Lars Oxelheim - Böcker

The purpose of the volume is to analyze the impact of European Union on inward foreign direct investment in Europe and to discuss what type of effects are being created by this race for FDI. The volume deals with two levels of discussion: first, by looking at the policy issues as addressed by the EU authorities and incentive regimes exercised in single countries by local governments. Second, by looking at company strategies towards location selection and whether there is a trend towards concentration in some countries or regions. Although academically it is still under discussion, most countries believe that inward foreign direct investment is beneficial for local economies. It is considered positive not only for job opportunities but also for tax income, technological development and competitiveness of local firms. Countries thus create different type of incentives for foreign firms, such as; direct incentives/subsidies, tax relief, soft loans and preferred handling. This race for attracting inward FDI has been intensified in the European Union. However, there has hardly been any research to understand the impact of EU on the competition among EU-countries to attract FDI. This volume will investigate whether there is such a race or not and provide evidence from different countries.

Transparency has in recent years become a buzzword in the economic-political debate about prospects for economic growth in general and for Europe in particular. A number of events, trends, and developments for example the East-Asian financial crisis, a series of corporate governance scandals in the United States and in Europe, the introduction of the euro as a common currency in part of the European Union, a global trend toward politically independent central banks, growing attention to environmental issues, and attempts to reform the governance structures of supranational and multilateral organizations such as the EU and the UN have made transparency an issue of highest concern. However, the long and winding road leading from improved transparency in Europe to increased economic growth in the region has never been mapped out in a coherent way. The reason is simply that the causal chain from transparency to growth needs to be discussed in a comprehensive, interdisciplinary way, incorporating different research areas and traditions from accounting to economics and political science. This book attempts to bridge that gap in current literature. What is transparency? Are there different kinds of it? What does it do? How much of it do we need, and for what purpose? In this book, the purpose of transparency is assumed ultimately to be higher rates of economic growth, and so the analyses in the different chapters take an instrumental view of transparency, where the relevant question is whether increased transparency leads to more efficient resource allocation. The chapters address transparency in different markets and at different levels: from corporate financial disclosure to lobbying; from the risk incentives facing banks to competition and environmental policies. The book raises important questions and delivers a wealth of insights which will be of great use to a wide spectrum of audiences, including researchers and students on the one hand and policy makers, bureaucrats, and finance and investment professionals on the other. The Editor Lars Oxelheim holds a chair in International Business and Finance at Lund University, Lund and is an affiliate of the Research Institute of Industrial Economics (IUI), Stockholm and of the Fudan University, Shanghai. His current research focuses on the implications of macroeconomic disturbances for corporate performance and issues related to economic and financial integration. He has published some 25 books and numerous articles in the areas of international business and finance, corporate finance and corporate governance. Among his recent monographs are "Money Markets and Politics: A Study of European Financial Integration and Monetary Policy Options" (Cheltenham: Edward Elgar, 2003) (with Jens Forssbaeck), European Union and the "Race for Foreign Direct Investment in Europe" (Oxford: Elsevier, 2004) (co-edited/authored with Pervez Ghauri) and "Corporate Performance and the Exposure to Macroeconomic Fluctuations" (Stockholm: Norstedts Academic Publishers, 2005) (with Clas Wihlborg). This series: provides an international perspective to the study of business, with a special emphasis on management and marketing issues. It deals with such topics as globalization, international business negotiations, cross-cultural communication, entry strategies, doing business in different regions, and future trends. It also focuses on the development of international business theory, methodological issues, the results of empirical studies and the findings of practitioners.

