3914:
die
Einnahmen der Weltbank zur Verfügung zu stellen. Aber darum ging es mir gar nicht. Die Devisenumsatzsteuer war dafür gedacht, Wechselkursschwankungen einzudämmen. Die Idee ist ganz simpel: Bei jedem Umtausch von einer Währung in die andere würde eine kleine Steuer fällig, sagen wir von einem halben Prozent des Umsatzes. So schreckt man Spekulanten ab. Denn viele Investoren legen ihr Geld sehr kurzfristig in Währungen an. Wird dieses Geld plötzlich zurückgezogen, müssen die Länder die Zinsen drastisch anheben, damit die Währung attraktiv bleibt. Hohe Zinsen aber sind oft desaströs für die heimische Wirtschaft, wie die Krisen in Mexiko, Südostasien und Russland während der neunziger Jahre gezeigt haben. Meine Steuer würde Notenbanken kleiner Länder Handlungsspielraum zurückgeben und dem Diktat der Finanzmärkte etwas entgegensetzen." -
102:
2467:
2007, or £400,000 billion per annum with the trade in sterling, the fourth most traded currency in the world, worth £34,000 billion a year. A sterling stamp duty set at 0.005% as some claim would have raised in the region of £2 billion a year in 2007. The All Party
Parliamentary Group for Debt, Aid and Trade published a report in November 2007 into financing for development in which it recommended that the UK government undertake rigorous research into the implementation of a 0.005% stamp duty on all sterling foreign exchange transactions, to provide additional revenue to help bridge the funding gap required to pay for the
2094:
disadvantage versus another. Third, it is likely to enhance domestic financial market stability by discouraging domestic asset speculation. Fourth, to the extent that advanced economies already put too many real resources into financial dealings, it would cut back on this resource use, freeing these resources for other productive uses such substitution is costly both in resource use, and because alternative instruments do not provide exactly the same services just as the market provides an incentive to avoid a Tobin tax, so too it automatically sets in motion forces that deter excessive avoidance." - Palley, 2000
2446:(CFD) industry, which provides UK investors with untaxed substitutes for LSE stocks, according to the Oxera (2007) report, more than 70% percent of the total UK stock market volume, including the entire institutional volume remained (in 2005) exempt from the Stamp Duty, in contrast to the common perception of this tax as a "tax on bank transactions" or a "tax on speculation". On the other hand, as much as 40% of the Stamp Duty revenues come from taxing foreign residents, because the tax is "chargeable whether the transaction takes place in the UK or overseas, and whether either party is resident in the UK or not."
2135:(SDRs) mechanism. In Soros' scheme, rich countries would pledge SDRs (which are denominated as a basket of multiple 'hard' currencies) for the purpose of providing international assistance. Soros was not necessarily dismissing the Tobin tax idea. He stated, "I think there is a case for a Tobin tax ... (but) it is not at all clear to me that a Tobin tax would reduce volatility in the currency markets. It is true that it may discourage currency speculation but it would also reduce the liquidity of the marketplace." In this Soros appeared to agree with the Chicago School.
2233:
2427:. Jackson and O'Donnel (1985), using UK quarterly data, found that the 1% cut in the Stamp Duty in April 1984 from 2% to 1% lead to a "dramatic 70% increase in equity turnover". Analyzing all three Stamp Duty rate changes, Saporta and Kan (1997) found that the announcements of tax rate increases (decreases) were followed by negative (positive) returns, but even though these results were statistically significant, they were likely to be influenced by other factors, because the announcements were made on
3653:. All of these would have to be taxed together under a "non-currency" financial transactions tax (such as under certain proposals in the U.S. in 2009 which, although not intending to tax currencies directly, would still do so due to taxation of currency futures and currency exchange traded funds). Because these three groups of instruments are nearly perfect substitutes, if at least one of these groups were to be exempt, it would likely attract most market volume from the taxed alternatives.
2924:, only to find themselves so short of dollars that they are forced to cut off growth. They raise interest rates to extraordinary levels to protect investors against currency losses, only to topple their economies and the source of investor profits. ... IMF bailouts provide a brief respite for international investors but they are, even from the perspective of the wealthy, a short-term solution at best ... they leave countries with more debt and fewer options."
3690:
1710:
3499:
reducing trading volume or trading frequency reduces volatility, these Tobin tax supporters combine it with the observation that Tobin-style taxes are volume-reducing, and thus should also indirectly reduce volatility ("this finding implies a negative relationship between transaction tax and volatility, because higher transaction costs will 'ceteris paribus' always dampen trading activities)." (Schulmeister et al., 2008, p. 18).
3147:
or settlement process." (All large-value financial transactions go through three steps. First dealers agree to a trade; then the dealers' banks match the two sides of the trade through an electronic central clearing system; and finally, the two individual financial instruments are transferred simultaneously to a central settlement system. Thus a tax can be collected at the few places where all trades are ultimately cleared or settled.)
3406:
could cost New York City between 30,000 and 42,000 private-sector jobs, and if the stock market volume reductions reached levels observed by Umlauf (1993) in Sweden after a stock FTT was introduced there ("By 1990, more than 50% of all
Swedish trading had moved to London") then according to Schwabish (2005), following an introduction of a FTT tax, there would be 150,000-210,000 private-sector jobs losses in the New York alone.
1698:
2602:, France's president, suggested that revenues from the Tobin tax could be devoted to the world's fight against climate change, especially in developing countries. They suggested that funding could come from "a global financial transactions tax." However British officials later argued the main point of a financial transactions tax would be provide insurance for the global taxpayer against a future banking crisis."
36:
2033:
autonomy in policies tailored to their specific economic institutions and objectives." Tobin's preferred solution was the former one but he did not see this as politically viable so he advocated for the latter approach: "I therefore regretfully recommend the second, and my proposal is to throw some sand in the wheels of our excessively efficient international money markets."
1777:. Tobin's tax was originally intended to penalize short-term financial round-trip excursions into another currency. By the late 1990s, the term Tobin tax was being applied to all forms of short term transaction taxation, whether across currencies or not. The concept of the Tobin tax is being picked up by various tax proposals currently being discussed, amongst them the
3413:—and thus "certainty what importers and exporters' money is worth"—has nothing to do with volatility whatsoever, as this cost is exclusively determined by the interest rate differential between two currencies. Nevertheless, as Tobin said, "If ... is suddenly withdrawn, countries have to drastically increase interest rates for their currency to still be attractive."
3339:/APLN), the informal trade union body of the Asia-Pacific, supported the Tobin Tax in their Statement to the 2010 APEC Economic Leaders Meeting. The representatives of APEC's national trade unions centers also met with the Japanese Prime Minister, Naoto Kan, the host Leader of APEC for 2010, and called for the Prime Minister's support on the Tobin Tax.
2431:. Bond et al. (2005) confirmed the findings of previous studies, noting also that the impact of the announced tax rate cuts was more beneficial (increasing market value more significantly) in case of larger firms, which had higher turnover, and were therefore more affected by the transaction tax than stocks of smaller companies, less frequently traded.
2085:
spot currency markets would clearly induce a huge shifting of transactions into futures and derivatives markets. Thus, the real issue is how to design a tax that takes account of all the methods and margins of substitution that investors have for changing their patterns of activity to avoid the tax. Taking account of these considerations implies a
2900:
businesses to build markets and production networks that are truly global in scope, then the current monetary system is in many ways an endless headache whose costs are rapidly outstripping its benefits." She continues with a view on how that monetary system stability is appealing to many players in the world economy, but is being undermined by
2749:, advocated the Tobin Tax to address that issue. (According to Cliff Kincaid, Castro advocated it "specifically in order to generate U.S. financial reparations to the rest of the world," however a closer reading of Castro's speech shows that he never did mention "the rest of the world" as being recipients of revenue.) Castro cited
3640:
Hanke et al. state, "The economic consequences of introducing a Tobin Tax are completely unknown, as such a tax has not been introduced on any real foreign exchange market so far". At the same time, even in the case of stock transaction taxes, where some empirical evidence is available, researchers
3405:
It is also possible to estimate the impact of a reduction in stock market volume caused by taxing stock transactions on the rise in the overall unemployment rate. For every 10 percent decline in stock market volume, elasticities estimated by
Schwabish implied that a stock transaction ("transfer") tax
3401:
forwarding in a magnified form any taxes imposed on Wall Street employees through their reduced demand to their suppliers and supporting industries. The author estimated the ratios of financial- to non-financial job losses of between 10:1 to 10:4, that is "a 10 percent decrease in securities industry
3358:
An economist speaking out against the common belief that investment banks would bear the burden of a Tobin tax is Simon
Johnson, Professor of Economics at the MIT and a former Chief Economist at the IMF, who in a BBC Radio 4 interview discussing banking system reforms presented his views on the Tobin
3146:
In
January 2010, feasibility of the tax was supported and clarified by researcher Rodney Schmidt, who noted "it is technically easy to collect a financial tax from exchanges ... transactions taxes can be collected by the central counterparty at the point of the trade, or automatically in the clearing
2837:
Tobin observed that, while his original proposal had only the goal of "putting a brake on the foreign exchange trafficking", the antiglobalization movement had stressed "the income from the taxes with which they want to finance their projects to improve the world". He declared himself not contrary to
2342:
Wrobel's paper highlighted the
Swedish experience with financial transaction taxes. In January 1984, Sweden introduced a 0.5% tax on the purchase or sale of an equity security. Thus a round trip (purchase and sale) transaction resulted in a 1% tax. In July 1986 the rate was doubled. In January 1989,
2093:
that resembles the tax suggested by Pollin et al. (1999). There are four benefits to this. First, it is likely to generate significantly greater revenues. Second, it maintains a level playing field across financial markets so that no individual financial instrument is arbitrarily put at a competitive
2084:
A key issue with Tobin's tax was "avoidance by change of product mix... market participants would have an incentive to substitute out of financial instruments subject to the tax and into instruments not subject to it. In this fashion, markets would innovate so as to avoid the tax... focusing on just
2032:
Tobin saw two solutions to this issue. The first was to move "toward a common currency, common monetary and fiscal policy, and economic integration." The second was to move "toward greater financial segmentation between nations or currency areas, permitting their central banks and governments greater
3913:
Excerpt from original German article:"SPIEGEL: Diese
Bewegung will die Einführung einer Steuer auf Devisengeschäfte. Damit sollen die Kapitalmärkte gebändigt und mit den zusätzlichen Einnahmen die Entwicklungshilfe verstärkt werden. Klingt das nicht wie Ihr Vorschlag? Tobin: Ich hatte vorgeschlagen,
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loop). This allows these Tobin tax proponents to state that "some studies show (implicitly) that higher transaction costs might dampen price volatility. This is so because these studies report that a reduction of trading activities is associated with lower price volatility." So if a study finds that
3031:
price, so "a tax on transactions in foreign exchange markets imposed unilaterally, 6/1000 of a basis point (or 0.00006%) is a realistic maximum magnitude." Similarly
Shvedov (2004) concludes that "even making the unrealistic assumption that the rate of 0.00006% causes no reduction of trading volume,
2852:
Professor Willem Buiter, who studied under James Tobin, wrote an obituary for the man, but also remarked that, "This ... was in recent years adopted by some of the most determined enemies of trade liberalisation, globalisation and the open society." Buiter added, "The proposal to use the Tobin tax
2466:
The
Sterling Stamp Duty, as it became known, was to be set at a rate 200 times lower than Tobin had envisaged in 2001, which "pro Tobin tax" supporters claim wouldn't have affected currency markets and could still raise large sums of money. The global currency market grew to $ 3,200 billion a day in
2158:
The concept of a Tobin tax has experienced a resurgence in the discussion on reforming the international financial system. In addition to many legislative initiatives in favour of the Tobin tax in national parliaments, possible ways to introduce a Tobin-style currency transaction tax (CTT) are being
3631:
returns and the volatility behavior of foreign exchange rates. This is used as evidence that the similarity between currencies and stocks in the context of a tax designed to curb volatility such as a CTT (or FTT in general) can be inferred from the almost identical (statistically indistinguishable)
3237:
fell by 98% and the options trading market disappeared. On 15 April 1990, the tax on fixed-income securities was abolished. In January 1991 the rates on the remaining taxes were cut in half and by the end of the year they were abolished completely. Once the taxes were eliminated, trading volumes
3216:
In July, 2006, analyst Marion G. Wrobel examined the actual international experiences of various countries in implementing financial transaction taxes. Wrobel's paper highlighted the Swedish experience with financial transaction taxes. In January 1984, Sweden introduced a 0.5% tax on the purchase
2962:
theoretical models, such as those developed by Wei and Kim (1997) or Westerhoff and Dieci (2006) suggest that transaction taxes can reduce volatility, at least in the foreign exchange market. In contrast, some papers find a positive effect of a transaction tax on market volatility. Lanne and Vesala
2359:
fell by 98% and the options trading market disappeared. On 15 April 1990, the tax on fixed-income securities was abolished. In January 1991 the rates on the remaining taxes were cut in half and by the end of the year they were abolished completely. Once the taxes were eliminated, trading volumes
2301:
If implemented the tax must be paid in the European country where the financial operator is established. This "R plus I" (residence plus issuance) solution means the EU-FTT would cover all transactions that involve a single European firm, no matter if these transactions are carried out in the EU or
3052:
and transactions volume in foreign exchange markets to estimate the maximum "non-disruptive rate" of a currency transaction tax. A CTT tax rate designed with a pragmatic goal of raising revenue for various development projects, rather than to fulfill Tobin's original goals (of "slowing the flow of
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given that their Japanese sample is subsumed by a research conducted in 14 Asian countries by Hu (1998), showing that "an increase in tax rate reduces the stock price but has no significant effect on market volatility". As Liu and Zhu (2009) point out, the different experience in Japan highlights
2940:
or more predictable levels of exchange rates. The impact of such a tax on volatility is of particular concern because the main justification given for this tax by Tobin was to improve the autonomy of macroeconomic policy by curbing international currency speculation and its destabilizing effect on
2190:
It was originally assumed that the Tobin tax would require multilateral implementation, since one country acting alone would find it very difficult to implement this tax. Many people have therefore argued that it would be best implemented by an international institution. It has been proposed that
1962:
would likely be affected. Clinton referred separately to "Impose a risk fee on the largest financial institutions. Big banks and financial companies would be required to pay a fee based on their size and their risk of contributing to another crisis." The calculations of such fees would necessarily
3657:
currency-only Tobin tax), because it could reduce tax avoidance (i.e., substitution of similar untaxed instruments), could significantly increase the tax base and could be implemented more easily on organized exchanges than in a dealership market like the global foreign exchange market. (See also
3228:
On the day that the tax was announced, share prices fell by 2.2%. But there was leakage of information prior to the announcement, which might explain the 5.35% price decline in the 30 days prior to the announcement. When the tax was doubled, prices again fell by another 1%. These declines were in
3224:
The revenues from taxes were disappointing; for example, revenues from the tax on fixed-income securities were initially expected to amount to 1,500 million Swedish kronor per year. They did not amount to more than 80 million Swedish kronor in any year and the average was closer to 50 million. In
2350:
On the day that the tax was announced, share prices fell by 2.2%. But there was leakage of information prior to the announcement, which might explain the 5.35% price decline in the 30 days prior to the announcement. When the tax was doubled, prices again fell by another 1%. These declines were in
2346:
The revenues from taxes were disappointing; for example, revenues from the tax on fixed-income securities were initially expected to amount to 1,500 million Swedish kronor per year. They did not amount to more than 80 million Swedish kronor in any year and the average was closer to 50 million. In
2028:
was to find a way to manage exchange-rate volatility. In his view, "currency exchanges transmit disturbances originating in international financial markets. National economies and national governments are not capable of adjusting to massive movements of funds across the foreign exchanges, without
3656:
According to Stephan Schulmeister, Margit Schratzenstaller, and Oliver Picek (2008), restricting the financial transactions tax to foreign exchange only (as envisaged originally by Tobin) would not be desirable. Any "general FTT seems...more attractive than a specific transaction tax" (such as a
3396:
Schwabish (2005) examined the potential effects of introducing a stock transaction (or "transfer") tax in a single city (New York) on employment not only in the securities industry, but also in the supporting industries. A financial transactions tax would lead to job losses also in non-financial
3326:
Note - APEC's 21 Member Economies are Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, China, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, The Republic of the Philippines, The Russian Federation, Singapore, Chinese
2957:
traders' but that it 'would not have any impact on volatility in case of sufficiently deep global markets such as those in major currency pairs, unlike in case of less liquid markets, such as those in stocks and (especially) options, where volatility would probably increase with reduced volumes.
