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DEBATING THE TOBIN TAX
The
New Rules for Global Finance Coalition is proud to announce the
publication of a volume of financial policy research. This book, the
second in a series, explores the argument for and against one of the most
provocative policy proposals in the international economic policy arena
– the Tobin Tax. The tax proposal, named for the late Noble
Laureate and Yale University professor James Tobin, would impose a small
tax on transactions in foreign currency and possibly a broader array of
financial instruments.
The New Rules
for Global Finance Coalition organized a conference in January of 2003
to discuss the desirability and feasibility of imposing a transaction
tax on foreign currency and various other financial instruments. The
purpose of the conference was to clarify the issues raised by the policy
proposal and invite NGOs, scholars and interested individuals to explore
possible points of consensus. The conference opened with a debate that
covered the entire range of issues, and then followed up with sessions
that addressed specific key issues such as the feasibility of
implementing the tax and the effectiveness of the tax in achieving
greater stability in financial markets. This book is a collection of the
conference papers and presentations plus two primers designed to
introduce people to the Tobin tax and the issues it raises.
CONTENTS
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Introduction,
James Weaver
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The Economic
Case for the Tobin Tax, Thomas I. Palley
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Lessons for
Tobin Tax Advocates: The Politics of Policy and the Economics of Market
Micro-structure, Randall Dodd
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How Can a
Currency Transaction Tax Stabilize, Foreign Exchange Markets?, Bruno Jetin
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Securities
Transaction Taxes and Financial Markets, Karl Habermeier and Andrei
Kirilenko
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Currency
Transactions Taxes: A Brief Assessment of Opportunities and Limitations,
Ilene Grabel
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Tobin Taxes:
Are They Enforceable? Dean Baker
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Overcoming
the Tobin Tax’s Implementation Problems: Tax Cross-Border Capital Flows,
Not Currency Exchanges, Howell H. Zee
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Applying a
Securities Transactions Tax to the US: Design Issues, Market Impact,
Revenue Estimates, Robert Pollin
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Understanding the Silence Amid Turmoil: The Tobin Tax and East Asia,
Young-Chul Kim
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Where Do We
Go From Here? Jo Marie Griesgraber
Appendix
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Primer on
Tobin Taxes
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Primer:
Transactions Taxes, or the Tobin Tax
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New Rules for
Global Finance Coalition
Useful links for
the Publication
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