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Coping with, and cashing in on, international capital volatility

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Author Info
Graham Bird (Surrey Centre for International Economic Studies, University of Surrey, Guildford, UK)
Ramkishen S. Rajan

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Abstract

The political economy of currency taxation suggests that the idea will receive more support if it can be shown to make a significant contribution to offsetting the perceived inefficiencies of private international capital markets. This paper explores what can be expected from a currency tax in this respect. It shows that there are simple but neglected analytical issues that make such a tax an attractive idea. If the tax is relatively ineffective in helping to avoid financial crises and calming markets, it will be relatively effective at providing the resources necessary to mitigate the aftermath of such events. The paper offers new proposals for using the revenue from currency taxation to finance the operations of the IMF. © 2001 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/jid.718
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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 13 (2001)
Issue (Month): 1 ()
Pages: 1-23
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Handle: RePEc:wly:jintdv:v:13:y:2001:i:1:p:1-23

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  4. Raffer, Kunibert, 1998. "The tobin tax: Reviving a discussion," World Development, Elsevier, vol. 26(3), pages 529-538, March. [Downloadable!] (restricted)
  5. Jonathan David Ostry, 1997. "Current Account Imbalances in ASEAN Countries - Are they a Problem?," IMF Working Papers 97/51, International Monetary Fund.
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  8. Sebastian Edwards, 1998. "Capital Inflows into Latin America: A Stop-Go Story?," NBER Working Papers 6441, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  15. Robert P. Flood & Mark P. Taylor, 1996. "Exchange Rate Economics: What's Wrong with the Conventional Macro Approach?," NBER Chapters, in: The Microstructure of Foreign Exchange Markets, pages 261-302 National Bureau of Economic Research, Inc. [Downloadable!]
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  17. Michael P. Dooley, 1995. "A Survey of Academic Literature on Controls over International Capital Transactions," IMF Working Papers 95/127, International Monetary Fund.
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  18. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  19. P. Bernd Spahn, 1995. "International Financial Flows and Transactions Taxes: Survey and Options," IMF Working Papers 95/60, International Monetary Fund.
  20. Adam Bennett & María Vicenta Carkovic S. & Susan Schadler & Robert Brandon Kahn, 1993. "Recent Experiences with Surges in Capital Inflows," IMF Occasional Papers 108, International Monetary Fund.
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  22. Sachs, J.D., 1989. "New Approaches To The Latin American Debt Crisis," Princeton Studies in International Economics 174, International Economics Section, Departement of Economics Princeton University,.
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