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The ongoing process of increased integration of national economies, culmination in the single European market of 1992, still leaves as virtually separate the national fiscal systems.;In this book, the authors focus on the interactions between fiscal policies of sovereign nations and the magnitude and directions of international capital and goods flow in an integrated world economy. They provide an analysis of the implications of tax competition, tax harmonization, capital flight, external imbalances and the terms of trade for the design of efficient national tax systems. The book extends concepts developed in Frenkel and Razin's ""Fiscal Policies and the World Economy"" and includes a theory of taxation in an open world economy.;The book presents the stylized facts and concepts and outlines the main issues of international taxation and the implications for the international movements of goods and capital. It reviews the principles of international taxation and international macroeconomics, analyzes the international transmission of various tax and budget policies and provides an analysis of optimal open economy tax policy in an integrated world economy. Special emphasis is place on the interdependence between direct and indirect taxes and on the international allocation of saving, investment and production.