Taxing Emerging Stock Markets: A Beneficial Policy? Evidence from the Stockholm Stock Exchange, 1907-1939

Daniel Waldenström

No 356, SSE/EFI Working Paper Series in Economics and Finance from Stockholm School of Economics

Abstract: The question of whether financial markets should be taxed or not has been extensively debated. In this study, the gradual rise in public taxation of the Stockholm Stock Exchange during the first half of the 20th century is examined and evaluated. Our empirical findings focusing on trading volume and volatility show that transaction taxes caused substantial crowding out of trading activity and led to lower asset prices. Hence, some support is given to the proponents of a more cautious financial market taxation.

Keywords: Stock market; financial regulation; taxation; financial history (search for similar items in EconPapers)
JEL-codes: G18 H25 N24 N44 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2000-02-03
New Economics Papers: this item is included in nep-fin, nep-his and nep-pub
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Published in Explorations in Economic History , 2002, pages 29-45.

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Persistent link: https://EconPapers.repec.org/RePEc:hhs:hastef:0356

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