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A Proposal for Monetary Reform

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Author Info

  • James Tobin

    (Yale University)

Abstract

Exchange rates fluctuate very rapidly, in comparison to the prices of goods and labor. An internationally uniform tax on all spot conversions of one currency into another would reduce these fluctuations. Foreign exchange markets focus strongly on the short run, but this tax would reduce these fluctuations by increasing the cost of such transactions. It throws some sand in the wheels of short-term speculation while increasing the relative advantage of longer-term international investment flows. [Ed.]

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume29/V29N4P519_526.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 29 (2003)
Issue (Month): 4 (Fall)
Pages: 519-526

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Handle: RePEc:eej:eeconj:v:29:y:2003:i:4:p:519-526

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Postal: c/o Dr. Alexandre Olbrecht, The Anisfield School of Business 205, Ramapo College, 505 Ramapo Valley Road, Ramapo, New Jersey 07430, USA
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Related research

Keywords: Monetary; Policy; Tax; Taxes;

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Cited by:
  1. Victoria Saporta & Kamhon Kan, 1997. "The effects of Stamp Duty on the Level and Volatility of Equity Prices," Bank of England working papers, Bank of England 71, Bank of England.

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