The increasing amounts of money paid out in compensation to corporate executives have become the subject of a heated public policy debate on both sides of the Atlantic during the last decade. The magnitude of these sums, as well as the timing of payments relative to evidence of corporate success or - more notably, failure - has surprised and, in many cases, angered employees, shareholders and politicians, and drawn considerable attention in the media. Are executives in many firms exploiting their power to benefit themselves at the expense of other stakeholders or is the level of compensation the result of an effective market mechanism? This book is intended to fill a void created by the current focus of economic, financial and management research on executive compensation in the USA, and to address whether results from the US generalize to Europe, whether there is a European model for executive compensation, and whether European compensation structures enhance the wealth of shareholders and citizens. The research presented here provides a foundation for further research that will help shareholders, their representatives on boards, and policy makers develop wealth enhancing procedures, contracts and rules within European corporate governance systems. The book covers a wide range of issues, including: corporate law and regulation in the area of corporate governance; prosperity and growth effects of compensation contracts; effects of compensation packages on incentives; organization of markets for executives; the choice of performance measure in performance-linked compensation contracts; influences from the US on compensation levels in Europe; as well as country studies of factors affecting compensation packages and their characteristics. This book will be of interest to academics, practitioners and policy makers. On the academic side, researchers and students in the field of business economics, corporate governance, finance, international business, and management will discover research results that enhance their knowledge and provide the basis for further research. Among practitioners, board members, executives, chief financial officers, and bankers will benefit from this book when evaluating and designing executive compensation schemes. Policy makers will find research-based material that can either support or call into question their preconceived opinions.

Very few firms make any attempt in their annual reports to inform market participants about the impact of macroeconomic developments on performance. However, the market is not oblivious to this fact, so the firm, as well as financial analysts, need to pay attention. Corporate Decision-Making with Macroeconomic Uncertainty: Performance and Risk Management develops and presents in an easily comprehensible way the essential elements of a corporate strategy for managing uncertainty in the macroeconomic environment. This Macroeconomic Uncertainty Strategy, or MUST, enhances firm value by allowing management and external stakeholders to distinguish between changes in the intrinsic competitiveness of the firm and changes in performance caused by macroeconomic fluctuations. These fluctuations, manifested as changes in exchange rates, interest rates, and inflation rates, are beyond management's control, but they have a substantial impact on performance. The book includes methods to identify the impact of these fluctuations, to develop strategies for macroeconomic risk management, to develop reports to external stakeholders, to evaluate the relative performance of subsidiaries and business units in multinational companies, and to evaluate performance as part of the due diligence process in an M & A context. The authors' use of value-based management, various performance measurements, and the concept of real options makes the book rich and compelling.

In recent years, the term 'transparency' has emerged as one of the most popular and keenly-touted concepts around. In the economic-political debate, the principle of transparency is often advocated as a prerequisite for accountability, legitimacy, policy efficiency, and good governance, as well as a universal remedy against corruption, corporate and political scandals, financial crises, and a host of other problems.But transparency is more than a mere catch-phrase. Increased transparency is a bearing ideal behind regulatory reform in many areas, including financial reporting and banking regulation. Individual governments as well as multilateral bodies have launched broad-based initiatives to enhance transparency in both economic and other policy domains. Parallel to these developments, the concept of transparency has seeped its way into academic research in a wide range of social science disciplines, including the economic sciences.This increased importance of transparency in economics and business studies has called for a reference work that surveys existing research on transparency and explores its meaning and significance in different areas. The Oxford Handbook of Economic and Institutional Transparency is such a reference. Comprised of authoritative yet accessible contributions by leading scholars, this Handbook addresses questions such as: What is transparency? What is the rationale for transparency? What are the determinants and the effects of transparency? And is transparency always beneficial, or can it also be detrimental (if so, when)?The chapters are presented in three sections that correspond to three broad themes. The first section addresses transparency in different areas of economic policy. The second section covers institutional transparency and explores the role of transparency in market integration and regulation. Finally, the third section focuses on corporate transparency. Taken together, this volume offers an up-to-date account of existing work on and approaches to transparency in economic research, discusses open questions, and provides guidance for future research, all from a blend of disciplinary perspectives.

