Taxation of Investment and Savings in a World Economy
推导了统一证券市场、资本可自由流动的世界经济中的资本均衡和市场均衡价格，并分析了小国在此环境下的最优税率，重点关注不同证券税前收益率因税收待遇差异而产生的特殊激励。
The equilibrium of capital and equilibrium market prices are derived for a world economy with a unified securities market, mobile capital, no uncertainty, and varying tax rates on different sources of income in each country. The paper then characterizes optimal tax rates for a small country in this setting, focusing on the peculiar incentives created when the before-tax rate of return differs among securities due to differences in their typical tax treatment. Copyright 1986 by American Economic Association.