The growing economic openness expressed in the globalization of independent economic systems has created problems as well as opportunities that cross formal borders in new and unexpected ways. Professors Razin and Sadka have compiled a series of papers based on lectures delivered before the 1996 Congress of the International Institute of Public Finance, which explore these issues in selected areas of public finance. The subjects covered range from the consequences of research and development to the redistribution of income and from taxation of multinationals and labor migration to European currency integration.