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Securities Transaction Taxes And Financial Markets
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Author :Mr.Karl Friedrich Habermeier Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451847116 Total Pages :0 pages Book Rating :4.8/5 (471 download)
Book Synopsis Securities Transaction Taxes and Financial Markets by : Mr.Karl Friedrich Habermeier
Download or read book Securities Transaction Taxes and Financial Markets written by Mr.Karl Friedrich Habermeier and published by INTERNATIONAL MONETARY FUND. This book was released on 2001-05-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that securities transaction taxes "throw sand" not in the wheels, but into the engine of financial markets where the transformation of latent demands into realized transactions takes place. The paper considers the impact of transaction taxes on financial markets in the context of four questions. How important is trading? What causes price volatility? How are prices formed? How valuable is the volume of transactions? The paper concludes that transaction taxes or such equivalents as capital controls can have negative effects on price discovery, volatility, and liquidity and lead to a reduction in the informational efficiency of markets.
Book Synopsis Taxing Financial Transactions by : Ms.Thornton Matheson
Download or read book Taxing Financial Transactions written by Ms.Thornton Matheson and published by International Monetary Fund. This book was released on 2011-03-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In reaction to the recent financial crisis, increased attention has recently been given to financial transaction taxes (FTTs) as a means of (1) raising revenue for a variety of possible purposes and/or (2) helping to curb financial market excesses. This paper reviews existing theory and evidence on the efficacy of an FTT in fulfilling those tasks, on its potential impact, and on key issues to be faced in designing taxes of this kind.
Book Synopsis Securities Transaction Taxes for U.S. Financial Markets by : Robert Pollin
Download or read book Securities Transaction Taxes for U.S. Financial Markets written by Robert Pollin and published by . This book was released on 2008 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the viability of security transaction excise taxes (STETs) as one policy tool for promoting a more stable financial environment, specifically with respect to the U.S. economy. Contrary to a large recent critical literature, we show that a STET can be designed without creating large distortions between segments of the financial market. We also show that a modest STET for the U.S. - beginning with a 0.5 percent tax on equity trades and scaled appropriately for other financial instruments - would generate substantial new government revenues, on the order of $100 billion per year.
Book Synopsis Securities Transaction Taxes by : Catalyst Institute
Download or read book Securities Transaction Taxes written by Catalyst Institute and published by Irwin Professional Publishing. This book was released on 1994 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: You'll gain an understanding of all sides of this public policy debate - implementation issues, global concerns, and more - that will help you to gage the soundness of current arguments for and against STTs and to come to your own conclusions about their effectiveness.
Book Synopsis Securities Transaction Taxes and Financial Markets by : Karl Habermeier
Download or read book Securities Transaction Taxes and Financial Markets written by Karl Habermeier and published by . This book was released on 2006 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that securities transaction taxes throw sand not in the wheels, but into the engine of financial markets where the transformation of latent demands into realized transactions takes place. The paper considers the impact of transaction taxes on financial markets in the context of four questions. How important is trading? What causes price volatility? How are prices formed? How valuable is the volume of transactions? The paper concludes that transaction taxes or such equivalents as capital controls can have negative effects on price discovery, volatility, and liquidity and lead to a reduction in the informational efficiency of markets.
Book Synopsis Securities Transaction Taxes by : Andrew Wen-Chuan Lo
Download or read book Securities Transaction Taxes written by Andrew Wen-Chuan Lo and published by . This book was released on 1993 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Securities Transaction Taxes and Financial Markets by :
Download or read book Securities Transaction Taxes and Financial Markets written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Monetary Fund (IMF) presents the full text of an article entitled "Securities Transaction Taxes and Financial Markets," by Karl Habermeier and Andrei Kirilenko and published May 2001. The article discusses the impact of transaction taxes on financial markets in the context of the importance of trading, price volatility, the volume of transactions, and the formation of prices. Findings show that transaction taxes can have negative effects on price discovery, volatility, and liquidity.
Book Synopsis Financial Transactions Taxes by : Mr.Parthasarathi Shome
Download or read book Financial Transactions Taxes written by Mr.Parthasarathi Shome and published by International Monetary Fund. This book was released on 1995-08-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial transactions taxes have recently gained attention as a possible means to influence the behavior of financial markets and to reduce destabilizing capital flows. One variation is a tax on all foreign currency conversions, often termed a “Tobin tax.” This paper suggests that these taxes would probably not produce the desired effects and would be difficult to design and implement. It is unclear that the possible advantages in reducing some short-term speculative trading would outweigh the possible disadvantages in impairing the efficiency of financial markets. From an administrative perspective, without a broad international consensus and application, these taxes are likely to be easily avoided.
Book Synopsis International Financial Flows and Transactions Taxes by : Mr.P. Bernd Spahn
Download or read book International Financial Flows and Transactions Taxes written by Mr.P. Bernd Spahn and published by International Monetary Fund. This book was released on 1995-06-01 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tobin has suggested that exchange rate volatility be controlled through a tax on international financial transactions. This analysis shows that the Tobin tax as a pure transaction tax is not viable. The tax would impair financial operations and create international liquidity problems. It is also unlikely to deter speculation. However, a possible alternative would be a two-tier rate structure—consisting of a low-rate transaction tax plus an exchange surcharge. The exchange rate could move freely within a “crawling” exchange rate band, but overshooting the band would trigger a tax on an “externality,” which is the discrepancy between the market exchange rate and the closest margin of the band. The scheme is inspired by the European Monetary System. However, exchange rates would be kept within the target range through a tax, not through interest policy or central bank sterilization and, eventually, the depletion of international reserves.
