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The taxation of trades in assets

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Author Info
CITANNA, Alessandro
POLEMARCHAKIS, Herakles M.
TIRELLI, Mario

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Abstract

When the asset market is incomplete, there typically exist taxes on trades in assets and a redistribution of revenue in the asset market that are Pareto improving. The policy is anonymous, it economizes on complexity, and it results in ex post Pareto optimal allocations; it is publicly announced before markets open, thus fully and correctly anticipated by traders, it does not require that financial markets be shut down, and it does not modify the asset market structure. As such, it improves over previously proposed constrained interventions.

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Publisher Info
Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2001017.

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Date of creation: 01 Apr 2001
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Handle: RePEc:cor:louvco:2001017

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Related research
Keywords: taxes; incomplete asset market; equilibrium; Pareto improvement;

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Find related papers by JEL classification:
D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
D60 - Microeconomics - - Welfare Economics - - - General
H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Kajii Atsushi, 1994. "Anonymity and Optimality of Competitive Equilibria when Markets Are Incomplete," Journal of Economic Theory, Elsevier, vol. 64(1), pages 115-129, October. [Downloadable!] (restricted)
  2. Herings,P. Jean-Jacques & Polemarchakis,H. M., 2000. "Pareto Improving Price Regulation When the Asset Market Is Incomplete," Research Memoranda 008, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
    Other versions:
  3. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-92, May. [Downloadable!] (restricted)
  4. TIRELLI, Mario, 2000. "Constrained suboptimality and financial innovation in GEI with a single commodity," CORE Discussion Papers 2000019, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
  5. Guesnerie, Roger, 1977. "On the direction of tax reform," Journal of Public Economics, Elsevier, vol. 7(2), pages 179-202, April. [Downloadable!] (restricted)
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  6. Tirelli, Mario, 2002. "Income Taxation when Markets are Incomplete," MPRA Paper 746, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  7. Guesnerie, Roger, 1979. "General statements on second best pareto optimality," Journal of Mathematical Economics, Elsevier, vol. 6(2), pages 169-194, July. [Downloadable!] (restricted)
  8. Atsushi Kajii & Antonio Villanacci & Alessandro Citanna, 1998. "Constrained suboptimality in incomplete markets: a general approach and two applications," Economic Theory, Springer, vol. 11(3), pages 495-521. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. J. D. Geanakoplos & H. M. Polemarchakis, 2006. "Pareto Improving Taxes," Levine's Bibliography 321307000000000350, UCLA Department of Economics. [Downloadable!]
  2. Mario Tirelli, 2003. "Income taxation when markets are incomplete," Decisions in Economics and Finance, Springer, vol. 26(2), pages 97-128, November. [Downloadable!] (restricted)
    Other versions:
  3. Sergio Turner, 2004. "Pareto Improving Taxation in Incomplete Markets," Econometric Society 2004 Latin American Meetings 310, Econometric Society. [Downloadable!]
    Other versions:
  4. John Geanakoplos & H M Polemchakis, 2008. "Pareto Improving Taxes," Levine's Bibliography 122247000000002219, UCLA Department of Economics. [Downloadable!]
  5. Sergio Turner, 2006. "Theory of Demand in Incomplete Markets," Working Papers 2006-07, Brown University, Department of Economics. [Downloadable!]
  6. Sergio Turner & Norovsambuu Tumennasan, 2006. "Pareto Improving Monetary Policy in Incomplete Markets," Working Papers 2006-04, Brown University, Department of Economics. [Downloadable!]
  7. P. J. J. Herings & H. M. Polemarchakis, 2003. "Pareto Improving Price Regulation When the Asset Market is Incomplete," Discussion Papers 03-20, University of Copenhagen. Department of Economics. [Downloadable!]
    Other versions:
  8. John Geanakoplos & H. M. Polemarchakis, 2008. "Pareto Improving Taxes," Cowles Foundation Discussion Papers 1662, Cowles Foundation, Yale University. [Downloadable!]
  9. Elena Mercato & Antonio Villanacci, 2006. "Taxes and money in incomplete financial markets," Decisions in Economics and Finance, Springer, vol. 29(1), pages 23-54, 05. [Downloadable!] (restricted)
  10. J. D. Geanakoplos & H. M. Polemarchakis, 2006. "Pareto Improving Taxes," Cowles Foundation Discussion Papers 1576, Cowles Foundation, Yale University. [Downloadable!]
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