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A currency transactions tax, why and how

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  • James Tobin

Abstract

The crises and defections that afflicted the European Monetary System in 1992–93 are convincing recent demonstrations that adjustable pegs are not viable. At the same time, experience since 1971 has not fulfilled the more extreme claims of the advocates of floating rates. Transactions taxes are an innocuous way to throw some sand in the wheels of super-efficient financial markets and create room for differences in domestic interest rates, thus enabling national monetary policies to respond to domestic macroeconomic needs. Copyright Kluwer Academic Publishers 1996

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File URL: http://hdl.handle.net/10.1007/BF01886209
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Bibliographic Info

Article provided by Springer in its journal Open Economies Review.

Volume (Year): 7 (1996)
Issue (Month): 1 (March)
Pages: 493-499

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Handle: RePEc:kap:openec:v:7:y:1996:i:1:p:493-499

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Web page: http://www.springerlink.com/link.asp?id=100323

Related research

Keywords: currency crises; financial integration; effectiveness of monetary policy; transactions tax;

References

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  1. Eichengreen, Barry & Tobin, James & Wyplosz, Charles, 1995. "Two Cases for Sand in the Wheels of International Finance," Economic Journal, Royal Economic Society, vol. 105(428), pages 162-72, January.
  2. James Tobin, 1978. "A Proposal for International Monetary Reform," Cowles Foundation Discussion Papers 506, Cowles Foundation for Research in Economics, Yale University.
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Citations

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Cited by:
  1. Kant, Chander, 2005. "Capital mobility among advanced countries," Journal of Policy Modeling, Elsevier, vol. 27(9), pages 1067-1081, December.
  2. Dominick Salvatore, 2000. "The Present International Monetary System: Problems, Complications, and Reforms," Open Economies Review, Springer, vol. 11(1), pages 133-148, August.
  3. Anna M.Variato, 2003. "The Keynesian Root of the Tobin tax," Working Papers 0305, University of Bergamo, Department of Economics.
  4. George Furstenberg, 1998. "From Worldwide Capital Mobility to International Financial Integration: A Review Essay," Open Economies Review, Springer, vol. 9(1), pages 53-84, January.
  5. Peter Flaschel & Florian Hartmann & Chris Malikane & Christian R. Proaño, 2014. "A Behavioral Macroeconomic Model of Exchange Rate Fluctuations with Complex Market Expectations Formation," Working Papers 98, Institute of Empirical Economic Research, revised 29 Jan 2014.
  6. Markus Haberer, 2003. "Portfolio Choice and Transactions Taxes," CoFE Discussion Paper 03-09, Center of Finance and Econometrics, University of Konstanz.
  7. Markus Haberer, 2003. "Some Criticism of the Tobin Tax," CoFE Discussion Paper 03-01, Center of Finance and Econometrics, University of Konstanz.
  8. Rieger, Jörg, 2014. "Financial Transaction Tax and Financial Market Stability with Diverse Beliefs," Working Papers 0563, University of Heidelberg, Department of Economics.
  9. Pompeo Della Posta, 2002. "Modelli di crisi valutarie e misure di politica economica," Moneta e Credito, Economia civile, vol. 55(219), pages 237-262.

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