, Pharmaceutical Patents and Access to Essential Medicines, 3 Chi. J. Int’l L. 27 (2002).[24] World Health Organization, Public Health, Innovation and Intellectual Property Rights (2006).

[1] Dr. Lokesh B.H. v. State of Karnataka, 2026 INSC 784 (India)[2] D. Velusamy v. D. Patchaiammal, (2010) 10 SCC 469 (SC)[3] D. Velusamy v. D. Patchaiammal, (2010) 10 SCC 469 (SC)[4] Arnesh Kumar v. State of Bihar, (2014) 8 SCC 273[5] The Code of Criminal Procedure, 1973, Section 41A (Act No. 2 of 1974)[6] Bharatiya Nagrik Suraksha Sanhita, 2023, Section 35[7] Arnesh Kumar v. State of Bihar, (2014) 8 SCC 273[8] Dr. Lokesh B.H. v. State of Karnataka, 2026 INSC 784 (India)

ayushi Soni, DR. GAWARAJA SUTHAR. “AN ANALYSIS OF NEW CRIMINAL LAWS FOR THE PREVENTION AND PROTECTION AGAINEST HUMAN TRAFFCKING IN INDIA ( WITH SPECIAL REFERENCE TO WOMEN AND CHILDREN).” White Black Legal – International Law Journal, Volume 4, Issue 1

