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href="#Concepts_and_definitions"> <div class="vector-toc-text"> 3 Concepts and definitions </div> </a> <button aria-controls="toc-Concepts_and_definitions-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Concepts and definitions subsection </button> <ul id="toc-Concepts_and_definitions-sublist" class="vector-toc-list"> <li id="toc-Hedging_vs._speculation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Hedging_vs._speculation"> <div class="vector-toc-text"> 3.1 Hedging vs. speculation </div> </a> <ul id="toc-Hedging_vs._speculation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Tobin's_concept" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Tobin's_concept"> <div class="vector-toc-text"> 3.2 Tobin's concept </div> </a> <ul id="toc-Tobin's_concept-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Variations_on_idea" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Variations_on_idea"> <div class="vector-toc-text"> 3.3 Variations on idea </div> </a> <ul id="toc-Variations_on_idea-sublist" class="vector-toc-list"> <li id="toc-Pollin_and_Baker" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Pollin_and_Baker"> <div class="vector-toc-text"> 3.3.1 Pollin and Baker </div> </a> <ul id="toc-Pollin_and_Baker-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_Spahn_tax" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#The_Spahn_tax"> <div class="vector-toc-text"> 3.3.2 The Spahn tax </div> </a> <ul id="toc-The_Spahn_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Special_drawing_rights" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Special_drawing_rights"> <div class="vector-toc-text"> 3.3.3 Special drawing rights </div> </a> <ul id="toc-Special_drawing_rights-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Scope" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Scope"> <div class="vector-toc-text"> 3.4 Scope </div> </a> <ul id="toc-Scope-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Reactions" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Reactions"> <div class="vector-toc-text"> 4 Reactions </div> </a> <ul id="toc-Reactions-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Proposals_and_implementations" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Proposals_and_implementations"> <div class="vector-toc-text"> 5 Proposals and implementations </div> </a> <button aria-controls="toc-Proposals_and_implementations-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Proposals and implementations subsection </button> <ul id="toc-Proposals_and_implementations-sublist" class="vector-toc-list"> <li id="toc-EU_financial_transaction_tax" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#EU_financial_transaction_tax"> <div class="vector-toc-text"> 5.1 EU financial transaction tax </div> </a> <ul id="toc-EU_financial_transaction_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Swedish_financial_transaction_taxes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Swedish_financial_transaction_taxes"> <div class="vector-toc-text"> 5.2 Swedish financial transaction taxes </div> </a> <ul id="toc-Swedish_financial_transaction_taxes-sublist" class="vector-toc-list"> <li id="toc-Tobin_tax_proponents_reaction_to_the_Swedish_experience" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Tobin_tax_proponents_reaction_to_the_Swedish_experience"> <div class="vector-toc-text"> 5.2.1 Tobin tax proponents reaction to the Swedish experience </div> </a> <ul id="toc-Tobin_tax_proponents_reaction_to_the_Swedish_experience-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-British_stock_transaction_tax_(Stamp_Duty)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#British_stock_transaction_tax_(Stamp_Duty)"> <div class="vector-toc-text"> 5.3 British stock transaction tax (Stamp Duty) </div> </a> <ul id="toc-British_stock_transaction_tax_(Stamp_Duty)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sterling_Stamp_Duty" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sterling_Stamp_Duty"> <div class="vector-toc-text"> 5.4 Sterling Stamp Duty </div> </a> <ul id="toc-Sterling_Stamp_Duty-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Multinational_proposals" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Multinational_proposals"> <div class="vector-toc-text"> 5.5 Multinational proposals </div> </a> <ul id="toc-Multinational_proposals-sublist" class="vector-toc-list"> <li id="toc-European_idea_for_a_'first_Euro_tax'" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#European_idea_for_a_'first_Euro_tax'"> <div class="vector-toc-text"> 5.5.1 European idea for a 'first Euro tax' </div> </a> <ul id="toc-European_idea_for_a_'first_Euro_tax'-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-G20_nations" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#G20_nations"> <div class="vector-toc-text"> 5.5.2 G20 nations </div> </a> <ul id="toc-G20_nations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_feasibility_of_gradual_implementation_of_the_FTT,_beginning_with_a_few_EU_nations" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#The_feasibility_of_gradual_implementation_of_the_FTT,_beginning_with_a_few_EU_nations"> <div class="vector-toc-text"> 5.5.3 The feasibility of gradual implementation of the FTT, beginning with a few EU nations </div> </a> <ul id="toc-The_feasibility_of_gradual_implementation_of_the_FTT,_beginning_with_a_few_EU_nations-sublist" class="vector-toc-list"> <li id="toc-Simultaneous_taxes_in_the_European_Union" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Simultaneous_taxes_in_the_European_Union"> <div class="vector-toc-text"> 5.5.3.1 Simultaneous taxes in the European Union </div> </a> <ul id="toc-Simultaneous_taxes_in_the_European_Union-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Latin_America_–_Bank_of_the_South" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Latin_America_–_Bank_of_the_South"> <div class="vector-toc-text"> 5.5.4 Latin America – Bank of the South </div> </a> <ul id="toc-Latin_America_–_Bank_of_the_South-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-UN_Global_Tax" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#UN_Global_Tax"> <div class="vector-toc-text"> 5.5.5 UN Global Tax </div> </a> <ul id="toc-UN_Global_Tax-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Original_idea_and_anti-globalization_movement" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Original_idea_and_anti-globalization_movement"> <div class="vector-toc-text"> 6 Original idea and anti-globalization movement </div> </a> <ul id="toc-Original_idea_and_anti-globalization_movement-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Evaluating_the_Tobin_tax_as_a_Currency_Transaction_Tax_(CTT)" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Evaluating_the_Tobin_tax_as_a_Currency_Transaction_Tax_(CTT)"> <div class="vector-toc-text"> 7 Evaluating the Tobin tax as a Currency Transaction Tax (CTT) </div> </a> <button aria-controls="toc-Evaluating_the_Tobin_tax_as_a_Currency_Transaction_Tax_(CTT)-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Evaluating the Tobin tax as a Currency Transaction Tax (CTT) subsection </button> <ul id="toc-Evaluating_the_Tobin_tax_as_a_Currency_Transaction_Tax_(CTT)-sublist" class="vector-toc-list"> <li id="toc-Stability,_volatility_and_speculation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Stability,_volatility_and_speculation"> <div class="vector-toc-text"> 7.1 Stability, volatility and speculation </div> </a> <ul id="toc-Stability,_volatility_and_speculation-sublist" class="vector-toc-list"> <li id="toc-The_appeal_of_stability" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#The_appeal_of_stability"> <div class="vector-toc-text"> 7.1.1 The appeal of stability </div> </a> <ul id="toc-The_appeal_of_stability-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Effect_on_volatility" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Effect_on_volatility"> <div class="vector-toc-text"> 7.1.2 Effect on volatility </div> </a> <ul id="toc-Effect_on_volatility-sublist" class="vector-toc-list"> <li id="toc-Theoretical_models" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Theoretical_models"> <div class="vector-toc-text"> 7.1.2.1 Theoretical models </div> </a> <ul id="toc-Theoretical_models-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Empirical_studies" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Empirical_studies"> <div class="vector-toc-text"> 7.1.2.2 Empirical studies </div> </a> <ul id="toc-Empirical_studies-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Optimum_Tobin_tax_rate" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Optimum_Tobin_tax_rate"> <div class="vector-toc-text"> 7.2 Optimum Tobin tax rate </div> </a> <ul id="toc-Optimum_Tobin_tax_rate-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Is_the_tax_easy_to_avoid" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Is_the_tax_easy_to_avoid"> <div class="vector-toc-text"> 7.3 Is the tax easy to avoid </div> </a> <ul id="toc-Is_the_tax_easy_to_avoid-sublist" class="vector-toc-list"> <li id="toc-Technical_feasibility" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Technical_feasibility"> <div class="vector-toc-text"> 7.3.1 Technical feasibility </div> </a> <ul id="toc-Technical_feasibility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-How_many_nations_are_needed_to_make_it_feasible?" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#How_many_nations_are_needed_to_make_it_feasible?"> <div class="vector-toc-text"> 7.3.2 How many nations are needed to make it feasible? </div> </a> <ul id="toc-How_many_nations_are_needed_to_make_it_feasible?-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Evaluating_the_Tobin_tax_as_a_general_Financial_Transaction_Tax_(FTT)" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Evaluating_the_Tobin_tax_as_a_general_Financial_Transaction_Tax_(FTT)"> <div class="vector-toc-text"> 8 Evaluating the Tobin tax as a general Financial Transaction Tax (FTT) </div> </a> <button aria-controls="toc-Evaluating_the_Tobin_tax_as_a_general_Financial_Transaction_Tax_(FTT)-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Evaluating the Tobin tax as a general Financial Transaction Tax (FTT) subsection </button> <ul id="toc-Evaluating_the_Tobin_tax_as_a_general_Financial_Transaction_Tax_(FTT)-sublist" class="vector-toc-list"> <li id="toc-Sweden's_experience_in_implementing_Tobin_taxes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sweden's_experience_in_implementing_Tobin_taxes"> <div class="vector-toc-text"> 8.1 Sweden's experience in implementing Tobin taxes </div> </a> <ul id="toc-Sweden's_experience_in_implementing_Tobin_taxes-sublist" class="vector-toc-list"> <li id="toc-Tobin_tax_proponents_reaction_to_the_Swedish_experience_2" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Tobin_tax_proponents_reaction_to_the_Swedish_experience_2"> <div class="vector-toc-text"> 8.1.1 Tobin tax proponents reaction to the Swedish experience </div> </a> <ul id="toc-Tobin_tax_proponents_reaction_to_the_Swedish_experience_2-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Pros_and_cons_if_the_Tobin_tax_(FTT)_were_implemented?" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Pros_and_cons_if_the_Tobin_tax_(FTT)_were_implemented?"> <div class="vector-toc-text"> 8.2 Pros and cons if the Tobin tax (FTT) were implemented? </div> </a> <ul id="toc-Pros_and_cons_if_the_Tobin_tax_(FTT)_were_implemented?-sublist" class="vector-toc-list"> <li id="toc-Views_of_ABAC" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Views_of_ABAC"> <div class="vector-toc-text"> 8.2.1 Views of ABAC </div> </a> <ul id="toc-Views_of_ABAC-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Views_of_the_ITUC/APLN" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Views_of_the_ITUC/APLN"> <div class="vector-toc-text"> 8.2.2 Views of the ITUC/APLN </div> </a> <ul id="toc-Views_of_the_ITUC/APLN-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Regular_investors_loss" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Regular_investors_loss"> <div class="vector-toc-text"> 8.2.3 Regular investors loss </div> </a> <ul id="toc-Regular_investors_loss-sublist" class="vector-toc-list"> <li id="toc-Let_Wall_Street_Pay_for_the_Restoration_of_Main_Street_Bill" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Let_Wall_Street_Pay_for_the_Restoration_of_Main_Street_Bill"> <div class="vector-toc-text"> 8.2.3.1 Let Wall Street Pay for the Restoration of Main Street Bill </div> </a> <ul id="toc-Let_Wall_Street_Pay_for_the_Restoration_of_Main_Street_Bill-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Would_there_be_net_job_losses_if_a_FTT_tax_was_introduced?" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Would_there_be_net_job_losses_if_a_FTT_tax_was_introduced?"> <div class="vector-toc-text"> 8.2.4 Would there be net job losses if a FTT tax was introduced? </div> </a> <ul id="toc-Would_there_be_net_job_losses_if_a_FTT_tax_was_introduced?-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Is_there_an_optimum_tax_rate" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Is_there_an_optimum_tax_rate"> <div class="vector-toc-text"> 8.3 Is there an optimum tax rate </div> </a> <ul id="toc-Is_there_an_optimum_tax_rate-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Political_opinion" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Political_opinion"> <div class="vector-toc-text"> 8.4 Political opinion </div> </a> <ul id="toc-Political_opinion-sublist" class="vector-toc-list"> <li id="toc-Tobin_tax_proponents_response_to_empirical_evidence_on_volatility" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Tobin_tax_proponents_response_to_empirical_evidence_on_volatility"> <div class="vector-toc-text"> 8.4.1 Tobin tax proponents response to empirical evidence on volatility </div> </a> <ul id="toc-Tobin_tax_proponents_response_to_empirical_evidence_on_volatility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Should_speculators_be_encouraged,_penalized_or_dissuaded?" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Should_speculators_be_encouraged,_penalized_or_dissuaded?"> <div class="vector-toc-text"> 8.4.2 Should speculators be encouraged, penalized or dissuaded? </div> </a> <ul id="toc-Should_speculators_be_encouraged,_penalized_or_dissuaded?-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Questions_of_volatility" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Questions_of_volatility"> <div class="vector-toc-text"> 8.5 Questions of volatility </div> </a> <ul id="toc-Questions_of_volatility-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Comparing_Currency_Transaction_Taxes_(CTT)_and_Financial_Transaction_Taxes_(FTT)" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Comparing_Currency_Transaction_Taxes_(CTT)_and_Financial_Transaction_Taxes_(FTT)"> <div class="vector-toc-text"> 9 Comparing Currency Transaction Taxes (CTT) and Financial Transaction Taxes (FTT) </div> </a> <button aria-controls="toc-Comparing_Currency_Transaction_Taxes_(CTT)_and_Financial_Transaction_Taxes_(FTT)-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Comparing Currency Transaction Taxes (CTT) and Financial Transaction Taxes (FTT) subsection </button> <ul id="toc-Comparing_Currency_Transaction_Taxes_(CTT)_and_Financial_Transaction_Taxes_(FTT)-sublist" class="vector-toc-list"> <li id="toc-Research_evidence" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Research_evidence"> <div class="vector-toc-text"> 9.1 Research evidence </div> </a> <ul id="toc-Research_evidence-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Practical_considerations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Practical_considerations"> <div class="vector-toc-text"> 9.2 Practical considerations </div> </a> <ul id="toc-Practical_considerations-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Non-tax_regulatory_equivalent" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Non-tax_regulatory_equivalent"> <div class="vector-toc-text"> 10 Non-tax regulatory equivalent </div> </a> <ul id="toc-Non-tax_regulatory_equivalent-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> 11 See also </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> 12 References </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> 13 Further reading </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> 14 External links </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" > Toggle the table of contents </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading">Tobin tax</h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 25 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-25" aria-hidden="true" > 25 languages </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Tasa_Tobin" title="Tasa Tobin – Asturian" lang="ast" hreflang="ast" data-title="Tasa Tobin" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target">Asturianu</a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Tobin_vergisi" title="Tobin vergisi – Azerbaijani" lang="az" hreflang="az" data-title="Tobin vergisi" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target">Azərbaycanca</a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Taxa_Tobin" title="Taxa Tobin – Catalan" lang="ca" hreflang="ca" data-title="Taxa Tobin" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target">Català</a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Tobinova_da%C5%88" title="Tobinova daň – Czech" lang="cs" hreflang="cs" data-title="Tobinova daň" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target">Čeština</a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Tobinskat" title="Tobinskat – Danish" lang="da" hreflang="da" data-title="Tobinskat" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target">Dansk</a></li><li class="interlanguage-link interwiki-de badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://de.wikipedia.org/wiki/Tobin-Steuer" title="Tobin-Steuer – German" lang="de" hreflang="de" data-title="Tobin-Steuer" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target">Deutsch</a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Tasa_Tobin" title="Tasa Tobin – Spanish" lang="es" hreflang="es" data-title="Tasa Tobin" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target">Español</a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Tobin-imposto" title="Tobin-imposto – Esperanto" lang="eo" hreflang="eo" data-title="Tobin-imposto" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target">Esperanto</a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Tobin_tasa" title="Tobin tasa – Basque" lang="eu" hreflang="eu" data-title="Tobin tasa" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target">Euskara</a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Taxe_sur_les_transactions_financi%C3%A8res" title="Taxe sur les transactions financières – French" lang="fr" hreflang="fr" data-title="Taxe sur les transactions financières" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target">Français</a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%86%A0%EB%B9%88%EC%84%B8" title="토빈세 – Korean" lang="ko" hreflang="ko" data-title="토빈세" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target">한국어</a></li><li 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dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Form of tax</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For the more general category of "financial transaction taxes", see <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a>. 