This book analyses differentiation in European integration from a Nordic perspective.Following an interdisciplinary approach and focusing on the idea of the Nordics as a laboratory of differentiation, the book explores specific Nordic concerns in policy fields such as the labour market, security and Justice and Home Affairs (JHA), EU institutions such as the European Commission and the Eurogroup, and legal issues such as the European Economic Area (EEA) law and European patent law. It discusses differentiation, particularly from the Nordic experiences, examines the lessons that can be learnt from them, and suggests more 'hidden' and less researched cases.This book will be of key interest to scholars and students of European studies, European integration, Nordic studies, differentiated integration and more broadly to comparative politics.Chapters 5, 6, 8, and 9 of this book are freely available as a downloadable Open Access PDF at http://www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license.

A practical and accessible guide that demystifies ForEx risk for managers in all areas of businessVirtually any organisation active in the global economy is impacted by fluctuations in foreign exchange (FX or ForEx) markets. Managers need to understand this increasingly complex issue and measure their firm’s exposure to risk. Corporate Foreign Exchange Risk Management is an in-depth yet accessible guide on effective ForEx exposure management. Designed for professionals responsible for managing a profit & loss or balance sheet influenced by ForEx fluctuations, it enables risk managers to navigate the interconnected worlds of financial management and economics.This innovative guide integrates academic discussion of the economics of risk management decisions and pragmatic advice for various situations in which performance measures affected by accounting standards are paid considerable attention. Readers are provided with the tools and knowledge required to handle a broad range of issues related to ForEx risk management. Clear, non-technical chapters demystify concepts that often appear complicated and confusing to managers. Written by globally-recognised experts in corporate finance, risk management and international business, this book:  Employs a reader-friendly narrative style to explain complex conceptsProvides a clear, actionable risk management strategy which can be used in a variety of businessesPlaces all concepts in relatable, real-world contextsExplains important academic research to practitioners in plain EnglishIncludes effective pedagogical tools and explanations, straightforward examples and end-of-chapter summaries which highlight key pointsCorporate Foreign Exchange Risk Management is a must-read for any manager who deals with corporate exposure to ForEx risk, as well as analysts wishing to better understand the relation between corporate performance and ForEx fluctuations and students of corporate risk management.

The EU's Role in Fighting Global Imbalances looks at the role of the European Union in addressing some of the greatest challenges of our time: poverty, protectionism, climate change, and human trafficking. The recent crisis has depleted the Union s economic and political resources. At the same time the Union is, like never before, expected to confront these global challenges on the world political arena, where new regional power centres are establishing themselves. Based on a broad and interdisciplinary understanding of the concept of global imbalances, this book argues that these challenges follow from pervasive global imbalances, which at root are economic, political, and legal in character.Contributions from ten leading scholars in the fields of economics, law, and political science provide in-depth analyses of three key dimensions of EU foreign policy, namely: the internal challenges facing the EU, as its 28 member countries struggle to coordinate their actions; the external challenges facing the EU on the global arena, in areas where global imbalances are particularly pervasive, and where measures taken by the Union can have an important impact; and the EU´s performance on the global arena, in the eyes of other key actors.This policy-oriented, interdisciplinary volume offers real insight into the European Union and its role in global affairs and will appeal to academics and policy-makers alike.Contributors: L. Aggestam, A.Bakardjieva Engelbrekt, A. Bigsten, S. Bogojevi , O. Elgström, M. Henrekson, A. Jonsson Cornell, A. Kokko, M. Mårtensson, A. Moberg, L. Oxelheim, T. Persson, T. Sanandaji, A. Schmidt-Felzmann

