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Taxation and Regulation as Barriers to International Investment Flows

Taxation and Regulation as Barriers to International Investment Flows Deepak Lal° 1. Introduction Over the last decade there has been a sea change in public attitudes to international investment around the world. The first section examines this shift in historical context. The opening up of the capital account of the balance of payments in many developing countries, the final ending of exchange controls in OECD countries (in 1979 in the UK), the progressive deregulation of domestic capital markets in most developed and increasingly in many developing countries, and the linking of global financial markets through the computer, have led to an explosion in international capital flows in the 1990's, whose dimensions and composition are charted in the second section. This growing integration could be taken as an indication that few barriers remain to the flow of international capital. The third section examines whether this is the case by surveying studies which have attempted to compare the current extent of integration with that at the end of the first liberal international economic order (LIEO) in the 19th century. This provides some indirect evidence of current barriers to international flows of capital. The fourth section looks at the effects of taxation on these flows, and the final section at http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal des Économistes et des Études Humaines de Gruyter

Taxation and Regulation as Barriers to International Investment Flows

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Publisher
de Gruyter
Copyright
Copyright © 1999 by the
ISSN
2194-5799
eISSN
2153-1552
DOI
10.1515/jeeh-1999-0101
Publisher site
See Article on Publisher Site

Abstract

Deepak Lal° 1. Introduction Over the last decade there has been a sea change in public attitudes to international investment around the world. The first section examines this shift in historical context. The opening up of the capital account of the balance of payments in many developing countries, the final ending of exchange controls in OECD countries (in 1979 in the UK), the progressive deregulation of domestic capital markets in most developed and increasingly in many developing countries, and the linking of global financial markets through the computer, have led to an explosion in international capital flows in the 1990's, whose dimensions and composition are charted in the second section. This growing integration could be taken as an indication that few barriers remain to the flow of international capital. The third section examines whether this is the case by surveying studies which have attempted to compare the current extent of integration with that at the end of the first liberal international economic order (LIEO) in the 19th century. This provides some indirect evidence of current barriers to international flows of capital. The fourth section looks at the effects of taxation on these flows, and the final section at

Journal

Journal des Économistes et des Études Humaines – de Gruyter

Published: Mar 1, 1999

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