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a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Tax" title="Tax">Taxation</a></th></tr><tr><td class="sidebar-image"><a href="/wiki/File:10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/100px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png" decoding="async" width="100" height="113" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/150px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/200px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 2x" data-file-width="440" data-file-height="496" /></a></td></tr><tr><td class="sidebar-above"> An aspect of <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_policy" title="Tax policy">Policies</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Government_revenue" title="Government revenue">Government revenue</a></li> <li><a href="/wiki/Property_tax_equalization" title="Property tax equalization">Property tax equalization</a></li> <li><a href="/wiki/Tax_revenue" title="Tax revenue">Tax revenue</a></li> <li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Tax_law" title="Tax law">Tax law</a></li> <li><a href="/wiki/Tax_bracket" title="Tax bracket">Tax bracket</a> <ul><li><a href="/wiki/Flat_tax" title="Flat tax">Flat tax</a></li></ul></li> <li><a href="/wiki/Income_tax_threshold" title="Income tax threshold">Tax threshold</a></li> <li><a href="/wiki/Tax_exemption" title="Tax exemption">Exemption</a></li> <li><a href="/wiki/Tax_credit" title="Tax credit">Credit</a></li> <li><a href="/wiki/Tax_deduction" title="Tax deduction">Deduction</a></li> <li><a href="/wiki/Tax_shift" title="Tax shift">Tax shift</a></li> <li><a href="/wiki/Tax_cut" title="Tax cut">Tax cut</a></li> <li><a href="/wiki/Tax_holiday" title="Tax holiday">Tax holiday</a></li> <li><a href="/wiki/Tax_amnesty" title="Tax amnesty">Tax amnesty</a></li> <li><a href="/wiki/Tax_advantage" title="Tax advantage">Tax advantage</a></li> <li><a href="/wiki/Tax_incentive" title="Tax incentive">Tax incentive</a></li> <li><a href="/wiki/Tax_reform" title="Tax reform">Tax reform</a></li> <li><a href="/wiki/Tax_harmonization" title="Tax harmonization">Tax harmonization</a></li> <li><a href="/wiki/Tax_competition" title="Tax competition">Tax competition</a></li> <li><a href="/wiki/Tax_withholding" title="Tax withholding">Tax withholding</a></li> <li><a href="/wiki/Double_taxation" title="Double taxation">Double taxation</a></li> <li><a href="/wiki/No_taxation_without_representation" title="No taxation without representation">Representation</a></li> <li><a href="/wiki/Taxpayer_groups" title="Taxpayer groups">Unions</a></li> <li><a href="/wiki/Medical_savings_account" title="Medical savings account">Medical savings account</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax#Economic_effects" title="Tax">Economics</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General Theory</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Effect_of_taxes_and_subsidies_on_price" title="Effect of taxes and subsidies on price">Price effect</a></li> <li><a href="/wiki/Excess_burden_of_taxation" title="Excess burden of taxation">Excess burden</a></li> <li><a href="/wiki/Tax_incidence" title="Tax incidence">Tax incidence</a></li> <li><a href="/wiki/Laffer_curve" title="Laffer curve">Laffer curve</a></li> <li><a href="/wiki/Optimal_tax" title="Optimal tax">Optimal tax</a></li> <li><a href="/wiki/Theories_of_taxation" title="Theories of taxation">Theories</a></li> <li><a href="/wiki/Optimal_capital_income_taxation" title="Optimal capital income taxation">Optimal capital income taxation</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Distribution of Tax</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_rate" title="Tax rate">Tax rate</a></li> <li><a href="/wiki/Flat_tax" title="Flat tax">Flat</a></li> <li><a href="/wiki/Progressive_tax" title="Progressive tax">Progressive</a></li> <li><a href="/wiki/Regressive_tax" title="Regressive tax">Regressive</a></li> <li><a href="/wiki/Proportional_tax" title="Proportional tax">Proportional</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_collection" class="mw-redirect" title="Tax collection">Collection</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Revenue_service" title="Revenue service">Revenue service</a></li> <li><a href="/wiki/Revenue_stamp" title="Revenue stamp">Revenue stamp</a></li> <li><a href="/wiki/Tax_assessment" title="Tax assessment">Tax assessment</a></li> <li><a href="/wiki/Taxable_income" title="Taxable income">Taxable income</a></li> <li><a href="/wiki/Tax_lien" title="Tax lien">Tax lien</a></li> <li><a href="/wiki/Tax_refund" title="Tax refund">Tax refund</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Tax_residence" title="Tax residence">Tax residence</a></li> <li><a href="/wiki/Tax_preparation" class="mw-redirect" title="Tax preparation">Tax preparation</a></li> <li><a href="/wiki/Tax_investigation" title="Tax investigation">Tax investigation</a></li> <li><a href="/wiki/Tax_shelter" title="Tax shelter">Tax shelter</a></li> <li><a href="/wiki/Tax_collector" title="Tax collector">Tax collector</a></li> <li><a href="/wiki/Privatized_tax_collection" title="Privatized tax collection">Private tax collection</a></li> <li><a href="/wiki/Farm_(revenue_leasing)" title="Farm (revenue leasing)">Tax farming</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_noncompliance" title="Tax noncompliance">Noncompliance</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Tax_avoidance" title="Tax avoidance">Tax avoidance</a> <ul><li><a href="/wiki/Repatriation_tax_avoidance" title="Repatriation tax avoidance">Repatriation tax avoidance</a></li></ul></li> <li><a href="/wiki/Tax_evasion" title="Tax evasion">Tax evasion</a></li> <li><a href="/wiki/Tax_resistance" title="Tax resistance">Tax resistance</a></li> <li><a href="/wiki/Tax_shelter" title="Tax shelter">Tax shelter</a></li> <li><a href="/wiki/Debtors%27_prison" title="Debtors' prison">Debtors' prison</a></li> <li><a href="/wiki/Smuggling" title="Smuggling">Smuggling</a></li> <li><a href="/wiki/Black_market" title="Black market">Black market</a></li> <li><a href="/wiki/Unreported_employment" title="Unreported employment">Unreported employment</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Corporate</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversion</a></li> <li><a href="/wiki/Transfer_mispricing" title="Transfer mispricing">Transfer mispricing</a></li> <li><a href="/wiki/Base_erosion_and_profit_shifting" title="Base erosion and profit shifting">Base erosion and profit shifting</a> (BEPS)</li> <li><a href="/wiki/Double_Irish_arrangement" title="Double Irish arrangement">Double Irish</a></li> <li><a href="/wiki/Dutch_Sandwich" title="Dutch Sandwich">Dutch Sandwich</a></li> <li><a href="/wiki/Double_Irish_arrangement#Replacement_by_single_malt" title="Double Irish arrangement">Single Malt</a></li> <li><a href="/wiki/Double_Irish_arrangement#Backstop_of_capital_allowances" title="Double Irish arrangement">CAIA</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Locations</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_haven" title="Tax haven">Tax havens</a></li> <li><a href="/wiki/Corporate_haven" title="Corporate haven">Corporate havens</a></li> <li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial centres</a> (OFCs)</li> <li><a href="/wiki/Offshore_magic_circle" title="Offshore magic circle">Offshore magic circle</a></li> <li><a href="/wiki/Conduit_and_sink_OFCs" title="Conduit and sink OFCs">Conduit and sink OFCs</a></li> <li><a href="/wiki/Financial_centre" title="Financial centre">Financial centres</a></li> <li><a href="/wiki/Financial_Secrecy_Index" title="Financial Secrecy Index">Financial Secrecy Index</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Major examples</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Ireland_as_a_tax_haven" title="Ireland as a tax haven">Ireland as a tax haven</a> <ul><li><a href="/wiki/Apple%27s_EU_tax_dispute" title="Apple's EU tax dispute">Ireland v. Commission</a></li> <li><a href="/wiki/Leprechaun_economics" title="Leprechaun economics">Leprechaun economics</a></li></ul></li> <li><a href="/wiki/2008_Liechtenstein_tax_affair" title="2008 Liechtenstein tax affair">Liechtenstein tax affair</a></li> <li><a href="/wiki/LuxLeaks" title="LuxLeaks">Luxembourg Leaks</a></li> <li><a href="/wiki/Offshore_Leaks" title="Offshore Leaks">Offshore Leaks</a></li> <li><a href="/wiki/Paradise_Papers" title="Paradise Papers">Paradise Papers</a></li> <li><a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a></li> <li><a href="/wiki/Swiss_Leaks" title="Swiss Leaks">Swiss Leaks</a></li> <li><a href="/wiki/United_States_as_a_tax_haven" title="United States as a tax haven">United States as a tax haven</a></li> <li><a href="/wiki/Panama_as_a_tax_haven" title="Panama as a tax haven">Panama as a tax haven</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/List_of_taxes" title="List of taxes">Types</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Direct_tax" title="Direct tax">Direct</a></li> <li><a href="/wiki/Indirect_tax" title="Indirect tax">Indirect</a></li> <li><a href="/wiki/Per_unit_tax" title="Per unit tax">Per unit</a></li> <li><a href="/wiki/Ad_valorem_tax" title="Ad valorem tax">Ad valorem</a></li> <li><a href="/wiki/Aviation_taxation_and_subsidies" title="Aviation taxation and subsidies">Aviation</a> <ul><li><a href="/wiki/Airport_improvement_fee" title="Airport improvement fee">Airport improvement</a></li> <li><a href="/wiki/Landing_fee" title="Landing fee">Landing</a></li> <li><a href="/wiki/Solidarity_tax_on_airplane_tickets" title="Solidarity tax on airplane tickets">Solidarity</a></li></ul></li> <li><a href="/wiki/Capital_gains_tax" title="Capital gains tax">Capital gains</a> <ul><li><a href="/wiki/Expatriation_tax" title="Expatriation tax">Expatriation</a></li></ul></li> <li><a href="/wiki/Consumption_tax" title="Consumption tax">Consumption</a> <ul><li><a href="/wiki/Departure_tax" title="Departure tax">Departure</a></li> <li><a href="/wiki/Hotel_tax" class="mw-redirect" title="Hotel tax">Hotel</a></li> <li><a href="/wiki/Sales_tax" title="Sales tax">Sales</a></li> <li><a href="/wiki/Stamp_duty" title="Stamp duty">Stamp</a></li> <li><a href="/wiki/Television_licence" title="Television licence">Television</a></li> <li><a href="/wiki/Tourist_tax" title="Tourist tax">Tourist</a></li> <li><a href="/wiki/Value-added_tax" title="Value-added tax">Value-added</a></li></ul></li> <li><a href="/wiki/Dividend_tax" title="Dividend tax">Dividend</a></li> <li><a href="/wiki/Environmental_tax" title="Environmental tax">Environmental tax</a> <ul><li><a href="/wiki/Carbon_tax" title="Carbon tax">Carbon</a></li> <li><a href="/wiki/Eco-tariff" title="Eco-tariff">Eco-tariff</a></li> <li><a href="/wiki/Landfill_tax" title="Landfill tax">Landfill</a></li> <li><a href="/wiki/Natural_resources_consumption_tax" title="Natural resources consumption tax">Natural resources consumption</a></li> <li><a href="/wiki/Severance_tax" title="Severance tax">Severance</a></li> <li><a href="/wiki/Steering_tax" title="Steering tax">Steering</a></li> <li><a href="/wiki/Stumpage" title="Stumpage">Stumpage</a></li></ul></li> <li><a href="/wiki/Excise" title="Excise">Excise</a> <ul><li><a href="/wiki/Alcohol_law" title="Alcohol law">Alcohol</a></li> <li><a href="/wiki/Cigarette_taxes_in_the_United_States" title="Cigarette taxes in the United States">Cigarette</a></li> <li><a href="/wiki/Fat_tax" title="Fat tax">Fat</a></li> <li><a href="/wiki/Meat_tax" title="Meat tax">Meat</a></li> <li><a href="/wiki/Sin_tax" title="Sin tax">Sin</a></li> <li><a href="/wiki/Sugary_drink_tax" title="Sugary drink tax">Sugary drink</a></li> <li><a href="/wiki/Tobacco_smoking" title="Tobacco smoking">Tobacco</a></li></ul></li> <li><a href="/wiki/Consolidated_Fund" title="Consolidated Fund">General</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgist</a></li> <li><a href="/wiki/Gift_tax" title="Gift tax">Gift</a></li> <li><a href="/wiki/Gross_receipts_tax" title="Gross receipts tax">Gross receipts</a></li> <li><a href="/wiki/Hypothecated_tax" title="Hypothecated tax">Hypothecated</a></li> <li><a href="/wiki/Income_tax" title="Income tax">Income</a></li> <li><a href="/wiki/Inheritance_tax" title="Inheritance tax">Inheritance (estate)</a></li> <li><a href="/wiki/Land_value_tax" title="Land value tax">Land value</a></li> <li><a href="/wiki/Luxury_tax" title="Luxury tax">Luxury</a></li> <li><a href="/wiki/Payroll_tax" title="Payroll tax">Payroll</a></li> <li><a href="/wiki/Pigouvian_tax" title="Pigouvian tax">Pigouvian</a></li> <li><a href="/wiki/Property_tax" title="Property tax">Property</a></li> <li><a href="/wiki/Resource_rent_tax" title="Resource rent tax">Resource rent</a></li> <li><a href="/wiki/Single_tax" title="Single tax">Single</a></li> <li><a href="/wiki/Surtax" title="Surtax">Surtax</a></li> <li><a href="/wiki/Turnover_tax" title="Turnover tax">Turnover</a></li> <li><a href="/wiki/Use_tax" title="Use tax">Use</a></li> <li><a href="/wiki/User_charge" title="User charge">User charge</a>/<a href="/wiki/User_fee" title="User fee">fee</a> <ul><li><a href="/wiki/Congestion_pricing" title="Congestion pricing">Congestion</a></li> <li><a href="/wiki/Fuel_tax" title="Fuel tax">Fuel</a></li> <li><a href="/wiki/Road_pricing" title="Road pricing">Road</a>/<a href="/wiki/GNSS_road_pricing" title="GNSS road pricing">GNSS</a></li> <li><a href="/wiki/Toll_(fee)" title="Toll (fee)">Toll</a></li> <li><a href="/wiki/Vehicle_miles_traveled_tax" title="Vehicle miles traveled tax">Vehicle miles traveled</a></li></ul></li> <li><a href="/wiki/Corporate_tax" title="Corporate tax">Corporate profit</a></li> <li><a href="/wiki/Excess_profits_tax" title="Excess profits tax">Excess profits</a></li> <li><a href="/wiki/Windfall_tax" title="Windfall tax">Windfall</a></li> <li><a href="/wiki/Negative_income_tax" title="Negative income tax">Negative (income)</a></li> <li><a href="/wiki/Wealth_tax" title="Wealth tax">Wealth</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/International_taxation" title="International taxation">International</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a></li> <li><a href="/wiki/Association_for_the_Taxation_of_Financial_Transactions_and_for_Citizens%27_Action" title="Association for the Taxation of Financial Transactions and for Citizens' Action">ATTAC</a></li> <li><a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a></li> <li><a href="/wiki/Common_Consolidated_Corporate_Tax_Base" title="Common Consolidated Corporate Tax Base">European Union Common Consolidated Corporate Tax Base</a> (CCCTB)</li> <li><a href="/wiki/Global_minimum_corporate_tax_rate" title="Global minimum corporate tax rate">Global minimum corporate tax rate</a></li> <li><a href="/wiki/Robin_Hood_tax" title="Robin Hood tax">Robin Hood tax</a></li> <li><a class="mw-selflink selflink">Tobin tax</a></li> <li><a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a></li> <li><a href="/wiki/Tax_equalization" title="Tax equalization">Tax equalization</a></li> <li><a href="/wiki/Tax_treaty" title="Tax treaty">Tax treaty</a></li> <li><a href="/wiki/Exchange_of_Information" class="mw-redirect" title="Exchange of Information">Exchange of Information</a></li> <li><a href="/wiki/Permanent_establishment" title="Permanent establishment">Permanent establishment</a></li> <li><a href="/wiki/Transfer_pricing" title="Transfer pricing">Transfer pricing</a></li> <li><a href="/wiki/European_Union_financial_transaction_tax" title="European Union financial transaction tax">European Union FTT</a></li> <li><a href="/wiki/Rule_against_foreign_revenue_enforcement" title="Rule against foreign revenue enforcement">Foreign revenue rule</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Trade" title="Trade">Trade</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Customs" title="Customs">Custom</a></li> <li><a href="/wiki/Duty_(economics)" class="mw-redirect" title="Duty (economics)">Duty</a></li> <li><a href="/wiki/Tariff" title="Tariff">Tariff</a> <ul><li><a href="/wiki/Import" title="Import">Import</a></li> <li><a href="/wiki/Export" title="Export">Export</a></li></ul></li> <li><a href="/wiki/Trade_war" title="Trade war">Tariff war</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a></li> <li><a href="/wiki/Free-trade_zone" title="Free-trade zone">Free-trade zone</a></li> <li><a href="/wiki/Trade_agreement" title="Trade agreement">Trade agreement</a></li> <li><a href="/wiki/ATA_Carnet" title="ATA Carnet">ATA Carnet</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)">Research</div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Academic</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Mihir_A._Desai" title="Mihir A. Desai">Mihir A. Desai</a></li> <li><a href="/wiki/Dhammika_Dharmapala" title="Dhammika Dharmapala">Dhammika Dharmapala</a></li> <li><a href="/wiki/James_R._Hines_Jr." title="James R. Hines Jr.">James R. Hines Jr.