The Economics of Globalization: Policy

The growing economic openness expressed in the globalization of independent economic systems has created problems as well as opportunities that cross formal borders in unexpected ways. Professors Assaf Razin and Efraim Sadka explore the ramifications of globalization in selected public finance issue areas. Seven main topics are covered by the sixteen papers in the volume: the international mobility of technology; capital flows and exchange rate misalignments; tax incentives and patterns of capital flows; income redistribution and social insurance in federal systems; tax harmonization and coordination; political economy aspects of international tax competition; the migration of skilled and unskilled labour; and the fiscal aspects of monetary unification.

Preface

ix

List of Contributors

xi

Introduction

1

(16)

Assaf Razin

Efraim Sadka

I. International Mobility of Technology

R&D and Productivity: The International Connection

17

(16)

Elhanan Helpman

II. Capital Flows and Exchange-Rate Misalignment

International Implications of German Unification

33

(26)

Hans-Warner Sinn

Real-Exchange-Rate Misalignments and Growth

59

(26)

Ofair Razin

Susan M. Collins

III. Tax Incentives and Patterns of Capital Flows

Implications of the Home Bias: A Pecking Order of Capital Inflows and Corrective Taxation

85

(38)

Assaf Razin

Efraim Sadka

Chi-Wa Yuen

Transfer Pricing as a Strategic Device for Decentralized Multinationals

123

(20)

Guttorm Schjelderup

Lars Sorgard

IV. Limits to Income Redistribution in Federal Systems

Income Redistribution in an Economic Union: The Trade-off Between International and International Redistributions

143

(13)

Helmuth Cremer

Pierre Pestieau

Federal Insurance of U.S. States: An Empirical Investigation

156

(17)

Bent E. Sorensen

Oved Yosha

V. Tax Harmonization, Tax Coordination, and the ``Disappearing Taxpayer''

Is There a Need for a World Tax Organization?

173

(14)

Vito Tanzi

Taxation, Financial Innovation, and Integrated Financial Markets: Some Implications for Tax Coordination in the European Union

187

(35)

Julian S. Alworth

Can International Commodity-Tax Harmonization Be Pareto-Improving When Governments Supply Public Goods?

222

(24)

Ben Lockwood

Fiscal Separation with Economic Integration: Israel and the Palestinian Authority

246

(21)

Ephraim Kleiman

VI. Political-Economy Aspects of International Tax Competition

Factor Taxation, Income Distribution, and Capital-Market Integration

267

(24)

Andreas Haufler

Interjurisdictional Tax Competition: A Political-Economy Perspective

291

(22)

Carlo Perroni

Kimberley A. Scharf

VII. Migration of Skilled and Unskilled Labor

Economic Integration, Factor Mobility, and Wage Convergence

313

(20)

Gilles Saint-Paul

Human-Capital Formation, Asymmetric Information, and the Dynamics of International Migration

333

(40)

Nancy H. Chau

Oded Stark

VIII. Fiscal Aspects of Monetary Unification

The Interaction of Fiscal Policy and Monetary Policy in a Monetary Union: Balancing Credibility and Flexibility

373

(34)

Roel M. W. J. Beetsma

A. Lans Bovenberg

Index

407

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The Economics of Globalization: Policy Perspectives from Public Economics

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