2593:
For supporters of a Tobin tax, there is a wide range of opinion on who should administer a global Tobin tax and what the revenue should be used for. There are some who think that it should take the form of an insurance: In early November 2009, at the G20 finance ministers summit in Scotland, the
1957:
included in her platform a vow to "Impose a tax on high-frequency trading. The growth of high-frequency trading has unnecessarily placed stress on our markets, created instability, and enabled unfair and abusive trading strategies. Hillary would impose a tax on harmful high-frequency trading and
2167:
European Union leaders urged the International Monetary Fund on Friday to consider a global tax on financial transactions in spite of opposition from the US and doubts at the IMF itself. In a communiqué issued after a two-day summit, the EU's 27 national leaders stopped short of making a formal
3677:
One non-tax regulatory equivalent of Tobin's (very narrow original) tax is to require "non-interest bearing deposit requirements on all open foreign exchange positions.". If these deposit requirements result in forfeits or losses if a currency suddenly declines due to speculation, they act as
2418:
tax on share purchases in 1808, preceding by over 150 years the Tobin tax on currency transactions. Changes were made in 1963. In 1963 the rate of the UK Stamp Duty was 2%, subsequently fluctuating between 1% and 2%, until a process of its gradual reduction started in 1984, when the rate was
1837:
for the member states of the Bretton Woods system, leading the system to collapse in the face of increasing financial strain in that same year. In that context, Tobin suggested a new system for international currency stability, and proposed that such a system include an international charge on
3064:
has pointed out that while perhaps some trading ought to be discouraged, trading for the hedging of derivatives is generally considered a good thing in that it can reduce risk, and this should not be punished. He estimates that any financial tax should be at most one basis point so as to have
3041:, sponsored by certain UK charities, has a rate of 0.005% "in order to avoid market distortions", i.e., 1/100 of what Tobin himself envisaged in 2001. Sterling Stamp Duty supporters argue that this tax rate would not adversely affect currency markets and could still raise large sums of money.
1903:
Economic literature of the period 1990s-2000s emphasized that variations in the terms of payment in trade-related transactions (so-called "swaps" for instance) provided a ready means of evading a tax levied on currency only. Accordingly, most debate on the issue has shifted towards a general
2899:
In 1972, Tobin examined the global monetary system that remained after the Bretton Woods monetary system was abandoned. This examination was subsequently revisited by other analysts, such as Ellen Frank, who, in 2002 wrote: "If by globalization we mean the determined efforts of international
2454:
In 2005, the Tobin tax was developed into a modern proposal by the United Kingdom NGO Stamp Out Poverty. It simplified the two-tier tax in favour of a mechanism designed solely as a means for raising development revenue. The currency market by this time had grown to $ 2,000 billion a day. To
3232:
Even though the tax on fixed-income securities was much lower than that on equities, the impact on market trading was much more dramatic. During the first week of the tax, the volume of bond trading fell by 85%, even though the tax rate on five-year bonds was only 0.003%. The volume of
3155:, Marcos Cintra carries out a qualitative and quantitative in-depth comparison of the efficiency, equity and compliance costs of a bank transactions tax relative to orthodox tax systems, and opens new perspectives for the use of modern banking technology in tax reform across the world.
2354:
Even though the tax on fixed-income securities was much lower than that on equities, the impact on market trading was much more dramatic. During the first week of the tax, the volume of bond trading fell by 85%, even though the tax rate on five-year bonds was only 0.003%. The volume of
2665:
proposing to impose on banks to insure them against the costs of any future bailouts. EU leaders instructed their finance ministers, in May, 2010, to work out by the end of October 2010, details for the banking levy, but any financial transaction tax remains much more controversial.
5447:
plus others. The G20 was established in September, 1999, and Canada was part of the original G7. There was no Canadian election between the March 23, 1999 Canadian adoption of the Tobin tax resolution, and the September 1999 formation of the G20, so the government remained the
4117:
3011:
in 2001, the tax rate he suggested was 0.5%. His use of the phrase "let's say" ("sagen wir") indicated that he was not, at that point, in an interview setting, trying to be precise. Others have tried to be more precise or practical in their search for the Tobin tax rate.
3801:
Excerpt from original German article: "wie die Krisen in Mexiko, Südostasien und Russland während der neunziger Jahre gezeigt haben. Meine Steuer würde Notenbanken kleiner Länder Handlungsspielraum zurückgeben und dem Diktat der Finanzmärkte etwas entgegensetzen." -
2298:. According to the European Commission it could raise €57 billion every year, of which around €10bn (£8.4bn) would go to Great Britain, which hosts Europe's biggest financial center. It is unclear whether a financial transaction tax is compatible with European law.
3644:
According to Stephan Schulmeister, Margit Schratzenstaller, and Oliver Picek (2008), from the practical viewpoint it is no longer possible to introduce a non-currency transactions tax (even if foreign exchange transactions were formally exempt) since the advent of
2479:
In 1996, the United Nations Development Programme sponsored a comprehensive feasibility and cost-benefit study of the Tobin tax: Haq, Mahbub ul; Kaul, Inge; Grunberg, Isabelle (August 1996). The Tobin Tax: Coping with Financial Volatility. Oxford University Press.
2985:(transaction taxes or government-controlled minimum brokerage commissions) and a reduction in volatility—in fact a frequent unintended consequence observed by 'early adopters' after the imposition of a financial transactions tax (see Werner, 2003) has been an
2207:, the Tobin tax proposal came under much criticism from economists and governments, especially those with liberal markets and a large international banking sector, who said it would be impossible to implement and would destabilise foreign exchange markets.
2538:
argued for a European version of the Tobin tax. This tax would go beyond just financial transactions: "all shopping and petrol would be taxed.". Countering him was his sister, Christine Van Rompuy, who said, "any new taxes would directly affect the poor".
3509:
The lack of empirical evidence to support or clearly refute the Tobin tax proponents' claim it will reduce "excess" volatility is due in part to a lack of an agreed definition of "excess" volatility that allows to be distinguished and formally measured.
2559:
passed a resolution directing the government to "enact a tax on financial transactions in concert with the international community." However, ten years later, in November 2009, at the G20 finance ministers summit in Scotland, the representatives of the
3229:
line with the capitalized value of future tax payments resulting from expected trades. It was further felt that the taxes on fixed-income securities only served to increase the cost of government borrowing, providing another argument against the tax.
2578:
On November 7, 2009, prime minister Gordon Brown said that G-20 should consider a tax on speculation, although did not specify that it should be on currency trading alone. The BBC reported that there was a negative response to the plan among the G20.
2351:
line with the capitalized value of future tax payments resulting from expected trades. It was further felt that the taxes on fixed-income securities only served to increase the cost of government borrowing, providing another argument against the tax.
2195:
manage a Tobin tax would solve this problem and would give the UN a large source of funding independent from donations by participating states. However, there have also been initiatives of national dimension about the tax. (This is in addition to the
3307:
It would have a very significant negative impact on real economic recovery, as these additional costs are likely to further reduce financing of business activities at a time when markets remain fragile and prospects for the global economy are still
2963:(2006) argue that a transaction tax "is likely to amplify, not dampen, volatility in foreign exchange markets", because such tax penalises informed market participants disproportionately more than uninformed ones, leading to volatility increases.
2422:
The changes in Stamp Duty rates in 1974, 1984, and 1986 provided researchers with "natural experiments", allowing them to measure the impact of transaction taxes on market volume, volatility, returns, and valuations of UK companies listed on the
3452:
Opinions are divided between those who applaud that the Tobin tax could protect countries from spillovers of financial crises, and those who claim that the tax would also constrain the effectiveness of the global economic system, increase price
2036:
Tobin's method of "throwing sand in the wheels" was to suggest a tax on all spot conversions of one currency into another, proportional to the size of the transaction. In the development of his idea, Tobin was influenced by the earlier work of
3246:
The Swedish experience of a transaction tax was with purchase or sale of equity securities, fixed income securities and derivatives. In global international currency trading, however, the situation could, some argue, look quite different.
2368:
The Swedish experience of a transaction tax was with purchase or sale of equity securities, fixed income securities and derivatives. In global international currency trading, however, the situation could, some argue, look quite different.
3053:
capital across borders" and "preventing or managing exchange rate crises"), should avoid altering the existing "fundamental market behavior", and thus, according to Schmidt, must not exceed 0.00005, i.e., the observed levels of currency
2542:
On June 29, 2011, the European Commission called for Tobin-style taxes on the EU's financial sector to generate direct revenue starting from 2014. At the same time it suggested to reduce existing levies coming from the 27 member states.
4531:
3150:
Based on digital technology, a new form of taxation, levied on bank transactions, was successfully used in Brazil from 1993 to 2007 and proved to be evasion-proof, more efficient and less costly than orthodox tax models. In his book,
4113:
6386:
Garber, Peter M. (1996). "Issues of Enforcement and Evasion in a Tax on Foreign Exchange Transactions," in: The Tobin Tax: Coping with Financial Volatility. Mahbub ul Haq, Inge Kaul, and Isabelle Grunberg, eds. (New York, Oxford:
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2953:—researches conducted laboratory simulations or constructed economic models. Some of these theoretical studies have concluded that a transaction tax could reduce volatility by crowding out speculators or eliminating individual '
3493:
evidence in their favor, reinterpreting studies which do not deal directly with volatility, but instead with trading volume (with volume being generally reduced by transaction taxes, though it constitutes their tax base, see:
3574:
Volcker endorsed only the UK's tax on bank bonuses, calling it "interesting", but was wary about imposing levies on financial market transactions, because he is "instinctively opposed" to any tax on financial transactions.
2012:, and the economic argument (attributed to the "Chicago School") that they cannot in principle be differentiated. However, advocates of such taxes considered these problems manageable, especially in context of broader
2915:
such as Mexico (1994), countries in South East Asia (1997), and Russia (1998). She writes, "Governments of developing countries try to peg their currencies, only to have the peg undone by capital flight. They offer to
2812:
There are agencies and groups in Europe that have used the Tobin Tax as an issue of broader campaigns, for reasons that go far beyond my proposal. My proposal was made into a sort of milestone for an antiglobalization
6476:
3321:
There is no global consensus why a tax is needed and what the revenue would be used for, and therefore no understanding how much is needed. Any consequential tax would need to be supported by clear consensus for its
2908:: "Money scrambles around the globe in quest of the banker's holy grail – sound money of stable value – while undermining every attempt by cash-strapped governments to provide the very stability the wealthy crave."
1046:
1916:
frameworks required reporting that would help to differentiate them and economic thought was tending to reject the belief that they could not be differentiated, or (as the "Chicago School" had held) should not be.
4469:
3558:
which deals with proprietary trading of investment banks and restricts banks from making certain speculative kinds of investments if they are not on behalf of their customers. Former U.S. Federal Reserve Chairman
3402:
employment would depress employment in the retail, services, and restaurant sectors by more than 1 percent; in the business services sector by about 4 percent; and in total private jobs by about 1 percent."
2853:
as a means of raising revenues for development assistance was rejected by Tobin, and he forcefully repudiated the anti-globalisation mantra of the Seattle crowd." In September 2009, Buiter also wrote in the
4699:
4498:
3668:
said that any new tax should be levied on all asset classes – not merely foreign exchange, and would be based on the gross value of the assets, thereby helping to discourage the creation of asset bubbles.
3225:
addition, as taxable trading volumes fell, so did revenues from capital gains taxes, entirely offsetting revenues from the equity transactions tax that had grown to 4,000 million Swedish kronor by 1988.
2862:
In those same "years" that Buiter spoke of, the Tobin tax was also "adopted" or supported in varying degrees by the people who were not, as he put it, "enemies of trade liberalisation." Among them were
2347:
addition, as taxable trading volumes fell, so did revenues from capital gains taxes, entirely offsetting revenues from the equity transactions tax that had grown to 4,000 million Swedish kronor by 1988.
3317:
Effective implementation would be virtually impossible, especially as opportunities for cross-border arbitrage arise from decisions of certain jurisdictions not to adopt the tax or to exempt particular
2841:
ATTAC and other organizations have recognized that while they still consider Tobin's original aim as paramount, they think the tax could produce funds for development needs in the South (such as the
1943:. It was however expected to keep this tax at 0% initially, calculating potential revenue from different rate schemes and exemptions, and not to impose the actual tax unless speculation increased.
4361:
2343:
a considerably lower tax of 0.002% on fixed-income securities was introduced for a security with a maturity of 90 days or less. On a bond with a maturity of five years or more, the tax was 0.003%.
3528:
On the other side of the debate were the leaders of Germany who, in May 2008, planned to propose a worldwide ban on oil trading by speculators, blaming the 2008 oil price rises on manipulation by
3217:
or sale of an equity security. Thus a round trip (purchase and sale) transaction resulted in a 1% tax. In July 1986 the rate was doubled. In January 1989, a considerably lower tax of 0.002% on
4523:
3620:
They did not find any evidence on the differential effects of introducing or removing, stock transactions taxes or a hypothetical currency (Tobin) tax on any subset of markets or all markets.
3485:
Ten studies report a positive relationship between transaction taxes and short-term price volatility, five studies did not find any significant relationship. (Schulmeister et al, 2008, p. 18).
3193:
In the year 2000, "eighty per cent of foreign-exchange trading place in just seven cities. Agreement by London, New York and Tokyo alone, would capture 58 per cent of speculative trading."
2302:
elsewhere in the world. The scheme makes it impossible for say French or German banks to avoid the tax by moving their transactions offshore, unless they give up all their European customers.
4446:
6855:
6513:
4420:
3143:
agreed that the "greater centralisation and automisation of the exchanges and banks clearing and settlements systems ... makes avoidance of payment more difficult and less desirable."
3121:, said, on October 5, 2009, that modern technology meant that was no longer the case. Stiglitz said, the tax is "much more feasible today" than a few decades ago, when Tobin recanted.
3068:
Assuming that all currency market participants incur the same maximum level of transaction costs (the full cost of the bid-ask spread), as opposed to earning them in their capacity of
5393:
4670:
3080:), Schmidt (2007) finds that a CTT rate of 0.00005 would be nearly volume-neutral, reducing foreign exchange transaction volumes by only 14%. Such volume-neutral CTT tax would raise
3297:, which is the forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region, expressed its views in a letter to the IMF on 15 February 2010.
1958:
reform rules to make our stock markets fairer, more open, and transparent.". However, the term "high-frequency" implied that only a few large volume transaction players engaged in
3290:
3547:
brought on by reckless speculation in the financial markets, ... This legislation will force Wall Street to do their part and put people displaced by that crisis back to work."
