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Real Exchange Rate Changes

In: Taxes and Exchange Rates in the EU

Author

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  • John Lorié

Abstract

In the previous chapters I discussed international liberalisation of financial capital in a perfect world (Chapters 2 and 3) and under tax distortions (Chapters 4 and 5). The perfect-world analysis delivered the result that international liberalisation contributes via optimal international allocation of physical capital to welfare of both countries and therefore of the world as a whole. In Chapter 4 a tax distortion was introduced by way of differences in company taxes between countries. This distortion jeopardizes the perfect-world result, even to the extent that the benefits of international liberalisation of financial capital become uncertain. This outcome represents the actual stance of the literature. Policy thinking regarding tax harmonisation in the EU is developing on this basis.

Suggested Citation

  • John Lorié, 2006. "Real Exchange Rate Changes," Palgrave Macmillan Books, in: Taxes and Exchange Rates in the EU, chapter 6, pages 257-369, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62570-9_6
    DOI: 10.1057/9780230625709_6
    as

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