</a></li> <li><a href="/wiki/Ronen_Palan" title="Ronen Palan">Ronen Palan</a></li> <li><a href="/wiki/Joel_Slemrod" title="Joel Slemrod">Joel Slemrod</a></li> <li><a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Advocacy groups</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Institute_on_Taxation_and_Economic_Policy" title="Institute on Taxation and Economic Policy">Institute on Taxation and Economic Policy</a> (ITEP)</li> <li><a href="/wiki/Oxfam" title="Oxfam">Oxfam</a> (UK)</li> <li><a href="/wiki/Tax_Foundation" title="Tax Foundation">Tax Foundation</a> (US)</li> <li><a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a> (TJN)</li> <li><a href="/wiki/Tax_Policy_Center" title="Tax Policy Center">Tax Policy Center</a> (US)</li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Religion" title="Religion">Religious</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Church_tax" title="Church tax">Church tax</a></li> <li><a href="/wiki/Eight_per_thousand" title="Eight per thousand">Eight per thousand</a></li> <li><a href="/wiki/Teind" title="Teind">Teind</a></li> <li><a href="/wiki/Tithe" title="Tithe">Tithe</a></li> <li><a href="/wiki/Fiscus_Judaicus" title="Fiscus Judaicus">Fiscus Judaicus</a></li> <li><a href="/wiki/Leibzoll" title="Leibzoll">Leibzoll</a></li> <li><a href="/wiki/Temple_tax" title="Temple tax">Temple tax</a></li> <li><a href="/wiki/Tolerance_tax" title="Tolerance tax">Tolerance tax</a></li> <li><a href="/wiki/Jizya" title="Jizya">Jizya</a></li> <li><a href="/wiki/Kharaj" title="Kharaj">Kharaj</a></li> <li><a href="/wiki/Khums" title="Khums">Khums</a></li> <li><a href="/wiki/Nisab" title="Nisab">Nisab</a></li> <li><a href="/wiki/Zakat" title="Zakat">Zakat</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Category:Taxation_by_country" title="Category:Taxation by country">By country</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> All Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/List_of_countries_by_tax_rates" title="List of countries by tax rates">List of countries by tax rates</a></li> <li><a href="/wiki/List_of_countries_by_tax_revenue_to_GDP_ratio" class="mw-redirect" title="List of countries by tax revenue to GDP ratio">Tax revenue to GDP ratio</a></li> <li><a href="/wiki/Tax_rates_in_Europe" title="Tax rates in Europe">Tax rates in Europe</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Individual Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Taxation_in_Albania" title="Taxation in Albania">Albania</a></li> <li><a href="/wiki/Taxation_in_Algeria" title="Taxation in Algeria">Algeria</a></li> <li><a href="/wiki/Taxation_in_Argentina" title="Taxation in Argentina">Argentina</a></li> <li><a href="/wiki/Taxation_in_Armenia" title="Taxation in Armenia">Armenia</a></li> <li><a href="/wiki/Taxation_in_Australia" title="Taxation in Australia">Australia</a></li> <li><a href="/wiki/Taxation_in_Azerbaijan" title="Taxation in Azerbaijan">Azerbaijan</a></li> <li><a href="/wiki/Taxation_in_Bangladesh" title="Taxation in Bangladesh">Bangladesh</a></li> <li><a href="/wiki/Taxation_in_Bhutan" title="Taxation in Bhutan">Bhutan</a></li> <li><a href="/wiki/Taxation_in_Brazil" title="Taxation in Brazil">Brazil</a></li> <li><a href="/wiki/Taxation_in_Bulgaria" title="Taxation in Bulgaria">Bulgaria</a></li> <li><a href="/wiki/Taxation_in_the_British_Virgin_Islands" title="Taxation in the British Virgin Islands">BVI</a></li> <li><a href="/wiki/Taxation_in_Canada" title="Taxation in Canada">Canada</a></li> <li><a href="/wiki/Taxation_in_China" title="Taxation in China">China</a></li> <li><a href="/wiki/Taxation_in_Colombia" title="Taxation in Colombia">Colombia</a></li> <li><a href="/wiki/Taxation_in_Croatia" title="Taxation in Croatia">Croatia</a></li> <li><a href="/wiki/Taxation_in_Denmark" title="Taxation in Denmark">Denmark</a></li> <li><a href="/wiki/Taxation_in_Finland" title="Taxation in Finland">Finland</a></li> <li><a href="/wiki/Taxation_in_France" title="Taxation in France">France</a></li> <li><a href="/wiki/Taxation_in_Germany" title="Taxation in Germany">Germany</a></li> <li><a href="/wiki/Taxation_in_Greece" title="Taxation in Greece">Greece</a></li> <li><a href="/wiki/Taxation_in_Hong_Kong" title="Taxation in Hong Kong">Hong Kong</a></li> <li><a href="/wiki/Taxation_in_Iceland" title="Taxation in Iceland">Iceland</a></li> <li><a href="/wiki/Taxation_in_India" title="Taxation in India">India</a></li> <li><a href="/wiki/Taxation_in_Indonesia" title="Taxation in Indonesia">Indonesia</a></li> <li><a href="/wiki/Taxation_in_Iran" title="Taxation in Iran">Iran</a></li> <li><a href="/wiki/Taxation_in_the_Republic_of_Ireland" title="Taxation in the Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Taxation_in_Israel" title="Taxation in Israel">Israel</a></li> <li><a href="/wiki/Taxation_in_Italy" title="Taxation in Italy">Italy</a></li> <li><a href="/wiki/Taxation_in_Japan" title="Taxation in Japan">Japan</a></li> <li><a href="/wiki/Taxation_in_Kazakhstan" title="Taxation in Kazakhstan">Kazakhstan</a></li> <li><a href="/wiki/Taxation_in_Lithuania" title="Taxation in Lithuania">Lithuania</a></li> <li><a href="/wiki/Taxation_in_Malta" title="Taxation in Malta">Malta</a></li> <li><a href="/wiki/Taxation_in_Morocco" title="Taxation in Morocco">Morocco</a></li> <li><a href="/wiki/Taxation_in_Namibia" title="Taxation in Namibia">Namibia</a></li> <li><a href="/wiki/Taxation_in_the_Netherlands" title="Taxation in the Netherlands">Netherlands</a></li> <li><a href="/wiki/Taxation_in_New_Zealand" title="Taxation in New Zealand">New Zealand</a></li> <li><a href="/wiki/Taxation_in_Norway" title="Taxation in Norway">Norway</a></li> <li><a href="/wiki/Taxation_in_Pakistan" title="Taxation in Pakistan">Pakistan</a></li> <li><a href="/wiki/Taxation_in_the_State_of_Palestine" title="Taxation in the State of Palestine">Palestine</a></li> <li><a href="/wiki/Taxation_in_Peru" title="Taxation in Peru">Peru</a></li> <li><a href="/wiki/Taxation_in_the_Philippines" title="Taxation in the Philippines">Philippines</a></li> <li><a href="/wiki/Taxation_in_Poland" title="Taxation in Poland">Poland</a></li> <li><a href="/wiki/Taxation_in_Portugal" title="Taxation in Portugal">Portugal</a></li> <li><a href="/wiki/Taxation_in_Russia" title="Taxation in Russia">Russia</a></li> <li><a href="/wiki/Taxation_in_South_Africa" title="Taxation in South Africa">South Africa</a></li> <li><a href="/wiki/Taxation_in_Sri_Lanka" title="Taxation in Sri Lanka">Sri Lanka</a></li> <li><a href="/wiki/Taxation_in_Sweden" title="Taxation in Sweden">Sweden</a></li> <li><a href="/wiki/Taxation_in_Switzerland" title="Taxation in Switzerland">Switzerland</a></li> <li><a href="/wiki/Taxation_in_Taiwan" title="Taxation in Taiwan">Taiwan</a></li> <li><a href="/wiki/Taxation_in_Tanzania" title="Taxation in Tanzania">Tanzania</a></li> <li><a href="/wiki/Taxation_in_the_United_Arab_Emirates" title="Taxation in the United Arab Emirates">United Arab Emirates</a></li> <li><a href="/wiki/Taxation_in_the_United_Kingdom" title="Taxation in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Taxation_in_the_United_States" title="Taxation in the United States">United States</a></li> <li><a href="/wiki/Taxation_in_Uruguay" title="Taxation in Uruguay">Uruguay</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-below" style="background-color: #efefef;"> <ul><li><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a> <a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /> <a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Taxation" title="Template:Taxation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Taxation" title="Template talk:Taxation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Taxation" title="Special:EditPage/Template:Taxation"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> A Tobin tax was originally defined as a <a href="/wiki/Tax" title="Tax">tax</a> on all <a href="/wiki/Spot_market" title="Spot market">spot conversions</a> of one <a href="/wiki/Currency" title="Currency">currency</a> into another. It was suggested by <a href="/wiki/James_Tobin" title="James Tobin">James Tobin</a>, an economist who won the <a href="/wiki/Nobel_Memorial_Prize_in_Economic_Sciences" title="Nobel Memorial Prize in Economic Sciences">Nobel Memorial Prize in Economic Sciences</a>. 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 <a href="/wiki/European_Union_financial_transaction_tax" title="European Union financial transaction tax">European Union Financial Transaction Tax</a> as well as the <a href="/wiki/Robin_Hood_tax" title="Robin Hood tax">Robin Hood tax</a>. <style data-mw-deduplicate="TemplateStyles:r886046785">.mw-parser-output .toclimit-2 .toclevel-1 ul,.mw-parser-output .toclimit-3 .toclevel-2 ul,.mw-parser-output .toclimit-4 .toclevel-3 ul,.mw-parser-output .toclimit-5 .toclevel-4 ul,.mw-parser-output .toclimit-6 .toclevel-5 ul,.mw-parser-output .toclimit-7 .toclevel-6 ul{display:none}</style><div class="toclimit-3"><meta property="mw:PageProp/toc" /></div> <div class="mw-heading mw-heading2"><h2 id="Original_proposal">Original proposal</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=1" title="Edit section: Original proposal">edit</a>]</div> Tobin suggested his <a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">currency transaction tax</a> in 1972 in his Janeway Lectures at <a href="/wiki/Princeton_University" title="Princeton University">Princeton</a>, shortly after the <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> of <a href="/wiki/Money" title="Money">monetary</a> management ended in 1971.<a href="#cite_note-Tobin-1">[1]</a> Prior to 1971, one of the chief features of the Bretton Woods system was an obligation for each country to adopt a <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> that maintained the <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rate</a> of its currency within a fixed value—plus or minus one percent—in terms of <a href="/wiki/Gold" title="Gold">gold</a>. Then, on August 15, 1971, United States President <a href="/wiki/Richard_Nixon" title="Richard Nixon">Richard Nixon</a> announced that the <a href="/wiki/United_States_dollar" title="United States dollar">United States dollar</a> would no longer be <a href="/wiki/Convertibility" title="Convertibility">convertible to gold</a>, effectively ending the system. This action created the situation whereby the U.S. dollar became the sole backing of currencies and a <a href="/wiki/Reserve_currency" title="Reserve currency">reserve currency</a> 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 <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">foreign-exchange</a> transactions. In 2001, in another context, just after "the 90s' <a href="/wiki/Liquidity_crisis" title="Liquidity crisis">crises</a> in Mexico, Southeast Asia and Russia,"<a href="#cite_note-ex-2">[2]</a> which included the <a href="/wiki/1994_economic_crisis_in_Mexico" class="mw-redirect" title="1994 economic crisis in Mexico">1994 economic crisis in Mexico</a>, the <a href="/wiki/1997_Asian_Financial_Crisis" class="mw-redirect" title="1997 Asian Financial Crisis">1997 Asian Financial Crisis</a>, and the <a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a>, Tobin summarized his idea: <blockquote> The tax on <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">foreign exchange transactions</a> was devised to cushion <a href="/wiki/Exchange_rate#Fluctuations_in_exchange_rates" title="Exchange rate">exchange rate fluctuations</a>. 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 <a href="/wiki/Speculator" class="mw-redirect" title="Speculator">speculators</a> 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 <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a> for their currency to still be attractive. But high interest is often disastrous for a national economy, as the nineties' <a href="/wiki/Liquidity_crisis" title="Liquidity crisis">crises</a> in Mexico, Southeast Asia and Russia have proven. My tax would return some margin of manoeuvre to <a href="/wiki/Central_bank#Currency_issuance" title="Central bank">issuing banks</a> in small countries and would be a measure of opposition to the dictate of the <a href="/wiki/Financial_market" title="Financial market">financial markets</a>.<a href="#cite_note-Jubilee-trans-3">[3]</a><a href="#cite_note-Reiermann-4">[4]</a><a href="#cite_note-excerpt-5">[5]</a><a href="#cite_note-Summaries-6">[6]</a><a href="#cite_note-eumed1-7">[7]</a></blockquote> Though James Tobin suggested the rate as 0.5%, in that interview setting, <a href="#Optimum_Tobin_tax_rate">others have tried to be more precise in their search for the optimum rate.</a> 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 <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">financial transaction tax</a> which would capture such proxies. Other measures to avoid punishing hedging (a form of insurance for cashflows) were also proposed. By the 2010s the <a href="/wiki/Basel_II" title="Basel II">Basel II</a> and <a href="/wiki/Basel_III" title="Basel III">Basel III</a> 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. <div class="mw-heading mw-heading2"><h2 id="Recent_proposals">Recent proposals</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=2" title="Edit section: Recent proposals">edit</a>]</div> In March 2016 <a href="/wiki/China" title="China">China</a> drafted rules to impose a genuine <a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">currency transaction tax</a> and this was referred to in financial press as a Tobin tax <a rel="nofollow" class="external autonumber" href="https://www.bloomberg.com/news/articles/2016-03-15/china-said-to-draft-rules-for-tobin-tax-on-currency-transactions">[1]</a>. This was widely viewed as a warning to curb shorting of its currency the <a href="/wiki/Renminbi" title="Renminbi">yuan</a>. 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. Also in 2016 <a href="/wiki/US_Democratic_Party" class="mw-redirect" title="US Democratic Party">US Democratic Party</a> <a href="/wiki/POTUS" class="mw-redirect" title="POTUS">POTUS</a> nominee <a href="/wiki/Hillary_Clinton" title="Hillary Clinton">Hillary Clinton</a> 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 reform rules to make our stock markets fairer, more open, and transparent.".<a href="#cite_note-8">[8]</a> However, the term "high-frequency" implied that only a few large volume transaction players engaged in <a href="/wiki/Arbitrage" title="Arbitrage">arbitrage</a> 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 depend on <a href="/wiki/Financial_risk_management" title="Financial risk management">financial risk management</a> criteria (see <a href="/wiki/Basel_II" title="Basel II">Basel II</a> and <a href="/wiki/Basel_III" title="Basel III">Basel III</a>). 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 Tobin tax though international exposure would be a factor in the "risk fee". <div class="mw-heading mw-heading2"><h2 id="Concepts_and_definitions">Concepts and definitions</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=3" title="Edit section: Concepts and definitions">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Hedging_vs._speculation">Hedging vs. speculation</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=4" title="Edit section: Hedging vs. speculation">edit</a>]</div> Critics of all <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">financial transaction taxes</a> and <a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">currency transaction taxes</a> emphasize the <a href="/wiki/Financial_risk_management" title="Financial risk management">financial risk management</a> difficulty of differentiating <a href="/wiki/Hedge_(finance)" title="Hedge (finance)">hedging</a> from <a href="/wiki/Speculation" title="Speculation">speculation</a>,<a href="#cite_note-books.google.ca-9">[9]</a><a href="#cite_note-10">[10]</a> 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 <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">financial transaction tax</a>.<a href="#cite_note-globalpolicy.org-11">[11]</a> <div class="mw-heading mw-heading3"><h3 id="Tobin's_concept">Tobin's concept</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=5" title="Edit section: Tobin's concept">edit</a>]</div> James Tobin's purpose in developing his idea of a <a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">currency transaction tax</a> 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 real hardship and without significant sacrifice of the objectives of national economic policy with respect to employment, output, and inflation."<a href="#cite_note-Tobin-1">[1]</a> Tobin saw two solutions to this issue. The first was to move "toward a common currency, common monetary and fiscal policy, and economic integration."<a href="#cite_note-Tobin-1">[1]</a> The second was to move "toward greater financial segmentation between nations or currency areas, permitting their central banks and governments greater autonomy in policies tailored to their specific economic institutions and objectives."<a href="#cite_note-Tobin-1">[1]</a> 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."<a href="#cite_note-Tobin-1">[1]</a> 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.<a href="#cite_note-Tobin-1">[1]</a> In the development of his idea, Tobin was influenced by the earlier work of <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> on general financial transaction taxes.<a href="#cite_note-Jubilee-trans-3">[3]</a><a href="#cite_note-Reiermann-4">[4]</a> Keynes' concept stems from 1936 when he proposed that a <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">transaction tax</a> should be levied on dealings on <a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a>, where he argued that excessive speculation by uninformed financial traders increased volatility. For Keynes (who <a href="/wiki/John_Maynard_Keynes#Personal_life" title="John Maynard Keynes">was himself a speculator</a>) 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.<a href="#cite_note-Keynes-12">[12]</a> <div class="mw-heading mw-heading3"><h3 id="Variations_on_idea">Variations on idea</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=6" title="Edit section: Variations on idea">edit</a>]</div> The most common variations on Tobin's idea are a general <a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">currency transaction tax</a>, a more general <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">financial transaction tax</a> and (the most general) <a href="/wiki/Robin_Hood_tax" title="Robin Hood tax">Robin Hood tax</a> on transactions only richer investors can afford to engage in. <div class="mw-heading mw-heading4"><h4 id="Pollin_and_Baker">Pollin and Baker</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=7" title="Edit section: Pollin and Baker">edit</a>]</div> 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... [so] focusing on just 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 Tobin tax that is bigger in scope, and pushes the design toward a generalized <a href="/w/index.php?title=Securities_transaction_tax&action=edit&redlink=1" class="new" title="Securities transaction tax (page does not exist)">securities transaction tax</a> 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 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 [Fourth] such substitution is costly both in resource use, and because alternative instruments do not provide exactly the same services [thus] 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 <a href="#cite_note-globalpolicy.org-11">[11]</a> Pollin, Palley and Baker (2000) <a href="#cite_note-13">[13]</a> emphasize that transaction taxes "have clearly not prevented the efficient functioning of these markets. " <div class="mw-heading mw-heading4"><h4 id="The_Spahn_tax">The Spahn tax</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=8" title="Edit section: The Spahn tax">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a></div> According to <a href="/wiki/Paul_Bernd_Spahn" title="Paul Bernd Spahn">Paul Bernd Spahn</a> in 1995, "Analysis has shown that the Tobin tax as originally proposed is not viable and should be laid aside for good."<a href="#cite_note-Spahn-14">[14]</a> <div class="mw-heading mw-heading4"><h4 id="Special_drawing_rights">Special drawing rights</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=9" title="Edit section: Special drawing rights">edit</a>]</div> On September 19, 2001, retired speculator <a href="/wiki/George_Soros" title="George Soros">George Soros</a> put forward a proposal based on the <a href="/wiki/IMF" class="mw-redirect" title="IMF">IMF</a>'s existing <a href="/wiki/Special_drawing_rights" title="Special drawing rights">special drawing rights</a> (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."<a href="#cite_note-15">[15]</a> In this Soros appeared to agree with the Chicago School. <div class="mw-heading mw-heading3"><h3 id="Scope">Scope</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=10" title="Edit section: Scope">edit</a>]</div> The term "Tobin tax" has sometimes been used interchangeably with a specific <a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">currency transaction tax</a> (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 <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">financial transaction tax</a> (FTT). In both cases, the various ideas proposed have included both national and multinational concepts. Examples of associating Tobin's tax with these: <ul><li>April 2001: <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote">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 scrutinised by the United Nations.