[1]See Arturo Estrella & Frederic S. Mishkin, The Yield Curve as a Predictor of U.S. Recessions, 2 Current Issues in Economics and Finance, no. 7, 1, 1-6 (Fed. Rsrv. Bank of N.Y. June 1996) (explaining the predictive content of the ten-year Treasury minus three-month Treasury spread); Stanley Fischer, Exchange Rate Regimes: Is the Bipolar View Correct?, 38 Fin. & Dev., no. 2, 18, 18-21 (June 2001) (discussing the policy constraints created by different exchange-rate regimes).[2]Arturo Estrella & Frederic S. Mishkin, The Yield Curve as a Predictor of U.S. Recessions, 2 Current Issues in Economics and Finance, no. 7, 1, 1-6 (Fed. Rsrv. Bank of N.Y. June 1996); Arturo Estrella & Frederic S. Mishkin, Predicting U.S. Recessions: Financial Variables as Leading Indicators, 80 Rev. Econ. & Stat. 45, 45-61 (1998).[3]Maurice Obstfeld, Jay C. Shambaugh & Alan M. Taylor, The Trilemma in History: Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility, 87 Rev. Econ. & Stat. 423, 423-38 (2005) (providing historical evidence that fixed exchange rates, capital mobility, and independent monetary policy cannot all be simultaneously maximized).[4]Int’l Monetary Fund, IMF Concludes Article IV Consultation with Thailand, Public Information Notice No. 00/5 (Jan. 20, 2000); Hong Kong Monetary Authority, Annual Report 1998 (1999); Int’l Monetary Fund, Hong Kong Special Administrative Region: Staff Report for the 1998 Article IV Consultation, IMF Country Report No. 99/34 (Apr. 1999).[5]Campbell R. Harvey, The Real Term Structure and Consumption Growth, 22 J. Fin. Econ. 305, 305-33 (1988); Campbell R. Harvey, Forecasts of Economic Growth from the Bond and Stock Markets, 45 Fin. Analysts J., no. 5, 38, 38-45 (1989); Estrella & Mishkin, supra note 2, at 45-61.[6]Obstfeld, Shambaugh & Taylor, supra note 3, at 423-38; Fischer, supra note 1, at 18-21.[7]Paul Krugman, A Model of Balance-of-Payments Crises, 11 J. Money, Credit & Banking 311, 311-25 (1979) (formalizing reserve depletion under an unsustainable fixed exchange rate); Independent Evaluation Office, Int’l Monetary Fund, The IMF and Argentina, 1991-2001 (2004) (documenting the interaction of the currency regime, debt, banking vulnerability, and recession in Argentina).[8]Estrella & Mishkin, supra note 2, at 45-61; Int’l Monetary Fund, IMF Concludes Article IV Consultation with Thailand, Public Information Notice No. 00/5 (Jan. 20, 2000).[9]Arturo Estrella & Frederic S. Mishkin, The Yield Curve as a Predictor of U.S. Recessions, 2 Current Issues in Economics and Finance, no. 7, 1, 1-6 (Fed. Rsrv. Bank of N.Y. June 1996); Estrella & Mishkin, supra note 2, at 45-61.[10]Int’l Monetary Fund, IMF Concludes Article IV Consultation with Thailand, Public Information Notice No. 00/5 (Jan. 20, 2000) (reviewing the buildup to the 1997 crisis and the exhaustion of usable reserves during defence of the baht); Kingdom of Thailand, Letter of Intent to the International Monetary Fund (Aug. 14, 1997).[11]Int’l Monetary Fund, Thailand: Statistical Appendix, IMF Country Report No. 00/20, tbls. 1, 28 (Feb. 2000) (reporting gross international reserve data); Kingdom of Thailand, Letter of Intent to the International Monetary Fund (Aug. 14, 1997) (setting programme definitions for net international reserves and accounting for forward foreign-exchange positions).[12]Int’l Monetary Fund, IMF Concludes Article IV Consultation with Thailand, Public Information Notice No. 98/44 (June 25, 1998) (describing the contraction in manufacturing and the recession outlook); Int’l Monetary Fund, Thailand: Statistical Appendix, IMF Country Report No. 00/20 (Feb. 2000) (reporting subsequent national-account outcomes).[13]Independent Evaluation Office, Int’l Monetary Fund, The IMF and Argentina, 1991-2001, Executive Summary & chs. 1-2 (2004); Argentina, Ley de Convertibilidad del Austral, Law No. 23,928, B.O. Mar. 28, 1991.[14]Int’l Monetary Fund, IMF Concludes 2002 Article IV Consultation with Argentina, Public Information Notice No. 03/88 (July 28, 2003) (reviewing the collapse of convertibility, sovereign default, exchange-rate adjustment, and deep output contraction); Independent Evaluation Office, Int’l Monetary Fund, The IMF and Argentina, 1991-2001 (2004) (discussing dollarisation and balance-sheet vulnerabilities).[15]Hong Kong Monetary Authority, Annual Report 1998 (1999) (describing the operation of the Linked Exchange Rate System and the automatic monetary adjustment mechanism); Int’l Monetary Fund, Hong Kong Special Administrative Region: Staff Report for the 1998 Article IV Consultation, IMF Country Report No. 99/34 (Apr. 1999).[16]Int’l Monetary Fund, Hong Kong Special Administrative Region: Staff Report for the 1998 Article IV Consultation, IMF Country Report No. 99/34 (Apr. 1999) (reporting elevated Hong Kong dollar interest rates and the domestic effects of regional financial stress); Hong Kong Monetary Authority, Annual Report 1998 (1999).[17]Reserve Bank of India, Annual Report 2013-14, chs. II & III (2014) (describing the policy response to exchange-market volatility and liquidity pressure during the taper episode); Government of India, Ministry of Finance, Annual Report 2013-14 (2014).[18]Reserve Bank of India, Annual Report 2022-23, chs. II, III & V (2023) (discussing global monetary tightening, the cumulative 250-basis-point repo-rate increase, capital-flow conditions, and movements in the rupee and effective exchange-rate indices).[19]See generally Fischer, supra note 1, at 18-21; Int’l Monetary Fund, Public Information Notice No. 00/5, supra note 10; Independent Evaluation Office, supra note 13; Hong Kong Monetary Authority, supra note 15; Reserve Bank of India, supra note 18. The comparison supports a regime-dependent interpretation of where external monetary stress becomes visible.[20]Maurice Obstfeld, Jay C. Shambaugh & Alan M. Taylor, Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008, 99 Am. Econ. Rev. 480, 480-86 (2009) (linking reserve holdings and financial vulnerability to exchange-rate performance during the global panic).[21]Obstfeld, Shambaugh & Taylor, supra note 3, at 423-38; Fischer, supra note 1, at 18-21.[22]Reserve Bank of India Act, No. 2 of 1934, §§ 45ZA-45ZB, INDIA CODE (as amended); Foreign Exchange Management Act, No. 42 of 1999, §§ 3, 10-11, INDIA CODE; Government Securities Act, No. 38 of 2006, INDIA CODE.[23]See Estrella & Mishkin, supra note 2, at 45-61; Obstfeld, Shambaugh & Taylor, supra note 20, at 480-86; Krugman, supra note 7, at 311-25.[24]Hong Kong Monetary Authority, Annual Report 1998 (1999); Int’l Monetary Fund, Hong Kong SAR: Staff Report for the 1998 Article IV Consultation, IMF Country Report No. 99/34 (1999).[25]See Estrella & Mishkin, supra note 2, at 45-61; Obstfeld, Shambaugh & Taylor, supra note 3, at 423-38; Reserve Bank of India, Annual Report 2022-23 (2023).