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How well do foreign exchange markets function : might a Tobin tax help?

Author: Jeffrey A Frankel; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1996.
Series: Working paper series (National Bureau of Economic Research), working paper no. 5422.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: Figures for 1995 estimate trading by dealers in the foreign exchange market at over $1,200 billion per day, most of it with other dealers. Some have linked this volume to concerns of excessive volatility in the market. Tobin's proposal to address this volatility with a small tax on all foreign exchange transactions has not received the serious attention it deserves. The paper argues that a better case can  Read more...
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Additional Physical Format: Print version:
Frankel, Jeffrey A.
How well do foreign exchange markets function.
Cambridge, MA : National Bureau of Economic Research, ©1996
(OCoLC)34180613
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jeffrey A Frankel; National Bureau of Economic Research.
OCLC Number: 646979036
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (49 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 5422.
Responsibility: Jeffrey A. Frankel.

Abstract:

Abstract: Figures for 1995 estimate trading by dealers in the foreign exchange market at over $1,200 billion per day, most of it with other dealers. Some have linked this volume to concerns of excessive volatility in the market. Tobin's proposal to address this volatility with a small tax on all foreign exchange transactions has not received the serious attention it deserves. The paper argues that a better case can be made for the proposition that the tax might dampen exchange rate volatility than most economists believe. Calculations show that the tax, unlike some forms of capital control, would fall far more heavily on short-term transactions than long-term. Survey data and a simple model suggest, in turn, that short-term activity can be destabilizing. The paper also offers crude estimates of the revenue that would be raised from the Tobin tax. It is left to other authors to examine a major shortcoming of the proposal, enforceability.

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