<a href="#cite_note-16">[16]</a></blockquote></li> <li>December 2009: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">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 appeal for the introduction of a so-called "Tobin tax" but made clear they regarded it as a potentially useful revenue-raising instrument.<a href="#cite_note-EUcall-17">[17]</a></blockquote></li></ul> <div class="mw-heading mw-heading2"><h2 id="Reactions">Reactions</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=11" title="Edit section: Reactions">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Reaction_to_the_Tobin_Tax" class="mw-redirect" title="Reaction to the Tobin Tax">Reaction to the Tobin Tax</a></div> <div class="mw-heading mw-heading2"><h2 id="Proposals_and_implementations">Proposals and implementations</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=12" title="Edit section: Proposals and implementations">edit</a>]</div> 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 having the <a href="/wiki/United_Nations" title="United Nations">United Nations</a> 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 <a href="/wiki/Foreign_exchange_controls" title="Foreign exchange controls">many countries that have foreign exchange controls</a>.) Whilst finding some support in countries with strong left-wing political movements such as France and <a href="/wiki/Latin_America" title="Latin America">Latin America</a>, 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. Most of the actual implementation of Tobin taxes, whether in the form of a specific <a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">currency transaction tax</a>, or a more general <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">financial transaction tax</a>, has occurred at a national level. In July, 2006, analyst Marion G. Wrobel examined the international experiences of various countries with financial transaction taxes.<a href="#cite_note-lessons-18">[18]</a> <div class="mw-heading mw-heading3"><h3 id="EU_financial_transaction_tax">EU financial transaction tax</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=13" title="Edit section: EU financial transaction tax">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/European_Union_financial_transaction_tax" title="European Union financial transaction tax">European Union financial transaction tax</a></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:EU_financial_transaction_tax.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b5/EU_financial_transaction_tax.svg/220px-EU_financial_transaction_tax.svg.png" decoding="async" width="220" height="168" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b5/EU_financial_transaction_tax.svg/330px-EU_financial_transaction_tax.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b5/EU_financial_transaction_tax.svg/440px-EU_financial_transaction_tax.svg.png 2x" data-file-width="512" data-file-height="392" /></a><figcaption><div class="boilerplate" style="margin: 0.25em; padding: 0.25em; text-align: left;"><div class="center" style="width:auto; margin-left:auto; margin-right:auto;">EU Financial transaction tax</div><style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend">  Supporting EU countries</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Opposing EU countries</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Undecided Euro countries</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Undecided non-Euro countries</div></div></figcaption></figure> The EU financial transaction tax (EU FTT) is a proposal made by the <a href="/wiki/European_Commission" title="European Commission">European Commission</a> in September 2011 to introduce a financial transaction tax within the 27 member states of the <a href="/wiki/European_Union" title="European Union">European Union</a> by 2014. The tax would only impact <a href="/wiki/Financial_transaction" title="Financial transaction">financial transactions</a> between <a href="/wiki/Financial_institution" title="Financial institution">financial institutions</a> charging 0.1% against the exchange of <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a> and <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> and 0.01% across <a href="/wiki/Derivative_contract" class="mw-redirect" title="Derivative contract">derivative contracts</a>. According to the European Commission it could raise €57 billion every year,<a href="#cite_note-impact-summary-19">[19]</a> of which around €10bn (£8.4bn) would go to Great Britain, which hosts Europe's biggest financial center.<a href="#cite_note-Semeta-20">[20]</a> It is unclear whether a financial transaction tax is compatible with European law.<a href="#cite_note-21">[21]</a> 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 elsewhere in the world.<a href="#cite_note-22">[22]</a> The scheme makes it impossible for say French or German banks to avoid the tax by moving their transactions offshore,<a href="#cite_note-23">[23]</a> unless they give up all their European customers.<a href="#cite_note-SZ-2012-05-12-24">[24]</a> 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 <a href="/wiki/Enhanced_co-operation" class="mw-redirect" title="Enhanced co-operation">enhanced co-operation</a> to implement the tax in states which wish to participate.<a href="#cite_note-25">[25]</a><a href="#cite_note-26">[26]</a> Opinion polls indicate that 41 percent of the British people are in favour of some forms of FTT (see section: <a href="/wiki/Financial_transaction_tax#Public_opinion" title="Financial transaction tax">Public opinion</a>). The proposal supported by the eleven <a href="/wiki/EU_member_states" class="mw-redirect" title="EU member states">EU member states</a>, was approved in the <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a> in December 2012,<a href="#cite_note-ECPARL-27">[27]</a> and by the <a href="/wiki/Council_of_the_European_Union" title="Council of the European Union">Council of the European Union</a> in January 2013.<a href="#cite_note-ECENHANCED-28">[28]</a><a href="#cite_note-guardia-2013-01-22-29">[29]</a><a href="#cite_note-30">[30]</a><a href="#cite_note-31">[31]</a> The formal agreement on the details of the EU FTT still need to be decided upon and approved by the European Parliament.<a href="#cite_note-32">[32]</a><a href="#cite_note-ECPROG-33">[33]</a> <div class="mw-heading mw-heading3"><h3 id="Swedish_financial_transaction_taxes">Swedish financial transaction taxes</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=14" title="Edit section: Swedish financial transaction taxes">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a></div> Wrobel's paper highlighted the Swedish experience with financial transaction taxes.<a href="#cite_note-lessons-18">[18]</a> 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, 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%. 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.<a href="#cite_note-papers.ssrn.com-34">[34]</a> In 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.<a href="#cite_note-ideas.repec.org-35">[35]</a> 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 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. 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 <a href="/wiki/Futures_trading" class="mw-redirect" title="Futures trading">futures trading</a> 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 returned and grew substantially in the 1990s and 2000s.<a href="#cite_note-36">[36]</a> <div class="mw-heading mw-heading4"><h4 id="Tobin_tax_proponents_reaction_to_the_Swedish_experience">Tobin tax proponents reaction to the Swedish experience</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=15" title="Edit section: Tobin tax proponents reaction to the Swedish experience">edit</a>]</div> 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. Wrobel's studies do not address the global economy as a whole, as James Tobin did when he spoke of "the nineties' <a href="/wiki/Liquidity_crisis" title="Liquidity crisis">crises</a> in Mexico, South East Asia and Russia,"<a href="#cite_note-eumed1-7">[7]</a><a href="#cite_note-spiegel1-37">[37]</a> which included the <a href="/wiki/1994_economic_crisis_in_Mexico" class="mw-redirect" title="1994 economic crisis in Mexico">1994 economic crisis in Mexico</a>, the <a href="/wiki/1997_Asian_Financial_Crisis" class="mw-redirect" title="1997 Asian Financial Crisis">1997 Asian Financial Crisis</a>, and the <a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a>. <div class="mw-heading mw-heading3"><h3 id="British_stock_transaction_tax_(Stamp_Duty)">British stock transaction tax (Stamp Duty)</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=16" title="Edit section: British stock transaction tax (Stamp Duty)">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Stamp_duty_in_the_United_Kingdom#Stamp_duty_reserve_tax" title="Stamp duty in the United Kingdom">Stamp Duty Reserve Tax</a></div> An existing example of a <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial Transaction Tax</a> (FTT) is <a href="/wiki/Stamp_duty_in_the_United_Kingdom#Stamp_duty_reserve_tax" title="Stamp duty in the United Kingdom">Stamp Duty Reserve Tax (SDRT)</a> and <a href="/wiki/Stamp_duty" title="Stamp duty">stamp duty</a>.<a href="#cite_note-38">[38]</a> Stamp duty was introduced as an <a href="/wiki/Ad_valorem" class="mw-redirect" title="Ad valorem">ad valorem</a> tax on share purchases in 1808,<a href="#cite_note-39">[39]</a> preceding by over 150 years the Tobin tax on currency transactions. Changes were made in 1963.<a href="#cite_note-Oxera-40">[40]</a> 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 halved, first from 2% to 1%, and then once again in 1986 from 1% to the current level of 0.5%.<a href="#cite_note-Oxera-40">[40]</a> 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 <a href="/wiki/London_Stock_Exchange" title="London Stock Exchange">London Stock Exchange</a>. 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".<a href="#cite_note-41">[41]</a> 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 <a href="/wiki/Budget_Day" title="Budget Day">Budget Days</a>.<a href="#cite_note-42">[42]</a> 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.<a href="#cite_note-Bond2005-43">[43]</a> Because the UK tax code provides exemptions from the Stamp Duty Reserve Tax for all financial intermediaries, including <a href="/wiki/Market_maker" title="Market maker">market makers</a>, <a href="/wiki/Investment_bank" class="mw-redirect" title="Investment bank">investment banks</a> and other members of the LSE,<a href="#cite_note-44">[44]</a> and due to the strong growth of the <a href="/wiki/Contract_for_difference" title="Contract for difference">contract for difference</a> (CFD) industry, which provides UK investors with untaxed substitutes for LSE stocks, according to the Oxera (2007) report,<a href="#cite_note-Oxera-40">[40]</a> 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."<a href="#cite_note-Bond2005-43">[43]</a> <div class="mw-heading mw-heading3"><h3 id="Sterling_Stamp_Duty">Sterling Stamp Duty</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=17" title="Edit section: Sterling Stamp Duty">edit</a>]</div> 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 investigate the feasibility of such a tax they hired the <a href="/wiki/City_of_London" title="City of London">City of London</a> firm Intelligence Capital, who found that a tax on the <a href="/wiki/Pound_sterling" title="Pound sterling">pound sterling</a> 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.<a href="#cite_note-Spratt-45">[45]</a> 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 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 href="#cite_note-46">[46]</a> A sterling stamp duty set at 0.005% as some claim would have raised in the region of £2 billion a year in 2007.<a href="#cite_note-47">[47]</a> 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 <a href="/wiki/Millennium_Development_Goals" title="Millennium Development Goals">Millennium Development Goals</a>.<a href="#cite_note-48">[48]</a> <div class="mw-heading mw-heading3"><h3 id="Multinational_proposals">Multinational proposals</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=18" title="Edit section: Multinational proposals">edit</a>]</div> 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. <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-511180-4" title="Special:BookSources/978-0-19-511180-4">978-0-19-511180-4</a>. <div class="mw-heading mw-heading4"><h4 id="European_idea_for_a_'first_Euro_tax'">European idea for a 'first Euro tax'</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=19" title="Edit section: European idea for a 'first Euro tax'">edit</a>]</div> In late 2001, a Tobin tax amendment was adopted by the <a href="/wiki/French_National_Assembly" class="mw-redirect" title="French National Assembly">French National Assembly</a>. However, it was overturned by March 2002 by the <a href="/wiki/French_Senate" class="mw-redirect" title="French Senate">French Senate</a>.<a href="#cite_note-Fougier-49">[49]</a><a href="#cite_note-Kim-50">[50]</a><a href="#cite_note-Ben-Ami-51">[51]</a> On June 15, 2004, the Commission of Finance and Budget in the Belgian Federal Parliament approved a bill implementing a <a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a>.<a href="#cite_note-52">[52]</a> According to the legislation, Belgium will introduce the Tobin tax once all countries of the <a href="/wiki/Eurozone" title="Eurozone">eurozone</a> introduce a similar law.<a href="#cite_note-53">[53]</a> In July 2005 former Austrian chancellor <a href="/wiki/Wolfgang_Sch%C3%BCssel" title="Wolfgang Schüssel">Wolfgang Schüssel</a> 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 <a href="/wiki/European_Commission" title="European Commission">European Commission</a>. On November 23, 2009, the <a href="/wiki/President_of_the_European_Council" title="President of the European Council">President of the European Council</a>, <a href="/wiki/Herman_Van_Rompuy" title="Herman Van Rompuy">Herman Van Rompuy</a>, after attending a meeting of the <a href="/wiki/Bilderberg_Group" class="mw-redirect" title="Bilderberg Group">Bilderberg Group</a> argued for a European version of the Tobin tax.<a href="#cite_note-Moran-54">[54]</a><a href="#cite_note-55">[55]</a> This tax would go beyond just financial transactions: "all shopping and petrol would be taxed.".<a href="#cite_note-Moran-54">[54]</a> Countering him was his sister, Christine Van Rompuy, who said, "any new taxes would directly affect the poor".<a href="#cite_note-56">[56]</a> 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.<a href="#cite_note-57">[57]</a> <div class="mw-heading mw-heading4"><h4 id="G20_nations">G20 nations</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=20" title="Edit section: G20 nations">edit</a>]</div> The first nation in the <a href="/wiki/G20" title="G20">G20</a> group to formally accept the Tobin tax was Canada.<a href="#cite_note-58">[58]</a> On March 23, 1999, the <a href="/wiki/House_of_Commons_of_Canada" title="House of Commons of Canada">House of Commons of Canada</a> passed a resolution directing the government to "enact a tax on financial transactions in concert with the international community."<a href="#cite_note-Round-59">[59]</a> However, ten years later, in November 2009, at the G20 finance ministers summit in Scotland, the representatives of the <a href="/wiki/Minority_governments_in_Canada" title="Minority governments in Canada">minority government</a> of Canada spoke publicly on the world stage in opposition to that <a href="/wiki/House_of_Commons_of_Canada" title="House of Commons of Canada">House of Commons of Canada</a> resolution.<a href="#cite_note-Lukewarm-60">[60]</a> In September 2009, French president <a href="/wiki/Nicolas_Sarkozy" title="Nicolas Sarkozy">Nicolas Sarkozy</a> brought up the issue of a Tobin tax once again, suggesting it be adopted by the G20.<a href="#cite_note-61">[61]</a> 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.<a href="#cite_note-Lukewarm-60">[60]</a> By December 11, 2009, <a href="/wiki/European_Union" title="European Union">European Union</a> leaders expressed broad support for a Tobin tax in a communiqué sent to the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>.<a href="#cite_note-EUcall-17">[17]</a> 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 British Prime Minister "<a href="/wiki/Gordon_Brown" title="Gordon Brown">Mr. Brown</a> and <a href="/wiki/Nicolas_Sarkozy" title="Nicolas Sarkozy">Nicolas Sarkozy</a>, 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."<a href="#cite_note-EUcall-17">[17]</a><a href="#cite_note-Lukewarm-60">[60]</a> <div class="mw-heading mw-heading4"><h4 id="The_feasibility_of_gradual_implementation_of_the_FTT,_beginning_with_a_few_EU_nations">The feasibility of gradual implementation of the FTT, beginning with a few EU nations</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=21" title="Edit section: The feasibility of gradual implementation of the FTT, beginning with a few EU nations">edit</a>]</div> This scenario is possible, given the events in May and June, 2010: <ul><li>On June 27, 2010, at the <a href="/wiki/2010_G-20_Toronto_summit" class="mw-redirect" title="2010 G-20 Toronto summit">2010 G-20 Toronto summit</a>, 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 <a href="/wiki/Bank_tax#1._Financial_stability_contribution_(FSC),_or_"Bank_tax"" title="Bank tax">levy against financial institutions</a> to recoup billions of dollars in taxpayer-funded bailouts.<a href="#cite_note-Madhavi_Acharya-Tom_Yew-62">[62]</a></li> <li>Nevertheless, Britain, France and Germany had already agreed before the summit to impose a "bank tax."<a href="#cite_note-Madhavi_Acharya-Tom_Yew-62">[62]</a> On May 20, 2010, German officials were understood to favour a <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">financial transaction tax</a> over a <a href="/wiki/Bank_tax#2._Financial_Activities_Tax_(FAT)" title="Bank tax">financial activities tax</a>.<a href="#cite_note-David_Charter-63">[63]</a></li></ul> <div class="mw-heading mw-heading5"><h5 id="Simultaneous_taxes_in_the_European_Union">Simultaneous taxes in the European Union</h5>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=22" title="Edit section: Simultaneous taxes in the European Union">edit</a>]</div> On June 28, 2010, the European Union's executive said it will study whether the European Union should go alone in imposing a <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">tax on financial transactions</a> after G20 leaders failed to agree on the issue. The <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">financial transaction tax</a> would be separate from a <a href="/wiki/Bank_tax#1._Financial_stability_contribution_(FSC),_or_"Bank_tax"" title="Bank tax">bank levy</a>, or a resolution levy, which some governments are also 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.