Some Criticism of the Tobin Tax

Haberer, Markus

Some Criticism of the Tobin Tax

Dateien

dp03-01.pdfGröße: 212.54 KBDownloads: 430

Datum

2003

Autor:innen

Haberer, Markus

Open Access-Veröffentlichung

Open Access Green

Sammlungen

Wirtschaftswissenschaften

Publikationstyp

Working Paper/Technical Report

Publikationsstatus

Published

Zusammenfassung

High volatility and enormous international capital flows are negative effects of the globalization of financial markets that can lead to financial crises like those of the 1990s. The Tobin tax often has been put forward as a measure to diminish globalization risks since it is claimed to discourage short-term speculation. The arguments of the proponents of this transactions tax are based on the assumption that (i) short-term trading is destabilizing and speculative and causes the volatility to increase, (ii) the Tobin tax does discourage this speculation and (iii) the Tobin tax causes market participants to orientate more by macroeconomic fundamentals. This paper suggests that these assumptions are quite questionable. Moreover, a Tobin tax of a sensible rate would be too small to protect countries from currency fires and would generate only little monetary autonomy. In addition to theoretical economic doubts there arise some political problems, which can make the tax to become infeasible.

Fachgebiet (DDC)

330 Wirtschaft

Schlagwörter

Globalisierung, Internationale Finanzmärkte, Globalization, International Financial Markets, Tobin Tax, Transactions

Zitieren

ISO 690

HABERER, Markus, 2003. Some Criticism of the Tobin Tax

BibTex

@techreport{Haberer2003Criti-11970,
  year={2003},
  series={CoFE-Diskussionspapiere / Zentrum für Finanzen und Ökonometrie},
  title={Some Criticism of the Tobin Tax},
  number={2003/01},
  author={Haberer, Markus}
}

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