Bridging the Prosperity Gap in the EU addresses the great social challenge currently facing the European Union. Taking an interdisciplinary approach, the authors invaluably pinpoint both overarching problems and possibilities associated with the social dimension of European integration.Prominent researchers of economics, law and political science tackle this complex issue, providing new solutions within their respective fields of expertise. The chapters cover crucial policy challenges and analyse fundamental mechanisms that limit, or otherwise affect, the evolution of a European social dimension. These insights clarify the far-reaching measures that will be needed to gradually restore the balance between market integration and social protection across the European Union. Illustrating the importance of cohesion, this book is vital for those interested in comparative European studies, from backgrounds in public and social policy, law and economics.Contributors include: U. Bernitz, N. Charron, A.-C. Jungar, A.-S. Lind, M. Ljunge, L. Magnusson, M. Martensson, S. Murhem, P. Nyman, L. Oxelheim, J. Paju, T. Persson, B. Rothstein, J. Ruist, J.J. Votinius

Security in the European Union (EU) is an increasingly complex problem, with the spectre of disintegration looming over the Eurozone, and the threat of terrorism, insecurity and the long-term sustainability of food supply and fresh water reaching levels of crisis. This interdisciplinary book provides a unique insight into the multiple security threats that the EU is facing, and gives readers invaluable information about the challenges these pose to the Union.With contributions from scholars of economics, law and political science, The European Union: Facing the Challenge of Multiple Security Threats provides a comprehensive analysis of contemporary security problems for the EU. Focussing on the latter end of the 2010s, this book examines in great detail the impact that developments in the rest of the world has had on the Union’s vulnerable state. Among the key contemporary issues examined are the migration crisis exacerbated by the conflicts in Syria and Libya, the increasingly strained relationship between the EU and Russia as well as the changing circumstances in the EU-US relationship brought on by Donald Trump’s presidency.Tapping into the internal and external causes and impacts of security problems in the EU, this book offers important policy ideas for the future of the Union. It constitutes a vital read for policy makers and advisors in the EU, as well as for scholars of European political science, economics, and law.Contributors include: A. Bakardjieva Engelbrekt, N. Bremberg, M. Eriksson, J. Gullstrand, C. Jörgensen, C. Magnusson Sjöberg, A. Michalski, N. Nilsson, G. Noll,I. Österdahl, L. Oxelheim, C. Parker, T. Persson, R. Svensson, C. Wagnsson, S. Widmalm

The dramatic evolution of financial markets in the 1980s and 1990s, accompanied by increasing institutional integration between nations (most notably in the EU), have fostered a widespread belief that governments - particularly those of small economies - have essentially lost the power to pursue sovereign, independent economic policies. At the same time, it is widely assumed that the loss of monetary-policy control is a major opportunity cost for a country adopting a rigid exchange-rate regime or, in the European context, for countries joining the EMU.This book sheds light on these arguments by examining the relationship between the international integration of domestic money markets and the degree of monetary-policy independence in eleven small, open economies in Europe. The authors address these important issues in the context of a broad-based historical analysis of market formation and growth, exchange-rate policies and deregulation. They find that political motives, in conjunction with competitive forces, path dependence and institutional factors, are a major determinant of market development. Moreover, they reveal that credible commitment to a stability goal is a far more reliable predictor of monetary-policy autonomy than the adoption of a specific exchange-rate regime.This accessible investigation of the relationship between domestic money-market development, international financial integration and the monetary-policy options available to small, open economies will be welcomed by students and researchers of macroeconomics, financial economics and political economy. The extensive empirical research and original conclusions will also be of interest and benefit to corporate decisionmakers, bankers, policymakers and regulators.

This is the first book in the Interdisciplinary European Studies collection. This volume provides an interdisciplinary perspective on trust in the EU from the vantage point of political science, law and economics. It applies insights from a number of different dimensions – political institutions, legal convergence in criminal and civil law, social trust, digitalization, the diffusion of political values and norms, monetary convergence and the legitimacy of political systems – to approach the highly complex issue of trust in the EU in a clear-sighted, relevant and insightful manner. Written by renowned experts in the field, the style is accessible and reader-friendly, yet concise, knowledgeable and thought-provoking. The individual chapters combine up-to-date research findings with reflections on on-going political debates and offer useful, concrete ideas on what steps the EU could take to address the challenge of trust. The book provides the reader with invaluable insights into how trust, or rather the lack of trust, poses a challenge to the future of the social, economic and political developments in the EU. It is a must-read for policy-makers, students and interested members of the public who feel concerned by the future of Europe.

