| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19400 |
| 来源ID | Working Paper 19400 |
| Speculative Investors and Tobin's Tax in the Housing Market | |
| Yuming Fu; Wenlan Qian; Bernard Yeung | |
| 发表日期 | 2013-09-05 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper examines the impact of a policy change in Tobin's tax on housing market speculators. The policy intervention effectively raised the transaction cost in the market segment with a high presence of speculators. Relative to the unaffected control sample, we find that the rise in transaction cost substantially reduced speculative trading activities in the treatment sample. However, it significantly raised its price volatility and reduced the price informativeness. We further show that the unintended consequences are likely due to a relatively greater withdrawal by informed speculators than by destabilizing speculators after the transaction cost increase. |
| 主题 | Macroeconomics ; Business Cycles ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w19400 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577075 |
| 推荐引用方式 GB/T 7714 | Yuming Fu,Wenlan Qian,Bernard Yeung. Speculative Investors and Tobin's Tax in the Housing Market. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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