Revenue Potential of the Tobin Tax for Development Finance: A Critical Appraisal

New Sources of Development Finance

Volumn , Issue , 2005, Pages

  Nissanke, Machiko ^a  

^a UNIVERSITY OF LONDON   (United Kingdom)

Author keywords

Currency transactions taxes; Development finance; Development funding; Double dividends; Effects on foreign exchange markets efficiency; Effects on market liquidity; Foreign exchange markets; P. B. Spahn; Political feasibility; R. P. Mendez; R. Schmidt; Revenue potential; Tax rates; Technical feasibility; Tobin tax; Two tier currency tax

Indexed keywords

EID: 77950478898     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1093/0199278555.003.0004     Document Type: Chapter

References (53)

1. Baker, D. (2001). 'Why do we Avoid Financial-transaction Taxes?'. Challenge, 44(3): 90-6.
2. Bank for International Settlement (BIS) (2002). Triennial Central Bank Survey: Foreign Exchange and Derivatives Market Activity in 2001, March 2002.
3. Bartolini, L. and A. Prati (1997). 'Soft versus Hard Targets for Exchange Rate Intervention'. Economic Policy, 24(April): 15-52.
4. Bartolini, L. and A. Prati (1998). 'Soft Exchange Rate Bands and Speculative Attacks: Theory and Evidence from the ERM since August 1993'. IMF Working Paper 98/156. Washington, DC: IMF.
5. Calvo, G. and C. Reinhart (2002). 'Fear of Floating'. Quarterly Journal of Economics, CXVII (May): 379-408.
6. Cecil, R. (2001). 'Sovereignty, Automaticity and International Trust Funds: A Proposal for Implementation of Tobin-Style Taxes'. Arcata, CA: The Center for Environmental Economic Development (CEED), September.
7. Clunies-Ross, A. (2003). 'Resources for Social Development'. Paper for the World Commission on the Social Dimensions of Globalization. ILO, Geneva.
8. Davidson, P. (1997). 'Are Grains of Sand in the Wheels of International Finance Sufficient to do the Job When Boulders are Often Required?'. The Economic Journal, 107(442): 671-86.
9. De Long, J. B., A. Sheleifer, L. H. Summers, and R. J. Waldmann (1990a). 'Positive Feedback Investment Strategies and Destabilizing Rational Speculation'. The Journal of Finance, 45(2): 379-95.
10. De Long, J. B., A. Sheleifer, L. H. Summers, and R. J. Waldmann (1990b). 'Noise Trader Risk in Financial Markets'. Journal of Political Economy, 98: 703-38.
11. Dodd, R. (2003). 'Lessons for Tobin Tax Advocates: The Politics of Policy and the Economics of Market Micro-Structure'. Paper presented at Financial Policy Forum, 6 January, Washington, DC.
12. Dooley, M. P. (1996). 'The Tobin Tax: Good Theory, Weak Evidence, Questionable Policy', in M. ul Haq, I. Kaul, and I. Grunberg (eds), The Tobin Tax. Oxford: Oxford University Press.
13. Dornbusch, R. (1976). 'Expectations and Exchange Rate Dynamics'. Journal of Political Economy, 84: 1161-76.
14. Eichengreen, B. (1996). 'The Tobin Tax: What Have We Learned?', in M. ul Haq, I. Kaul, and I. Grunberg (eds), The Tobin Tax. Oxford: Oxford University Press.
15. Eichengreen, B. and C. Wyplosz (1996). 'Taxing International Financial Transactions to Enhance the Operation of the International Monetary System', in M. ul Haq, I. Kaul and I. Grunberg (eds), The Tobin Tax. Oxford:Oxford University Press.
16. Felix, D. and R. Sau (1996). 'On the Revenue Potential and Phasing in of the Tobin Tax', in M. ul Haq, I. Kaul, and I. Grunberg (eds), The Tobin Tax. Oxford:Oxford University Press.
17. Friedman, M. (1953). 'The Case for Flexible Exchange Rates', Essays in Positive Economics. Chicago: University Chicago Press.
18. Frankel, J. (1996). 'How Well Do Markets Work: Might a Tobin Tax Help?', in M. ul Haq, I. Kaul, and I. Grunberg (eds), The Tobin Tax. Oxford: Oxford University Press.
19. Frankel, J. A. (1999). 'No Single Currency Regime is Right for All Countries or At All Times'. NBER Working Paper 7338. Cambridge, MA: National Bureau of Economic Research.
20. Fuest, C., B. Huber, and J. Mintz (2003). 'Capital Mobility and Tax Competition: A Survey'. CESifo Working Paper No. 956. München: Center for Economic Studies (at the University of Munich) and the Ifo Institute for Economic Research.
21. Garber, P. (1996). 'Enforcement and Evasion in a Tax on Foreign Exchange Transactions', in M. ul Haq, I. Kaul, and I. Grunberg (eds), The Tobin Tax. Oxford: Oxford University Press.
22. Garber, P. and L. E. O. Svensson (1995). 'The Operation and Collapse of Fixed Exchange Rate Regimes', in G. Grossman and K. Rogoff (eds), Handbook of International Economics, Vol. 3. Amsterdam: North-Holland, 1865-911.
