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[SQUEAKING] [RUSTLING] [CLICKING] BENJAMIN OLKEN: So stepping back-- what we were talking about on the tax section was we were talking about two different approaches to how you can think about solving the challenge of the infor-- OK, of the information challenges in the developing-- in developing world and the tax structure. One of them was through thinking about how do you design a tax code that allows you to get information revelation. And the other is how do you actually maybe through the tax administration system just get better data on people. And those were the two approaches. So we talked last time in the examples about the VAT about how do you think about that through changing tax administration. The other thing I want to talk about now is, how do you think about that-- how do you think about whether the tax administration margin is kind of interesting or is relevant? And what are some of the challenges in doing that. So I want to talk about two papers on this, an...

[SQUEAKING] [RUSTLING] [CLICKING] BENJAMIN OLKEN: All right, so I just have a couple of things to say to finish off kind of what I want to talk about land, and then we're going to switch to some of the lectures on public finance and redistribution. OK, so the two last points on land. The first thing is I realized as I was looking over my slides this morning that the last thing-- I had four different reasons why we care about land titling. I never showed you reason number four, which is, is there, in fact, kind of a collateral effect? Right? The original motivation for doing all this land titling was that people could take their land titles and use them to borrow. Let me just note there's a couple of papers here that show that while there are effects on investment through the time horizon channel, they don't seem to be as much through this kind of collateral for loan channel as you might expect. So I'm not going to go through that in detail, but I wanted to...