This paper contributes to the debate on the existence of short-termism in Anglo-Saxon financial systems. The authors focus on one aspect of short-termism, namely the conflict that can exist between shareholder-owners and managers. Adapting a dynamic model first presented by K. Lancaster (1973),...

This paper examines the problem of capital flight in Europe. The authors calculate the volume of capital flight experienced by five European countries--France, Greece, Italy, Portugal, and Spain--and discuss its importance. A model of the short-run determinants of capital flight is developed,...