1975:). Because of its restriction to so-called "harmful high-frequency trading" rather than to inter-currency transactions, neither of Clinton's proposals could be considered a true
3444:
of market participants, the rate would have to be set so low that "a tax on futures markets will not achieve any important social objective and will not generate much revenue."
3350:
trade union body, in a research on the feasibility, strengths and weaknesses of a potential Tobin Tax. ITUC, APLN and TUAC refer to Tobin Tax as the Financial Transactions Tax.
3088:
has by far the greatest revenue-raising potential, estimated at $ 130-750 bn annually." The author warns however that both these market-based revenue estimates "are necessarily
6719:"The Parameters of a Financial Transaction Tax and the OECD Global Public Good Resource Gap, 2010 – 2020 (en, fr & es) - TUAC - Trade Union Advisory Committee to the OECD"
6480:
5575:
2463:
wherever it was traded in the world, as opposed to a tax on all currencies traded in the UK, was indeed feasible and could be unilaterally implemented by the UK government.
2305:
Being faced with stiff resistance from some non-eurozone EU countries, particularly United Kingdom and Sweden, a group of eleven states began pursuing the idea of utilizing
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4596:
5362:
3048:
NGO whose "research supports global efforts to improve international financial systems and institutions"). Schmidt (2007) used the observed negative relationship between
2218:, has occurred at a national level. In July, 2006, analyst Marion G. Wrobel examined the international experiences of various countries with financial transaction taxes.
2090:
4477:
2827:
6171:
3385:
3368:
3279:
3206:
2997:
the comment made by Umlauf (1993) that it is hazardous to generalize limited evidence when debating important policy issues such as the STT and brokerage commissions."
2309:
to implement the tax in states which wish to participate. Opinion polls indicate that 41 percent of the British people are in favour of some forms of FTT (see section:
7387:
Kaiser, Johannes; Chmura, Thorsten; Pitz, Thomas (July 2007). "The Tobin Tax - A Game-Theoretical and an Experimental Approach". Social Science Electronic Publishing.
6992:
6544:
5704:"Key address by Fidel Castro Ruz, President of the Republic of Cuba at the World Conference against racism, racial discrimination, xenophobia and related intolerance"
3502:
Some Tobin tax supporters argue that volatility is better defined as a "long-term overshooting of speculative prices" than by standard statistical definitions (e.g.,
1873:. The idea is very simple: at each exchange of a currency into another a small tax would be levied - let's say, 0.5% of the volume of the transaction. This dissuades
6755:
4382:
Dietlein, Georg (2012): National Approaches towards a Financial Transaction Tax and Their Compatibility with European Law, EC Tax Review, Vol. 21 Issue 4, S. 207–211
4330:
2625:
Nevertheless, Britain, France and Germany had already agreed before the summit to impose a "bank tax." On May 20, 2010, German officials were understood to favour a
2519:
called for a European Union Tobin tax to base the communities' financial structure on more stable and independent grounds. However, the proposal was rejected by the
2738:
4691:
7480:"Bibliography - Best Sources on Financing Alternatives, and Tobin Taxes" (includes economists on both sides of the issue of economic feasibility) from website of
7035:
4935:
Jackson, P. and A. O’Donnell, 1985. The effects of stamp duty on equity transactions and prices in the UK Stock Exchange. Bank of England Discussion Paper No. 25.
1877:
as many investors invest their money in foreign exchange on a very short-term basis. If this money is suddenly withdrawn, countries have to drastically increase
5862:
4563:
4156:
Baker, D., "The Case for a Unilateral Speculation Tax in the United States," Briefing Paper, Center for Economic and Policy Research, Washington DC 20036, 2000.
2056:) the key issue was the proportion of 'speculators' in the market, and his concern that, if left unchecked, these types of players would become too dominant.
7504:
7097:
3839:
4353:
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2151:(FTT). In both cases, the various ideas proposed have included both national and multinational concepts. Examples of associating Tobin's tax with these:
5606:
2618:, the G20 leaders declared that a "global tax" was no longer "on the table," but that individual countries will be able to decide whether to implement a
5738:
5423:
4044:
1908:
which would capture such proxies. Other measures to avoid punishing hedging (a form of insurance for cashflows) were also proposed. By the 2010s the
6863:
Research Study by the Austrian Institute of Economic Research, co-financed by Federal Ministry of Finance and Federal Ministry of Economics and Labour
2799:
movement and a matter of discussion not only in academic institutions but even in streets and in parliaments in the UK, France, and around the world.
1937:
4723:
Campbell, John Y.; Froot, Kenneth A. (December 1993). "International Experiences with Securities Transaction Taxes (NBER Working Paper No. W4587)".
3032:
the tax on foreign currency exchange transactions would yield just $ 4.3 billion a year, despite an annual turnover in dozens of trillion dollars."
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4641:
4442:
3044:
The same rate of 0.005% was proposed for a currency transactions tax (CTT) in a report prepared by Rodney Schmidt for The North-South Institute (a
4274:
3221:
securities was introduced for a security with a maturity of 90 days or less. On a bond with a maturity of five years or more, the tax was 0.003%.
2147:(CTT) in the manner of Tobin's original idea, and other times it has been used interchangeably with the various different ideas of a more general
2029:
real hardship and without significant sacrifice of the objectives of national economic policy with respect to employment, output, and inflation."
7152:
Kearney, Colm; Patton, Andrew J. (2000). "Multivariate GARCH Modeling of Exchange Rate Volatility Transmission in the European Monetary System".
6866:
6718:
5628:
5336:
4412:
6669:
6625:"Bank transactions: pathway to the single tax ideal. A modern tax technology;the Brazilian experience with a bank transactions tax (1993-2007)"
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of stock market returns, usually coinciding with significant declines in liquidity (market volume) and thus in taxable revenue (Umlauf, 1993).
6128:"The effectiveness of Keynes–Tobin transaction taxes when heterogeneous agents can trade in different markets: A behavioral finance approach☆"
5188:
6697:
6030:
Davidson, P. (1997). "Are grains of sand in the wheels of international finance sufficient to do the job when boulders are often required?".
5278:
4912:"The effectiveness of Keynes-Tobin transaction taxes when heterogeneous agents can trade in different markets: A behavioral finance approach"
4181:
4139:
1809:
management ended in 1971. Prior to 1971, one of the chief features of the Bretton Woods system was an obligation for each country to adopt a
1392:
4662:
4619:
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inhibitions against deliberate speculative shorts of a currency. However, they would not raise funds for other purposes, so are not a tax.
2097:
Pollin, Palley and Baker (2000) emphasize that transaction taxes "have clearly not prevented the efficient functioning of these markets. "
7517:
7317:
5385:
3518:
The Tobin tax rests on the premise that speculators ought to be, as Tobin puts it, "dissuaded." This premise itself is a matter of debate:
6190:
Mannaro K, Marchesi M and Setzu A (2008) "Using an artificial financial market for assessing the impact of tobin-like transaction taxes."
5890:
3778:
3429:
studies however, where due reference was paid to the prevailing market conditions, the resulting tax rates have been significantly lower.
2407:
2397:
2328:
in January 2013. The formal agreement on the details of the EU FTT still need to be decided upon and approved by the European Parliament.
2168:
appeal for the introduction of a so-called "Tobin tax" but made clear they regarded it as a potentially useful revenue-raising instrument.
7469:
6779:
Schwabish, Jonathan A. (2005). "Estimating Employment Spillover Effects In New York City with an Application to The Stock Transfer Tax".
6574:"Notes on the Feasibility and Impact of a General Financial Transactions Tax; Civil society consultation with the IMF on 28 January 2010"
6147:
5129:"Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in April 2007 – Preliminary global results – Turnover"
3612:
In 2003, researchers like Aliber et al. proposed that empirical evidence on the observed effects of the already introduced and abolished
5308:
5839:
5249:
4095:
1833:, effectively ending the system. This action created the situation whereby the U.S. dollar became the sole backing of currencies and a
6065:
Davidson, P. (1998). "Efficiency and fragile speculative financial markets: against the Tobin Tax and for a creditable market maker".
2658:
2619:
4304:
2702:
According to Stephen Spratt, "the revenues raised could be used for ... international development objectives ... such as meeting the
1774:
1249:
5565:
5212:
Kwan S. Kim & Seok-Hyeon Kim (December 2003). "The Tobin tax revisited in the context of global governance on capital markets".
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2227:
1778:
1114:
1109:
7488:
Currency Transaction Taxes - Library of links to legislation, proposals, reports, articles and archives - from Global Policy Forum
7066:
6253:
Werner, Ingrid M. (2003). "Comment on 'Some Evidence that a Tobin Tax on Foreign Exchange Transactions may Increase Volatility'".
4588:
550:
6956:
Engle, Robert F. (1982). "Autoregressive Conditional Heteroscedasticity with Estimates of Variance of United Kingdom Inflation".
5658:
5005:
3994:
3925:
3887:
3813:
3589:, commented directly on the claims of Keynes and Tobin that 'taxes on financial transactions would reduce financial volatility'.
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5358:
4019:
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warn that "it is hazardous to generalize limited evidence when debating important policy issues such as the transaction taxes".
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3374:
1463:
1056:
277:
6168:
4394:
545:
7453:
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2845:), and allow governments, and therefore citizens, to reclaim part of the democratic space conceded to the financial markets.
2642:
On June 28, 2010, the European Union's executive said it will study whether the European Union should go alone in imposing a
2485:
6636:
6536:
5510:
4205:
7556:
6892:
6885:"A Proposal for International Monetary Reform. Cowles Foundation Discussion Papers 506, Cowles Foundation, Yale University"
6325:
Liu, Shinhua & Zhu, Zhen (2009). "Transaction Costs and Price Volatility: New Evidence from the Tokyo Stock Exchange".
2734:
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844:
6747:
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4326:
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for their currency to still be attractive. But high interest is often disastrous for a national economy, as the nineties'
54:
46:
2434:
Because the UK tax code provides exemptions from the Stamp Duty Reserve Tax for all financial intermediaries, including
2115:
in 1995, "Analysis has shown that the Tobin tax as originally proposed is not viable and should be laid aside for good."
1538:
7027:
6913:
Eichengreen, Barry; Tobin, James; Wyplosz, Charles (1995). "Two Cases for Sand in the Wheels of International Finance".
6105:
2507:
On June 15, 2004, the Commission of Finance and Budget in the Belgian Federal Parliament approved a bill implementing a
7551:
7229:
6360:
Hu, Shing-yang (1998). "The effects of the stock transaction tax on the stock market: Experiences from Asian markets".
5124:
1740:
1603:
726:
238:
7189:"Transmission of equity returns and volatility in Asian developed and emerging markets: a multivariate GARCH analysis"
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2791:(Association for the Taxation of financial Transactions for the Aid of Citizens). The tax then became an issue of the
4823:
4552:
4054:
2527:
1064:
812:
72:
4911:
2932:
One of the main economic hypotheses raised in favor of financial transaction taxes is that such taxes reduce return
2911:
Frank then corroborates Tobin's comments on the problems this instability can create (e.g. high interest rates) for
2310:
5815:
2052:, where he argued that excessive speculation by uninformed financial traders increased volatility. For Keynes (who
529:
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7002:
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3304:
Key to the APEC agenda is reduction of transaction costs. The proposal is directly counterproductive to this goal.
3250:
Wrobel's studies do not address the global economy as a whole, as James Tobin did when he spoke of "the nineties'
2372:
Wrobel's studies do not address the global economy as a whole, as James Tobin did when he spoke of "the nineties'
7546:
7357:
4945:
Saporta, Victoria; Kan, Kamhon (1998). "The Effects of Stamp Duty on the Level and Volatility of Equity Prices".
4392:
Sieling, Carsten (2012): Financial Transaction Tax. Sensible, Feasible, Overdue. Friedrich-Ebert-Foundation, S. 2
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3650:
3077:
711:
307:
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It would further weaken financial markets and reduce the liquidity, particularly in the case of illiquid assets.
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1673:
632:
101:
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Shvedov, Maxim (2004). Transaction Tax: General Overview. CRS Report for Congress, Order Code RL32266, p. 7.
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6632:
5214:
The Role of International Institutions in Globalization: The Challenges of Reform (edited by John-ren Chen)
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2711:
2703:
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1371:
662:
3072:, and assuming that no untaxed substitutes exist for spot currency markets transactions (such as currency
6580:
5950:
Palley, T. (1999). "Speculation and Tobin Tax: why sand in the wheels can increase economic efficiency".
4177:
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3477:
supporting evidence for stabilizing (volatility-reducing) properties of Tobin-style transaction taxes in
3259:
3159:
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2770:
2715:
2587:
2381:
1854:
1613:
1583:
4638:
3918:"Die missbrauchen meinen Namen (translated as "They Are Misusing My Name") (Interview with James Tobin)"
3880:"Die missbrauchen meinen Namen (translated as "They Are Misusing My Name") (Interview with James Tobin)"
3806:"Die missbrauchen meinen Namen (translated as "They Are Misusing My Name") (Interview with James Tobin)"
2605:
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Bank of Portugal report on the defense of the Portuguese Escudo in the European exchange rate mechanism
6567:
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trades with spreads as tight as 1/10 of a basis point, i.e. with just a 0.00001 difference between the
2849:
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2556:
2053:
994:
466:
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3136:, said "transactions are very difficult to measure and so it's very easy to avoid a transaction tax."
2203:
Whilst finding some support in countries with strong left-wing political movements such as France and
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Lanne, Markku; Vesala, Timo (2010). "The effect of a transaction tax on exchange rate volatility".
5277:. University of Frankfurt/Main; Paper originally published with the IMF as Working Paper WP/95/60.
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Schmidt, R. 2007 Currency Transaction Tax: Rate & Revenue Estimates, The North-South Institute
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in Mexico, Southeast Asia and Russia have proven. My tax would return some margin of manoeuvre to
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4301:"Financial transactions taxes: the international experience and the lessons for Canada (BP-419E)"
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studies however, no statistically significant causal link has been found between an increase in
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Edwards, Franklin R. (1993). "Taxing transactions in futures markets: Objectives and effects".
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4147:(Online publisher: Project Gutenberg of Australia eBooks; via biblioeconomicus.googlepages.com)
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For a recent evidence to the contrary, see, e.g., Liu and Zhu (2009), which may be affected by
2511:. According to the legislation, Belgium will introduce the Tobin tax once all countries of the
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halved, first from 2% to 1%, and then once again in 1986 from 1% to the current level of 0.5%.
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on the eve of the G8 2001 summit in Genoa. Afterwards James Tobin distanced himself from the
2787:. Ramonet proposed to create an association for the introduction of this tax, which was named
2274:
in September 2011 to introduce a financial transaction tax within the 27 member states of the
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Most studies of the likely impact of the Tobin tax on financial markets volatility have been
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1638:
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587:
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Umlauf, Steven R. (1993). "Transaction taxes and the behavior or the Swedish stock market".
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economists, without addressing the practicability of implementing a tax at these levels. In
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this use of the tax's income, but stressed that it was not the important aspect of the tax.
7121:"Some Evidence that a Tobin Tax on Foreign Exchange Transactions Might Increase Volatility"
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4416:
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3432:
For instance, Edwards (1993) concluded that if the transaction tax revenue from taxing the
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Federal reserve bank of San Francisco article on the failed attack on the Hong Kong dollar
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8:
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though, estimated at around $ 33 bn annually, i.e., an order of magnitude less than the "
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6094:"The Big Players in the Foreign Exchange Market: Do They Trade on Information or Noise?"