The book’s interdisciplinary approach brings together scholars from economics, law, and political science to provide a comprehensive analysis of how shifts in the international order affect the global position of the EU in dimensions such as foreign and security policy, trade, migration, populism, rule of law, and climate change.

The book’s interdisciplinary approach brings together scholars from economics, law, and political science to provide a comprehensive analysis of how shifts in the international order affect the global position of the EU in dimensions such as foreign and security policy, trade, migration, populism, rule of law, and climate change.

This book explores the complex and ever-changing relationship between the European Union and its member states.

This book explores the complex and ever-changing relationship between the European Union and its member states.

This book explores the multiple challenges that the global technology shift is posing to the EU. It raises the question of how European societies will mobilize the positive effects of the rapid technological advancement in digitalization, robotization, and artificial intelligence, while mitigating the negative consequences in terms of job losses, cybercrime, and social and political polarization. From the vantage point of experts from economics, law, and political science, this book provides insights into the role that the EU is and ought to be playing in regulating global platform companies, addressing taxation in the digital economy, mitigating job displacements on the labour market, and tackling ethical concerns of artificial intelligence and the prospect of digital democracy. All chapters are based on up-to-date research findings, succinct assessment of the current state of affairs and ongoing debates. They conclude with policy recommendations for policy makers on European and national levels.‘This volume has a solid foundation in the highly topical question of technological change. More importantly, the individual chapters are written by qualified scholars whose analytically advanced contributions are likely to interest a wide audience. I can strongly recommend this book for scholars and students in political science, law, and economics.’—Carl Fredrik Bergström, Professor of European Law, Uppsala University, Sweden‘When the Commission took office in 2019, it put forward its vision as to how Europe’s digital future could be ‘shaped’ in a way that makes the digital transition enrich people’s lives and make sure that European businesses fully benefit from the opportunities offered by digital technologies. Then COVID drastically accelerated the take up of digital solutions. As the digital transformation affects every single one of us it is important that we have the widest possible debateon its inherent risks and opportunities. This is why I warmly recommend this book. It brings together an inter-disciplinary set of scholars able to analyse the multifaceted implications of the technological shift. And I could not agree more with the book’s main takeaway, i.e. that we need to create an adaptive regulatory framework capable of harnessing the positive effects of technological changes while buttressing the negative impact on European society and citizens.’—Ambassador Kim Jørgensen, Head of Cabinet to Commissioner and Executive Vice-President Margrethe Vestager, European Commission

This book explores the multiple challenges that the global technology shift is posing to the EU. It raises the question of how European societies will mobilize the positive effects of the rapid technological advancement in digitalization, robotization, and artificial intelligence, while mitigating the negative consequences in terms of job losses, cybercrime, and social and political polarization. From the vantage point of experts from economics, law, and political science, this book provides insights into the role that the EU is and ought to be playing in regulating global platform companies, addressing taxation in the digital economy, mitigating job displacements on the labour market, and tackling ethical concerns of artificial intelligence and the prospect of digital democracy. All chapters are based on up-to-date research findings, succinct assessment of the current state of affairs and ongoing debates. They conclude with policy recommendations for policy makers on European and national levels.‘This volume has a solid foundation in the highly topical question of technological change. More importantly, the individual chapters are written by qualified scholars whose analytically advanced contributions are likely to interest a wide audience. I can strongly recommend this book for scholars and students in political science, law, and economics.’—Carl Fredrik Bergström, Professor of European Law, Uppsala University, Sweden‘When the Commission took office in 2019, it put forward its vision as to how Europe’s digital future could be ‘shaped’ in a way that makes the digital transition enrich people’s lives and make sure that European businesses fully benefit from the opportunities offered by digital technologies. Then COVID drastically accelerated the take up of digital solutions. As the digital transformation affects every single one of us it is important that we have the widest possible debateon its inherent risks and opportunities. This is why I warmly recommend this book. It brings together an inter-disciplinary set of scholars able to analyse the multifaceted implications of the technological shift. And I could not agree more with the book’s main takeaway, i.e. that we need to create an adaptive regulatory framework capable of harnessing the positive effects of technological changes while buttressing the negative impact on European society and citizens.’—Ambassador Kim Jørgensen, Head of Cabinet to Commissioner and Executive Vice-President Margrethe Vestager, European Commission

