@techreport{Haberer2003Some,
abstract = {High volatility and enormous international capital flows are negative effects of the
globalization of financial markets that can lead to financial crises like those of the
1990s. The Tobin tax often has been put forward as a measure to diminish globalization
risks since it is claimed to discourage short-term speculation. The arguments of the proponents
of this transactions tax are based on the assumption that (i) short-term trading is
destabilizing and speculative and causes the volatility to increase, (ii) the Tobin tax does
discourage this speculation and (iii) the Tobin tax causes market participants to orientate
more by macroeconomic fundamentals. This paper suggests that these assumptions are
quite questionable. Moreover, a Tobin tax of a sensible rate would be too small to protect
countries from currency fires and would generate only little monetary autonomy. In
addition to theoretical economic doubts there arise some political problems, which can
make the tax to become infeasible.},
author = {Markus Haberer},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {330; Globalization; International Financial Markets; Tobin Tax; Transactions Tax; Tobinsteuer; Kritik},
language = {eng},
number = {03/01},
title = {Some Criticism of the Tobin Tax},
type = {Discussion paper series / Universit\"{a}t Konstanz, Center of Finance and Econometrics (CoFE)},
url = {http://hdl.handle.net/10419/23553},
year = {2003}
}