23. Garber, P. and M. P. Taylor (1995). 'Sand in the Wheels of Foreign Exchange Markets: A Sceptical Note'. The Economic Journal, 105(428): 173-80.
24. Grabel, I. (2003). 'Averting Crisis: Assessing Measures to Manage Financial Integration in Emerging Economies'. Cambridge Journal of Economics, 27(3): 317-36.
25. Habermeier, K. and A. A. Kirilenko (2003). 'Securities Transaction Taxes and Financial Markets'. IMF Staff Papers, 50: Special Issues. Washington, DC: IMF.
26. Jeanne, O. and A. Rose (1999). 'Noise Trading and Exchange Rate Regimes'. NBER Working Paper W7104. Cambridge, MA: National Bureau of Economic Research.
27. Kaul, I. and J. Langmore (1996). 'Potential Uses of the Revenue from a Tobin Tax', in M. ul Haq, I. Kaul, and I. Grunberg (eds), The Tobin Tax. Oxford:Oxford University Press.
28. Kenen, P. B. (1996). 'The Feasibility of Taxing Foreign Exchange Transactions', in M. ul Haq, I. Kaul, and I. Grunberg (eds), The Tobin Tax. Oxford: Oxford University Press.
29. Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. New York: Harcourt, Brace and Co.
30. Korkut, E. (2002). 'Why the Tobin Tax Can Be Stabilizing'. Working Paper No. 366. New York: The Levy Economics Institute.
31. Krugman, P. (1979). 'A Model of Balance-of-Payments Crises'. Journal of Money, Credit and Banking, 11: 311-25.
32. Krugman, P. (1991). 'Target Zones and Exchange Rate Dynamics'. Quarterly Journal of Economics, 106: 669-82.
33. Maizels, A. and M. Nissanke (1984). 'Motivations for Aid to Developing Countries'. World Development, 12(9): 879-900.
34. Mendez, R. P. (1995). 'Paying for Peace and Development'. Foreign Policy, 100: 19-31.
35. Mendez, R. P. (2001). 'The Case for Global Taxes: An Overview'. Paper presented to the United Nations ad hoc Expert Group Meeting on Innovations in Mobilising Global Resources for Development', 25-26 June, United Nations, New York.
36. Nissanke, M. and H. Stein (2003). 'Financial Globalisation and Economic Development: Towards an Institutional Foundation'. Eastern Economic Journal, 29(2): 289-311.
37. Obstfeld, M. (1996). 'Models of Currency Crises with Self-Fulfilling Features'. European Economic Review, 40: 1037-47.
38. Obstfeld, M. (1998). 'The Global Capital Market: Benefactor or Menace?'. Journal of Economic Perspectives, 12: 9-30.
39. Patomäki, H. and K. Sehm-Patomäki (1999). 'The Tobin Tax: How to Make it Real'. Helsinki: The Network Institute for Global Democratisation.
40. Patomäki, H. and L. A Denys (2002). 'Draft Treaty on Global Currency Transaction Tax'. NIGD Discussion Paper. Helsinki: The Network Institute for Global Democratisation.
41. Rodrik, D. (1997). Has Globalization Gone Too Far?. Washington, DC: Institute for International Economics.
42. Rose, A. (1996). 'Exploring Exchange Rate Volatility: An Empirical Analysis of "The Holy Trinity" of Monetary Independence, Fixed Exchange Rates, and Capital Mobility'. Journal of International Money and Finance, 15(6): 925-45.
43. Sarno, L. and M. P. Taylor (2003). 'Currency Unions, Pegged Exchange Rates and Target Zone Models', The Economics of Exchange Rates. Cambridge:Cambridge University Press, Chapter 6.
44. Schmidt, R. (1999). 'A Feasible Foreign Exchange Transaction Tax'. Ottawa:North-South Institute.
45. Spahn, P. B. (1996). 'The Tobin Tax and Exchange Rate Stability'. Finance and Development, June: 24-7.
46. Spahn, P. B. (2002). 'On the Feasibility of a Tax on Foreign Exchange Transactions'. Report commissioned by the city. Bonn: Federal Ministry for Economic Cooperation and Development, February.
47. Svensson, L. E. O. (1992). 'An Interpretation of Recent Research on Exchange Target Zones'. Journal of Economic Perspectives, 6(4): 119-44.
48. Tobin, J. (1974). The New Economics One Decade Older. The Eliot Janeway Lectures on Historical Economics in Honour of Joseph Schumpeter. Princeton, NJ: Princeton University Press.
49. Tobin, J. (1978). 'A Proposal for International Monetary Reform', Eastern Economic Journal, 4 (July-October): 153-9.
50. Tobin, J. (1996). 'Prologue', in M. ul Haq, I. Kaul, and I. Grunberg (eds), The Tobin Tax. Oxford: Oxford University Press.
51. Umlauf, S. R. (1993). 'Transaction Taxes and the Behaviour of the Swedish Stock Market'. Journal of Financial Economics, 33: 227-40.
52. Williamson, J. (1997). 'Public Policy Towards International Capital Flows', in I. P. Szekely and R. Sabot (eds), Development Strategy and Management of the Market Economy. New York: Oxford University Press, 325-47.
53. Williamson, J. (2000). 'Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option'. Washington, DC: Institute for International Economics.