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A currency transactions tax, why and how

  • James Tobin

The crises and defections that afflicted the European Monetary System in 1992–93 are convincing recent demonstrations that adjustable pegs are not viable. At the same time, experience since 1971 has not fulfilled the more extreme claims of the advocates of floating rates. Transactions taxes are an innocuous way to throw some sand in the wheels of super-efficient financial markets and create room for differences in domestic interest rates, thus enabling national monetary policies to respond to domestic macroeconomic needs. Copyright Kluwer Academic Publishers 1996

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File URL: http://hdl.handle.net/10.1007/BF01886209
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Article provided by Springer in its journal Open Economies Review.

Volume (Year): 7 (1996)
Issue (Month): 1 (March)
Pages: 493-499

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Handle: RePEc:kap:openec:v:7:y:1996:i:1:p:493-499
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  1. James Tobin, 1978. "A Proposal for International Monetary Reform," Eastern Economic Journal, Eastern Economic Association, vol. 4(3-4), pages 153-159, Jul/Oct.
  2. 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.
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