Financial Transactions Taxes
AbstractFinancial transactions taxes have recently gained attention as a possible means to influence the behavior of financial markets and to reduce destabilizing capital flows. One variation is a tax on all foreign currency conversions, often termed a “Tobin tax.” This paper suggests that these taxes would probably not produce the desired effects and would be difficult to design and implement. It is unclear that the possible advantages in reducing some short-term speculative trading would outweigh the possible disadvantages in impairing the efficiency of financial markets. From an administrative perspective, without a broad international consensus and application, these taxes are likely to be easily avoided.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 95/77.
Date of creation: 01 Aug 1995
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- Jeffrey Frankel., 1995.
"How Well Do Foreign Exchange Markets Function: Might a Tobin Tax Help?,"
Center for International and Development Economics Research (CIDER) Working Papers, University of California at Berkeley
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0511019, EconWPA, revised 27 Nov 2005.
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