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Tobin Tax And Its Relevance For Financial Markets Modelling A Scenario Including The Transaction Tax In Financial Markets
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Book Synopsis Tobin-Tax and its Relevance for Financial Markets. Modelling a Scenario including the Transaction Tax in Financial Markets by : David Kunze
Download or read book Tobin-Tax and its Relevance for Financial Markets. Modelling a Scenario including the Transaction Tax in Financial Markets written by David Kunze and published by GRIN Verlag. This book was released on 2018-02-02 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2017 in the subject Economics - Finance, grade: 1,7, University of Bamberg, course: Regulierung und Kontrolle von Finanzmärkten, language: English, abstract: After this brief introduction it becomes clear that the realization of a financial transaction tax would predominantly serve the goal of preventing future financial crises by reducing instability in financial markets (high volatility). In the following thesis, the author will first set up a model displaying a financial market with two heterogeneous agents to explain to what extent their trading behaviours have an impact on the stability of the relevant market. In a second step, the model will be extended to two relevant markets the agents can choose to trade in and the effects of an application of a transaction tax will be depicted. Due to the fact that the reaction of financial markets to a tax introduction depends on various factors the main goal of this work will be to test to what extent the market liquidity in combination with an imposed transaction tax has an impact on the price adjustment process across several periods. For this reason, the set-up model will be programmed in ‘mathematica’ where after the output will be interpreted. Furthermore, a possible influence of upcoming political events will be elucidated briefly before the results of the main question are stated and discussed. To represent a succinct perspective there will be a brief analysis about the odds of a tax introduction and a mentioning of possible further research.
Download or read book The Tobin Tax written by Mahbub ul Haq and published by Oxford University Press. This book was released on 1996-07-11 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his 1972 Janeway Lectures at Princeton, James Tobin, the 1981 Nobel Prize winner for economics, submitted a proposal for a levy on international currency transactions. The idea was not greeted with enthusiasm, as the 1970s were a period of optimism and confidence in floating exchange rages. Yet, whenever currency crises erupted during the past decades, the proposal for a levy on international currency transactions would once again arise. In the 1990s, two additional facts have sharpened interest in the Tobin tax proposal. First is the growing volume of foreign exchange trading. Second, interest is coming not only from policymakers and experts concerned with the smooth functioning of financial markets. It is shared by those concerned with public financing of development--the fiscal crisis of the state as well as the growing need for international cooperation on problems such as the environment, poverty, peace and security. This work makes a systematic analysis of the proposal for a foreign exchange transactions levy. Its chapters examine the economic desirability of such a levy, its technical and political feasibility, its revenue potential, the possible uses of that revenue, and related administrative and institutional aspects.
Download or read book The Tobin Tax written by Mahbub ul Haq and published by New York : Oxford University Press. This book was released on 1996 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: This guide to coping with financial volatility should be of interest to academics and economists with interest in finance and international development.
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 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.
Download or read book Good Taxes written by Alex C. Michalos and published by Dundurn. This book was released on 1997-02 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Good Taxes, Alex Michalos puts forth an argument in favour of a financial transactions tax.
Book Synopsis Why the Tobin Tax Can Be Stabilizing by : Korkut Erturk
Download or read book Why the Tobin Tax Can Be Stabilizing written by Korkut Erturk and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper clarifies why a transaction tax of the type proposed by James Tobin can have a stabilizing influence in financial markets. It argues that such a tax is potentially stabilizing, not because it reduces the "excessive" volume of transactions, but because it can slow the speed with which market traders react to price changes. To the extent that a Tobin tax causes financial market traders to delay their decisions a few "grains of sand in the wheels of international finance" can indeed be stabilizing. Whether that is sufficient, or whether boulders - not just grains - are needed to prevent speculative attacks on currencies, is, however, a different matter.
Book Synopsis One Fundamental and Two Taxes by : Yongheng Deng
Download or read book One Fundamental and Two Taxes written by Yongheng Deng and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We aim to make two contributions to the literature on the effects of transaction costs on financial price volatility. First, by using a research design with three ingredients (a common set of companies simultaneously listed on two stock exchanges; binding capital controls; different timing of changes in transaction costs), we obtain a control group that has identical corporate fundamentals as the treatment group and is therefore far cleaner than any in the existing literature. We apply the research design to Chinese stocks that are cross-listed in Hong Kong and Mainland. Second, we entertain the possibility that a given transaction cost can have different effects in immature and mature markets. In an immature market where trading is dominated by retail investors with little knowledge of accounting and finance, a Tobin tax should have the best chance of generating its intended effect. In a more mature market, higher transaction costs may also discourage sophisticated investors, hence impeding timely incorporation of fundamental information into prices. We find a significantly negative relation in the Chinese market, on average, between stamp duty increase and price volatility. However, this average effect masks some important heterogeneity. In particular, when institutional investors have become a significant part of traders' pool, we find an opposite effect. This suggests that a Tobin tax may work in an immature market but can backfire in a more developed market.