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6477:"Taxation To Slow Down High-Frequency Speculation While Not Affecting Hedging Activity"
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4114:"Destabilizing Speculation and the Case for an International Currency Transactions Tax"
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was quoted by the Italian foreign minister at the time, former director-general of the
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6169:"Regulatory Medicine Against Financial Market Instability: What Helps And What Hurts?"
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The feasibility of gradual implementation of the FTT, beginning with a few EU nations
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brought up the issue of a Tobin tax once again, suggesting it be adopted by the G20.
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6631:. University Library of Munich, Germany in its series MPRA Paper with number 16710.
5981:
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4842:
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Umlauf, S (1993). "Transaction taxes and the behavior of the Swedish stock market".
4499:"11 eurozone states ready to launch financial transactions tax: EU tax commissioner"
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2769:" from 1972 lay dormant for more than 20 years but was revived by the advent of the
2210:
Most of the actual implementation of Tobin taxes, whether in the form of a specific
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Financial transaction tax rates of the magnitude of 0.1%-1% have been proposed by
7521:
6856:"A General Financial Transaction Tax. Motives, Revenues, Feasibility and Effects"
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4269:
4209:
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In February 2010, Tim Harford, writing in the Undercover Economist column of the
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The ITUC shares its support for Tobin Tax with the Trade Union Advisory Council (
3234:
3110:
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2823:
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4524:"Eleven EU countries get Parliament's all clear for a financial transaction tax"
3593:
Comparing Currency Transaction Taxes (CTT) and Financial Transaction Taxes (FTT)
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338:
6338:
6093:
6008:
5928:
5689:, United Nations Millennium Development Goals website, retrieved 16 June 2009.
3362:
2679:
1889:
in small countries and would be a measure of opposition to the dictate of the
7540:
7255:"Modelling Australian Stock Market Volatility: A Multivariate GARCH Approach"
7173:
6792:
6751:
4863:. SDRT is a broadly equivalent tax on the transfers of uncertificated stock.
3540:
3441:
3391:
3377:
3024:
2859:, "Tobin was a genius ... but the Tobin tax was probably his one daft idea".
2501:
2204:
2143:
The term "Tobin tax" has sometimes been used interchangeably with a specific
1878:
1822:
1814:
1333:
1001:
926:
817:
750:
684:
652:
519:
461:
422:
402:
372:
287:
208:
203:
178:
168:
110:
7474:
7188:
6043:
3513:
3506:
of returns) ) which are typically used in empirical studies of volatility.
3241:
2885:§ Evaluating the Tobin tax as a general Financial Transaction Tax (FTT)
2586:
leaders expressed broad support for a Tobin tax in a communiqué sent to the
1939:. This was widely viewed as a warning to curb shorting of its currency the
7508:
7283:
Hanke, Michael; Huber, JüRgen; Kirchler, Michael; Sutter, Matthias (2010).
6506:"Joseph Stiglitz calls for Tobin tax on all financial trading transactions"
5699:
5570:
5474:
5103:
4473:
3843:
3733:
3695:
3659:
the discussion of tax avoidance as it relates to a currency transaction tax
3628:
3560:
3555:
3551:
3437:
3218:
3069:
3061:
2742:
2595:
2555:
group to formally accept the Tobin tax was Canada. On March 23, 1999, the
2435:
2124:
1817:
of its currency within a fixed value—plus or minus one percent—in terms of
1714:
1228:
1011:
980:
951:
931:
822:
807:
787:
701:
696:
498:
292:
5599:"Merkel leads calls for global financial tax as markets continue to slide"
5272:"International Financial Flows and Transactions Taxes: Survey and Options"
4171:"International Financial Flows and Transactions Taxes: Survey and Options"
3440:), with the tax rate not leading to a prohibitively large increase in the
2363:
1899:
others have tried to be more precise in their search for the optimum rate.
1897:
Though James Tobin suggested the rate as 0.5%, in that interview setting,
261:
5760:"VITA. James Tobin: «è figlia del suo tempo» (20/07/2001) | Vita.it"
4915:
3616:
transaction taxes and a hypothetical CTT (Tobin) can probably be treated
3564:
3521:
3478:
3335:
The International Trade Union Confederation/Asia-Pacific Labour Network (
3269:
3179:
3089:
3020:
3007:
2718:
have agreed (in 2000) to achieve by the year 2015. They include reducing
2049:
2009:
1770:
1762:
1223:
961:
921:
839:
775:
721:
657:
483:
473:
417:
297:
198:
193:
151:
136:
5808:
4815:
4206:"George Soros: Open Societies, Sovereignty, and International Terrorism"
2973:§ Tobin tax proponents response to empirical evidence on volatility
7498:
7259:
School of Economics, University of Wollongong, Australia, Working Paper
7225:
6977:
6934:
6854:
Schulmeister, Stephan; Schratzenstaller, Margit; Picek, Oliver (2008).
6827:
6051:
5973:
5056:
4950:
4873:
3915:
3877:
3803:
3529:
3118:
3092:", and he has more confidence in the revenue-raising potential of "The
3085:
3015:
According to Garber (1996), competitive pressure on transaction costs (
2869:
several from 2000 to 2004, including lukewarm support from George Soros
2784:
2428:
2415:
2411:
1874:
1328:
1298:
1181:
1166:
1089:
1021:
989:
941:
916:
901:
802:
797:
765:
691:
397:
392:
213:
173:
119:
3840:"James Tobin: "The antiglobalisation movement has highjacked my name""
7479:
7217:
6230:
6221:
5128:
3728:
3422:
3197:
Evaluating the Tobin tax as a general Financial Transaction Tax (FTT)
3109:
Although Tobin had said his own tax idea was unfeasible in practice,
3045:
2691:
2683:
2508:
2106:
1972:
1959:
1913:
1161:
1079:
760:
755:
566:
493:
183:
23:. For the more general category of "currency transaction taxes", see
6969:
6926:
6748:"DeFazio calls for tax on financial transactions but critics abound"
5767:
4639:"Barnier: Europe's 'Robin Hood' tax 'politically and morally right'"
4176:. University of Frankfurt/Main; Paper originally published with the
3096:(IFF) and International Finance Facility for Immunisation (IFFIm)."
2270:
The EU financial transaction tax (EU FTT) is a proposal made by the
2089:
that is bigger in scope, and pushes the design toward a generalized
19:
For the more general category of "financial transaction taxes", see
7285:"The economic consequences of a Tobin tax—An experimental analysis"
4553:"Financial transaction tax: Council agrees to enhanced cooperation"
3916:
Christian Von Reiermann & Michaela Schießl (3 September 2001).
3804:
Christian Von Reiermann & Michaela Schießl (3 September 2001).
3703:
3532:. At that time India, with similar concerns, had already suspended
3188:
2783:, renewed the debate around the Tobin tax with an editorial titled
2610:
This scenario is possible, given the events in May and June, 2010:
2512:
1979:
though international exposure would be a factor in the "risk fee".
1968:
1940:
1909:
1766:
1323:
1291:
975:
965:
886:
881:
854:
827:
637:
387:
328:
323:
156:
5915:
Westerhoff, F. (2003). "Heterogeneous traders and the Tobin Tax".
5194:. Institut Francais des Relationes Internationales. Archived from
5123:
3632:
behavior of the volatilities of equity and exchange rate returns.
3211:
2564:
of Canada spoke publicly on the world stage in opposition to that
2442:
and other members of the LSE, and due to the strong growth of the
6853:
4589:"EU approves financial transaction tax for 11 eurozone countries"
4470:"Lowering contributions possible even under enhanced cooperation"
4327:"The EU Expects 57 Billion Euros a Year from a New Financial Tax"
3469:
Tobin tax proponents response to empirical evidence on volatility
3461:
for end users such as investors, savers and hedgers, and destroy
2937:
2515:
introduce a similar law. In July 2005 former Austrian chancellor
1134:
956:
859:
849:
188:
146:
5189:"The French Antiglobalization Movement: a New French Exception?"
3991:"James Tobin-El movimiento antiglobalización abusa de mi nombre"
3543:
stated, "The American taxpayers bailed out Wall Street during a
3388:". (This was proposed domestically for the United States only.)
3311:
Industries and consumers as a whole would be unfairly penalized.
3019:) in currency markets has reduced these costs to fractions of a
2760:
2674:
In early November 2007, a regional Tobin tax was adopted by the
7056:
5386:"Belgian PM Herman Van Rompuy called clown by sister Christine"
4230:. World Economy, Ecology & Development Association (WEED).
3878:
Christian Von Reiermann & Michaela Schießl (9 March 2001).
3381:
2802:
In an interview given to the Italian independent radio network
2076:
on transactions only richer investors can afford to engage in.
1697:
1343:
1154:
1149:
1144:
946:
834:
7444:
Haq, Mahbub ul; Kaul, Inge; Grunberg, Isabelle (August 1996).
5166:
3481:
research is acknowledged by some of the Tobin tax supporters:
3035:
Accordingly, one of the modern Tobin tax versions, called the
7090:"If that's the Robin Hood tax, I'm the sheriff of Nottingham"
4663:"EU to Present Financial-Transaction Tax Proposal on Feb. 14"
3624:
3613:
2865:
several supporters from 1990 to 1999, including Larry Summers
2788:
2391:
1950:
1926:
1806:
1358:
1353:
1348:
1338:
1313:
1308:
1255:
1127:
7057:
Shields, Michael & Simon Jessopand (December 13, 2009).
5416:"EU calls for 'Tobin' tax in a move to raise direct revenue"
5329:"Europe's first President calls for Euro tax, Euro identity"
3950:
3300:
In addition, ABAC expressed further concerns in the letter:
2875:
Evaluating the Tobin tax as a Currency Transaction Tax (CTT)
2739:
compensation for colonialism and slavery arose in the agenda
7025:
3386:
Let Wall Street Pay for the Restoration of Main Street Bill
3369:
Let Wall Street Pay for the Restoration of Main Street Bill
3363:
Let Wall Street Pay for the Restoration of Main Street Bill
3347:
3343:
3336:
3294:
3280:
Let Wall Street Pay for the Restoration of Main Street Bill
3254:
in Mexico, South East Asia and Russia," which included the
3207:
Let Wall Street Pay for the Restoration of Main Street Bill
2921:
2746:
2727:
2637:
2376:
in Mexico, South East Asia and Russia," which included the
1818:
7501:, editorial by Ignacio Ramonet, Le Monde Diplomatique 1997
7425:
Democratising Globalisation: The Leverage of the Tobin Tax
6694:"Japanese Prime Minister Backs Call for APEC Labour Forum"
6659:"Key to the APEC agenda is reduction of transaction costs"
6440:"The Currency Transaction Tax: Rate and Revenue Estimates"
5559:
5557:
3392:
Would there be net job losses if a FTT tax was introduced?
2622:
to recoup billions of dollars in taxpayer-funded bailouts.
1849:
in Mexico, Southeast Asia and Russia," which included the
6290:
6288:
6286:
6091:
5855:"Forget Tobin tax: there is a better way to curb finance"
5502:
5211:
3514:
Should speculators be encouraged, penalized or dissuaded?
3125:
2753:
as a previously established precedent for the concept of
2552:
2455:
investigate the feasibility of such a tax they hired the
2128:
2064:
The most common variations on Tobin's idea are a general
1758:
93:
7282:
7028:"Obama's 'Volcker Rule' shifts power away from Geithner"
2889:
2360:
returned and grew substantially in the 1990s and 2000s.
2044:
Keynes' concept stems from 1936 when he proposed that a
1898:
7505:
English version of James Tobin interview on Der Spiegel
7059:"Volcker finds British bonus tax "interesting": report"
6912:
6534:
5563:
5554:
5444:
5383:
3242:
Tobin tax proponents reaction to the Swedish experience
2730:, and developing a global partnership for development.
2496:
In late 2001, a Tobin tax amendment was adopted by the
2491:
2459:
firm Intelligence Capital, who found that a tax on the
2364:
Tobin tax proponents reaction to the Swedish experience
7026:
David Cho & Binyamin Appelbaum (22 January 2010).
6563:
6561:
6283:
4222:
4140:"The General Theory of Employment, Interest and Money"
3270:
Pros and cons if the Tobin tax (FTT) were implemented?
2331:
7252:
5006:"Stamp Duty on Shares and Its Effect on Share Prices"
5004:
Bond, Steve; Hawkins, Mike; Klemm, Alexander (2005).
4843:"Archivsuche - Archiv - SPIEGEL ONLINE - Nachrichten"
4692:"Financial transaction tax: clearing the next hurdle"
3327:
Taipei, Thailand, United States of America, Vietnam.
1058:
European Union Common Consolidated Corporate Tax Base
7527:
IMF report (2004) on emerging market currency crises
7475:
BBC 7 November 2009 Lukewarm reaction to UK tax plan
5384:
Macer Hall & Alison Little (November 19, 2009).
4225:"Currency Transaction Tax - a Concept with a Future"
3685:
2806:
in July 2001 James Tobin distanced himself from the
2669:
1821:. Then, on August 15, 1971, United States President
6558:
4793:Hemmelgarn, Thomas; Nicodeme, Gaetan (2012-02-23).
4440:
4137:
4107:
4105:
3627:family to describe both the volatility behavior of
2661:, or a resolution levy, which some governments are
7422:
7341:
7339:
7337:
5306:Opinion of the European Central Bank (CON/2004/34)
4792:
4761:
4759:
4718:
4716:
4580:
4264:"EU leaders urge IMF to consider global Tobin tax"
4262:
3563:, President Obama's advisor, has argued that such
3153:Bank transactions: pathway to the single tax ideal
2500:. However, it was overturned by March 2002 by the
2198:many countries that have foreign exchange controls
2024:James Tobin's purpose in developing his idea of a
1845:In 2001, in another context, just after "the 90s'
7118:
4324:
4038:
4036:
3951:Spiegel Online International (3 September 2001).
1933:and this was referred to in financial press as a
7538:
7532:The Guardian editorializes against the Tobin tax
7386:
7186:
6849:
6847:
6845:
6741:
6739:
6499:
6497:
6210:International Journal of Finance & Economics
6104:in its series CID Working Papers with number 5.
5356:
5266:
5003:
4796:Can Tax Policy Help to Prevent Financial Crisis?
4165:
4102:
3672:
3189:How many nations are needed to make it feasible?
3139:Nevertheless, in early December 2009, economist
2646:after G20 leaders failed to agree on the issue.
2185:
7446:The Tobin Tax: Coping with Financial Volatility
7443:
7334:
7292:Journal of Economic Behavior & Organization
7187:Worthington, Andrew & Higgs, Helen (2004).
7119:Aliber, R.; Chowdhry, B. & Yan, S. (2003).
6990:
6437:
6192:Journal of Economic Behavior & Organization
6125:
6092:Shang-Jin Wei & Jungshik Kim (March 1999).
4756:
4713:
4410:
4223:Peter Wahl & Peter Waldow (April 1, 2001).
3834:
3832:
3830:
3416:
3212:Sweden's experience in implementing Tobin taxes
2936:, leading to an increase of long-term investor
2221:
7196:International Journal of Finance and Economics
5247:
5093:
4318:
4033:
3767:"A Proposal for International Monetary Reform"
3658:
3623:Researchers have used models belonging to the
3238:returned and grew substantially in the 1990s.
