| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27826 |
| 来源ID | Working Paper 27826 |
| Optimal Financial Transaction Taxes | |
| Eduardo Dávila | |
| 发表日期 | 2020-09-21 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper characterizes the optimal transaction tax in an equilibrium model of competitive financial markets. As long as investors hold heterogeneous beliefs that are not related to their fundamental trading motives and the planner calculates welfare using any single belief, a strictly positive tax is optimal, regardless of the magnitude of fundamental trading. Under some conditions, the optimal tax is independent of the belief used by the planner to calculate welfare. The optimal tax can be implemented by adjusting its value until observed total volume equals fundamental volume. Knowledge of i) the share of non-fundamental trading volume and ii) the semi-elasticity of trading volume to tax changes is sufficient to quantify the optimal tax. A calibration of the model consistent with empirically estimated volume semi-elasticities to tax changes and that features a 30% share of non-fundamental trading volume is associated with a 37bps optimal tax. |
| 主题 | Microeconomics ; Welfare and Collective Choice ; Financial Economics ; Financial Markets ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w27826 |
| 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/585498 |
| 推荐引用方式 GB/T 7714 | Eduardo Dávila. Optimal Financial Transaction Taxes. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27826.pdf（1212KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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