Stabilizing the International Financial System and Financing Development: An Analysis of the Tobin Tax

Edoardo Raviol ()
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Edoardo Raviol: University of Bologna (Italy)

No 90, Vassar College Department of Economics Working Paper Series from Vassar College Department of Economics

Abstract: This paper analyzes the feasibility of an international tax on currency transaction, also known as “Tobin Tax”, from an economic and juridical point of view. The claim that such a tax would curb short term speculators, thus stabilizing the foreign exchange market, is discussed. Moreover, the potential revenues of such a tax are evaluated, along with some possible needs these revenues could address: financing developing and the attainment of the Millennium Development Goals, and global public goods. Part one focuses on the thirty-year-old academic debate sparked by James Tobin's proposal; part two describes the features of an hypothetical Currency Transaction Tax (CTT), while part three analyzes how a CTT could be implemented both within the European Union framework, or more generally through an ad hoc international organization.

Date: 2007-12
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