2735:September 2001 World Conference against Racism
7151:
6842:
6774:
6772:
6736:
6622:
6503:
6494:
6433:
6431:
5735:"Progressives Back Obama Push for Global Tax"
5732:
5596:
5590:
5566:"Banks relieved as G20 backs off on bank tax"
4722:
4586:
4434:
4354:"Financial transaction tax would raise €10bn"
3397:sectors of the economy through the so-called
3384:proposed a financial transaction tax in his "
2761:Original idea and anti-globalization movement
1734:
6993:"Germany in call for ban on oil speculation"
6745:
6608:: CS1 maint: multiple names: authors list (
6535:Stephany Griffith-Jones (December 7, 2009).
6474:
5698:
5629:"EU to study bank transaction tax after G20"
5326:
5186:
5102:. Stamp Out Poverty Campaign. Archived from
4351:
3827:
3036:
7253:Valadkhani, Abbas; O'Brien, Martin (2009).
7087:
6320:
6318:
6207:
6184:
6067:American Journal of Economics and Sociology
5995:Erturk, Korkut (2006). "On the Tobin Tax".
5888:
5497:
5495:
5493:
5491:
5413:
4999:
4997:
4837:
4835:
4260:
3946:
3944:
3942:
3873:
3871:
3869:
3867:
3865:
3764:
3635:
3099:
1982:
6769:
6428:
6100:. Center for International Development at
5914:
5359:"EU president wants to see a new Euro tax"
4944:
4545:
4295:
4293:
4291:
4145:. pp. 104, 105 (Chapter 12, Part VI).
3578:
2894:
2726:rates, fighting disease epidemics such as
2474:
2392:British stock transaction tax (Stamp Duty)
2123:On September 19, 2001, retired speculator
1987:
1741:
1727:
7303:
7207:
7136:
6991:Evans-Pritchard, Ambrose (May 26, 2008).
6778:
6266:
6229:
6161:
5963:
5564:Madhavi Acharya-Tom Yew (June 27, 2010).
5089:
5087:
5085:
5083:
5021:
4808:10.1093/acprof:oso/9780199698165.001.0001
4256:
4254:
4252:
4111:
4042:
3909:
3907:
3905:
3353:
3330:
3000:
2118:
1775:Nobel Memorial Prize in Economic Sciences
1250:Institute on Taxation and Economic Policy
73:Learn how and when to remove this message
7420:
6711:
6315:
6132:Journal of Economic Dynamics and Control
6064:
6029:
5884:
5882:
5880:
5488:
5456:
5454:
5322:
5320:
4994:
4905:
4903:
4901:
4832:
4660:
4325:Ralitsa Kovacheva (September 30, 2011).
3985:
3983:
3981:
3979:
3977:
3939:
3862:
3293:, the business representatives' body in
3104:
2638:Simultaneous taxes in the European Union
2231:
2228:European Union financial transaction tax
2041:on general financial transaction taxes.
1779:European Union Financial Transaction Tax
7021:
7019:
6813:
6651:
6616:
6468:
5788:
5726:
5426:from the original on September 30, 2013
5241:
5180:
4449:from the original on September 10, 2012
4288:
4016:"Hillary Clinton on Wall Street reform"
3760:
3758:
3756:
3754:
3752:
3750:
3748:
2927:
7539:
7276:
6816:Journal of Financial Services Research
6568:Rodney Schmidt, Principal Researcher,
6547:from the original on September 8, 2013
6327:Journal of Financial Services Research
6324:
6294:
6252:
5994:
5988:
5949:
5852:
5838:: CS1 maint: archived copy as title (
5741:from the original on February 11, 2010
5542:from the original on 20 September 2009
5513:from the original on November 10, 2009
5396:from the original on November 24, 2009
5365:from the original on February 27, 2010
5357:Daniel McConnell (November 22, 2009).
5216:. Edward Elgar Publishing. p. 30.
5131:. Bank for International Settlements.
5080:
4914:. Oxera Consulting Ltd. Archived from
4765:
4684:
4516:
4345:
4249:
4131:
4094:: CS1 maint: archived copy as title (
3902:
3489:These Tobin tax proponents propose on
3128:finance ministers summit in Scotland,
2868:
2864:
2449:
2286:charging 0.1% against the exchange of
7069:from the original on 18 February 2010
6955:
6882:
5877:
5714:from the original on 12 February 2010
5661:from the original on 18 November 2007
5451:
5317:
5284:from the original on October 11, 2010
4909:
4898:
4467:
4364:from the original on 20 February 2012
4187:from the original on October 11, 2010
4159:
3974:
3124:However, on November 7, 2009, at the
2944:
2890:Stability, volatility and speculation
2316:The proposal supported by the eleven
2059:
7495:, New Rules for Global Finance, 2003
7016:
6984:
6758:from the original on January 7, 2010
6639:from the original on 24 October 2010
6590:from the original on 2 November 2011
4617:"Robin Hood Gets Go Ahead in Europe"
4441:Alexander Hagelüken (May 10, 2012).
4043:Collignon, Stefan (1 January 1994).
3846:UK. 3 September 2001. Archived from
3797:
3795:
3745:
3607:
3539:On December 3, 2009, US Congressman
3447:
3005:When James Tobin was interviewed by
2966:
2765:Tobin's more specific concept of a "
2678:, after an initiative of Presidents
2571:In September 2009, French president
2492:European idea for a 'first Euro tax'
2127:put forward a proposal based on the
1788:
29:
7100:from the original on March 18, 2010
6889:Cowles Foundation Discussion Papers
5865:from the original on 9 January 2010
5853:Buiter, Willem (1 September 2009).
5692:
5501:
5205:
4859:Stamp duty applies to transfers of
3963:from the original on 7 October 2010
3842:. Jubilee Research, a successor to
3113:, former Senior Vice President and
2620:levy against financial institutions
2534:, after attending a meeting of the
2332:Swedish financial transaction taxes
2278:by 2014. The tax would only impact
2079:
1920:
1797:in 1972 in his Janeway Lectures at
13:
7351:
7166:10.1111/j.1540-6288.2000.tb01405.x
7138:10.1023/B:EUFI.0000022143.77321.20
6696:. ituc-csi.org. 3 September 2010.
6456:from the original on 6 August 2009
6359:
6277:10.1023/B:EUFI.0000022151.50261.40
6079:10.1111/j.1536-7150.1998.tb03383.x
5789:Hodgson, Godfrey (13 March 2002).
5532:"Sarkozy to press for 'Tobin Tax'"
5507:"Lukewarm reaction to UK tax plan"
5339:from the original on July 10, 2011
5327:Andrew Moran (November 23, 2009).
5163:"健康でいたいなら、病院で検査を受けたり生活習慣を見直したりしよう"
5125:Bank for International Settlements
4352:Harry Wilson (February 16, 2012).
4237:from the original on 6 August 2009
4049:. Fairleigh Dickinson Univ Press.
3436:markets were to be maximized (see
2414:. Stamp duty was introduced as an
2264: Undecided non-Euro countries
2159:scrutinised by the United Nations.
2019:
1929:drafted rules to impose a genuine
1769:into another. It was suggested by
45:tone or style may not reflect the
14:
7568:
7463:
7088:Tim Harford (February 20, 2010).
6746:Charles Pope (December 3, 2009).
5917:Journal of Evolutionary Economics
5733:Cliff Kincaid (October 6, 2009).
5248:Daniel Ben-Ami (March 25, 2002).
5094:Stephen Spratt (September 2006).
4333:from the original on 3 March 2012
4208:. asiasociety.org. Archived from
3792:
3765:James Tobin (July–October 1978).
2706:."(, p. 19) These are eight
2670:Latin America – Bank of the South
2528:President of the European Council
1065:Global minimum corporate tax rate
7421:Patomäki, Heikki (August 2001).
7246:
7180:
7145:
7112:
7081:
7050:
7038:from the original on 8 June 2017
6949:
6906:
6876:
6807:
6438:Schmidt, Rodney (October 2007).
6126:Westerhoff, F; Dieci, R (2006).
5609:from the original on 29 May 2010
5578:from the original on 7 June 2011
3959:. Spiegel Online International.
3928:from the original on 6 June 2010
3890:from the original on 6 June 2010
3816:from the original on 6 June 2010
3688:
3284:
2815:». James Tobin's interview with
2697:
2100:
2048:should be levied on dealings on
1708:
1696:
530:Base erosion and profit shifting
100:
55:guide to writing better articles
34:
7323:from the original on 2017-08-09
7265:from the original on 2015-04-02
7235:from the original on 2017-08-08
6895:from the original on 2015-04-02
6700:from the original on 2011-09-29
6686:
6675:from the original on 2010-03-31
6528:
6403:
6394:
6380:
6353:
6246:
6201:
6150:from the original on 2009-03-08
6119:
6108:from the original on 2009-08-04
6085:
6058:
6023:
5943:
5908:
5846:
5821:from the original on 2011-06-12
5801:
5782:
5752:
5673:
5647:
5621:
5524:
5461:Robin Round (representative of
5437:
5407:
5377:
5350:
5295:
5260:
5155:
5146:
5135:from the original on 2010-04-07
5117:
5069:from the original on 2012-03-07
5049:
5038:from the original on 2015-04-02
4938:
4929:
4886:from the original on 2012-03-07
4866:
4853:
4786:
4702:from the original on 2013-05-11
4673:from the original on 2013-09-25
4654:
4632:
4610:
4599:from the original on 2013-09-28
4569:from the original on 2013-04-24
4534:from the original on 2012-12-26
4491:
4461:
4423:from the original on 2012-01-13
4404:
4385:
4376:
4307:from the original on 2012-12-05
4277:from the original on 2022-12-10
4216:
4198:
4150:
4120:from the original on 2016-08-27
4077:from the original on 2016-09-17
4063:
4022:from the original on 2016-05-17
3997:from the original on 2010-06-12
3781:from the original on 2009-10-17
3550:On January 21, 2010, President
308:Optimal capital income taxation
6475:Paul Wilmott (November 2011).
6297:Journal of Financial Economics
5597:David Charter (May 20, 2010).
4768:Journal of Financial Economics
4411:Avinash Persaud (2012-01-10).
4008:
3651:currency exchange-traded funds
3291:APEC Business Advisory Council
3256:1994 economic crisis in Mexico
3094:International Finance Facility
3078:currency exchange-traded funds
3065:negligible effect on hedging.
2546:
2378:1994 economic crisis in Mexico
2324:in December 2012, and by the
2258: Undecided Euro countries
2004:difficulty of differentiating
1851:1994 economic crisis in Mexico
1388:List of countries by tax rates
1:
6374:10.1016/S0927-538X(98)00017-1
6362:Pacific-Basin Finance Journal
5895:New Internationalist magazine
5889:Ellen Frank (February 2002).
5414:Ian Traynor (June 29, 2011).
4560:Council of the European Union
4468:Sebag, Gaspard (2012-08-31).
3739:
3673:Non-tax regulatory equivalent
3264:1998 Russian financial crisis
2906:fluctuation in exchange rates
2644:tax on financial transactions
2408:Stamp Duty Reserve Tax (SDRT)
2386:1998 Russian financial crisis
2326:Council of the European Union
2246: Supporting EU countries
2186:Proposals and implementations
1867:foreign exchange transactions
1861:, Tobin summarized his idea:
1859:1998 Russian financial crisis
813:Natural resources consumption
7377:Resources in other libraries
6633:Research Papers in Economics
6572:, Ottawa (28 January 2010).
6537:"Now let's tax transactions"
6504:Edmund Conway (5 Oct 2009).
6309:10.1016/0304-405X(93)90005-V
5187:Eddy Fougier (Spring 2003).
4780:10.1016/0304-405X(93)90005-V
4661:Brunsden, Jim (2013-02-01).
4587:Phillip Inman (2013-01-22).
4138:John Maynard Keynes (1936).
3417:Is there an optimum tax rate
3164:Money Laundering Control Act
2843:Millennium Development Goals
2712:United Nations member states
2704:Millennium Development Goals
2469:Millennium Development Goals
2239:EU Financial transaction tax
2222:EU financial transaction tax
2174:
1757:was originally defined as a
663:United States as a tax haven
7:
7557:Anti-globalization movement
7448:. Oxford University Press.
6623:Marcos Cintra (July 2009).
6581:International Monetary Fund
5997:Review of Political Economy
5891:"Heavy surf & tsunamis"
5465:) (January–February 2000).
4443:"Und sie funktioniert doch"
4413:"Warum Rösler falsch liegt"
4180:as Working Paper WP/95/60.
4178:International Monetary Fund
3953:"They are misusing my name"
3681:
3260:1997 Asian Financial Crisis
3160:Currency transaction report
3134:International Monetary Fund
3023:. For example, the EUR.USD
2771:1997 Asian Financial Crisis
2716:international organizations
2588:International Monetary Fund
2382:1997 Asian Financial Crisis
2252: Opposing EU countries
1994:financial transaction taxes
1855:1997 Asian Financial Crisis
1773:, an economist who won the
10:
7573:
7314:10.1016/j.jebo.2010.02.004
6144:10.1016/j.jedc.2004.12.004
5443:The G20 is made up of the
5032:10.1628/001522105774979010
4879:. HM Revenue and Customs.
4261:Tony Barber (2009-12-11).
3596:
3569:2007–2008 financial crisis
3366:
3273:
3200:
3172:Suspicious activity report
3157:
2987:increase in the volatility
2970:
2878:
2850:London School of Economics
2566:House of Commons of Canada
2557:House of Commons of Canada
2526:On November 23, 2009, the
2395:
2335:
2225:
2178:
2104:
2091:securities transaction tax
1998:currency transaction taxes
1871:exchange rate fluctuations
577:Offshore financial centres
467:Repatriation tax avoidance
18:
7552:Financial transaction tax
7372:Resources in your library
6570:The North-South Institute
6447:The North-South Institute
6339:10.1007/s10693-009-0063-x
6009:10.1080/09538250500354173
5929:10.1007/s00191-003-0140-5
5057:"HMRC Stamp Taxes Manual"
4059:– via Google Books.
3714:Financial transaction tax
3603:Financial transaction tax
3567:played a key role in the
3276:Financial transaction tax
3203:Financial transaction tax
3082:relatively little revenue
2977:In most of the available
2941:national exchange rates.
2708:international development
2651:financial transaction tax
2627:financial transaction tax
2614:On June 27, 2010, at the
2404:Financial Transaction Tax
2402:An existing example of a
2338:Financial transaction tax
2216:financial transaction tax
2181:Reaction to the Tobin Tax
2149:financial transaction tax
2070:financial transaction tax
2014:financial transaction tax
2002:financial risk management
1965:financial risk management
1906:financial transaction tax
1042:Financial transaction tax
132:Property tax equalization
21:Financial transaction tax
7001:. London. Archived from
6793:10.1177/1091142105278945
5635:. Reuters. June 28, 2010
5252:. spiked. Archived from
5100:Stamp Out Poverty report
4046:Europe's Monetary Future
3771:Eastern Economic Journal
3709:Currency transaction tax
3636:Practical considerations
3599:Currency transaction tax
3100:Is the tax easy to avoid
2881:Currency transaction tax
2821:World Trade Organization
2767:currency transaction tax
2631:financial activities tax
2616:2010 G-20 Toronto summit
2594:British Prime Minister "
2551:The first nation in the
2498:French National Assembly
2212:currency transaction tax
2145:currency transaction tax
2138:
2066:currency transaction tax
2054:was himself a speculator
2026:currency transaction tax
1983:Concepts and definitions
1931:currency transaction tax
1795:currency transaction tax
1393:Tax revenue to GDP ratio
1052:Currency transaction tax
633:Liechtenstein tax affair
25:Currency transaction tax
7125:European Finance Review
6389:Oxford University Press
6255:European Finance Review
6044:10.1111/1468-0297.00183
5010:Public Finance Analysis
3719:Foreign exchange market
3579:Questions of volatility
3411:cost of currency hedges
3141:Stephany Griffith-Jones
2895:The appeal of stability
2832:global justice movement
2808:global justice movement
2793:global justice movement
2785:"Disarming the markets"
2475:Multinational proposals
2444:contract for difference
2072:and (the most general)
1988:Hedging vs. speculation
1869:was devised to cushion
1100:Permanent establishment
1095:Exchange of Information
598:Financial Secrecy Index
249:Medical savings account
7547:International taxation
7493:Debating the Tobin Tax
7408:Cite journal requires
4982:Cite journal requires
4744:Cite journal requires
4401:(Retrieved 2012-06-05)
3487:
3354:Regular investors loss
3331:Views of the ITUC/APLN
3130:Dominique Strauss-Khan
3001:Optimum Tobin tax rate
2582:By December 11, 2009,
2398:Stamp Duty Reserve Tax
2320:, was approved in the
2284:financial institutions
2280:financial transactions
2267:
2170:
2161:
2133:special drawing rights
2119:Special drawing rights
1895:
995:Vehicle miles traveled
614:Ireland as a tax haven
428:Private tax collection
7499:Disarming the markets
6883:Tobin, James (1978).
