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The Keynesian Root of the Tobin tax


  • Anna M.Variato

    () (Department of Economics, University of Bergamo)


This paper is an attempt to evaluate the strength of the link between the Tobin tax and the so-called Keynes tax, i.e. a tax on security transactions suggested by Keynes in Chapter 12 of the General Theory. Starting from a literal comparison of the two projects, this work analyses the possibility of a common methodological background. It supports the idea that the two measures share similar fundamental targets, despite displaying technical diversity.

Suggested Citation

  • Anna M.Variato, 2003. "The Keynesian Root of the Tobin tax," Working Papers (-2012) 0305, University of Bergamo, Department of Economics.
  • Handle: RePEc:brg:wpaper:0305

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    References listed on IDEAS

    1. 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 162-172, January.
    2. 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 671-686, May.
    3. Garber, Peter & Taylor, Mark P, 1995. "Sand in the Wheels of Foreign Exchange Markets: A Sceptical Note," Economic Journal, Royal Economic Society, vol. 105(428), pages 173-180, January.
    4. James Tobin, 1978. "A Proposal for International Monetary Reform," Eastern Economic Journal, Eastern Economic Association, vol. 4(3-4), pages 153-159, Jul/Oct.
    5. Thomas Palley, 2001. "Destabilizing Speculation and the Case for an International Currency Transactions Tax," Challenge, Taylor & Francis Journals, vol. 44(3), pages 70-89.
    6. James Tobin, 1996. "A currency transactions tax, why and how," Open Economies Review, Springer, vol. 7(1), pages 493-499, March.
    7. Robert Pollin & Dean Baker & Marc Schaberg, 2003. "Securities Transaction Taxes for U.S. Financial Markets," Eastern Economic Journal, Eastern Economic Association, vol. 29(4), pages 527-558, Fall.
    8. Bruce Greenwald & Joseph E. Stiglitz, 1993. "New and Old Keynesians," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 23-44, Winter.
    9. James Tobin, 1993. "Price Flexibility and Output Stability: An Old Keynesian View," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 45-65, Winter.
    10. James Crotty, 2000. "The Case for Capital Controls," Published Studies ps8, Political Economy Research Institute, University of Massachusetts at Amherst.
    11. Arestis, Philip & Sawyer, Malcolm, 1997. "How Many Cheers for the Tobin Transactions Tax?," Cambridge Journal of Economics, Oxford University Press, vol. 21(6), pages 753-768, November.
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    More about this item


    Tobin tax; Keynes tax; security transaction taxes;

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy


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