Book Synopsis A Currency Transaction Tax by : James Tobin
Download or read book A Currency Transaction Tax written by James Tobin and published by . This book was released on 1994 with total page 30 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 Financial Markets and Capital Income Taxation in a Global Economy by : Paolo Roberti
Download or read book Financial Markets and Capital Income Taxation in a Global Economy written by Paolo Roberti and published by North-Holland. This book was released on 1998 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book describes the developments and the evidence, the problems and the interrelationships among problems, the outlook, and the intricate balance between the national and the international dimensions of the policy issues faced by tax administrations in OECD countries in the field of financial markets and capital income taxation in the wake of profound technological change and market globalization.The book provides a broad perspective of the problems, comparing thoughts on how the problems may be best dealt with, and using lessons from experience with theoretical and policy developments in a number of countries including the EU, North America and Australia.The book focuses on the following topics: bull; falling barriers, increased capital mobility, and the challenges of capital market globalization bull; the implications, for capital income taxation, of technological innovation and new financial products bull; tax distortions and international market pressures for national tax system conformity bull; questions of national tax sovereignty and the constraints imposed on governments by tax competition bull; the growing need for tax cooperation bull; emerging national and international capital taxation issues, including the premise that international cooperation may be key to solving, or at least alleviating, the existing and predicted tax problems.
Book Synopsis Some Criticism of the Tobin Tax by : Markus Haberer
Download or read book Some Criticism of the Tobin Tax written by Markus Haberer and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Economics of Financial Transaction Taxes by : Ieva Maniusyte
Download or read book Economics of Financial Transaction Taxes written by Ieva Maniusyte and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The thesis assesses the impact of the groundbreaking financial transaction tax (FTT) reform, introduced in France in August 2012, on the long-term market quality and the real economy. To determine the causality and isolate the impact of the FTT, the analysis exploits the distinctive tax design, affecting exclusively the companies seated and listed in France with market capitalization above e1 billion. Framed under the Difference-in- Difference approach, the dynamics of daily trading data from affected French companies are compared with four control groups - unaffected French firms, and comparable Belgian, Dutch, and German companies. The results confirm that, contrary to the previous research findings based on the short-run analysis, the FTT contributes to strengthening the long-run liquidity and efficiency in the affected part of the French market, while at the same time slightly reducing excess volatility and having a non-negative impact on the real economy. Of extreme importance stands the discovery that the introduction of the FTT has shifted investor focus from short-term oriented industries to long-term oriented industries, thus supporting the superior abilities of the tax to reduce speculatory noise trading. The results hold well against numerous and all-rounded robustness checks. Therefore, with the proven credibility of the obtained estimates, the thesis concludes that the FTT can be advised from both micro- and macro-economic grounds as a Pigovian tax to alter the microstructure of the financial markets and induce wider corrections.
Book Synopsis Financial Transaction Tax by : Edward Sun
Download or read book Financial Transaction Tax written by Edward Sun and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Introducing a financial transaction tax (FTT) has recently attracted tremendous global attention, with both proponents and opponents disputing its dampening effects on financial markets. In this paper we present a model to show under some circumstances that there exists a win-win situation via optimal trading when the tax burden can be dispersed. The way to absorb FTT in our model is to adjust the bid-ask spread. In our optimal trading model that considers FTT, the representative traders depend on the liquidity (market depth) they supply to weight their associated transaction cost by adjusting the spread ex post. We illustrate the analytical properties and computational solutions of our model when finding the optimal trading strategy under different market situations in order to offset FTT. We also conduct a simulation study to show the superior performance of our proposed optimal trading strategy in comparison to the alternative strategies that do not consider absorbing FTT. The results demonstrate that there is indeed a win-win situation, because financial institutions will not be worse off if such an optimal trading strategy is applied to offset FTT and reduce their transaction cost.
Book Synopsis Would a Financial Transaction Tax Affect Financial Market Activity? Insights from Future Markets by : George H. K. Wang
Download or read book Would a Financial Transaction Tax Affect Financial Market Activity? Insights from Future Markets written by George H. K. Wang and published by . This book was released on 2013 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the recent financial crisis, several commentators have suggested a transaction tax on financial markets. The potential consequences of such a tax could be hazardous to the financial markets affected as well as to the economy. In this paper, we review the relevant theoretical and empirical literature and apply our findings to estimate the possible impact of a transaction tax on U.S. futures market activity as well as its utility as potential tax revenue. We find that the impact of a transaction tax on market activity (trading volume, bid-ask spread, and price volatility) will determine the potential of such a tax as a source of government revenue. We also find that the current estimated elasticity of trading volume with respect to a transaction tax in the U.S. futures markets is much higher than those reported in the extant literature and those used by the government in such computation. We show that a transaction tax on futures trading will not only fail to generate the expected tax revenue, it will likely drive business away from U.S. exchanges and toward untaxed foreign markets. A review of the literature and estimates contained here indicates that there is an inverse relationship between transaction cost (bid-ask spread) and trading volume; to the extent that a transaction tax increases costs, trading volumes will likely fall. There is also a positive relationship between transaction cost and price volatility, suggesting that the imposition of a transaction tax could actually increase financial market fragility, increasing the likelihood of a financial crisis rather than reducing it. Perversely, the imposition of a financial transaction tax could have results that are exactly the opposite of those hoped for by its proponents.
Book Synopsis On the Incidence of a Financial Transactions Tax in a Model with Fire Sales by : Felix Bierbrauer
Download or read book On the Incidence of a Financial Transactions Tax in a Model with Fire Sales written by Felix Bierbrauer and published by . This book was released on 2012 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Debating the Tobin Tax by : James H. Weaver
Download or read book Debating the Tobin Tax written by James H. Weaver and published by . This book was released on 2003 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