6781:Public Finance Review
6510:Telegraph Media Group
5737:. Accuracy in Media.
5702:(September 1, 2001).
5538:. 19 September 2009.
5302:European Central Bank
5250:"Tobin or not Tobin?"
5096:"A Sterling Solution"
3536:of five commodities.
3483:
3105:Technical feasibility
2780:Le Monde Diplomatique
2773:. In December, 1997
2751:Holocaust reparations
2425:London Stock Exchange
2307:enhanced co-operation
2235:
2165:
2156:
1863:
668:Panama as a tax haven
620:Ireland v. Commission
588:Conduit and sink OFCs
583:Offshore magic circle
504:Unreported employment
7482:Tobin Tax Initiative
5952:Journal of Economics
5657:. 11 November 2007.
5505:(November 7, 2009).
5471:New Internationalist
4874:"Stamp Taxes Manual"
3664:On October 5, 2009,
3647:currency derivatives
3504:conditional variance
2928:Effect on volatility
2913:developing countries
2828:Parliamentary debate
2737:, when the issue of
2296:derivative contracts
2214:, or a more general
1827:United States dollar
1813:that maintained the
1803:Bretton Woods system
1801:, shortly after the
1793:Tobin suggested his
1664:United Arab Emirates
1406:Individual Countries
1115:Foreign revenue rule
907:Inheritance (estate)
626:Leprechaun economics
7032:The Washington Post
6998:The Daily Telegraph
6516:on 18 February 2010
4696:European Parliament
4528:European Parliament
3375:U.S. Representative
3057:(bid-ask spreads).
3038:Sterling Stamp Duty
2797:alter-globalization
2745:, the President of
2562:minority government
2521:European Commission
2450:Sterling Stamp Duty
2322:European Parliament
2272:European Commission
2039:John Maynard Keynes
1948:US Democratic Party
1831:convertible to gold
1829:would no longer be
1825:announced that the
1703:Business portal
1398:Tax rates in Europe
1268:Tax Justice Network
1214:Dhammika Dharmapala
717:Airport improvement
525:Transfer mispricing
316:Distribution of Tax
88:Part of a series on
7520:2010-03-23 at the
6828:10.1007/BF01048341
6754:, OregonLive.com.
6179:OeNB Working Paper
6174:2015-07-09 at the
6102:Harvard University
6098:Cid Working Papers
5974:10.1007/BF01232416
5685:2013-11-13 at the
5655:"El Banco del Sur"
5463:Halifax Initiative
5361:. Independent.ie.
5311:2007-11-22 at the
5127:(September 2007).
5062:. pp. 8, 11.
4951:10.2139/ssrn.93656
4910:OXERA (May 2007).
4895:paras 1.34 to 1.40
4861:certificated stock
4651:, January 25, 2013
4644:2013-01-31 at the
4622:2013-01-27 at the
4503:The Economic Times
4397:2013-11-01 at the
3957:English Summaries
3427:positive economics
3184:Electronic trading
3060:The mathematician
2960:Behavioral finance
2945:Theoretical models
2268:
2060:Variations on idea
1304:Eight per thousand
1219:James R. Hines Jr.
1110:European Union FTT
127:Government revenue
7455:978-0-19-511180-4
7436:978-1-85649-871-5
7358:Library resources
7345:Schulmeister, p.6
5770:on 3 October 2011
5467:"Time for Tobin!"
5270:(June 16, 1995).
5256:on June 22, 2011.
5229:Missing or empty
4629:, 23 January 2013
4169:(June 16, 1995).
3608:Research evidence
3496:negative feedback
3448:Political opinion
3399:multiplier effect
3055:transaction costs
2983:transaction costs
2967:Empirical studies
2676:Bank of the South
2532:Herman Van Rompuy
2517:Wolfgang Schüssel
2486:978-0-19-511180-4
2294:and 0.01% across
2068:, a more general
1891:financial markets
1789:Original proposal
1751:
1750:
1686:
1685:
1282:
1281:
1274:Tax Policy Center
1017:Negative (income)
793:Environmental tax
675:
674:
593:Financial centres
413:Tax investigation
351:
350:
219:Tax harmonization
83:
82:
75:
49:used on Knowledge
47:encyclopedic tone
7564:
7459:
7440:
7428:
7417:
7411:
7406:
7404:
7396:
7346:
7343:
7332:
7331:
7329:
7328:
7322:
7307:
7289:
7280:
7274:
7273:
7271:
7270:
7250:
7244:
7243:
7241:
7240:
7234:
7218:10.1002/ijfe.222
7211:
7193:
7184:
7178:
7177:
7154:Financial Review
7149:
7143:
7142:
7140:
7116:
7110:
7109:
7107:
7105:
7085:
7079:
7078:
7076:
7074:
7054:
7048:
7047:
7045:
7043:
7023:
7014:
7013:
7011:
7010:
6988:
6982:
6981:
6953:
6947:
6946:
6915:Economic Journal
6910:
6904:
6903:
6901:
6900:
6880:
6874:
6873:
6871:
6865:. Archived from
6860:
6851:
6840:
6839:
6811:
6805:
6804:
6776:
6767:
6766:
6764:
6763:
6743:
6734:
6733:
6731:
6730:
6721:. Archived from
6715:
6709:
6708:
6706:
6705:
6690:
6684:
6683:
6681:
6680:
6674:
6663:
6655:
6649:
6648:
6646:
6644:
6620:
6614:
6613:
6607:
6599:
6597:
6595:
6589:
6578:
6565:
6556:
6555:
6553:
6552:
6532:
6526:
6525:
6523:
6521:
6512:. Archived from
6501:
6492:
6491:
6489:
6488:
6479:. Archived from
6472:
6466:
6465:
6463:
6461:
6455:
6444:
6435:
6426:
6425:
6423:
6422:
6413:. Archived from
6407:
6401:
6398:
6392:
6391:, 1996), p. 135.
6384:
6378:
6377:
6368:(3–4): 347–364.
6357:
6351:
6350:
6322:
6313:
6312:
6292:
6281:
6280:
6270:
6250:
6244:
6243:
6233:
6222:10.1002/ijfe.399
6205:
6199:
6188:
6182:
6165:
6159:
6158:
6156:
6155:
6123:
6117:
6116:
6114:
6113:
6089:
6083:
6082:
6062:
6056:
6055:
6038:(442): 671–686.
6032:Economic Journal
6027:
6021:
6020:
5992:
5986:
5985:
5967:
5947:
5941:
5940:
5912:
5906:
5905:
5903:
5901:
5886:
5875:
5874:
5872:
5870:
5850:
5844:
5843:
5837:
5829:
5827:
5826:
5820:
5813:
5805:
5799:
5798:
5786:
5780:
5779:
5777:
5775:
5766:. Archived from
5756:
5750:
5749:
5747:
5746:
5730:
5724:
5723:
5721:
5719:
5696:
5690:
5677:
5671:
5670:
5668:
5666:
5651:
5645:
5644:
5642:
5640:
5625:
5619:
5618:
5616:
5614:
5594:
5588:
5587:
5585:
5583:
5561:
5552:
5551:
5549:
5547:
5528:
5522:
5521:
5519:
5518:
5499:
5486:
5485:
5483:
5482:
5473:. Archived from
5458:
5449:
5441:
5435:
5434:
5432:
5431:
5411:
5405:
5404:
5402:
5401:
5381:
5375:
5374:
5372:
5370:
5354:
5348:
5347:
5345:
5344:
5324:
5315:
5299:
5293:
5292:
5290:
5289:
5283:
5276:
5268:Paul Bernd Spahn
5264:
5258:
5257:
5245:
5239:
5238:
5232:
5227:
5225:
5217:
5209:
5203:
5202:
5200:
5193:
5184:
5178:
5177:
5175:
5174:
5165:. Archived from
5159:
5153:
5150:
5144:
5143:
5141:
5140:
5121:
5115:
5114:
5112:
5111:
5091:
5078:
5077:
5075:
5074:
5068:
5061:
5053:
5047:
5046:
5044:
5043:
5025:
5001:
4992:
4991:
4985:
4980:
4978:
4970:
4942:
4936:
4933:
4927:
4926:
4924:
4923:
4907:
4896:
4894:
4892:
4891:
4885:
4878:
4870:
4864:
4857:
4851:
4850:
4839:
4830:
4829:
4801:
4790:
4784:
4783:
4763:
4754:
4753:
4747:
4742:
4740:
4732:
4720:
4711:
4710:
4708:
4707:
4688:
4682:
4681:
4679:
4678:
4658:
4652:
4636:
4630:
4627:RobinHoodTax.org
4614:
4608:
4607:
4605:
4604:
4584:
4578:
4577:
4575:
4574:
4568:
4557:
4549:
4543:
4542:
4540:
4539:
4520:
4514:
4513:
4511:
4510:
4495:
4489:
4488:
4486:
4485:
4476:. Archived from
4465:
4459:
4458:
4456:
4454:
4438:
4432:
4431:
4429:
4428:
4408:
4402:
4389:
4383:
4380:
4374:
4373:
4371:
4369:
4349:
4343:
4342:
4340:
4338:
4322:
4316:
4315:
4313:
4312:
4297:
4286:
4285:
4283:
4282:
4266:
4258:
4247:
4246:
4244:
4242:
4236:
4229:
4220:
4214:
4213:
4202:
4196:
4195:
4193:
4192:
4186:
4175:
4167:Paul Bernd Spahn
4163:
4157:
4154:
4148:
4146:
4144:
4135:
4129:
4128:
4126:
4125:
4109:
4100:
4099:
4093:
4085:
4083:
4082:
4067:
4061:
4060:
4040:
4031:
4030:
4028:
4027:
4012:
4006:
4005:
4003:
4002:
3987:
3972:
3971:
3969:
3968:
3948:
3937:
3936:
3934:
3933:
3911:
3900:
3899:
3897:
3895:
3875:
3860:
3859:
3857:
3855:
3836:
3825:
3824:
3822:
3821:
3799:
3790:
3789:
3787:
3786:
3777:(3–4): 153–159.
3762:
3698:
3693:
3692:
3691:
3618:interchangeably.
3346:), the official
3176:Money laundering
3168:Bank Secrecy Act
2848:In March, 2002,
2714:and at least 23
2536:Bilderberg Group
2440:investment banks
2318:EU member states
2263:
2257:
2251:
2245:
2164:December 2009:
2113:Paul Bernd Spahn
2080:Pollin and Baker
1921:Recent proposals
1840:foreign-exchange
1835:reserve currency
1763:spot conversions
1743:
1736:
1729:
1715:Money portal
1713:
1712:
1711:
1701:
1700:
1377:
1376:
1198:
1197:
1105:Transfer pricing
1085:Tax equalization
1059:
1002:Corporate profit
638:Luxembourg Leaks
572:Corporate havens
451:
450:
267:
266:
104:
85:
84:
78:
71:
67:
64:
58:
57:for suggestions.
53:See Knowledge's
38:
37:
30:
7572:
7571:
7567:
7566:
7565:
7563:
7562:
7561:
7537:
7536:
7522:Wayback Machine
7466:
7456:
7437:
7409:
7407:
7398:
7397:
7383:
7382:
7381:
7366:
7365:
7361:
7354:
7352:Further reading
7349:
7344:
7335:
7326:
7324:
7320:
7305:10.1.1.380.8563
7287:
7281:
7277:
7268:
7266:
7251:
7247:
7238:
7236:
7232:
7209:10.1.1.583.4868
7191:
7185:
7181:
7150:
7146:
7117:
7113:
7103:
7101:
7094:Financial Times
7086:
7082:
7072:
7070:
7055:
7051:
7041:
7039:
7024:
7017:
7008:
7006:
7005:on June 5, 2008
6989:
6985:
6970:10.2307/1912773
6964:(4): 987–1008.
6954:
6950:
6927:10.2307/2235326
6921:(428): 162–72.
6911:
6907:
6898:
6896:
6881:
6877:
6869:
6858:
6852:
6843:
6812:
6808:
6777:
6770:
6761:
6759:
6744:
6737:
6728:
6726:
6717:
6716:
6712:
6703:
6701:
6692:
6691:
6687:
6678:
6676:
6672:
6661:
6657:
6656:
6652:
6642:
6640:
6621:
6617:
6601:
6600:
6593:
6591:
6587:
6576:
6566:
6559:
6550:
6548:
6533:
6529:
6519:
6517:
6502:
6495:
6486:
6484:
6473:
6469:
6459:
6457:
6453:
6442:
6436:
6429:
6420:
6418:
6409:
6408:
6404:
6399:
6395:
6385:
6381:
6358:
6354:
6323:
6316:
6293:
6284:
6268:10.1.1.459.5056
6251:
6247:
6206:
6202:
6189:
6185:
6176:Wayback Machine
6167:Kerbl S (2011)
6166:
6162:
6153:
6151:
6124:
6120:
6111:
6109:
6090:
6086:
6063:
6059:
6028:
6024:
5993:
5989:
5965:10.1.1.588.3440
5948:
5944:
5913:
5909:
5899:
5897:
5887:
5878:
5868:
5866:
5859:Financial Times
5851:
5847:
5831:
5830:
5824:
5822:
5818:
5811:
5809:"Archived copy"
5807:
5806:
5802:
5787:
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5773:
5771:
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5757:
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5697:
5693:
5687:Wayback Machine
5680:Background page
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5351:
5342:
5340:
5333:Digital Journal
5325:
5318:
5313:Wayback Machine
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5296:
5287:
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5023:10.1.1.573.9479
5002:
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4703:
4690:
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4685:
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4674:
4659:
4655:
4646:Wayback Machine
4637:
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4624:Wayback Machine
4615:
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4399:Wayback Machine
4390:
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4336:
4334:
4323:
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4308:
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4280:
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4270:Financial Times
4259:
4250:
4240:
4238:
4234:
4227:
4221:
4217:
4204:
4203:
4199:
4190:
4188:
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4142:
4136:
4132:
4123:
4121:
4112:Administrator.