<a href="#cite_note-64">[64]</a> <div class="mw-heading mw-heading4"><h4 id="Latin_America_–_Bank_of_the_South">Latin America – Bank of the South</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=23" title="Edit section: Latin America – Bank of the South">edit</a>]</div> In early November 2007, a regional Tobin tax was adopted by the <a href="/wiki/Bank_of_the_South" title="Bank of the South">Bank of the South</a>, after an initiative of Presidents <a href="/wiki/Hugo_Ch%C3%A1vez" title="Hugo Chávez">Hugo Chávez</a> from <a href="/wiki/Venezuela" title="Venezuela">Venezuela</a> and <a href="/wiki/N%C3%A9stor_Kirchner" title="Néstor Kirchner">Néstor Kirchner</a> from <a href="/wiki/Argentina" title="Argentina">Argentina</a>.<a href="#cite_note-65">[65]</a> <div class="mw-heading mw-heading4"><h4 id="UN_Global_Tax">UN Global Tax</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=24" title="Edit section: UN Global Tax">edit</a>]</div> According to Stephen Spratt, "the revenues raised could be used for ... international development objectives ... such as meeting the <a href="/wiki/Millennium_Development_Goals" title="Millennium Development Goals">Millennium Development Goals</a>."(,<a href="#cite_note-Spratt-45">[45]</a> p. 19) These are eight <a href="/wiki/International_development" title="International development">international development</a> goals that 192 <a href="/wiki/United_Nations_member_states" class="mw-redirect" title="United Nations member states">United Nations member states</a> and at least 23 <a href="/wiki/International_organizations" class="mw-redirect" title="International organizations">international organizations</a> have agreed (in 2000) to achieve by the year 2015. They include reducing <a href="/wiki/Extreme_poverty" title="Extreme poverty">extreme poverty</a>, reducing <a href="/wiki/Child_mortality" title="Child mortality">child mortality</a> rates, fighting disease epidemics such as <a href="/wiki/AIDS" class="mw-redirect" title="AIDS">AIDS</a>, and developing a global partnership for development.<a href="#cite_note-66">[66]</a> At the UN <a href="/wiki/World_Conference_against_Racism_2001" title="World Conference against Racism 2001">September 2001 World Conference against Racism</a>, when the issue of <a href="/wiki/World_Conference_against_Racism_2001#Compensation_for_Colonialism_and_Slavery" title="World Conference against Racism 2001">compensation for colonialism and slavery arose in the agenda</a>, <a href="/wiki/Fidel_Castro" title="Fidel Castro">Fidel Castro</a>, the President of <a href="/wiki/Cuba" title="Cuba">Cuba</a>, 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 <a href="/wiki/Holocaust_reparations" class="mw-redirect" title="Holocaust reparations">Holocaust reparations</a> as a previously established precedent for the concept of <a href="/wiki/Reparation_(legal)" title="Reparation (legal)">reparations</a>.<a href="#cite_note-key-67">[67]</a><a href="#cite_note-Kincaid-68">[68]</a> <div class="mw-heading mw-heading2"><h2 id="Original_idea_and_anti-globalization_movement">Original idea and anti-globalization movement</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=25" title="Edit section: Original idea and anti-globalization movement">edit</a>]</div> Tobin's more specific concept of a "<a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">currency transaction tax</a>" from 1972 lay dormant for more than 20 years but was revived by the advent of the <a href="/wiki/1997_Asian_Financial_Crisis" class="mw-redirect" title="1997 Asian Financial Crisis">1997 Asian Financial Crisis</a>. In December, 1997 <a href="/wiki/Ignacio_Ramonet" title="Ignacio Ramonet">Ignacio Ramonet</a>, editor of <a href="/wiki/Le_Monde_Diplomatique" class="mw-redirect" title="Le Monde Diplomatique">Le Monde Diplomatique</a>, renewed the debate around the Tobin tax with an editorial titled <a rel="nofollow" class="external text" href="http://mondediplo.com/1997/12/leader">"Disarming the markets"</a>. Ramonet proposed to create an association for the introduction of this tax, which was named <a href="/wiki/ATTAC" class="mw-redirect" title="ATTAC">ATTAC</a> (Association for the Taxation of financial Transactions for the Aid of Citizens). The tax then became an issue of the <a href="/wiki/Global_justice_movement" title="Global justice movement">global justice movement</a> or <a href="/wiki/Alter-globalization" title="Alter-globalization">alter-globalization</a> 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. In an interview<a href="#cite_note-69">[69]</a> given to the Italian independent radio network <a href="/wiki/Radio_Popolare" title="Radio Popolare">Radio Popolare</a> in July 2001 James Tobin distanced himself from the <a href="/wiki/Global_justice_movement" title="Global justice movement">global justice movement</a>. «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 program». James Tobin's interview with <a href="/wiki/Radio_Popolare" title="Radio Popolare">Radio Popolare</a> was quoted by the Italian foreign minister at the time, former director-general of the <a href="/wiki/World_Trade_Organization" title="World Trade Organization">World Trade Organization</a> <a href="/wiki/Renato_Ruggiero" title="Renato Ruggiero">Renato Ruggiero</a>, during a <a rel="nofollow" class="external text" href="https://web.archive.org/web/20111008123415/http://documenti.camera.it/Leg14/BancheDati/resoconti/audizioni/03/audiz2/2001/0712/s010.htm">Parliamentary debate</a> on the eve of the G8 2001 summit in Genoa. Afterwards James Tobin distanced himself from the <a href="/wiki/Global_justice_movement" title="Global justice movement">global justice movement</a>.<a href="#cite_note-eumed1-7">[7]</a><a href="#cite_note-70">[70]</a> 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 this use of the tax's income, but stressed that it was not the important aspect of the tax. 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 <a href="/wiki/Millennium_Development_Goals" title="Millennium Development Goals">Millennium Development Goals</a>),<a href="#cite_note-Spratt-45">[45]</a> and allow governments, and therefore citizens, to reclaim part of the democratic space conceded to the financial markets. In March, 2002, <a href="/wiki/London_School_of_Economics" title="London School of Economics">London School of Economics</a> Professor Willem Buiter, who studied under James Tobin, wrote an obituary for the man,<a href="#cite_note-71">[71]</a> but also remarked that, "This [Tobin Tax] ... 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 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 <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a>, "Tobin was a genius ... but the Tobin tax was probably his one daft idea".<a href="#cite_note-72">[72]</a> 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 <a href="#From_1990_to_1999">several supporters from 1990 to 1999, including Larry Summers</a> and <a href="#From_2000_to_2004">several from 2000 to 2004, including lukewarm support from George Soros</a>. <div class="mw-heading mw-heading2"><h2 id="Evaluating_the_Tobin_tax_as_a_Currency_Transaction_Tax_(CTT)">Evaluating the Tobin tax as a Currency Transaction Tax (CTT)</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=26" title="Edit section: Evaluating the Tobin tax as a Currency Transaction Tax (CTT)">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a> and <a href="#Evaluating_the_Tobin_tax_as_a_general_Financial_Transaction_Tax_(FTT)">§ Evaluating the Tobin tax as a general Financial Transaction Tax (FTT)</a></div> <div class="mw-heading mw-heading3"><h3 id="Stability,_volatility_and_speculation">Stability, volatility and speculation</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=27" title="Edit section: Stability, volatility and speculation">edit</a>]</div> <div class="mw-heading mw-heading4"><h4 id="The_appeal_of_stability">The appeal of stability</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=28" title="Edit section: The appeal of stability">edit</a>]</div> 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 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."<a href="#cite_note-Frank-73">[73]</a> 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 <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> and <a href="/wiki/Exchange_rate#Fluctuations_in_exchange_rates" title="Exchange rate">fluctuation in exchange rates</a>: "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."<a href="#cite_note-Frank-73">[73]</a> Frank then corroborates Tobin's comments on the problems this instability can create (e.g. high interest rates) for <a href="/wiki/Developing_country" title="Developing country">developing countries</a> such as Mexico (1994), countries in South East Asia (1997), and Russia (1998).<a href="#cite_note-ex-2">[2]</a> She writes, "Governments of developing countries try to peg their currencies, only to have the peg undone by capital flight. They offer to <a href="/wiki/United_States_dollar" title="United States dollar">dollarize</a> or <a href="/wiki/Euro" title="Euro">euroize</a>, 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."<a href="#cite_note-Frank-73">[73]</a> <div class="mw-heading mw-heading4"><h4 id="Effect_on_volatility">Effect on volatility</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=29" title="Edit section: Effect on volatility">edit</a>]</div> One of the main economic hypotheses raised in favor of financial transaction taxes is that such taxes reduce return <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a>, leading to an increase of long-term investor <a href="/wiki/Utility" title="Utility">utility</a> 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 national exchange rates.<a href="#cite_note-Tobin-1">[1]</a> <div class="mw-heading mw-heading5"><h5 id="Theoretical_models">Theoretical models</h5>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=30" title="Edit section: Theoretical models">edit</a>]</div> Most studies of the likely impact of the Tobin tax on financial markets volatility have been theoretical—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<a href="#cite_note-74">[74]</a> or eliminating individual '<a href="/wiki/Noise_(economic)" title="Noise (economic)">noise</a> traders'<a href="#cite_note-75">[75]</a> but that it 'would not have any impact on volatility in case of sufficiently deep global markets such as those in major currency pairs,<a href="#cite_note-Erturk-76">[76]</a> unlike in case of less liquid markets, such as those in stocks and (especially) options, where volatility would probably increase with reduced volumes.<a href="#cite_note-77">[77]</a><a href="#cite_note-78">[78]</a> <a href="/wiki/Behavioral_finance" class="mw-redirect" title="Behavioral finance">Behavioral finance</a> theoretical models, such as those developed by Wei and Kim (1997)<a href="#cite_note-79">[79]</a> or Westerhoff and Dieci (2006)<a href="#cite_note-80">[80]</a> 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.<a href="#cite_note-Kerbl2011-81">[81]</a><a href="#cite_note-Mannaro2008-82">[82]</a> Lanne and Vesala (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.<a href="#cite_note-83">[83]</a> <div class="mw-heading mw-heading5"><h5 id="Empirical_studies">Empirical studies</h5>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=31" title="Edit section: Empirical studies">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="#Tobin_tax_proponents_response_to_empirical_evidence_on_volatility">§ Tobin tax proponents response to empirical evidence on volatility</a></div> In most of the available empirical studies however, no statistically significant causal link has been found between an increase in <a href="/wiki/Transaction_cost" title="Transaction cost">transaction costs</a> (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)<a href="#cite_note-84">[84]</a> has been an increase in the volatility of stock market returns, usually coinciding with significant declines in liquidity (market volume) and thus in taxable revenue (Umlauf, 1993).<a href="#cite_note-Umlauf,_Steven_R._1993-85">[85]</a> For a recent evidence to the contrary, see, e.g., Liu and Zhu (2009),<a href="#cite_note-Liu_2009-86">[86]</a> which may be affected by <a href="/wiki/Selection_bias" title="Selection bias">selection bias</a> given that their Japanese sample is subsumed by a research conducted in 14 Asian countries by Hu (1998),<a href="#cite_note-87">[87]</a> 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 the comment made by Umlauf (1993) that it is hazardous to generalize limited evidence when debating important policy issues such as the STT [securities transaction tax] and brokerage commissions." <div class="mw-heading mw-heading3"><h3 id="Optimum_Tobin_tax_rate">Optimum Tobin tax rate</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=32" title="Edit section: Optimum Tobin tax rate">edit</a>]</div> When James Tobin was interviewed by <a href="/wiki/Der_Spiegel" title="Der Spiegel">Der Spiegel</a> in 2001, the tax rate he suggested was 0.5%.<a href="#cite_note-Reiermann-4">[4]</a><a href="#cite_note-excerpt-5">[5]</a><a href="#cite_note-Summaries-6">[6]</a> 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. According to Garber (1996), competitive pressure on transaction costs (<a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">spreads</a>) in currency markets has reduced these costs to fractions of a <a href="/wiki/Basis_point" title="Basis point">basis point</a>. For example, the EUR.USD <a href="/wiki/Currency_pair" title="Currency pair">currency pair</a> trades with spreads as tight as 1/10 of a basis point, i.e. with just a 0.00001 difference between the <a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">bid and offer</a> 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."<a href="#cite_note-88">[88]</a> Similarly Shvedov (2004) concludes that "even making the unrealistic assumption that the rate of 0.00006% causes no reduction of trading volume, the tax on foreign currency exchange transactions would yield just $4.3 billion a year, despite an annual turnover in dozens of trillion dollars."<a href="#cite_note-89">[89]</a> Accordingly, one of the modern Tobin tax versions, called the <a href="#The_Sterling_Stamp_Duty">Sterling Stamp Duty</a>, 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.<a href="#cite_note-Spratt-45">[45]</a> 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 <a href="/wiki/Canadians" title="Canadians">Canadian</a> NGO whose "research supports global efforts to [..] improve international financial systems and institutions").<a href="#cite_note-90">[90]</a> Schmidt (2007) used the observed negative relationship between <a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">bid–ask spreads</a> 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 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 <a href="/wiki/Transaction_cost" title="Transaction cost">transaction costs</a> (bid-ask spreads).<a href="#cite_note-Schmidt-10-91">[91]</a> The mathematician <a href="/wiki/Paul_Wilmott" title="Paul Wilmott">Paul Wilmott</a> 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 negligible effect on hedging.<a href="#cite_note-Wilmott-92">[92]</a> 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 <a href="/wiki/Market_maker" title="Market maker">market makers</a>, and assuming that no untaxed substitutes exist for spot currency markets transactions (such as currency <a href="/wiki/Futures_contract" title="Futures contract">futures</a> and <a href="/wiki/Exchange-traded_fund#Currency_ETFs_or_ETCs" title="Exchange-traded fund">currency exchange-traded funds</a>), 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 relatively little revenue though, estimated at around $33 bn annually, i.e., an order of magnitude less than the "<a href="/wiki/Carbon_tax" title="Carbon tax">carbon tax</a> [which] 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 <a href="/wiki/Speculation" title="Speculation">speculative</a>", and he has more confidence in the revenue-raising potential of "The <a href="/wiki/International_Finance_Facility" title="International Finance Facility">International Finance Facility</a> (IFF) and International Finance Facility for Immunisation (IFFIm)."<a href="#cite_note-Schmidt-10-91">[91]</a> <div class="mw-heading mw-heading3"><h3 id="Is_the_tax_easy_to_avoid">Is the tax easy to avoid</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=33" title="Edit section: Is the tax easy to avoid">edit</a>]</div> <div class="mw-heading mw-heading4"><h4 id="Technical_feasibility">Technical feasibility</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=34" title="Edit section: Technical feasibility">edit</a>]</div> Although Tobin had said his own tax idea was unfeasible in practice, <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a>, former Senior Vice President and <a href="/wiki/World_Bank_Chief_Economist" class="mw-redirect" title="World Bank Chief Economist">Chief Economist</a> of the <a href="/wiki/World_Bank" title="World Bank">World Bank</a>, 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.<a href="#cite_note-Edmund_Conway-93">[93]</a> However, on November 7, 2009, at the <a href="/wiki/G20" title="G20">G20</a> finance ministers summit in Scotland, <a href="/wiki/Dominique_Strauss-Khan" class="mw-redirect" title="Dominique Strauss-Khan">Dominique Strauss-Khan</a>, head of the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>, said "transactions are very difficult to measure and so it's very easy to avoid a transaction tax."<a href="#cite_note-Lukewarm-60">[60]</a> Nevertheless, in early December 2009, economist <a href="/wiki/Stephany_Griffith-Jones" title="Stephany Griffith-Jones">Stephany Griffith-Jones</a> 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."<a href="#cite_note-94">[94]</a> 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 or settlement process."<a href="#cite_note-Schmidt_Feasibility-95">[95]</a> (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.)<a href="#cite_note-Schmidt_Feasibility-95">[95]</a> 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, Bank transactions: pathway to the single tax ideal, 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.<a href="#cite_note-pathway-96">[96]</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Currency_transaction_report" title="Currency transaction report">Currency transaction report</a>, <a href="/wiki/Money_Laundering_Control_Act" title="Money Laundering Control Act">Money Laundering Control Act</a>, <a href="/wiki/Bank_Secrecy_Act" title="Bank Secrecy Act">Bank Secrecy Act</a>, <a href="/wiki/Suspicious_activity_report" title="Suspicious activity report">Suspicious activity report</a>, <a href="/wiki/Money_laundering" title="Money laundering">Money laundering</a>, <a href="/wiki/Structuring" title="Structuring">Structuring</a>, and <a href="/wiki/Electronic_trading" title="Electronic trading">Electronic trading</a></div> <div class="mw-heading mw-heading4"><h4 id="How_many_nations_are_needed_to_make_it_feasible?">How many nations are needed to make it feasible?