Book Synopsis Securities Transaction Taxes by : R. Glenn Hubbard
Download or read book Securities Transaction Taxes written by R. Glenn Hubbard and published by . This book was released on 1993 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Does Securities Transaction Tax Distort Market Microstructure? Evidence from Indian Stock Market by : Dhananjay Sahu
Download or read book Does Securities Transaction Tax Distort Market Microstructure? Evidence from Indian Stock Market written by Dhananjay Sahu and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Tapping into the quot;psychologyquot; of the market, speculators resort to quot;noise-tradingquot; rather trading on the basis of the real value of the stock and this behavior has the potential to distort the market microstructure as evidenced in most developed and developing financial markets. The popular international practice of curbing such quot;noise-tradingquot; has been the introduction of securities transaction tax on a broad range of financial transactions. In consonance with the international practice and the general philosophy that financial stability should be treated as public good, Indian policy makers have introduced securities transaction tax in October, 2004 despite divergent opinions on the effect of STT on financial markets. The objective of this paper is to examine the impact of STT on market volatility and liquidity in Indian stock market. The data comprises of eleven frequently traded equity instruments listed at National Stock Exchange, India and spans over a period of 2 years before and 2 years after the introduction of securities transaction tax. Owing to the heteroscedasticity behavior of time series data, ARCH family of model is used to study the impact. The results indicate that the introduction of securities transaction tax has had no impact on market volatility and also it does not distort the liquidity in Indian stock market. Further, the result also implies an interesting fact that the informational efficiency of the market is not affected by the introduction of STT.
Book Synopsis Tax Treatment of Short-term Trading by :
Download or read book Tax Treatment of Short-term Trading written by and published by . This book was released on 1990 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Crisis Management and Democracy by : Bettina De Souza Guilherme
Download or read book Financial Crisis Management and Democracy written by Bettina De Souza Guilherme and published by Springer Nature. This book was released on 2020-12-09 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book discusses financial crisis management and policy in Europe and Latin America, with a special focus on equity and democracy. Based on a three-year research project by the Jean Monnet Network, this volume takes an interdisciplinary, comparative approach, analyzing both the role and impact of the EU and regional organizations in Latin America on crisis management as well as the consequences of crisis on the process of European integration and on Latin America’s regionalism. The book begins with a theoretical introduction, exploring the effects of the paradigm change on economic policies in Europe and in Latin America and analyzing key systemic aspects of the unsustainability of the present economic system explaining the global crises and their interconnections. The following chapters are divided into sections. The second section explores aspects of regional governance and how the economic and financial crises were managed on a macro level in Europe and Latin America. The third and fourth sections use case studies to drill down to the impact of the crises at the national and regional levels, including the emergence of political polarization and rise in populism in both areas. The last section presents proposals for reform, including the transition from finance capitalism to a sustainable real capitalism in both regions and at the inter-regional level of EU-LAC relations.The volume concludes with an epilogue on financial crises, regionalism, and domestic adjustment by Loukas Tsoukalis, President of the Hellenic Foundation for European and Foreign Policy (ELIAMEP). Written by an international network of academics, practitioners and policy advisors, this volume will be of interest to researchers and students interested in macroeconomics, comparative regionalism, democracy, and financial crisis management as well as politicians, policy advisors, and members of national and regional organizations in the EU and Latin America.
Book Synopsis Securities Transactions Taxes and Financial Crises by : Benoit Carmichael
Download or read book Securities Transactions Taxes and Financial Crises written by Benoit Carmichael and published by . This book was released on 2018 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the impact that a widely-based Securities Transaction Tax (STT) could have on the likelihood of systemic financial crises. We apply the methodology developed by Demirgüç-Kunt and Detragiache (1998) [IMF Staff Papers 45 (1)] to a panel dataset of 34 OECD countries for the sample 1973-2012, using a measure of a country's average bid-ask spread in financial markets as a proxy for the likely effect of a STT on transactions costs. Our results indicate that the establishment of a STT could sizeably increase the risk of financial crises.
Book Synopsis Security Transaction Taxes and Financial Markets by : Karl Friedrich Habermeier
Download or read book Security Transaction Taxes and Financial Markets written by Karl Friedrich Habermeier and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Transaction Taxes and the Informational Efficiency of Financial Markets by : Marco Cipriani
Download or read book Financial Transaction Taxes and the Informational Efficiency of Financial Markets written by Marco Cipriani and published by . This book was released on 2022 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a new methodology to estimate the impact of a financial transaction tax (FTT) on financial market outcomes. In our sequential trading model, there are price-elastic noise and informed traders. We estimate the model through maximum likelihood for a sample of sixty New York Stock Exchange (NYSE) stocks in 2017. We quantify the effect of introducing an FTT given the parameter estimates. An FTT increases the proportion of informed trading, improves information aggregation, but lowers trading volume and welfare. For some less liquid stocks, however, an FTT blocks private information aggregation.
Book Synopsis Adverse Implications of a Securities Transactions Excise Tax by : Joseph A. Grundfest
Download or read book Adverse Implications of a Securities Transactions Excise Tax written by Joseph A. Grundfest and published by . This book was released on 1991 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