4110:
4103:
4087:
4086:
4080:
4078:
4071:"Archived copy"
4069:
4068:
4064:
4057:
4041:
4034:
4025:
4023:
4014:
4013:
4009:
4000:
3998:
3989:
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3949:
3940:
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3929:
3912:
3903:
3893:
3891:
3876:
3863:
3853:
3851:
3850:on 6 March 2005
3838:
3837:
3828:
3819:
3817:
3800:
3793:
3784:
3782:
3763:
3746:
3742:
3694:
3689:
3687:
3684:
3675:
3666:Joseph Stiglitz
3638:
3610:
3605:
3595:
3586:Financial Times
3581:
3534:futures trading
3516:
3471:
3459:bid–ask spreads
3450:
3419:
3394:
3371:
3365:
3356:
3333:
3287:
3282:
3272:
3244:
3235:futures trading
3214:
3209:
3199:
3191:
3186:
3115:Chief Economist
3111:Joseph Stiglitz
3107:
3102:
3050:bid–ask spreads
3003:
2975:
2969:
2947:
2930:
2897:
2892:
2887:
2877:
2856:Financial Times
2824:Renato Ruggiero
2775:Ignacio Ramonet
2763:
2724:child mortality
2720:extreme poverty
2710:goals that 192
2700:
2688:Néstor Kirchner
2672:
2640:
2608:
2600:Nicolas Sarkozy
2573:Nicolas Sarkozy
2549:
2494:
2477:
2452:
2400:
2394:
2366:
2357:futures trading
2340:
2334:
2266:
2265:
2261:
2259:
2255:
2253:
2249:
2247:
2243:
2241:
2230:
2224:
2188:
2183:
2177:
2141:
2121:
2109:
2103:
2082:
2062:
2046:transaction tax
2022:
2020:Tobin's concept
1992:Critics of all
1990:
1985:
1955:Hillary Clinton
1923:
1811:monetary policy
1791:
1781:as well as the
1747:
1709:
1707:
1695:
1688:
1687:
1374:
1364:
1363:
1319:Fiscus Judaicus
1294:
1284:
1283:
1242:Advocacy groups
1195:
1187:
1186:
1177:Trade agreement
1172:Free-trade zone
1130:
1120:
1119:
1057:
1037:
1027:
1026:
687:
677:
676:
648:Paradise Papers
489:Debtors' prison
448:
438:
437:
408:Tax preparation
368:Revenue service
363:
353:
352:
264:
254:
253:
234:Double taxation
229:Tax withholding
224:Tax competition
142:Non-tax revenue
122:
79:
68:
62:
59:
52:
43:This article's
39:
35:
28:
17:
12:
11:
5:
7570:
7560:
7559:
7554:
7549:
7535:
7534:
7529:
7524:
7512:
7502:
7496:
7490:
7485:
7477:
7472:
7465:
7464:External links
7462:
7461:
7460:
7454:
7441:
7435:
7418:
7410:|journal=
7380:
7379:
7374:
7368:
7367:
7356:
7355:
7353:
7350:
7348:
7347:
7333:
7275:
7245:
7179:
7144:
7131:(3): 481–510.
7111:
7080:
7049:
7015:
6983:
6948:
6905:
6875:
6872:on 2011-07-06.
6841:
6806:
6787:(6): 663–689.
6768:
6735:
6710:
6685:
6650:
6615:
6557:
6527:
6493:
6467:
6427:
6402:
6393:
6379:
6352:
6314:
6303:(2): 227–240.
6282:
6261:(3): 511–514.
6245:
6216:(2): 123–133.
6200:
6183:
6160:
6118:
6084:
6073:(4): 639–666.
6057:
6022:
5987:
5958:(2): 113–126.
5942:
5907:
5876:
5845:
5800:
5781:
5751:
5725:
5708:United Nations
5691:
5672:
5646:
5620:
5589:
5553:
5523:
5487:
5450:
5436:
5406:
5376:
5349:
5316:
5294:
5259:
5240:
5204:
5201:on 2011-09-20.
5179:
5154:
5145:
5116:
5079:
5048:
5016:(3): 275–298.
4993:
4984:|journal=
4937:
4928:
4897:
4865:
4852:
4831:
4824:
4785:
4755:
4746:|journal=
4712:
4698:. 2012-12-11.
4683:
4653:
4631:
4609:
4579:
4562:. 2013-01-22.
4544:
4530:. 2012-12-12.
4515:
4490:
4460:
4433:
4403:
4384:
4375:
4344:
4317:
4287:
4248:
4215:
4212:on 2009-04-14.
4197:
4158:
4149:
4130:
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4007:
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3938:
3901:
3861:
3826:
3791:
3743:
3741:
3738:
3737:
3736:
3731:
3726:
3724:Robin Hood tax
3721:
3716:
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3706:
3700:
3699:
3683:
3680:
3674:
3671:
3637:
3634:
3609:
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3580:
3577:
3515:
3512:
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3449:
3446:
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3393:
3390:
3367:Main article:
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3132:, head of the
3106:
3103:
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3098:
3002:
2999:
2994:selection bias
2968:
2965:
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2896:
2893:
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2888:
2876:
2873:
2817:Radio Popolare
2804:Radio Popolare
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2696:
2671:
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2639:
2636:
2635:
2634:
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2607:
2604:
2584:European Union
2548:
2545:
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2490:
2476:
2473:
2461:pound sterling
2457:City of London
2451:
2448:
2393:
2390:
2365:
2362:
2333:
2330:
2311:Public opinion
2276:European Union
2260:
2254:
2248:
2242:
2237:
2236:
2226:Main article:
2223:
2220:
2193:United Nations
2187:
2184:
2179:Main article:
2176:
2173:
2172:
2171:
2162:
2140:
2137:
2120:
2117:
2105:Main article:
2102:
2099:
2081:
2078:
2074:Robin Hood tax
2061:
2058:
2021:
2018:
2000:emphasize the
1989:
1986:
1984:
1981:
1967:criteria (see
1925:In March 2016
1922:
1919:
1879:interest rates
1842:transactions.
1790:
1787:
1783:Robin Hood tax
1749:
1748:
1746:
1745:
1738:
1731:
1723:
1720:
1719:
1718:
1717:
1705:
1690:
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1684:
1683:
1682:
1681:
1676:
1671:
1669:United Kingdom
1666:
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1301:
1295:
1290:
1289:
1286:
1285:
1280:
1279:
1278:
1277:
1271:
1265:
1262:Tax Foundation
1259:
1253:
1244:
1243:
1239:
1238:
1237:
1236:
1234:Gabriel Zucman
1231:
1226:
1221:
1216:
1211:
1209:Mihir A. Desai
1203:
1202:
1196:
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1118:
1117:
1112:
1107:
1102:
1097:
1092:
1087:
1082:
1077:
1072:
1070:Robin Hood tax
1067:
1062:
1054:
1049:
1044:
1038:
1033:
1032:
1029:
1028:
1025:
1024:
1019:
1014:
1009:
1007:Excess profits
1004:
999:
998:
997:
992:
987:
978:
973:
959:
954:
949:
944:
939:
934:
929:
924:
919:
914:
909:
904:
899:
894:
892:Gross receipts
889:
884:
879:
874:
873:
872:
867:
862:
857:
852:
847:
842:
832:
831:
830:
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773:
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719:
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694:
688:
683:
682:
679:
678:
673:
672:
671:
670:
665:
660:
655:
650:
645:
643:Offshore Leaks
640:
635:
630:
629:
628:
623:
608:
607:
606:Major examples
603:
602:
601:
600:
595:
590:
585:
580:
574:
569:
561:
560:
556:
555:
554:
553:
548:
543:
541:Dutch Sandwich
538:
533:
527:
522:
514:
513:
509:
508:
507:
506:
501:
496:
491:
486:
481:
479:Tax resistance
476:
471:
470:
469:
456:
455:
449:
444:
443:
440:
439:
436:
435:
430:
425:
420:
415:
410:
405:
400:
395:
390:
385:
383:Taxable income
380:
378:Tax assessment
375:
370:
364:
359:
358:
355:
354:
349:
348:
347:
346:
341:
336:
331:
326:
318:
317:
313:
312:
311:
310:
305:
300:
295:
290:
285:
280:
272:
271:
270:General Theory
265:
260:
259:
256:
255:
252:
251:
246:
241:
239:Representation
236:
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226:
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216:
211:
206:
201:
196:
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81:
80:
42:
40:
33:
15:
9:
6:
4:
3:
2:
7569:
7558:
7555:
7553:
7550:
7548:
7545:
7544:
7542:
7533:
7530:
7528:
7525:
7523:
7519:
7516:
7513:
7510:
7506:
7503:
7500:
7497:
7494:
7491:
7489:
7486:
7484:
7483:
7478:
7476:
7473:
7471:
7468:
7467:
7457:
7451:
7447:
7442:
7438:
7432:
7429:. Zed Books.
7427:
7426:
7419:
7415:
7402:
7394:
7390:
7385:
7384:
7378:
7375:
7373:
7370:
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7364:
7359:
7342:
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7338:
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7315:
7311:
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7301:
7297:
7293:
7286:
7279:
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7256:
7249:
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7223:
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7205:
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7197:
7190:
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7159:
7155:
7148:
7139:
7134:
7130:
7126:
7122:
7115:
7099:
7095:
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7084:
7068:
7064:
7060:
7053:
7037:
7033:
7029:
7022:
7020:
7004:
7000:
6999:
6994:
6987:
6979:
6975:
6971:
6967:
6963:
6959:
6952:
6944:
6940:
6936:
6932:
6928:
6924:
6920:
6916:
6909:
6894:
6890:
6886:
6879:
6868:
6864:
6857:
6850:
6848:
6846:
6837:
6833:
6829:
6825:
6821:
6817:
6810:
6802:
6798:
6794:
6790:
6786:
6782:
6775:
6773:
6757:
6753:
6752:The Oregonian
6749:
6742:
6740:
6725:on 2011-08-07
6724:
6720:
6714:
6699:
6695:
6689:
6671:
6667:
6660:
6654:
6638:
6634:
6630:
6626:
6619:
6611:
6605:
6586:
6582:
6575:
6571:
6564:
6562:
6546:
6542:
6538:
6531:
6515:
6511:
6507:
6500:
6498:
6483:on 2016-04-21
6482:
6478:
6471:
6452:
6448:
6441:
6434:
6432:
6417:on 2009-06-12
6416:
6412:
6406:
6397:
6390:
6383:
6375:
6371:
6367:
6363:
6356:
6348:
6344:
6340:
6336:
6332:
6328:
6321:
6319:
6310:
6306:
6302:
6298:
6291:
6289:
6287:
6278:
6274:
6269:
6264:
6260:
6256:
6249:
6241:
6237:
6232:
6227:
6223:
6219:
6215:
6211:
6204:
6197:
6193:
6187:
6180:
6177:
6173:
6170:
6164:
6149:
6145:
6141:
6137:
6133:
6129:
6122:
6107:
6103:
6099:
6095:
6088:
6080:
6076:
6072:
6068:
6061:
6053:
6049:
6045:
6041:
6037:
6033:
6026:
6018:
6014:
6010:
6006:
6002:
5998:
5991:
5983:
5979:
5975:
5971:
5966:
5961:
5957:
5953:
5946:
5938:
5934:
5930:
5926:
5922:
5918:
5911:
5896:
5892:
5885:
5883:
5881:
5864:
5860:
5856:
5849:
5841:
5835:
5817:
5810:
5804:
5796:
5792:
5791:"James Tobin"
5785:
5769:
5765:
5761:
5755:
5740:
5736:
5729:
5713:
5709:
5705:
5701:
5695:
5688:
5684:
5681:
5676:
5660:
5656:
5650:
5634:
5630:
5624:
5608:
5604:
5600:
5593:
5577:
5573:
5572:
5567:
5560:
5558:
5541:
5537:
5533:
5527:
5512:
5508:
5504:
5498:
5496:
5494:
5492:
5477:on 2009-12-06
5476:
5472:
5468:
5464:
5457:
5455:
5446:
5440:
5425:
5421:
5417:
5410:
5395:
5391:
5390:Daily Express
5387:
5380:
5364:
5360:
5353:
5338:
5334:
5330:
5323:
5321:
5314:
5310:
5307:
5303:
5298:
5280:
5273:
5269:
5263:
5255:
5251:
5244:
5236:
5223:
5215:
5208:
5197:
5190:
5183:
5169:on 2018-08-09
5168:
5164:
5158:
5149:
5134:
5130:
5126:
5120:
5106:on 2007-07-03
5105:
5101:
5097:
5090:
5088:
5086:
5084:
5065:
5058:
5052:
5037:
5033:
5029:
5024:
5019:
5015:
5011:
5007:
5000:
4998:
4989:
4976:
4968:
4964:
4960:
4956:
4952:
4948:
4941:
4932:
4918:on 2012-02-20
4917:
4913:
4906:
4904:
4902:
4882:
4875:
4869:
4862:
4856:
4848:
4844:
4838:
4836:
4827:
4825:9780199698165
4821:
4817:
4813:
4809:
4805:
4798:
4797:
4789:
4781:
4777:
4773:
4769:
4762:
4760:
4751:
4738:
4730:
4726:
4719:
4717:
4701:
4697:
4693:
4687:
4672:
4668:
4664:
4657:
4650:
4647:
4643:
4640:
4635:
4628:
4625:
4621:
4618:
4613:
4598:
4594:
4590:
4583:
4565:
4561:
4554:
4548:
4533:
4529:
4525:
4519:
4504:
4500:
4494:
4480:on 2013-05-12
4479:
4475:
4471:
4464:
4448:
4444:
4437:
4422:
4418:
4414:
4407:
4400:
4396:
4393:
4388:
4379:
4363:
4359:
4355:
4348:
4332:
4329:. EU inside.
4328:
4321:
4306:
4302:
4296:
4294:
4292:
4276:
4272:
4271:
4265:
4257:
4255:
4253:
4233:
4226:
4219:
4211:
4207:
4201:
4183:
4179:
4172:
4168:
4162:
4153:
4141:
4134:
4119:
4115:
4108:
4106:
4097:
4091:
4076:
4072:
4066:
4058:
4056:9780838636060
4052:
4048:
4047:
4039:
4037:
4021:
4017:
4011:
3996:
3993:. eumed.net.
