Tobin tax
E790040
The Tobin tax is a proposed small levy on foreign currency transactions intended to curb short-term speculation and promote financial stability.
Statements (46)
| Predicate | Object |
|---|---|
| instanceOf |
financial transaction tax
ⓘ
proposed tax ⓘ |
| appliesTo |
foreign currency transactions
ⓘ
foreign exchange transactions ⓘ |
| facesCriticismFor |
implementation difficulties without global agreement
ⓘ
possible evasion through offshore centers ⓘ potential reduction in market liquidity ⓘ |
| hasConceptualPrecursor | Keynesian ideas on financial speculation ⓘ |
| hasPolicyGoal |
dampen short-term cross-border capital movements
ⓘ
give national governments more monetary policy autonomy ⓘ |
| hasProposedRate | small percentage of transaction value ⓘ |
| hasPurpose |
curb short-term currency speculation
ⓘ
discourage destabilizing capital flows ⓘ promote financial stability ⓘ reduce volatility in foreign exchange markets ⓘ |
| hasVariant | Spahn tax NERFINISHED ⓘ |
| inspired | later proposals for global financial transaction taxes ⓘ |
| isDebatedIn |
global financial governance
ⓘ
international economics ⓘ |
| isDesignedAs | uniform global tax on currency trades ⓘ |
| isDiscussedBy |
International Monetary Fund
NERFINISHED
ⓘ
United Nations agencies NERFINISHED ⓘ |
| isIntendedEffect |
generate public revenue
ⓘ
lengthen average holding period of currencies ⓘ raise cost of high-frequency currency trading ⓘ reduce exchange rate misalignments ⓘ |
| isIntendedToBe | revenue-neutral with respect to long-term investment ⓘ |
| isOpposedBy |
many financial industry groups
ⓘ
some mainstream economists ⓘ |
| isPartOfDebateOn |
policies to prevent financial crises
ⓘ
regulation of global capital flows ⓘ |
| isRelatedTo |
Tobin–Spahn tax
NERFINISHED
ⓘ
currency transaction tax ⓘ financial transaction tax ⓘ |
| isSupportedBy |
some NGOs advocating for development financing
ⓘ
some heterodox economists ⓘ |
| isTypeOf |
Pigovian tax
ⓘ
currency transaction tax ⓘ |
| isUsuallyCollectedAt | point of foreign exchange transaction ⓘ |
| namedAfter | James Tobin NERFINISHED ⓘ |
| requires | broad international coordination ⓘ |
| targets |
short-term foreign exchange trading
ⓘ
speculative currency trades ⓘ |
| wasProposedBy | James Tobin NERFINISHED ⓘ |
| wasProposedIn | 1970s ⓘ |
| wasProposedInContextOf | collapse of Bretton Woods system ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.