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gr

2011

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ISSN 1792-5193

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policy brief

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1.
2.
3.
4.
5.
6.
7.
8.
9.

TOBIN





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Tobin.
James Tobin , 1970,

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European Parliament) (European Banking
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policy brief

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2011

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1.

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3. Tobin

Tobin

. Tobin
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- currency futures,

- currency options,
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Keynes 1936.

www.istame.gr

2011

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1970,
Bretton Woods
,
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Bretton Woods
, 1972 o James Tobin, 1
,
(spot conversions)

.
, 0,5% - 1%,
, (short-run trading)

(long-term capital
engagements). , .

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1. Two Cases of Throwing Sand in the Wheels of
International Finance, B. Eichengreen, J. Tobin, C.
Wyplosz, 1995

.

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Tobin
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1971

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James Tobin,


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policy brief

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2011

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.


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2000, Tobin -

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tax)
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2004, (Tobin tax)
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).
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.
(bank tax)
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Financial Stability Contribution (FSC).

Tobin


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2009, Pittsburgh, G-20

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()




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(FTT Financial Transactions
Tax) , ,
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Activities Tax, FAT).

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Duty Reserve Tax - SDRT)
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Stamp Duty

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Stamp Duty
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- SDRT. SDRT
40%

.. . ,


CREST
Stamp Duty Reserve Tax SDRT.

policy brief

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(1984 1991)
,

1994,
0,5% (Financial transaction tax on equities
securities, fixed income securities and financial
derivatives). ,
1%.
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policy brief

11

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effect on tax).
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16

policy brief

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5. The Telegraph, Joseph Stiglitz calls for
Tobin tax on all financial trading transactions, 5
Oct. 2009 http://www.telegraph.co.uk/finance/
financialcrisis/6262242/Joseph-Stiglitzcalls-for-Tobin-tax-on-all-financial-tradingtransactions.html

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policy brief

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Keynes
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policy brief

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140% 130%
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6.

6. Taxation of the Financial Sector, Communication

from the Commission to the European Parliament,
the Council, the European Economic and Social
Committee and the Committee of the Regions,
SEC(2010) 1166, Brussels, 07.10.2010 http://
ec.europa.eu/taxation_customs/resources/
documents/taxation/sec_2010_1166_en.pdf

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policy brief

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Policy Brief .

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Baker, D., Responses to Criticism of Taxes on Financial Speculation, Center for

Economic and Policy Research (CEPR), January 2010
Baker, D., The Benefits of a Financial Transactions Tax, Center for Economic and
Policy Research (CEPR), December 2008
Baker, D., The Deficit - Reducing Potential of a Financial Speculation Tax, Center for
Economic and Policy Research (CEPR), January 2011
Basel Committee on Banking and Supervision, Basel III: International framework for
liquidity risk measurement, standards and monitoring, December 2010 (rev June 2011)
Basel Committee on Banking and Supervision, International Convergence of Capital
Measurement and Capital Standards, A Revised Framework Comprehensive Version, June
2006
Bloomberg Businessweek, Brazil May Reinstate Financial Transaction Tax, Feb. 9,
2011
Bloomberg, Brazilian Opposition Lawmakers Reject Proposed New CPMF for Health
Care, Nov. 5, 2010
Brondolo, J. D., IMF Working Paper, Taxing Financial Transactions: An Assessment of
Administrative Feasibility, August 2011
Brunnermeier, M., Petdersen, L. H., Market Liquidity and Funding Liquidity, Review of
Financial Studies, Oxford University Press, 2008
Eichengreen, Barry, Tobin James, Wyplosz, Charles. Two cases for Sand in the Wheels
of International Finance, The Economic Journal, Volume 105, Issue 428, Jan 1995
European Banking Federation, EBF Comments on the European Commissions Consultation
Paper on Financial Sector Taxation, EBF Ref: D0706B, 19 April 2011
European Central Bank, Opinion of the Proposal of the Belgian Ministry of Finance
on the Draft Law introducing a tax on exchange operations involving foreign exchange,
banknotes and currency, CON/2004/34, Nov. 4, 2004
European Commission, Communication from the Commission to the European Parliament,
the Council, the European Economic and Social Committee and the Committee of the Regions,
Taxation of the Financial Sector, COM(2010) 549/final, SEC(2010) 1166, Brussels
European Commission, DG TAXUD, Taxation Trends in the European Union, 2011
Edition
European Commission, Innovative Financing at a Global Level, SEC(2010) 409, April
2010
European Commission, Taxes in Europe Database (TEDB) - Tax reforms database
(TAXREF) http://ec.europa.eu/taxation_customs/taxation/gen_info/info_docs/tax_inventory/index_
en.htm
European Economic and Social Committee, OPINION on the Communication from the
European Commission to the European Parliament, the Council, the European Economic and
Social Committee and the Committee of the Regions on Taxation of the Financial Sector
COM(2010) 549 final, ECO/284 CESE 121/2011 fin, 7 June 2011
policy brief

