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Handelsdynamik und Preisschwankungen auf Finanzmärkten und das Stabilisierungspotential einer Finanztransaktionssteuer

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  • Stephan Schulmeister

Abstract

Die empirische Evidenz zur Entwicklung von Transaktionen und Preisdynamik auf den wichtigsten Finanzmärkten lässt vermuten, dass spekulative Transaktionen kurzfristige "Schübe" von Wechselkursen, Rohstoffpreisen und Aktienkursen verstärken. Diese Preisschübe akkumulieren sich zu mehrjährigen Aufwertungs- bzw. Abwertungstrends (bull markets, bear markets), welche das fundamentale Gleichgewicht überschießen. Dem könnte eine Finanztransaktionssteuer mit einem geringen Steuersatz entgegenwirken. In Europa brächte eine solche Steuer bei einem Steuersatz von 0,1% des Transaktionsvolumens Einnahmen von 1,2% bis 3,1% des BIP, selbst bei einem Satz von nur 0,01% läge der Ertrag zwischen 0,6% und 0,8% des BIP.

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  • Stephan Schulmeister, 2008. "Handelsdynamik und Preisschwankungen auf Finanzmärkten und das Stabilisierungspotential einer Finanztransaktionssteuer," WIFO Monatsberichte (monthly reports), WIFO, vol. 81(8), pages 607-626, August.
    • Handle: RePEc:wfo:monber:y:2008:i:8:p:607-626
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    References listed on IDEAS

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    1. Summers, L.H. & Summers, V.P., 1989. "When Financial Markets Work Too Well : A Cautious Case For A Securities Transactions Tax," Papers t12, Columbia - Center for Futures Markets.
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    3. Shleifer, Andrei, 2000. "Inefficient Markets: An Introduction to Behavioral Finance," OUP Catalogue, Oxford University Press, number 9780198292272.
    4. Stiglitz, J.E., 1989. "Using Tax Policy To Curb Speculative Short-Term Trading," Papers t2, Columbia - Center for Futures Markets.
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    Cited by:

    1. Karl Aiginger, 2011. "Why Growth Performance Differed across Countries in the Recent Crisis: the Impact of Pre-crisis Conditions," Review of Economics & Finance, Better Advances Press, Canada, vol. 1, pages 35-52, August.
    2. Karl Aiginger, 2009. "Strengthening the Resilience of an Economy. Strategies to Prevent another Crisis," WIFO Working Papers 338, WIFO.
    3. Karl Aiginger, 2010. "Post Crisis Policy: Some Reflections of a Keynesian Economist," WIFO Working Papers 371, WIFO.
    4. Margit Schratzenstaller, 2008. "Fiscal Policy Tools of Compensating for Inflation," Austrian Economic Quarterly, WIFO, vol. 13(4), pages 144-155, December.

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