</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=35" title="Edit section: How many nations are needed to make it feasible?">edit</a>]</div> In the year 2000, "eighty per cent of foreign-exchange trading [took] place in just seven cities. Agreement [to implement the tax] by [just three cities,] London, New York and Tokyo alone, would capture 58 per cent of speculative trading."<a href="#cite_note-Round-59">[59]</a> <div class="mw-heading mw-heading2"><h2 id="Evaluating_the_Tobin_tax_as_a_general_Financial_Transaction_Tax_(FTT)">Evaluating the Tobin tax as a general Financial Transaction Tax (FTT)</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=36" title="Edit section: Evaluating the Tobin tax as a general Financial Transaction Tax (FTT)">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a> and <a href="/wiki/Let_Wall_Street_Pay_for_the_Restoration_of_Main_Street_Bill" title="Let Wall Street Pay for the Restoration of Main Street Bill">Let Wall Street Pay for the Restoration of Main Street Bill</a></div> <div class="mw-heading mw-heading3"><h3 id="Sweden's_experience_in_implementing_Tobin_taxes">Sweden's experience in implementing Tobin taxes</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=37" title="Edit section: Sweden's experience in implementing Tobin taxes">edit</a>]</div> In July, 2006, analyst Marion G. Wrobel examined the actual international experiences of various countries in implementing financial transaction taxes.<a href="#cite_note-lessons-18">[18]</a> 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, a considerably lower tax of 0.002% on <a href="/wiki/Fixed_income" title="Fixed income">fixed income</a> 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%. 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.<a href="#cite_note-papers.ssrn.com-34">[34]</a> In 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.<a href="#cite_note-ideas.repec.org-35">[35]</a> 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 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. 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 <a href="/wiki/Futures_trading" class="mw-redirect" title="Futures trading">futures trading</a> 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 returned and grew substantially in the 1990s. <div class="mw-heading mw-heading4"><h4 id="Tobin_tax_proponents_reaction_to_the_Swedish_experience_2">Tobin tax proponents reaction to the Swedish experience</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=38" title="Edit section: Tobin tax proponents reaction to the Swedish experience">edit</a>]</div> 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. Wrobel's studies do not address the global economy as a whole, as James Tobin did when he spoke of "the nineties' <a href="/wiki/Liquidity_crisis" title="Liquidity crisis">crises</a> in Mexico, South East Asia and Russia,"<a href="#cite_note-eumed1-7">[7]</a><a href="#cite_note-spiegel1-37">[37]</a> which included the <a href="/wiki/1994_economic_crisis_in_Mexico" class="mw-redirect" title="1994 economic crisis in Mexico">1994 economic crisis in Mexico</a>, the <a href="/wiki/1997_Asian_Financial_Crisis" class="mw-redirect" title="1997 Asian Financial Crisis">1997 Asian Financial Crisis</a>, and the <a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a>. <div class="mw-heading mw-heading3"><h3 id="Pros_and_cons_if_the_Tobin_tax_(FTT)_were_implemented?">Pros and cons if the Tobin tax (FTT) were implemented?</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=39" title="Edit section: Pros and cons if the Tobin tax (FTT) were implemented?">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a> and <a href="/wiki/Let_Wall_Street_Pay_for_the_Restoration_of_Main_Street_Bill" title="Let Wall Street Pay for the Restoration of Main Street Bill">Let Wall Street Pay for the Restoration of Main Street Bill</a></div> <div class="mw-heading mw-heading4"><h4 id="Views_of_ABAC">Views of ABAC</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=40" title="Edit section: Views of ABAC">edit</a>]</div> The <a href="/w/index.php?title=APEC_Business_Advisory_Council&action=edit&redlink=1" class="new" title="APEC Business Advisory Council (page does not exist)">APEC Business Advisory Council</a>, the business representatives' body in <a href="/wiki/APEC" class="mw-redirect" title="APEC">APEC</a>, 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.<a href="#cite_note-imf.org-97">[97]</a> In addition, ABAC expressed further concerns in the letter: <ul><li>Key to the APEC agenda is reduction of transaction costs. The proposal is directly counterproductive to this goal.</li> <li>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 uncertain.</li> <li>Industries and consumers as a whole would be unfairly penalized.</li> <li>It would further weaken financial markets and reduce the liquidity, particularly in the case of illiquid assets.</li> <li>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 activities.</li> <li>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 application.</li></ul> 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 Taipei, Thailand, United States of America, Vietnam. <div class="mw-heading mw-heading4"><h4 id="Views_of_the_ITUC/APLN">Views of the ITUC/APLN</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=41" title="Edit section: Views of the ITUC/APLN">edit</a>]</div> The International Trade Union Confederation/Asia-Pacific Labour Network (<a href="/wiki/ITUC" class="mw-redirect" title="ITUC">ITUC</a>/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.<a href="#cite_note-98">[98]</a> The ITUC shares its support for Tobin Tax with the Trade Union Advisory Council (<a href="/wiki/TUAC" class="mw-redirect" title="TUAC">TUAC</a>), the official <a href="/wiki/OECD" title="OECD">OECD</a> trade union body, in a research<a href="#cite_note-tuac.org-99">[99]</a> on the feasibility, strengths and weaknesses of a potential Tobin Tax. ITUC, APLN and TUAC refer to Tobin Tax as the Financial Transactions Tax. <div class="mw-heading mw-heading4"><h4 id="Regular_investors_loss">Regular investors loss</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=42" title="Edit section: Regular investors loss">edit</a>]</div> 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 tax. <div class="mw-heading mw-heading5"><h5 id="Let_Wall_Street_Pay_for_the_Restoration_of_Main_Street_Bill">Let Wall Street Pay for the Restoration of Main Street Bill</h5>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=43" title="Edit section: Let Wall Street Pay for the Restoration of Main Street Bill">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Let_Wall_Street_Pay_for_the_Restoration_of_Main_Street_Bill" title="Let Wall Street Pay for the Restoration of Main Street Bill">Let Wall Street Pay for the Restoration of Main Street Bill</a></div> In 2009, <a href="/wiki/United_States_House_of_Representatives" title="United States House of Representatives">U.S. Representative</a> <a href="/wiki/Peter_DeFazio" title="Peter DeFazio">Peter DeFazio</a> of <a href="/wiki/Oregon" title="Oregon">Oregon</a> proposed a financial transaction tax in his "<a href="/wiki/Let_Wall_Street_Pay_for_the_Restoration_of_Main_Street_Bill" title="Let Wall Street Pay for the Restoration of Main Street Bill">Let Wall Street Pay for the Restoration of Main Street Bill</a>". (This was proposed domestically for the United States only.)<a href="#cite_note-Charles_Pope-100">[100]</a> <div class="mw-heading mw-heading4"><h4 id="Would_there_be_net_job_losses_if_a_FTT_tax_was_introduced?">Would there be net job losses if a FTT tax was introduced?</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=44" title="Edit section: Would there be net job losses if a FTT tax was introduced?">edit</a>]</div> 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 sectors of the economy through the so-called <a href="/wiki/Multiplier_effect" class="mw-redirect" title="Multiplier effect">multiplier effect</a> 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 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."<a href="#cite_note-Schwabish-101">[101]</a> 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<a href="#cite_note-Schwabish-101">[101]</a> implied that a stock transaction ("transfer") tax 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")<a href="#cite_note-Umlauf,_Steven_R._1993-85">[85]</a> 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. The <a href="/wiki/Forward_contract" title="Forward contract">cost of currency hedges</a>—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 ... [currency] is suddenly withdrawn, countries have to drastically increase interest rates for their currency to still be attractive."<a href="#cite_note-Jubilee-trans-3">[3]</a><a href="#cite_note-Reiermann-4">[4]</a> <div class="mw-heading mw-heading3"><h3 id="Is_there_an_optimum_tax_rate">Is there an optimum tax rate</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=45" title="Edit section: Is there an optimum tax rate">edit</a>]</div> Financial transaction tax rates of the magnitude of 0.1%-1% have been proposed by <a href="/wiki/Normative" class="mw-redirect" title="Normative">normative</a> economists, without addressing the practicability of implementing a tax at these levels. In <a href="/wiki/Positive_economics" class="mw-redirect" title="Positive economics">positive economics</a> studies however, where due reference was paid to the prevailing market conditions, the resulting tax rates have been significantly lower. For instance, Edwards (1993) concluded that if the transaction tax revenue from taxing the <a href="/wiki/Futures_exchange" title="Futures exchange">futures</a> markets were to be maximized (see <a href="/wiki/Laffer_curve" title="Laffer curve">Laffer curve</a>), with the tax rate not leading to a prohibitively large increase in the <a href="/wiki/Marginal_cost" title="Marginal cost">marginal cost</a> 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."<a href="#cite_note-102">[102]</a> <div class="mw-heading mw-heading3"><h3 id="Political_opinion">Political opinion</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=46" title="Edit section: Political opinion">edit</a>]</div> 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 <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a>, widen <a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">bid–ask spreads</a> for end users such as investors, savers and hedgers, and destroy <a href="/wiki/Market_liquidity" title="Market liquidity">liquidity</a>. <div class="mw-heading mw-heading4"><h4 id="Tobin_tax_proponents_response_to_empirical_evidence_on_volatility">Tobin tax proponents response to empirical evidence on volatility</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=47" title="Edit section: Tobin tax proponents response to empirical evidence on volatility">edit</a>]</div> Lack of direct supporting evidence for stabilizing (volatility-reducing) properties of Tobin-style transaction taxes in <a href="/wiki/Econometric" class="mw-redirect" title="Econometric">econometric</a> research is acknowledged by some of the Tobin tax supporters: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">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).<a href="#cite_note-Schulmeister-103">[103]</a></blockquote> These Tobin tax proponents propose on indirect 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: <a href="/wiki/Negative_feedback" title="Negative feedback">negative feedback</a> 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 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).<a href="#cite_note-Schulmeister-103">[103]</a> Some Tobin tax supporters argue that volatility is better defined as a "long-term overshooting of speculative prices"<a href="#cite_note-104">[104]</a><a href="#cite_note-105">[105]</a> than by standard statistical definitions (e.g., <a href="/wiki/Conditional_variance" title="Conditional variance">conditional variance</a> of returns<a href="#cite_note-106">[106]</a>) ) which are typically used in empirical studies of volatility. 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.<a href="#cite_note-Schulmeister-103">[103]</a> <div class="mw-heading mw-heading4"><h4 id="Should_speculators_be_encouraged,_penalized_or_dissuaded?">Should speculators be encouraged, penalized or dissuaded?</h4>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=48" title="Edit section: Should speculators be encouraged, penalized or dissuaded?">edit</a>]</div> The Tobin tax rests on the premise that speculators ought to be, as Tobin puts it, "dissuaded."<a href="#cite_note-Reiermann-4">[4]</a><a href="#cite_note-excerpt-5">[5]</a><a href="#cite_note-Summaries-6">[6]</a><a href="#cite_note-eumed1-7">[7]</a> This premise itself is a matter of debate: See <a href="/wiki/Speculation" title="Speculation">Speculation</a>. 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 <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a>. At that time India, with similar concerns, had already suspended <a href="/wiki/Futures_trading" class="mw-redirect" title="Futures trading">futures trading</a> of five commodities.<a href="#cite_note-Ban-107">[107]</a> On December 3, 2009, US Congressman <a href="/wiki/Peter_DeFazio" title="Peter DeFazio">Peter DeFazio</a> stated, "The American taxpayers bailed out Wall Street during a <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">crisis</a> brought on by reckless speculation in the financial markets, ... This [ <a href="/wiki/DeFazio_financial_transaction_tax" class="mw-redirect" title="DeFazio financial transaction tax">proposed financial transaction tax</a> ] legislation will force Wall Street to do their part and put people displaced by that crisis back to work."<a href="#cite_note-Charles_Pope-100">[100]</a> On January 21, 2010, President <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a> endorsed the <a href="/wiki/Volcker_Rule" title="Volcker Rule">Volcker Rule</a> which deals with proprietary trading of investment banks<a href="#cite_note-Cho-108">[108]</a> and restricts banks from making certain speculative kinds of investments if they are not on behalf of their customers.<a href="#cite_note-Cho-108">[108]</a> Former U.S. Federal Reserve Chairman <a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a>, President Obama's advisor, has argued that such <a href="/wiki/Speculation" title="Speculation">speculation</a> played a key role in the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>. 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.<a href="#cite_note-109">[109]</a> <div class="mw-heading mw-heading3"><h3 id="Questions_of_volatility">Questions of volatility</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=49" title="Edit section: Questions of volatility">edit</a>]</div> In February 2010, Tim Harford, writing in the Undercover Economist column of the <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a>, commented directly on the claims of Keynes and Tobin that 'taxes on financial transactions would reduce financial volatility'.<a href="#cite_note-110">[110]</a> <div class="mw-heading mw-heading2"><h2 id="Comparing_Currency_Transaction_Taxes_(CTT)_and_Financial_Transaction_Taxes_(FTT)">Comparing Currency Transaction Taxes (CTT) and Financial Transaction Taxes (FTT)</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=50" title="Edit section: Comparing Currency Transaction Taxes (CTT) and Financial Transaction Taxes (FTT)">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a> and <a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a></div> <div class="mw-heading mw-heading3"><h3 id="Research_evidence">Research evidence</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=51" title="Edit section: Research evidence">edit</a>]</div> In 2003, researchers like Aliber et al. proposed that empirical evidence on the observed effects of the already introduced and abolished <a href="/wiki/Stock" title="Stock">stock</a> transaction taxes[<a href="/wiki/Wikipedia:Naming_conventions_(geographic_names)" title="Wikipedia:Naming conventions (geographic names)">where?</a>] and a hypothetical CTT (Tobin) can probably be treated interchangeably.<a href="#cite_note-111">[111]</a> 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. Researchers have used models belonging to the <a href="/wiki/GARCH" class="mw-redirect" title="GARCH">GARCH</a> family<a href="#cite_note-112">[112]</a><a href="#cite_note-113">[113]</a><a href="#cite_note-114">[114]</a> to describe both the volatility behavior of <a href="/wiki/Stock_market" title="Stock market">stock market</a> 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) behavior of the volatilities of equity and exchange rate returns. <div class="mw-heading mw-heading3"><h3 id="Practical_considerations">Practical considerations</h3>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=52" title="Edit section: Practical considerations">edit</a>]</div> Hanke et al. state, "The economic consequences of introducing a [currency-only] Tobin Tax are [...] completely unknown, as such a tax has not been introduced on any real foreign exchange market so far".<a href="#cite_note-Hanke-115">[115]</a> At the same time, even in the case of stock transaction taxes, where some empirical evidence is available, researchers warn that "it is hazardous to generalize limited evidence when debating important policy issues such as the transaction taxes".<a href="#cite_note-Umlauf,_Steven_R._1993-85">[85]</a><a href="#cite_note-Liu_2009-86">[86]</a> 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 <a href="/wiki/Foreign_exchange_derivative" title="Foreign exchange derivative">currency derivatives</a> and <a href="/wiki/Exchange-traded_fund#Currency_ETFs_or_ETCs" title="Exchange-traded fund">currency exchange-traded funds</a>. 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.<a href="#cite_note-Schulmeister_6-116">[116]</a> 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.<a href="#cite_note-Schulmeister_6-116">[116]</a> Any "general FTT seems...more attractive than a specific transaction tax" (such as a 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.<a href="#cite_note-Schulmeister_6-116">[116]</a> (See also <a href="#Is_the_tax_easy_to_avoid?">the discussion of tax avoidance as it relates to a currency transaction tax</a>.) On October 5, 2009, <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a> 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.<a href="#cite_note-Edmund_Conway-93">[93]</a> <div class="mw-heading mw-heading2"><h2 id="Non-tax_regulatory_equivalent">Non-tax regulatory equivalent</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=53" title="Edit section: Non-tax regulatory equivalent">edit</a>]</div> 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.".