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European Parliament, Committee on Economic and Monetary Affairs, Draft Report,
2010/2105(INI), 20 Oct. 2010
Frankel, J., How well do foreign exchange markets function: Might a Tobin tax help?,
National Bureau of Economic Research, WP 5422, January 1996
Guardian, The Cost of Business on Wall Street, April 27, 2009
HM Treasury, Stamp Tax Handbook, 2010
IDS In Focus, Tackling Instability in Financial Markets with Panic Tax, Ministerial
Briefing, June 2010
IMF, A fair and Substantial Contribution by the Financial Sector, Final Report for the
G-20, June 2010
International Monetary Fund, Financial Sector Taxation, The IMFs Report to the G-20
and Background Material, September 2010
International Monetary Fund, Taxing Financial Transactions: An Assessment of
Administrative Feasibility, WP/11/185, August 2011
International Monetary Fund, Taxing Financial Transactions: Issues and Evidence,
WP/11/54, March 2011
Keynes, J. M., General Theory of Employment, Interest Rates and Money, Harcourt,
Brace and Company, New York, 1936
KPMG, International Tax Brazil, International Corporate Tax, December 2007
Matheson, Thornton IMF Working Paper, Taxing Financial Transactions, WP/11/54,
March 2011
McCulloch, N., Pacillo, G., The Tobin Tax A Review of the Evidence, Institute of
Development Studies, University of Sussex, June 2010
Maulle, M., The Basel III Agreement: A Critical Survey, Foundation for European
Progressive Studies - FEPS, 11 May 2010
Mende, A., Menkhoff L., Tobin Tax Effects Seen from the Foreign Exchange Markets
Microstructure, Discussion Paper, University of Hannover, January 2003
Mishkin, F., The Economics of Money, Banking, and Financial Markets, 2nd Edition
NY Times, Taxing the Speculators, November 27, 2009
Reinhart, C., Rogoff, K., This Time is Different: A Panoramic View of Eight Centuries
of Financial Folly, Princeton University Press, 2009
Schmidt, R., The Benefits of Financial Transactions Taxes, Statement to the
Bundestag, May 17, 2010
Schmidt, R., Is the Tobin Tax Practicable?, International Development Research
Center, June 2000
Schmidt, R., Notes on the Feasibility and Impact of a general Financial Transactions
Tax, Civil Society Consultation with the IMF, The North South Institute, January 2010
Schmidt, R., The Currency Transaction Tax: Rate and Revenue Estimates, United
Nations University Press, 2008
Spahn, P. ., International Financial Flows and Transaction Taxes: Survey and
Options, IMF Working Paper, WP/95/60, 1995
Stotsky, J. G., Why a Two Tier Tobin Tax Wont Work, Finance and Development,
June 1996

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Tax-News.com, Austria Backs Financial Transactions Tax, Brussels, Feb. 2, 2011
The Independent, Sarkozy Lays out Plan for Moral Reforms of Global Money Markets,
Jan. 25, 2011
Tobin, James. A Proposal for International Monetary Reform, Eastern Economic
Journal, vol. 4, pp 153 159, 1978
Wall Street Journal, Germany, France to Push EU for Financial Transaction Tax, July
2, 2010

, ., , . (), , E
, , 2011
,
(2010/2105(INI)), 7-0036/2011, 10/02/2011

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policy brief

.
T () . . ,
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.

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Berkeley
() Cranfield . .

. . 2010
. ,
.

-
4, 10671,
. 210.3631745-8
Fax: 210.3625616
e-mail: info@istame.gr
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ISSN 1792-5193
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