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The Keynesian Root of the Tobin tax

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  • Anna M.Variato

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    (Department of Economics, University of Bergamo)

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    Abstract

    This paper is an attempt to evaluate the strength of the link between the Tobin tax and the so-called Keynes tax, i.e. a tax on security transactions suggested by Keynes in Chapter 12 of the General Theory. Starting from a literal comparison of the two projects, this work analyses the possibility of a common methodological background. It supports the idea that the two measures share similar fundamental targets, despite displaying technical diversity.

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    File URL: http://aisberg.unibg.it/bitstream/10446/174/1/WPEco05%282003%29Variato.pdf
    File Function: Version, 02-2003
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    Bibliographic Info

    Paper provided by University of Bergamo, Department of Economics in its series Working Papers with number 0305.

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    Length: 22 pages
    Date of creation: Feb 2003
    Date of revision:
    Handle: RePEc:brg:wpaper:0305

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    Related research

    Keywords: Tobin tax; Keynes tax; security transaction taxes;

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    References

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    1. Bruce Greenwald & Joseph E. Stiglitz, 1993. "New and Old Keynesians," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 23-44, Winter.
    2. Marc Schaberg & Dean Baker & Robert Pollin, 2002. "Securities Transaction Taxes for U.S. Financial Markets," Working Papers wp20, Political Economy Research Institute, University of Massachusetts at Amherst.
    3. James Tobin, 1996. "A currency transactions tax, why and how," Open Economies Review, Springer, vol. 7(1), pages 493-499, March.
    4. Garber, Peter & Taylor, Mark P, 1995. "Sand in the Wheels of Foreign Exchange Markets: A Sceptical Note," Economic Journal, Royal Economic Society, vol. 105(428), pages 173-80, January.
    5. James Crotty, 2000. "The Case for Capital Controls," Published Studies ps8, Political Economy Research Institute, University of Massachusetts at Amherst.
    6. 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.
    7. Thomas Palley, 2001. "Destabilizing Speculation and the Case for an International Currency Transactions Tax," Challenge, M.E. Sharpe, Inc., vol. 44(3), pages 70-89, May.
    8. James Tobin, 1978. "A Proposal for International Monetary Reform," Cowles Foundation Discussion Papers 506, Cowles Foundation for Research in Economics, Yale University.
    9. Arestis, Philip & Sawyer, Malcolm, 1997. "How Many Cheers for the Tobin Transactions Tax?," Cambridge Journal of Economics, Oxford University Press, vol. 21(6), pages 753-68, November.
    10. James Tobin, 1993. "Price Flexibility and Output Stability: An Old Keynesian View," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 45-65, Winter.
    11. Davidson, Paul, 1997. "Are Grains of Sand in the Wheels of International Finance Sufficient to Do the Job When Boulders Are Often Required?," Economic Journal, Royal Economic Society, vol. 107(442), pages 671-86, May.
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