The fifth volume of the Interdisciplinary European Studies series aims to explore the EU’s pursuit of societal resilience and its role in the transition to a green economy.

The fifth volume of the Interdisciplinary European Studies series aims to explore the EU’s pursuit of societal resilience and its role in the transition to a green economy.

Against a backcloth of tumultuous events in Europe, the EU faces once again the fateful question of moving towards federal union or let flexible integration guide the Union. The sixth volume in Interdisciplinary European Studies explores the coexistence of deepening political integration and flexible patterns of integration in the EU. The book brings together scholars from economics, law, and political science to provide insights into issues with a bearing on the future of the EU: the crisis of rule of law and political values, the move towards a European defence union, the power of the new European public prosecutor’s office, the prospects of financial stability through the Recovery and Resilience facility, and the state of European parliamentary democracy. The chapters are based on up-to-date research findings and succinct assessments of the current state of affairs and ongoing debates. They conclude with policy recommendations for decision-makers on European and national levels.

Against a backcloth of tumultuous events in Europe, the EU faces once again the fateful question of moving towards federal union or let flexible integration guide the Union. The sixth volume in Interdisciplinary European Studies explores the coexistence of deepening political integration and flexible patterns of integration in the EU. The book brings together scholars from economics, law, and political science to provide insights into issues with a bearing on the future of the EU: the crisis of rule of law and political values, the move towards a European defence union, the power of the new European public prosecutor’s office, the prospects of financial stability through the Recovery and Resilience facility, and the state of European parliamentary democracy. The chapters are based on up-to-date research findings and succinct assessments of the current state of affairs and ongoing debates. They conclude with policy recommendations for decision-makers on European and national levels.

This open access book examines the implications for the EU of a radically changed international context characterized by systemic rivalry, competition over norms and regulations, and growing strategic tension. Globalization that once tied national economies together and internationalized social phenomena, such as education, research and innovation, and tourism, has gone in reverse. An opposite trend is driving the world into distinct spheres of competing models of governance, regulation, technological development, and communication. Facing the most extensive rupture of economic and inter-state relations since the onset of the Cold War, the management of the EU’s internal and external borders is taking on a completely new meaning. The open access book brings together scholars from economics, law, and political science to provide up dated assessments and policy advice on the insecurity in the neighborhood and war in Ukraine, the EU’s role in the future European security architecture,weaponized energy dependence, and the global competition on norms.

This open access book examines the implications for the EU of a radically changed international context characterized by systemic rivalry, competition over norms and regulations, and growing strategic tension. Globalization that once tied national economies together and internationalized social phenomena, such as education, research and innovation, and tourism, has gone in reverse. An opposite trend is driving the world into distinct spheres of competing models of governance, regulation, technological development, and communication. Facing the most extensive rupture of economic and inter-state relations since the onset of the Cold War, the management of the EU’s internal and external borders is taking on a completely new meaning. The open access book brings together scholars from economics, law, and political science to provide up dated assessments and policy advice on the insecurity in the neighborhood and war in Ukraine, the EU’s role in the future European security architecture,weaponized energy dependence, and the global competition on norms.

