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Optimal Financial Transaction Taxes
This paper characterizes the optimal transaction tax in an equilibrium model of financial markets. If investors hold heterogeneous beliefs unrelated to their fundamental trading motives and the planner calculates welfare using any single belief, a positive tax is optimal, regardless of the magnitude of fundamental trading. Under some conditions, the optimal tax is independent of the planner's belief. The optimal tax can be implemented by adjusting its value until total volume equals fundamental volume. Knowledge of (i) the share of nonfundamental trading volume and (ii) the semielasticity of trading volume to tax changes is sufficient to quantify the optimal tax.
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| PSB lt.1 - Pusat Data Ekonomi & Bisnis (Koleksi Majalah) | 1 |
| Penerbit | USA: The American Finance Asoociation 2023 |
|---|---|
| Edisi | Volume 78, Issue 1, February 2023, Pages 5-61 |
| Subjek | Financial markets Financial Transaction Taxes Optimal Tax Taxing Financial Transaction |
| ISBN/ISSN | 1540-6261 |
| Klasifikasi | NONE |
| Deskripsi Fisik | First Published : 07 November 2022 |
| Info Detail Spesifik | The Journal of Finance |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas |