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Taxing Emerging Stock Markets: A Beneficial Policy? Evidence from the Stockholm Stock Exchange, 1907-1939

Author

Listed:
  • Waldenström, Daniel

    (Dept. of Economics, Stockholm School of Economics)

Abstract

The question of whether financial markets should be taxed or not has been extensively debated. In this study, the gradual rise in public taxation of the Stockholm Stock Exchange during the first half of the 20th century is examined and evaluated. Our empirical findings focusing on trading volume and volatility show that transaction taxes caused substantial crowding out of trading activity and led to lower asset prices. Hence, some support is given to the proponents of a more cautious financial market taxation.

Suggested Citation

  • Waldenström, Daniel, 2000. "Taxing Emerging Stock Markets: A Beneficial Policy? Evidence from the Stockholm Stock Exchange, 1907-1939," SSE/EFI Working Paper Series in Economics and Finance 356, Stockholm School of Economics.
    • Handle: RePEc:hhs:hastef:0356
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    Cited by:

    1. is not listed on IDEAS
    2. Waldenström, Daniel, 2014. "Swedish Stock and Bond Returns, 1856–2012," Working Paper Series 1027, Research Institute of Industrial Economics.
    3. Waldenström, Daniel, 2004. "Is Swedish Research in Economic History Internationally Integrated?," SSE/EFI Working Paper Series in Economics and Finance 566, Stockholm School of Economics, revised 12 Aug 2005.

    More about this item

    Keywords

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    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-

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