Cover -- Contents -- I. Introduction -- II. Corporate Income Taxes and the Current Macroeconomic Context -- III. Financial Globalization, Political Economy Factors, and Corporate Tax Rates -- A. Open Economy Macroeconomics -- B. Globalization and Strategic Considerations -- C. Diffusion of Ideas -- IV. Hypotheses -- V. Data and Measures, and Methodology -- VI. Results -- VII. Conclusions -- Tables -- 1a. Factor Analysis of Regressors and Regressand -- 1b. Factor Analysis of Regressors and Regressand -- 2. Determinants of Corporate Tax Rates: Full Sample, OECD and non-OECD -- 3. Determinants of Corporate Tax Rates: OECD, Emerging and Developing Economies I -- 4. Determinants of Corporate Tax Rates: OECD, Emerging and Developing Economies II -- 5. Corporate Taxation, Capital Share and Countries' Net Asset Position -- Figures -- 1.Central Government Corporate Tax Rates by Region -- 2. Corporate Income Tax Rate -- 3. Unweighted Average of Central Government Corporate Revenue Central as Percent of GDP -- 4. Home CTR, s vs. Home CTR-U.S. CTR, s-1, Five-year Averages, 1955-2009 -- 5. Home CTR, s vs. Home CTR-U.S. CTR, s-1, Five-year Averages, 1970-79 -- 6. Home CTR, s vs. Home CTR-U.S. CTR, s-1, Five-year Averages, 1980-89 -- 7. Home CTR, s vs. Home CTR-U.S. CTR, s-1, Five-year Averages, 1990-99 -- 8. Home CTR, s vs. Home CTR-U.S. CTR, s-1, Five-year Averages, 2000-09 -- 9. Home Corporate Tax Rates vs. U.S. Corporate Tax Rates-Estimates from GMM System Estimations, Table 4 -- 10. Top Personal and Top Corporate Tax Rates Unweighted Global Averages 1981-2005 -- Appendix Tables -- 1. Corporate Tax Revenues as a Percentage of GDP -- 2. Country Classification -- References.