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The Benefits of a Financial Transactions Tax

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Abstract

The recent economic turmoil has generated renewed interest in a financial transactions tax (FTT). While such a tax will be vigorously opposed by the financial industry, it offers a very attractive mechanism for raising revenue that is arguably efficiency-enhancing. Calculations based on 2000 trading volumes showed that a set of scaled transactions taxes, imposed on transfers of stock and other financial assets, could raise more than $100 billion a year, even assuming large reductions in trading volume.

Suggested Citation

  • Dean Baker, 2008. "The Benefits of a Financial Transactions Tax," CEPR Reports and Issue Briefs 2008-35, Center for Economic and Policy Research (CEPR).
    • Handle: RePEc:epo:papers:2008-35
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    File URL: http://www.cepr.net/documents/publications/financial-transactions-tax-2008-12.pdf
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    Citations

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    Cited by:

    1. Stephan Schulmeister, 2014. "A General Financial Transactions Tax. Motives, Effects and Implementation According to the Proposal of the European Commission," WIFO Working Papers 461, WIFO.
    2. Bowen, Alex, 2011. "Raising finance to support developing country action: some economic considerations," LSE Research Online Documents on Economics 37572, London School of Economics and Political Science, LSE Library.
    3. David Stubbs, 2012. "Adopting a Currency Transaction Tax When Avoidance is a Possibility: Which Currencies Would Take the Lead and What Rate Could they Charge?," Working Papers 1204, New School for Social Research, Department of Economics.
    4. Karolina PuĊ‚awska, 2022. "Taxation of the financial sector: Is a bank levy the answer to the financial crisis?," Journal of Banking Regulation, Palgrave Macmillan, vol. 23(4), pages 390-404, December.
    5. Alex Bowen, 2011. "Raising climate finance to support developing country action: some economic considerations," Climate Policy, Taylor & Francis Journals, vol. 11(3), pages 1020-1036, May.

    More about this item

    Keywords

    financial taxes; financial transactions; economic crisis; financial crisis;
    All these keywords.

    JEL classification:

    • G - Financial Economics
    • G1 - Financial Economics - - General Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G2 - Financial Economics - - Financial Institutions and Services
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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