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Investment is crucial to the development of a nation´s economy and welfare. In contrast to the United States, investment in Europe has been quite modest over the past few years. This volume gathers together a number of papers by prominent researchers in the field of investment. It provides an overview of recent developments in this area and presents new empirical findings on the determinants and implications of the investment process in European countries. Topics include: role of taxation, uncertainty and the financial systems, as well as the relevance of corporate governance to the investment process. Two chapters are dedicated to infrastructure investment and foreign direct investment.

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H. Herrmann: Investing Today for the World of Tomorrow - a Summary.- R. Chirinko: Tax Policy and Capital Formation under the EMU: Perspectives on German Economic Policy.- A. Auerbach: Discussion.- P. Ciocca: Discussion.- D. Harhoff, F. Ramb: Investment and Taxation in Germany - Evidence from Firm-level Panel Data.- B. Hall: Discussion.- E. Stöss: Discussion.- H. Seitz: Infrastructure Investment and Economic Activity: Theoretical Issues and International Evidence.- J. Tarkka: Discussion.- H. Böhm, M. Funke, N. Siegfried: Uncertainty and Firm Level Investment in West Germany.- A. Hallett: Discussion.- W. Röger: Discussion.- R. Hubbard: Capital-market Imperfections, Investment, and the Monetary Transmission Mechanism.- V. Gaspar: Discussion.- J. von Hagen: Discussion.- M. Hellwig: Corporate Governance and the Financing of Investment for Structural Change.- C. Mayer: Discussion.- G. Rich: Discussion.- B. Mulkay, B. Hall, J. Mairesse: Firm Level Investment and R&D in France and the United States: A Comparison.- J. Elston: Discussion.- S. Tevlin: Discussion.- R. Lipsey: Interpreting Developed Countries` Foreing Direct Investment.- M. Devereux: Discussion.- J. Hawkins: Discussion.

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