Taxing Emerging Stock Markets: A Beneficial Policy? Evidence from the Stockholm Stock Exchange, 1907-1939
AbstractThe question of whether financial markets should be taxed or not has been extensively debated. In this study, the gradual rise in public taxation of the Stockholm Stock Exchange during the first half of the 20th century is examined and evaluated. Our empirical findings focusing on trading volume and volatility show that transaction taxes caused substantial crowding out of trading activity and led to lower asset prices. Hence, some support is given to the proponents of a more cautious financial market taxation.
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Bibliographic InfoPaper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 356.
Length: 28 pages
Date of creation: 03 Feb 2000
Date of revision:
Publication status: Published in Explorations in Economic History , 2002, pages 29-45.
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Postal: The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden
Phone: +46-(0)8-736 90 00
Fax: +46-(0)8-31 01 57
Web page: http://www.hhs.se/
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Stock market; financial regulation; taxation; financial history;
Other versions of this item:
- Waldenstrom, Daniel, 2002. "Taxing Emerging Stock Markets: A Beneficial Policy? Evidence from the Stockholm Stock Exchange, 1907-1939," Explorations in Economic History, Elsevier, vol. 39(1), pages 29-45, January.
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
- N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-
This paper has been announced in the following NEP Reports:
- NEP-ALL-2000-02-07 (All new papers)
- NEP-FIN-2000-02-07 (Finance)
- NEP-HIS-2000-02-07 (Business, Economic & Financial History)
- NEP-PUB-2000-02-07 (Public Finance)
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- Waldenström, Daniel, 2014. "Swedish stock and bond returns, 1856–2012," Working Paper Series 2014:5, Uppsala University, Department of Economics.
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