<a href="#cite_note-books.google.ca-9">[9]</a> If these deposit requirements result in forfeits or losses if a currency suddenly declines due to speculation, they act as inhibitions against deliberate speculative shorts of a currency. However, they would not raise funds for other purposes, so are not a tax. <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=54" title="Edit section: See also">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul> <ul><li><a href="/wiki/Bank_tax" title="Bank tax">Bank tax</a></li> <li><a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a></li> <li><a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a></li> <li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange market</a></li> <li><a href="/wiki/Robin_Hood_tax" title="Robin Hood tax">Robin Hood tax</a></li> <li><a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a></li> <li><a href="/wiki/Pigovian_tax" class="mw-redirect" title="Pigovian tax">Pigovian tax</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=55" title="Edit section: References">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-Tobin-1">^ <a href="#cite_ref-Tobin_1-0">a</a> <a href="#cite_ref-Tobin_1-1">b</a> <a href="#cite_ref-Tobin_1-2">c</a> <a href="#cite_ref-Tobin_1-3">d</a> <a href="#cite_ref-Tobin_1-4">e</a> <a href="#cite_ref-Tobin_1-5">f</a> <a href="#cite_ref-Tobin_1-6">g</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJames_Tobin1978" class="citation journal cs1">James Tobin (July–October 1978). <a rel="nofollow" class="external text" href="https://ideas.repec.org/a/eej/eeconj/v4y1978i3-4p153-159.html">"A Proposal for International Monetary Reform"</a>. Eastern Economic Journal. 4 (3–4): 153–159. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20091017141902/http://ideas.repec.org/a/eej/eeconj/v4y1978i3-4p153-159.html">Archived</a> from the original on 2009-10-17. Retrieved 2010-01-31.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Eastern+Economic+Journal&rft.atitle=A+Proposal+for+International+Monetary+Reform&rft.volume=4&rft.issue=3%E2%80%934&rft.pages=153-159&rft.date=1978-07%2F1978-10&rft.au=James+Tobin&rft_id=https%3A%2F%2Fideas.repec.org%2Fa%2Feej%2Feeconj%2Fv4y1978i3-4p153-159.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-ex-2">^ <a href="#cite_ref-ex_2-0">a</a> <a href="#cite_ref-ex_2-1">b</a> 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." - <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChristian_Von_ReiermannMichaela_Schießl2001" class="citation journal cs1">Christian Von Reiermann & Michaela Schießl (3 September 2001). <a rel="nofollow" class="external text" href="http://www.spiegel.de/spiegel/print/d-20017795.html">"Die missbrauchen meinen Namen (translated as "They Are Misusing My Name") (Interview with James Tobin)"</a>. Der Spiegel (36). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100606234912/http://www.spiegel.de/spiegel/print/d-20017795.html">Archived</a> from the original on 6 June 2010. Retrieved 2010-01-01.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Der+Spiegel&rft.atitle=Die+missbrauchen+meinen+Namen+%28translated+as+%22They+Are+Misusing+My+Name%22%29+%28Interview+with+James+Tobin%29&rft.issue=36&rft.date=2001-09-03&rft.au=Christian+Von+Reiermann&rft.au=Michaela+Schie%C3%9Fl&rft_id=http%3A%2F%2Fwww.spiegel.de%2Fspiegel%2Fprint%2Fd-20017795.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-Jubilee-trans-3">^ <a href="#cite_ref-Jubilee-trans_3-0">a</a> <a href="#cite_ref-Jubilee-trans_3-1">b</a> <a href="#cite_ref-Jubilee-trans_3-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20050306201839/http://www.jubilee2000uk.org/worldnews/lamerica/james_tobin_030901_english.htm">"James Tobin: "The antiglobalisation movement has highjacked my name""</a>. Jubilee Research, a successor to <a href="/wiki/Jubilee_2000" title="Jubilee 2000">Jubilee 2000</a> UK. 3 September 2001. Archived from <a rel="nofollow" class="external text" href="http://www.jubilee2000uk.org/worldnews/lamerica/james_tobin_030901_english.htm">the original</a> on 6 March 2005. Retrieved 11 February 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=James+Tobin%3A+%22The+antiglobalisation+movement+has+highjacked+my+name%22&rft.pub=Jubilee+Research%2C+a+successor+to+Jubilee+2000+UK&rft.date=2001-09-03&rft_id=http%3A%2F%2Fwww.jubilee2000uk.org%2Fworldnews%2Flamerica%2Fjames_tobin_030901_english.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-Reiermann-4">^ <a href="#cite_ref-Reiermann_4-0">a</a> <a href="#cite_ref-Reiermann_4-1">b</a> <a href="#cite_ref-Reiermann_4-2">c</a> <a href="#cite_ref-Reiermann_4-3">d</a> <a href="#cite_ref-Reiermann_4-4">e</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChristian_Von_ReiermannMichaela_Schießl2001" class="citation journal cs1">Christian Von Reiermann & Michaela Schießl (9 March 2001). <a rel="nofollow" class="external text" href="http://www.spiegel.de/spiegel/print/d-20017795.html">"Die missbrauchen meinen Namen (translated as "They Are Misusing My Name") (Interview with James Tobin)"</a>. Der Spiegel (36). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100606234912/http://www.spiegel.de/spiegel/print/d-20017795.html">Archived</a> from the original on 6 June 2010. Retrieved 1 January 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Der+Spiegel&rft.atitle=Die+missbrauchen+meinen+Namen+%28translated+as+%22They+Are+Misusing+My+Name%22%29+%28Interview+with+James+Tobin%29&rft.issue=36&rft.date=2001-03-09&rft.au=Christian+Von+Reiermann&rft.au=Michaela+Schie%C3%9Fl&rft_id=http%3A%2F%2Fwww.spiegel.de%2Fspiegel%2Fprint%2Fd-20017795.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-excerpt-5">^ <a href="#cite_ref-excerpt_5-0">a</a> <a href="#cite_ref-excerpt_5-1">b</a> <a href="#cite_ref-excerpt_5-2">c</a> 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, 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." - <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChristian_Von_ReiermannMichaela_Schießl2001" class="citation journal cs1">Christian Von Reiermann & Michaela Schießl (3 September 2001). <a rel="nofollow" class="external text" href="http://www.spiegel.de/spiegel/print/d-20017795.html">"Die missbrauchen meinen Namen (translated as "They Are Misusing My Name") (Interview with James Tobin)"</a>. Der Spiegel (36). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100606234912/http://www.spiegel.de/spiegel/print/d-20017795.html">Archived</a> from the original on 6 June 2010. Retrieved 2010-01-01.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Der+Spiegel&rft.atitle=Die+missbrauchen+meinen+Namen+%28translated+as+%22They+Are+Misusing+My+Name%22%29+%28Interview+with+James+Tobin%29&rft.issue=36&rft.date=2001-09-03&rft.au=Christian+Von+Reiermann&rft.au=Michaela+Schie%C3%9Fl&rft_id=http%3A%2F%2Fwww.spiegel.de%2Fspiegel%2Fprint%2Fd-20017795.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-Summaries-6">^ <a href="#cite_ref-Summaries_6-0">a</a> <a href="#cite_ref-Summaries_6-1">b</a> <a href="#cite_ref-Summaries_6-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSpiegel_Online_International2001" class="citation news cs1">Spiegel Online International (3 September 2001). <a rel="nofollow" class="external text" href="http://www.spiegel.de/international/spiegel/0,1518,154539,00.html">"They are misusing my name"</a>. English Summaries [of quotes in Spiegel Online]. Spiegel Online International. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20101007025956/http://www.spiegel.de/international/spiegel/0,1518,154539,00.html">Archived</a> from the original on 7 October 2010. Retrieved 2010-01-01.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=English+Summaries+%5Bof+quotes+in+Spiegel+Online%5D&rft.atitle=They+are+misusing+my+name&rft.date=2001-09-03&rft.au=Spiegel+Online+International&rft_id=http%3A%2F%2Fwww.spiegel.de%2Finternational%2Fspiegel%2F0%2C1518%2C154539%2C00.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-eumed1-7">^ <a href="#cite_ref-eumed1_7-0">a</a> <a href="#cite_ref-eumed1_7-1">b</a> <a href="#cite_ref-eumed1_7-2">c</a> <a href="#cite_ref-eumed1_7-3">d</a> <a href="#cite_ref-eumed1_7-4">e</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.eumed.net/cursecon/textos/tobin-antiglob.htm">"James Tobin-El movimiento antiglobalización abusa de mi nombre"</a>. eumed.net. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100612044229/http://eumed.net/cursecon/textos/tobin-antiglob.htm">Archived</a> from the original on 2010-06-12. Retrieved 2007-10-23.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=James+Tobin-El+movimiento+antiglobalizaci%C3%B3n+abusa+de+mi+nombre&rft.pub=eumed.net&rft_id=http%3A%2F%2Fwww.eumed.net%2Fcursecon%2Ftextos%2Ftobin-antiglob.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-8"><a href="#cite_ref-8">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.hillaryclinton.com/issues/wall-street/">"Hillary Clinton on Wall Street reform"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160517082659/https://www.hillaryclinton.com/issues/wall-street/">Archived</a> from the original on 2016-05-17. Retrieved 2016-09-23.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Hillary+Clinton+on+Wall+Street+reform&rft_id=https%3A%2F%2Fwww.hillaryclinton.com%2Fissues%2Fwall-street%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-books.google.ca-9">^ <a href="#cite_ref-books.google.ca_9-0">a</a> <a href="#cite_ref-books.google.ca_9-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCollignon1994" class="citation book cs1">Collignon, Stefan (1 January 1994). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=EsaCMRHILb8C&q=differentiate%20speculation%20from%20hedging%20tax&pg=PA196">Europe's Monetary Future</a>. Fairleigh Dickinson Univ Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780838636060" title="Special:BookSources/9780838636060"><bdi>9780838636060</bdi></a> – via Google Books.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Europe%27s+Monetary+Future&rft.pub=Fairleigh+Dickinson+Univ+Press&rft.date=1994-01-01&rft.isbn=9780838636060&rft.aulast=Collignon&rft.aufirst=Stefan&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DEsaCMRHILb8C%26q%3Ddifferentiate%2520speculation%2520from%2520hedging%2520tax%26pg%3DPA196&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-10"><a href="#cite_ref-10">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://validusrm.com/news/hedging-and-speculation-two-sides-of-the-same-coin/">"Archived copy"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160917102649/http://validusrm.com/news/hedging-and-speculation-two-sides-of-the-same-coin/">Archived</a> from the original on 2016-09-17. Retrieved 2016-08-13.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Archived+copy&rft_id=http%3A%2F%2Fvalidusrm.com%2Fnews%2Fhedging-and-speculation-two-sides-of-the-same-coin%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: CS1 maint: archived copy as title (<a href="/wiki/Category:CS1_maint:_archived_copy_as_title" title="Category:CS1 maint: archived copy as title">link</a>) </li> <li id="cite_note-globalpolicy.org-11">^ <a href="#cite_ref-globalpolicy.org_11-0">a</a> <a href="#cite_ref-globalpolicy.org_11-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAdministrator" class="citation web cs1">Administrator. <a rel="nofollow" class="external text" href="https://www.globalpolicy.org/social-and-economic-policy/global-taxes-1-79/currency-transaction-taxes/45990-destabilizing-speculation-and-the-case-for-an-international-currency-transactions-tax.html">"Destabilizing Speculation and the Case for an International Currency Transactions Tax"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160827235012/https://www.globalpolicy.org/social-and-economic-policy/global-taxes-1-79/currency-transaction-taxes/45990-destabilizing-speculation-and-the-case-for-an-international-currency-transactions-tax.html">Archived</a> from the original on 2016-08-27. Retrieved 2016-08-13.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Destabilizing+Speculation+and+the+Case+for+an+International+Currency+Transactions+Tax&rft.au=Administrator&rft_id=https%3A%2F%2Fwww.globalpolicy.org%2Fsocial-and-economic-policy%2Fglobal-taxes-1-79%2Fcurrency-transaction-taxes%2F45990-destabilizing-speculation-and-the-case-for-an-international-currency-transactions-tax.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-Keynes-12"><a href="#cite_ref-Keynes_12-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJohn_Maynard_Keynes1936" class="citation web cs1">John Maynard Keynes (1936). <a rel="nofollow" class="external text" href="http://biblioeconomicus.googlepages.com/KeynesJohnMaynard-TheGeneralTheoryOfEmploymentInterestAndMoney.pdf">"The General Theory of Employment, Interest and Money"</a> (PDF). pp. 104, 105 (Chapter 12, Part VI).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+General+Theory+of+Employment%2C+Interest+and+Money&rft.pages=104%2C+105+%28Chapter+12%2C+Part+VI%29&rft.date=1936&rft.au=John+Maynard+Keynes&rft_id=http%3A%2F%2Fbiblioeconomicus.googlepages.com%2FKeynesJohnMaynard-TheGeneralTheoryOfEmploymentInterestAndMoney.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988">[<a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot">permanent dead link</a>‍] (Online publisher: Project Gutenberg of Australia eBooks; via biblioeconomicus.googlepages.com) </li> <li id="cite_note-13"><a href="#cite_ref-13">^</a> 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. </li> <li id="cite_note-Spahn-14"><a href="#cite_ref-Spahn_14-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPaul_Bernd_Spahn1995" class="citation web cs1"><a href="/wiki/Paul_Bernd_Spahn" title="Paul Bernd Spahn">Paul Bernd Spahn</a> (June 16, 1995). <a rel="nofollow" class="external text" href="http://www.wiwi.uni-frankfurt.de/profs/spahn/pdf/publ/7-041.pdf">"International Financial Flows and Transactions Taxes: Survey and Options"</a> (PDF). University of Frankfurt/Main; Paper originally published with the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> as Working Paper WP/95/60. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20101011143915/http://www.wiwi.uni-frankfurt.de/profs/spahn/pdf/publ/7-041.pdf">Archived</a> (PDF) from the original on October 11, 2010. Retrieved 2010-01-13.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=International+Financial+Flows+and+Transactions+Taxes%3A+Survey+and+Options&rft.pub=University+of+Frankfurt%2FMain%3B+Paper+originally+published+with+the+International+Monetary+Fund+as+Working+Paper+WP%2F95%2F60.&rft.date=1995-06-16&rft.au=Paul+Bernd+Spahn&rft_id=http%3A%2F%2Fwww.wiwi.uni-frankfurt.de%2Fprofs%2Fspahn%2Fpdf%2Fpubl%2F7-041.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-15"><a href="#cite_ref-15">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090414015049/http://www.asiasociety.org/speeches/soros.html">"George Soros: Open Societies, Sovereignty, and International Terrorism"</a>. asiasociety.org. Archived from <a rel="nofollow" class="external text" href="http://www.asiasociety.org/speeches/soros.html">the original</a> on 2009-04-14.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=George+Soros%3A+Open+Societies%2C+Sovereignty%2C+and+International+Terrorism&rft.pub=asiasociety.org&rft_id=http%3A%2F%2Fwww.asiasociety.org%2Fspeeches%2Fsoros.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-16"><a href="#cite_ref-16">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPeter_WahlPeter_Waldow2001" class="citation web cs1">Peter Wahl & Peter Waldow (April 1, 2001). <a rel="nofollow" class="external text" href="http://www.globalpolicy.org/images/pdfs/0401future.pdf">"Currency Transaction Tax - a Concept with a Future"</a> (PDF). World Economy, Ecology & Development Association (WEED). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090806051702/http://www.globalpolicy.org/images/pdfs/0401future.pdf">Archived</a> (PDF) from the original on 6 August 2009. Retrieved 11 February 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Currency+Transaction+Tax+-+a+Concept+with+a+Future&rft.pub=World+Economy%2C+Ecology+%26+Development+Association+%28WEED%29&rft.date=2001-04-01&rft.au=Peter+Wahl&rft.au=Peter+Waldow&rft_id=http%3A%2F%2Fwww.globalpolicy.org%2Fimages%2Fpdfs%2F0401future.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-EUcall-17">^ <a href="#cite_ref-EUcall_17-0">a</a> <a href="#cite_ref-EUcall_17-1">b</a> <a href="#cite_ref-EUcall_17-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTony_Barber2009" class="citation news cs1">Tony Barber (2009-12-11). <a rel="nofollow" class="external text" href="https://www.ft.com/cms/s/0/aa162054-e65e-11de-bcbe-00144feab49a.html">"EU leaders urge IMF to consider global Tobin tax"</a>. <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a>. <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20221210211209/https://www.ft.com/content/aa162054-e65e-11de-bcbe-00144feab49a">Archived</a> from the original on 2022-12-10. Retrieved 2009-12-11.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=EU+leaders+urge+IMF+to+consider+global+Tobin+tax&rft.date=2009-12-11&rft.au=Tony+Barber&rft_id=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Faa162054-e65e-11de-bcbe-00144feab49a.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-lessons-18">^ <a href="#cite_ref-lessons_18-0">a</a> <a href="#cite_ref-lessons_18-1">b</a> <a href="#cite_ref-lessons_18-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://dsp-psd.tpsgc.gc.ca/Collection-R/LoPBdP/BP/bp419-e.htm">"Financial transactions taxes: the international experience and the lessons for Canada (BP-419E)"</a>. <a rel="nofollow" class="external text" href="https://archive.today/20121205234510/http://dsp-psd.tpsgc.gc.ca/Collection-R/LoPBdP/BP/bp419-e.htm">Archived</a> from the original on 2012-12-05. Retrieved 2009-12-24.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Financial+transactions+taxes%3A+the+international+experience+and+the+lessons+for+Canada+%28BP-419E%29&rft_id=http%3A%2F%2Fdsp-psd.tpsgc.gc.ca%2FCollection-R%2FLoPBdP%2FBP%2Fbp419-e.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-impact-summary-19"><a href="#cite_ref-impact-summary_19-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRalitsa_Kovacheva2011" class="citation news cs1">Ralitsa Kovacheva (September 30, 2011). <a rel="nofollow" class="external text" href="http://www.euinside.eu/en/news/the-eu-expects-57-billion-euros-a-year-by-a-new-bank-tax">"The EU Expects 57 Billion Euros a Year from a New Financial Tax"</a>. EU inside. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120303083648/http://www.euinside.eu/en/news/the-eu-expects-57-billion-euros-a-year-by-a-new-bank-tax">Archived</a> from the original on 3 March 2012. Retrieved 26 February 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+EU+Expects+57+Billion+Euros+a+Year+from+a+New+Financial+Tax&rft.date=2011-09-30&rft.au=Ralitsa+Kovacheva&rft_id=http%3A%2F%2Fwww.euinside.eu%2Fen%2Fnews%2Fthe-eu-expects-57-billion-euros-a-year-by-a-new-bank-tax&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-Semeta-20"><a href="#cite_ref-Semeta_20-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHarry_Wilson2012" class="citation news cs1">Harry Wilson (February 16, 2012). <a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9087264/Financial-transaction-tax-would-raise-10bn.html">"Financial transaction tax would raise €10bn"</a>. Telegraph. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120220033718/http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9087264/Financial-transaction-tax-would-raise-10bn.html">Archived</a> from the original on 20 February 2012. Retrieved 3 March 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Telegraph&rft.atitle=Financial+transaction+tax+would+raise+%E2%82%AC10bn&rft.date=2012-02-16&rft.au=Harry+Wilson&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2Fnewsbysector%2Fbanksandfinance%2F9087264%2FFinancial-transaction-tax-would-raise-10bn.