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Might a Securities Transactions Tax Mitigate Excess Volatility? Some Evidence From the Literature

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International financial markets are said to be excessively volatile due to destabilizing speculation and excessive market volume. Transactions taxes might help. From studying the literature we conclude that there must be an optimal market liquidity, which minimizes excess volatility. There are two effects when imposing a transactions tax. Both reduce excess volatility in highly speculative markets when tax rates are small. The total tax effect then is unambiguous. However, in illiquid markets the tax might raise volatility.

Sprache
Englisch

Erschienen in
Series: CoFE Discussion Paper ; No. 04/06

Klassifikation
Wirtschaft
Taxation, Subsidies, and Revenue: General
International Financial Markets
General Financial Markets: Government Policy and Regulation
Thema
International Financial Markets
Securities Transactions Tax
Excess Volatility
Börsenkurs
Volatilität
Börsenumsatzsteuer
Internationaler Finanzmarkt
Wertpapierspekulation
Theorie

Ereignis
Geistige Schöpfung
(wer)
Haberer, Markus
Ereignis
Veröffentlichung
(wer)
University of Konstanz, Center of Finance and Econometrics (CoFE)
(wo)
Konstanz
(wann)
2004

Handle
URN
urn:nbn:de:bsz:352-opus-17579
Letzte Aktualisierung
10.03.2025, 11:45 MEZ

Datenpartner

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Objekttyp

  • Arbeitspapier

Beteiligte

  • Haberer, Markus
  • University of Konstanz, Center of Finance and Econometrics (CoFE)

Entstanden

  • 2004

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