We argue from a conceptual and empirical point of view that tax-rate elasticities of foreign direct investment (FDI) to Central and East European Countries (CEECs) derived from statutory tax rates (STRs) are likely to be flawed. STRs are problematic measures of tax burden as they capture neither...

High levels of social capital, by fostering cooperation and coordination, have direct implications for the intensity of collective action problems in a society. While it has been shown that high levels of social capital facilitate the implementation of institutional reforms we argue that the...

The bias of the net external asset position (NEAP) which arises from the revaluation of Foreign Direct Investment (FDI) is examined. The bias is defined as the difference between the historical value and the market value of the balance of inward and outward FDI. Possible effects of the...