"This book makes a timely and unique contribution to the field of European Union studies drawing on interdisciplinary insights from economics, law and political science to shed light on crucial questions relating to the depth and size of the EU in times of war, including enlargement, migration, citizenship, and new technologies.

“The international system has become turbulent and unpredictable, presenting major challenges for the European Union. Yet the EU is not just adapting to the new volatile environment but is also actively shaping the world around it. Through its multidisciplinary approach and insightful analyses, The EU Charting its Course in a Geopolitical World is essential reading for scholars and policymakers interested in how the EU is navigating the geopolitical shift.”—Tapio Raunio, Professor of Political Science, Tampere University, FinlandThis open access and the ninth edition of Interdisciplinary European Studies, The EU Charting its Course in a Geopolitical World, explores whether the EU’s evolving policy framework and expanded powers are adequate to respond to an increasingly volatile international landscape. This open access delves into the EU’s responses across key domains—trade, strategic investments, military rearmament, public health, and corporate sustainability. Drawing on expertise from economics, law, and political science, the volume offers a multidisciplinary perspective on the EU’s emerging trade toolbox, its role as a market power, the shift to a green the economy for business and households, and its push for deeper cooperation in the area of industrial military production. Each chapter is grounded in current research and provides concise analyses of the current state of affairs and contemporary debates. Concluding with a set of policy recommendations, the volume serves as a valuable resource for European and national policymakers.

This is the first book in the Interdisciplinary European Studies collection. This volume provides an interdisciplinary perspective on trust in the EU from the vantage point of political science, law and economics. It applies insights from a number of different dimensions – political institutions, legal convergence in criminal and civil law, social trust, digitalization, the diffusion of political values and norms, monetary convergence and the legitimacy of political systems – to approach the highly complex issue of trust in the EU in a clear-sighted, relevant and insightful manner. Written by renowned experts in the field, the style is accessible and reader-friendly, yet concise, knowledgeable and thought-provoking. The individual chapters combine up-to-date research findings with reflections on on-going political debates and offer useful, concrete ideas on what steps the EU could take to address the challenge of trust. The book provides the reader with invaluable insights into how trust, or rather the lack of trust, poses a challenge to the future of the social, economic and political developments in the EU. It is a must-read for policy-makers, students and interested members of the public who feel concerned by the future of Europe.

There is widespread agreement in the current social and economic debate that the integration of nations is growing worldwide. Many structural signs in society suggest the same. Integration has become a catch word in the preparations for the internal market of the EC, and a keynote in the debate on association of non-community European countries. Integration has also become a catch word in the process of transformation going on in Eastern Europe. But when we turn to the question of how this integration should be defined and measured, there is very little consensus. Instead, there are numerous problems, not only about how to measure integration but even about how to define it. International Financial Integration discusses the importance and the implications of this particular type of integration and then looks at the most important problems connected with measuring it. Different ways of measuring as well as the potential autonomy for national monetary policy are evaluated, and an alternative way of measurement is elaborated and advocated. All methods are discussed in detail and demonstrated in an extensive empirical analysis.

European taxes have long been debated for their potential role as barriers to increased investment and welfare. The discussion has often circulated around the size of the tax bases and the magnitude of the tax rate. In this book we argue that in the taxation context the European Union (EU) is at a cross-road facing strong forces pushing it into two polar positions. One of these is the scenario with all welfare provided by the national regime and financed by taxes collected entirely by national authorities. The other extreme is the situation where all welfare is - fered at an EU level financed entirely by taxes collected at that level. The two forces pressing the tax situation into one of these two poles are spelt tax compe- tion and welfare arbitrage. The research question addressed in this book covers the existence of a potential steady state in between these to poles. Our basic - pothesis is that their might be such a steady state due to the immobility of some tax bases and where the taxation of these bases have no externalities affecting - vestment. We argue that the very complex tax structures of Europe and the tax - certainty facing investors in Europe need to be addressed in a comprehensive way.