Arbeitspapier

The economic consequences of a Tobin tax: An experimental analysis

The effects of a Tobin tax on foreign exchange markets have long been disputed. We present an experiment with currency trading on two markets, where either none, one, or both markets are taxed. Our results confirm the hitherto undisputed issues: a tax reduces trading volume, shifts market share to untaxed markets, and leads to negligible tax revenues if tax havens exist. Concerning the controversial issues we find that (i) volatility effects depend on the existence of tax havens and on market size, (ii) market efficiency remains unaffected by the tax, (iii) short-term speculation is reduced, and (iv) the tax has persistent effects even after its abolishment.

Sprache
Englisch

Erschienen in
Series: Working Papers in Economics and Statistics ; No. 2007-18

Klassifikation
Wirtschaft
Design of Experiments: Laboratory, Individual
Fiscal Policy
Thema
Tobin tax
experiment
foreign exchange
market efficiency
trading volume
volatility
Tobinsteuer
Markteffizienz
Börsenumsatz
Volatilität
Devisenmarkt
Schätzung
Test

Ereignis
Geistige Schöpfung
(wer)
Hanke, Michael
Huber, Jürgen
Kirchler, Michael
Sutter, Matthias
Ereignis
Veröffentlichung
(wer)
University of Innsbruck, Department of Public Finance
(wo)
Innsbruck
(wann)
2007

Handle
Letzte Aktualisierung
10.03.2025, 11:45 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Hanke, Michael
  • Huber, Jürgen
  • Kirchler, Michael
  • Sutter, Matthias
  • University of Innsbruck, Department of Public Finance

Entstanden

  • 2007

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