The available academic literature suggests that these balanced-budget requirements do work, at least in part. Although states have a wide array of budgetary tricks they can and do employ to hit their deficit targets, research evidence suggests that the balanced-budget requirements do limit borrowing and that, as a result, states with more stringent requirements face somewhat lower borrowing costs.
Let me now dwell on some of the major benefits of e-payments. At the macro level, it enlarges consumer market, and thus contributes to economic growth. I am sure you are all aware of the tremendous advantages of e-ticketing, for instance. The advent of B2B and B2C portals enhances transparency and facilitates better price discovery.