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Stabilizing the International Financial System and Financing Development: An Analysis of the Tobin Tax

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  • Raviol, Edoardo

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    (University of Bologna (Italy))

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    Abstract

    This paper analyzes the feasibility of an international tax on currency transaction, also known as “Tobin Tax”, from an economic and juridical point of view. The claim that such a tax would curb short term speculators, thus stabilizing the foreign exchange market, is discussed. Moreover, the potential revenues of such a tax are evaluated, along with some possible needs these revenues could address: financing developing and the attainment of the Millennium Development Goals, and global public goods. Part one focuses on the thirty-year-old academic debate sparked by James Tobin's proposal; part two describes the features of an hypothetical Currency Transaction Tax (CTT), while part three analyzes how a CTT could be implemented both within the European Union framework, or more generally through an ad hoc international organization.

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    File URL: http://irving.vassar.edu/VCEWP/VCEWP90.pdf
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    Bibliographic Info

    Paper provided by Vassar College Department of Economics in its series Vassar College Department of Economics Working Paper Series with number 90.

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    Date of creation: Dec 2007
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    Handle: RePEc:vas:papers:90

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    1. 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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