Capital market integration: Issues of international taxation

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review


International capital market integration has become the subject of major theoretical and practical interest in times. The implications of capital market integration for financial, monetary and exchange rate management policy have been widely discussed in the context of the European Monetary System. In a world with international capital mobility, the equality between savings and investment need not hold for each country separately, but rather for world aggregate savings and investment. The opening up of an economy to international capital movements affects the size and structure of the fiscal branch of its government. Integration of capital markets brings up the issues of international tax coordination, harmonization and competition. Tax competition leads each country to adopt the residence principle for the taxation of income from capital. Capital market integration also has profound effects on the fiscal branch of each country separately and on the scope of tax coordination among them.

Original languageEnglish
Title of host publicationReforming Capital Income Taxation
PublisherTaylor and Francis
Number of pages11
ISBN (Electronic)9781000237481
ISBN (Print)9780367285388
StatePublished - 1 Jan 2019


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