3992:
3986:
3984:
3982:
3980:
3978:
3962:
3958:
3954:
3947:
3945:
3943:
3927:
3923:
3919:
3910:
3908:
3906:
3889:
3885:
3881:
3874:
3872:
3870:
3868:
3866:
3849:
3845:
3841:
3835:
3833:
3831:
3815:
3811:
3807:
3798:
3796:
3780:
3776:
3772:
3768:
3761:
3759:
3757:
3755:
3753:
3751:
3749:
3744:
3735:
3732:
3730:
3727:
3725:
3722:
3720:
3717:
3715:
3712:
3710:
3707:
3705:
3702:
3701:
3697:
3686:
3679:
3670:
3667:
3662:
3660:
3654:
3652:
3648:
3642:
3633:
3630:
3626:
3621:
3619:
3615:
3604:
3600:
3590:
3588:
3587:
3576:
3572:
3570:
3566:
3562:
3557:
3554:endorsed the
3553:
3548:
3546:
3542:
3541:Peter DeFazio
3537:
3535:
3531:
3526:
3525:
3523:
3511:
3507:
3505:
3500:
3497:
3492:
3486:
3482:
3480:
3476:
3466:
3464:
3460:
3456:
3445:
3443:
3442:marginal cost
3439:
3435:
3430:
3428:
3424:
3414:
3412:
3407:
3403:
3400:
3389:
3387:
3383:
3379:
3378:Peter DeFazio
3376:
3370:
3360:
3351:
3349:
3345:
3340:
3338:
3328:
3320:
3316:
3313:
3310:
3306:
3303:
3302:
3301:
3298:
3296:
3292:
3285:Views of ABAC
3281:
3277:
3267:
3265:
3261:
3257:
3253:
3248:
3239:
3236:
3230:
3226:
3222:
3220:
3208:
3204:
3194:
3185:
3181:
3177:
3173:
3169:
3165:
3161:
3156:
3154:
3148:
3144:
3142:
3137:
3135:
3131:
3127:
3122:
3120:
3116:
3112:
3097:
3095:
3091:
3087:
3083:
3079:
3075:
3071:
3070:market makers
3066:
3063:
3058:
3056:
3051:
3047:
3042:
3040:
3039:
3033:
3030:
3029:bid and offer
3026:
3025:currency pair
3022:
3018:
3013:
3010:
3009:
2998:
2995:
2990:
2988:
2984:
2980:
2974:
2964:
2961:
2956:
2952:
2942:
2939:
2935:
2925:
2923:
2919:
2914:
2909:
2907:
2903:
2886:
2882:
2872:
2870:
2866:
2860:
2858:
2857:
2851:
2846:
2844:
2839:
2835:
2833:
2829:
2825:
2822:
2818:
2814:
2809:
2805:
2800:
2798:
2794:
2790:
2786:
2782:
2781:
2776:
2772:
2768:
2758:
2756:
2752:
2748:
2744:
2740:
2736:
2731:
2729:
2725:
2721:
2717:
2713:
2709:
2705:
2698:UN Global Tax
2695:
2693:
2689:
2685:
2681:
2677:
2667:
2664:
2660:
2656:
2652:
2647:
2645:
2632:
2628:
2624:
2621:
2617:
2613:
2612:
2611:
2603:
2601:
2597:
2591:
2589:
2585:
2580:
2576:
2574:
2569:
2567:
2563:
2558:
2554:
2544:
2540:
2537:
2533:
2529:
2524:
2522:
2518:
2514:
2510:
2505:
2503:
2502:French Senate
2499:
2489:
2487:
2483:
2472:
2470:
2464:
2462:
2458:
2447:
2445:
2441:
2437:
2436:market makers
2432:
2430:
2426:
2420:
2417:
2413:
2409:
2405:
2399:
2389:
2387:
2383:
2379:
2375:
2370:
2361:
2358:
2352:
2348:
2344:
2339:
2329:
2327:
2323:
2319:
2314:
2312:
2308:
2303:
2299:
2297:
2293:
2289:
2285:
2281:
2277:
2273:
2240:
2234:
2229:
2219:
2217:
2213:
2208:
2206:
2205:Latin America
2201:
2199:
2194:
2182:
2169:
2163:
2160:
2155:April 2001:
2154:
2153:
2152:
2150:
2146:
2136:
2134:
2130:
2126:
2116:
2114:
2111:According to
2108:
2101:The Spahn tax
2098:
2095:
2092:
2088:
2077:
2075:
2071:
2067:
2057:
2055:
2051:
2047:
2042:
2040:
2034:
2030:
2027:
2017:
2015:
2011:
2007:
2003:
1999:
1995:
1980:
1978:
1974:
1970:
1966:
1961:
1956:
1952:
1949:
1946:Also in 2016
1944:
1942:
1938:
1936:
1932:
1928:
1918:
1915:
1911:
1907:
1901:
1900:
1894:
1892:
1888:
1887:issuing banks
1884:
1880:
1876:
1872:
1868:
1862:
1860:
1856:
1852:
1848:
1843:
1841:
1836:
1832:
1828:
1824:
1823:Richard Nixon
1820:
1816:
1815:exchange rate
1812:
1808:
1804:
1800:
1796:
1786:
1784:
1780:
1776:
1772:
1768:
1764:
1760:
1756:
1744:
1739:
1737:
1732:
1730:
1725:
1724:
1722:
1721:
1716:
1706:
1704:
1699:
1694:
1693:
1692:
1691:
1680:
1677:
1675:
1674:United States
1672:
1670:
1667:
1665:
1662:
1660:
1657:
1655:
1652:
1650:
1647:
1645:
1642:
1640:
1637:
1635:
1632:
1630:
1627:
1625:
1622:
1620:
1617:
1615:
1612:
1610:
1607:
1605:
1602:
1600:
1597:
1595:
1592:
1590:
1587:
1585:
1582:
1580:
1577:
1575:
1572:
1570:
1567:
1565:
1562:
1560:
1557:
1555:
1552:
1550:
1547:
1545:
1542:
1540:
1537:
1535:
1532:
1530:
1527:
1525:
1522:
1520:
1517:
1515:
1512:
1510:
1507:
1505:
1502:
1500:
1497:
1495:
1492:
1490:
1487:
1485:
1482:
1480:
1477:
1475:
1472:
1470:
1467:
1465:
1462:
1460:
1457:
1455:
1452:
1450:
1447:
1445:
1442:
1440:
1437:
1435:
1432:
1430:
1427:
1425:
1422:
1420:
1417:
1415:
1412:
1411:
1410:
1409:
1405:
1404:
1399:
1396:
1394:
1391:
1389:
1386:
1385:
1384:
1383:
1380:All Countries
1379:
1378:
1373:
1368:
1367:
1360:
1357:
1355:
1352:
1350:
1347:
1345:
1342:
1340:
1337:
1335:
1334:Tolerance tax
1332:
1330:
1327:
1325:
1322:
1320:
1317:
1315:
1312:
1310:
1307:
1305:
1302:
1300:
1297:
1296:
1293:
1288:
1287:
1275:
1272:
1269:
1266:
1263:
1260:
1257:
1254:
1251:
1248:
1247:
1246:
1245:
1241:
1240:
1235:
1232:
1230:
1227:
1225:
1222:
1220:
1217:
1215:
1212:
1210:
1207:
1206:
1205:
1204:
1200:
1199:
1191:
1190:
1183:
1180:
1178:
1175:
1173:
1170:
1168:
1165:
1163:
1160:
1156:
1153:
1151:
1148:
1147:
1146:
1143:
1141:
1138:
1136:
1133:
1132:
1129:
1124:
1123:
1116:
1113:
1111:
1108:
1106:
1103:
1101:
1098:
1096:
1093:
1091:
1088:
1086:
1083:
1081:
1078:
1076:
1073:
1071:
1068:
1066:
1063:
1060:
1055:
1053:
1050:
1048:
1045:
1043:
1040:
1039:
1036:
1035:International
1031:
1030:
1023:
1020:
1018:
1015:
1013:
1010:
1008:
1005:
1003:
1000:
996:
993:
991:
988:
986:
982:
979:
977:
974:
972:
969:
968:
967:
963:
960:
958:
955:
953:
950:
948:
945:
943:
940:
938:
937:Resource rent
935:
933:
930:
928:
925:
923:
920:
918:
915:
913:
910:
908:
905:
903:
900:
898:
895:
893:
890:
888:
885:
883:
880:
878:
875:
871:
868:
866:
863:
861:
858:
856:
853:
851:
848:
846:
843:
841:
838:
837:
836:
833:
829:
826:
824:
821:
819:
816:
814:
811:
809:
806:
804:
801:
799:
796:
795:
794:
791:
789:
786:
782:
779:
777:
774:
772:
769:
767:
764:
762:
759:
757:
754:
752:
749:
748:
747:
744:
740:
737:
736:
735:
734:Capital gains
732:
728:
725:
723:
720:
718:
715:
714:
713:
710:
708:
705:
703:
700:
698:
695:
693:
690:
689:
686:
681:
680:
669:
666:
664:
661:
659:
656:
654:
653:Panama Papers
651:
649:
646:
644:
641:
639:
636:
634:
631:
627:
624:
622:
621:
617:
616:
615:
612:
611:
610:
609:
605:
604:
599:
596:
594:
591:
589:
586:
584:
581:
578:
575:
573:
570:
568:
565:
564:
563:
562:
558:
557:
552:
549:
547:
544:
542:
539:
537:
534:
531:
528:
526:
523:
521:
520:Tax inversion
518:
517:
516:
515:
511:
510:
505:
502:
500:
497:
495:
492:
490:
487:
485:
482:
480:
477:
475:
472:
468:
465:
464:
463:
462:Tax avoidance
460:
459:
458:
457:
453:
452:
447:
446:Noncompliance
442:
441:
434:
431:
429:
426:
424:
423:Tax collector
421:
419:
416:
414:
411:
409:
406:
404:
403:Tax residence
401:
399:
396:
394:
391:
389:
386:
384:
381:
379:
376:
374:
373:Revenue stamp
371:
369:
366:
365:
362:
357:
356:
345:
342:
340:
337:
335:
332:
330:
327:
325:
322:
321:
320:
319:
315:
314:
309:
306:
304:
301:
299:
296:
294:
291:
289:
288:Tax incidence
286:
284:
283:Excess burden
281:
279:
276:
275:
274:
273:
269:
268:
263:
258:
257:
250:
247:
245:
242:
240:
237:
235:
232:
230:
227:
225:
222:
220:
217:
215:
212:
210:
209:Tax incentive
207:
205:
204:Tax advantage
202:
200:
197:
195:
192:
190:
187:
185:
182:
180:
177:
175:
172:
170:
167:
165:
164:Tax threshold
162:
158:
155:
154:
153:
150:
148:
145:
143:
140:
138:
135:
133:
130:
128:
125:
124:
121:
116:
115:
112:
111:fiscal policy
109:An aspect of
108:
107:
103:
99:
98:
95:
92:
91:
87:
86:
77:
74:
66:
63:November 2011
56:
50:
48:
41:
32:
31:
26:
22:
7509:Jubilee 2000
7481:
7445:
7424:
7401:cite journal
7362:
7325:. Retrieved
7295:
7291:
7278:
7267:. Retrieved
7258:
7248:
7237:. Retrieved
7202:(1): 71–80.
7199:
7195:
7182:
7160:(1): 29–48.
7157:
7153:
7147:
7128:
7124:
7114:
7102:. Retrieved
7093:
7083:
7071:. Retrieved
7062:
7052:
7040:. Retrieved
7031:
7007:. Retrieved
7003:the original
6996:
6986:
6961:
6958:Econometrica
6957:
6951:
6918:
6914:
6908:
6897:. Retrieved
6888:
6878:
6867:the original
6862:
6822:(1): 75–91.
6819:
6815:
6809:
6784:
6780:
6760:. Retrieved
6727:. Retrieved
6723:the original
6713:
6702:. Retrieved
6688:
6677:. Retrieved
6665:
6653:
6641:. Retrieved
6628:
6618:
6592:. Retrieved
6549:. Retrieved
6541:The Guardian
6540:
6530:
6518:. Retrieved
6514:the original
6485:. Retrieved
6481:the original
6470:
6458:. Retrieved
6419:. Retrieved
6415:the original
6405:
6396:
6382:
6365:
6361:
6355:
6333:(1): 65–83.
6330:
6326:
6300:
6296:
6258:
6254:
6248:
6213:
6209:
6203:
6195:
6191:
6186:
6178:
6163:
6152:. Retrieved
6135:
6131:
6121:
6110:. Retrieved
6097:
6087:
6070:
6066:
6060:
6035:
6031:
6025:
6003:(1): 71–78.
6000:
5996:
5990:
5955:
5951:
5945:
5923:(1): 53–70.
5920:
5916:
5910:
5898:. Retrieved
5867:. Retrieved
5858:
5848:
5823:. Retrieved
5803:
5795:The Guardian
5794:
5784:
5772:. Retrieved
5768:the original
5763:
5754:
5743:. Retrieved
5728:
5716:. Retrieved
5700:Fidel Castro
5694:
5675:
5663:. Retrieved
5649:
5637:. Retrieved
5632:
5623:
5611:. Retrieved
5603:Times Online
5602:
5592:
5580:. Retrieved
5571:Toronto Star
5569:
5546:20 September
5544:. Retrieved
5535:
5526:
5515:. Retrieved
5479:. Retrieved
5475:the original
5439:
5428:. Retrieved
5420:The Guardian
5419:
5409:
5398:. Retrieved
5389:
5379:
5369:February 20,
5367:. Retrieved
5352:
5341:. Retrieved
5332:
5297:
5286:. Retrieved
5262:
5254:the original
5243:
5213:
5207:
5196:the original
5182:
5171:. Retrieved
5167:the original
5157:
5148:
5137:. Retrieved
5119:
5108:. Retrieved
5104:the original
5099:
5071:. Retrieved
5051:
5040:. Retrieved
5013:
5009:
4975:cite journal
4940:
4931:
4920:. Retrieved
4916:the original
4888:. Retrieved
4868:
4855:
4846:
4816:10419/118674
4795:
4788:
4771:
4767:
4737:cite journal
4704:. Retrieved
4686:
4675:. Retrieved
4656:
4648:
4634:
4626:
4612:
4601:. Retrieved
4593:The Guardian
4592:
4582:
4571:. Retrieved
4547:
4536:. Retrieved
4518:
4507:. Retrieved
4505:. 2012-10-09
4502:
4493:
4482:. Retrieved
4478:the original
4474:Europolitics
4463:
4453:February 12,
4451:. Retrieved
4436:
4425:. Retrieved
4417:Sueddeutsche
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3848:the original
3844:Jubilee 2000
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3734:Pigovian tax
3696:Money portal
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344:Proportional
293:Laffer curve
278:Price effect
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7226:10072/21731
7073:23 February
7042:13 February
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5900:23 February
5764:www.vita.it
5665:19 November
4337:26 February
4241:11 February
3922:Der Spiegel
3884:Der Spiegel
3854:11 February
3810:Der Spiegel
3565:speculation
3530:hedge funds
3522:Speculation
3479:econometric
3318:activities.
3180:Structuring
3090:speculative
3021:basis point
3008:Der Spiegel
2951:theoretical
2826:, during a
2755:reparations
2722:, reducing
2680:Hugo Chávez
2547:G20 nations
2429:Budget Days
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2050:Wall Street
2010:speculation
1875:speculators
1865:The tax on
1771:James Tobin
1649:Switzerland
1614:Philippines
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1584:Netherlands
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474:Tax evasion
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7541:Categories
7327:2017-10-25
7269:2015-03-21
7239:2017-11-02
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6899:2015-03-21
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6704:2011-03-30
6679:2010-03-15
6629:Mpra Paper
6551:2010-01-13
6543:. London.
6508:. London:
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6460:9 February
6421:2010-02-27
6411:"Overview"
6198:::445-462.
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5517:2009-12-17
5481:2009-12-17
5430:2011-06-29
5400:2010-01-29
5343:2010-01-29
5288:2010-01-13
5231:|url=
5173:2019-08-30
5139:2010-01-02
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4677:2013-02-03
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4573:2013-01-25
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4427:2012-01-10
4311:2009-12-24
4281:2009-12-11
4191:2010-01-13
4124:2016-08-13
4081:2016-08-13
4026:2016-09-23
4001:2007-10-23
3967:2010-01-01
3932:2010-01-01
3820:2010-01-01
3785:2010-01-31
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3455:volatility
3308:uncertain.
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4959:153211344
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4358:Telegraph
3894:1 January
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3463:liquidity
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2979:empirical
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2684:Venezuela
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2107:Spahn tax
2087:Tobin tax
1977:Tobin tax
1973:Basel III
1960:arbitrage
1935:Tobin tax
1914:Basel III
1799:Princeton
1755:Tobin tax
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1604:Palestine
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1529:Indonesia
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179:Deduction
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