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-21"><a href="#cite_ref-21">^</a> 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 </li> <li id="cite_note-22"><a href="#cite_ref-22">^</a> <a rel="nofollow" class="external text" href="http://library.fes.de/pdf-files/id/ipa/09063.pdf">Sieling, Carsten (2012): Financial Transaction Tax. Sensible, Feasible, Overdue. Friedrich-Ebert-Foundation, S. 2</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131101024329/http://library.fes.de/pdf-files/id/ipa/09063.pdf">Archived</a> 2013-11-01 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (Retrieved 2012-06-05) </li> <li id="cite_note-23"><a href="#cite_ref-23">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAvinash_Persaud2012" class="citation news cs1">Avinash Persaud (2012-01-10). <a rel="nofollow" class="external text" href="http://www.sueddeutsche.de/wirtschaft/diskussion-um-transaktionssteuer-warum-roesler-falsch-liegt-1.1254914-2">"Warum Rösler falsch liegt"</a>. <a href="/wiki/Sueddeutsche_Zeitung" class="mw-redirect" title="Sueddeutsche Zeitung">Sueddeutsche</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120113070211/http://www.sueddeutsche.de/wirtschaft/diskussion-um-transaktionssteuer-warum-roesler-falsch-liegt-1.1254914-2">Archived</a> from the original on 2012-01-13. Retrieved 2012-01-10.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Warum+R%C3%B6sler+falsch+liegt&rft.date=2012-01-10&rft.au=Avinash+Persaud&rft_id=http%3A%2F%2Fwww.sueddeutsche.de%2Fwirtschaft%2Fdiskussion-um-transaktionssteuer-warum-roesler-falsch-liegt-1.1254914-2&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-SZ-2012-05-12-24"><a href="#cite_ref-SZ-2012-05-12_24-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAlexander_Hagelüken2012" class="citation news cs1">Alexander Hagelüken (May 10, 2012). <a rel="nofollow" class="external text" href="http://www.sueddeutsche.de/wirtschaft/eu-studie-zur-finanztransaktionssteuer-und-sie-funktioniert-doch-1.1353438">"Und sie funktioniert doch"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120910050812/http://www.sueddeutsche.de/wirtschaft/eu-studie-zur-finanztransaktionssteuer-und-sie-funktioniert-doch-1.1353438">Archived</a> from the original on September 10, 2012. Retrieved February 12, 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Und+sie+funktioniert+doch&rft.date=2012-05-10&rft.au=Alexander+Hagel%C3%BCken&rft_id=http%3A%2F%2Fwww.sueddeutsche.de%2Fwirtschaft%2Feu-studie-zur-finanztransaktionssteuer-und-sie-funktioniert-doch-1.1353438&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-25"><a href="#cite_ref-25">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSebag2012" class="citation web cs1">Sebag, Gaspard (2012-08-31). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130512094546/http://www.europolitics.info/economy-monetary-affairs/lowering-contributions-possible-even-under-enhanced-cooperation-art342321-30.html">"Lowering contributions possible even under enhanced cooperation"</a>. <a href="/wiki/Europolitics" title="Europolitics">Europolitics</a>. Archived from <a rel="nofollow" class="external text" href="http://www.europolitics.info/economy-monetary-affairs/lowering-contributions-possible-even-under-enhanced-cooperation-art342321-30.html">the original</a> on 2013-05-12. Retrieved 2012-09-20.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Lowering+contributions+possible+even+under+enhanced+cooperation&rft.pub=Europolitics&rft.date=2012-08-31&rft.aulast=Sebag&rft.aufirst=Gaspard&rft_id=http%3A%2F%2Fwww.europolitics.info%2Feconomy-monetary-affairs%2Flowering-contributions-possible-even-under-enhanced-cooperation-art342321-30.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-26"><a href="#cite_ref-26">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://economictimes.indiatimes.com/news/international-business/11-eurozone-states-ready-to-launch-financial-transactions-tax-eu-tax-commissioner/articleshow/16738834.cms">"11 eurozone states ready to launch financial transactions tax: EU tax commissioner"</a>. The Economic Times. 2012-10-09. Retrieved 2012-10-09.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economic+Times&rft.atitle=11+eurozone+states+ready+to+launch+financial+transactions+tax%3A+EU+tax+commissioner&rft.date=2012-10-09&rft_id=http%3A%2F%2Feconomictimes.indiatimes.com%2Fnews%2Finternational-business%2F11-eurozone-states-ready-to-launch-financial-transactions-tax-eu-tax-commissioner%2Farticleshow%2F16738834.cms&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988">[<a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot">dead link</a>‍] </li> <li id="cite_note-ECPARL-27"><a href="#cite_ref-ECPARL_27-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.europarl.europa.eu/news/en/pressroom/content/20121207IPR04408/html/Eleven-EU-countries-get-Parliament%27s-all-clear-for-a-financial-transaction-tax">"Eleven EU countries get Parliament's all clear for a financial transaction tax"</a>. <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a>. 2012-12-12. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121226195512/http://www.europarl.europa.eu/news/en/pressroom/content/20121207IPR04408/html/Eleven-EU-countries-get-Parliament%27s-all-clear-for-a-financial-transaction-tax">Archived</a> from the original on 2012-12-26. Retrieved 2012-12-27.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Eleven+EU+countries+get+Parliament%27s+all+clear+for+a+financial+transaction+tax&rft.pub=European+Parliament&rft.date=2012-12-12&rft_id=http%3A%2F%2Fwww.europarl.europa.eu%2Fnews%2Fen%2Fpressroom%2Fcontent%2F20121207IPR04408%2Fhtml%2FEleven-EU-countries-get-Parliament%2527s-all-clear-for-a-financial-transaction-tax&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-ECENHANCED-28"><a href="#cite_ref-ECENHANCED_28-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/134949.pdf">"Financial transaction tax: Council agrees to enhanced cooperation"</a> (PDF). <a href="/wiki/Council_of_the_European_Union" title="Council of the European Union">Council of the European Union</a>. 2013-01-22. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130424203553/http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/134949.pdf">Archived</a> (PDF) from the original on 2013-04-24. Retrieved 2013-01-25.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Financial+transaction+tax%3A+Council+agrees+to+enhanced+cooperation&rft.pub=Council+of+the+European+Union&rft.date=2013-01-22&rft_id=http%3A%2F%2Fwww.consilium.europa.eu%2Fuedocs%2Fcms_data%2Fdocs%2Fpressdata%2Fen%2Fecofin%2F134949.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-guardia-2013-01-22-29"><a href="#cite_ref-guardia-2013-01-22_29-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPhillip_Inman2013" class="citation news cs1">Phillip Inman (2013-01-22). <a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2013/jan/22/eu-approves-financial-transaction-tax-eurozone">"EU approves financial transaction tax for 11 eurozone countries"</a>. The Guardian. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130928205051/http://www.theguardian.com/business/2013/jan/22/eu-approves-financial-transaction-tax-eurozone">Archived</a> from the original on 2013-09-28. Retrieved 2013-01-25.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=EU+approves+financial+transaction+tax+for+11+eurozone+countries&rft.date=2013-01-22&rft.au=Phillip+Inman&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2013%2Fjan%2F22%2Feu-approves-financial-transaction-tax-eurozone&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-30"><a href="#cite_ref-30">^</a> <a rel="nofollow" class="external text" href="http://robinhoodtax.org/latest/robin-hood-gets-go-ahead-europe">"Robin Hood Gets Go Ahead in Europe"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130127163524/http://robinhoodtax.org/latest/robin-hood-gets-go-ahead-europe">Archived</a> 2013-01-27 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> RobinHoodTax.org, 23 January 2013 </li> <li id="cite_note-31"><a href="#cite_ref-31">^</a> <a rel="nofollow" class="external text" href="http://edition.cnn.com/2013/01/25/business/michel-barnier-quest-davos">"Barnier: Europe's 'Robin Hood' tax 'politically and morally right'"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130131163238/http://edition.cnn.com/2013/01/25/business/michel-barnier-quest-davos">Archived</a> 2013-01-31 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> CNN, January 25, 2013 </li> <li id="cite_note-32"><a href="#cite_ref-32">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrunsden2013" class="citation web cs1">Brunsden, Jim (2013-02-01). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/2013-02-01/eu-to-present-financial-transaction-tax-proposal-on-feb-14.html">"EU to Present Financial-Transaction Tax Proposal on Feb. 14"</a>. <a href="/wiki/Bloomberg_L.P." title="Bloomberg L.P.">Bloomberg</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130925162129/http://www.bloomberg.com/news/2013-02-01/eu-to-present-financial-transaction-tax-proposal-on-feb-14.html">Archived</a> from the original on 2013-09-25. Retrieved 2013-02-03.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=EU+to+Present+Financial-Transaction+Tax+Proposal+on+Feb.+14&rft.pub=Bloomberg&rft.date=2013-02-01&rft.aulast=Brunsden&rft.aufirst=Jim&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-02-01%2Feu-to-present-financial-transaction-tax-proposal-on-feb-14.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-ECPROG-33"><a href="#cite_ref-ECPROG_33-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.europarl.europa.eu/news/en/headlines/content/20121207STO04364/html/Financial-transaction-tax-clearing-the-next-hurdle">"Financial transaction tax: clearing the next hurdle"</a>. <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a>. 2012-12-11. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130511222052/http://www.europarl.europa.eu/news/en/headlines/content/20121207STO04364/html/Financial-transaction-tax-clearing-the-next-hurdle">Archived</a> from the original on 2013-05-11. 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SDRT is a broadly equivalent tax on the transfers of uncertificated stock. </li> <li id="cite_note-39"><a href="#cite_ref-39">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/so/manual.pdf">"Stamp Taxes Manual"</a> (PDF). HM Revenue and Customs. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120307090436/http://www.hmrc.gov.uk/so/manual.pdf">Archived</a> (PDF) from the original on 2012-03-07. 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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 same. </li> <li id="cite_note-Round-59">^ <a href="#cite_ref-Round_59-0">a</a> <a href="#cite_ref-Round_59-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRobin_Round_(representative_of_Halifax_Initiative)2000" class="citation web cs1">Robin Round (representative of <a href="/wiki/Halifax_Initiative" title="Halifax Initiative">Halifax Initiative</a>) (January–February 2000). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20091206100227/http://www.newint.org/issue320/tobin.htm">"Time for Tobin!"</a>. <a href="/wiki/New_Internationalist" title="New Internationalist">New Internationalist</a>. Archived from <a rel="nofollow" class="external text" href="http://www.newint.org/issue320/tobin.htm">the original</a> on 2009-12-06. 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Retrieved 2015-03-21.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=School+of+Economics%2C+University+of+Wollongong%2C+Australia%2C+Working+Paper&rft.atitle=Modelling+Australian+Stock+Market+Volatility%3A+A+Multivariate+GARCH+Approach&rft.date=2009&rft.aulast=Valadkhani&rft.aufirst=Abbas&rft.au=O%27Brien%2C+Martin&rft_id=https%3A%2F%2Fideas.repec.org%2Fp%2Fuow%2Fdepec1%2Fwp09-11.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-Hanke-115"><a href="#cite_ref-Hanke_115-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHankeHuberKirchlerSutter2010" class="citation journal cs1">Hanke, Michael; Huber, JüRgen; Kirchler, Michael; Sutter, Matthias (2010). <a rel="nofollow" class="external text" href="http://eeecon.uibk.ac.at/wopec2/repec/inn/wpaper/2007-18.pdf">"The economic consequences of a Tobin tax—An experimental analysis"</a> (PDF). Journal of Economic Behavior & Organization. 74 (1–2): 58. <a href="/wiki/CiteSeerX_(identifier)" class="mw-redirect" title="CiteSeerX (identifier)">CiteSeerX</a> <a rel="nofollow" class="external text" href="https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.380.8563">10.1.1.380.8563</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jebo.2010.02.004">10.1016/j.jebo.2010.02.004</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170809112639/https://eeecon.uibk.ac.at/wopec2/repec/inn/wpaper/2007-18.pdf">Archived</a> (PDF) from the original on 2017-08-09. Retrieved 2017-10-25.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Behavior+%26+Organization&rft.atitle=The+economic+consequences+of+a+Tobin+tax%E2%80%94An+experimental+analysis&rft.volume=74&rft.issue=1%E2%80%932&rft.pages=58&rft.date=2010&rft_id=https%3A%2F%2Fciteseerx.ist.psu.edu%2Fviewdoc%2Fsummary%3Fdoi%3D10.1.1.380.8563%23id-name%3DCiteSeerX&rft_id=info%3Adoi%2F10.1016%2Fj.jebo.2010.02.004&rft.aulast=Hanke&rft.aufirst=Michael&rft.au=Huber%2C+J%C3%BCRgen&rft.au=Kirchler%2C+Michael&rft.au=Sutter%2C+Matthias&rft_id=http%3A%2F%2Feeecon.uibk.ac.at%2Fwopec2%2Frepec%2Finn%2Fwpaper%2F2007-18.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> </li> <li id="cite_note-Schulmeister_6-116">^ <a href="#cite_ref-Schulmeister_6_116-0">a</a> <a href="#cite_ref-Schulmeister_6_116-1">b</a> <a href="#cite_ref-Schulmeister_6_116-2">c</a> Schulmeister, p.6 </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=56" title="Edit section: Further reading">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><div class="side-box metadata side-box-right"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-abovebelow"> <a href="/wiki/Wikipedia:The_Wikipedia_Library" title="Wikipedia:The Wikipedia Library">Library resources</a> about Tobin tax <hr /></div> <div class="side-box-flex"> <div class="side-box-text plainlist"><ul><li><a class="external text" href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=Tobin+tax">Resources in your library</a></li> <li><a class="external text" href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=Tobin+tax&library=0CHOOSE0">Resources in other libraries</a></li> </ul></div></div> </div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKaiserChmuraPitz2007" class="citation journal cs1">Kaiser, Johannes; Chmura, Thorsten; Pitz, Thomas (July 2007). "The Tobin Tax - A Game-Theoretical and an Experimental Approach". Social Science Electronic Publishing. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=936924">936924</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+Tobin+Tax+-+A+Game-Theoretical+and+an+Experimental+Approach&rft.date=2007-07&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D936924%23id-name%3DSSRN&rft.aulast=Kaiser&rft.aufirst=Johannes&rft.au=Chmura%2C+Thorsten&rft.au=Pitz%2C+Thomas&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"> <code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPatomäki2001" class="citation book cs1">Patomäki, Heikki (August 2001). <a rel="nofollow" class="external text" href="https://archive.org/details/democratizingglo0000pato">Democratising Globalisation: The Leverage of the Tobin Tax</a>. Zed Books. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-85649-871-5" title="Special:BookSources/978-1-85649-871-5"><bdi>978-1-85649-871-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Democratising+Globalisation%3A+The+Leverage+of+the+Tobin+Tax&rft.pub=Zed+Books&rft.date=2001-08&rft.isbn=978-1-85649-871-5&rft.aulast=Patom%C3%A4ki&rft.aufirst=Heikki&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fdemocratizingglo0000pato&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHaqKaulGrunberg1996" class="citation book cs1">Haq, Mahbub ul; Kaul, Inge; Grunberg, Isabelle (August 1996). The Tobin Tax: Coping with Financial Volatility. Oxford University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-511180-4" title="Special:BookSources/978-0-19-511180-4"><bdi>978-0-19-511180-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Tobin+Tax%3A+Coping+with+Financial+Volatility&rft.pub=Oxford+University+Press&rft.date=1996-08&rft.isbn=978-0-19-511180-4&rft.aulast=Haq&rft.aufirst=Mahbub+ul&rft.au=Kaul%2C+Inge&rft.au=Grunberg%2C+Isabelle&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATobin+tax" class="Z3988"></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2>[<a href="/w/index.php?title=Tobin_tax&action=edit&section=57" title="Edit section: External links">edit</a>]</div> <ul><li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090327092433/http://www.bportugal.pt/publish/bolecon/docs/2003_2_3_e.pdf">Bank of Portugal report on the defense of the Portuguese Escudo in the European exchange rate mechanism</a></li> <li><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/uk/8348653.stm">BBC 7 November 2009 Lukewarm reaction to UK tax plan</a></li> <li><a rel="nofollow" class="external text" href="http://www.tobintax.org/biblio.htm">"Bibliography - Best Sources on Financing Alternatives, and Tobin Taxes" (includes economists on both sides of the issue of economic feasibility) from website of Tobin Tax Initiative</a></li> <li><a rel="nofollow" class="external text" href="http://www.globalpolicy.org/socecon/glotax/currtax/index.htm">Currency Transaction Taxes - Library of links to legislation, proposals, reports, articles and archives - from Global Policy Forum</a></li> <li><a rel="nofollow" class="external text" href="http://www.new-rules.org/storage/documents/other/debatingthetobintax.pdf">Debating the Tobin Tax</a>, New Rules for Global Finance, 2003</li> <li><a rel="nofollow" class="external text" href="http://mondediplo.com/1997/12/leader">Disarming the markets</a>, editorial by Ignacio Ramonet, Le Monde Diplomatique 1997</li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20050306201839/http://www.jubilee2000uk.org/worldnews/lamerica/james_tobin_030901_english.htm">English version of James Tobin interview on Der Spiegel</a> on <a href="/wiki/Jubilee_2000" title="Jubilee 2000">Jubilee 2000</a> web site</li> <li><a rel="nofollow" class="external text" href="http://www.frbsf.org/econrsrch/wklyltr/wklyltr99/el99-36.html">Federal reserve bank of San Francisco article on the failed attack on the Hong Kong dollar</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100323062159/http://www.frbsf.org/econrsrch/wklyltr/wklyltr99/el99-36.html">Archived</a> 2010-03-23 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></li> <li><a rel="nofollow" class="external text" href="http://www.imf.org/external/np/leg/sem/2004/cdmfl/eng/takagi.pdf">IMF report (2004) on emerging market currency crises</a></li> <li><a rel="nofollow" class="external text" href="https://www.theguardian.com/business/story/0,3604,544098,00.html">The Guardian editorializes against the Tobin tax</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output 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