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This paper examines the relationship between financial regulation and the current account in an intertemporal model of … the current account where financial regulation affects the current account through liquidity constraints. Greater … liquidity constraints decrease the size and persistence of the current account response to a net output shock. The theory is …
Persistent link: https://www.econbiz.de/10014396600
This paper argues that securities transaction taxes ""throw sand"" not in the wheels, but into the engine of financial markets where the transformation of latent demands into realized transactions takes place. The paper considers the impact of transaction taxes on financial markets in the...
Persistent link: https://www.econbiz.de/10014403612
Tobin has suggested that exchange rate volatility be controlled through a tax on international financial transactions. This analysis shows that the Tobin tax as a pure transaction tax is not viable. The tax would impair financial operations and create international liquidity problems. It is also...
Persistent link: https://www.econbiz.de/10014398137
Financial transactions taxes have recently gained attention as a possible means to influence the behavior of financial markets and to reduce destabilizing capital flows. One variation is a tax on all foreign currency conversions, often termed a “Tobin tax.” This paper suggests that these...
Persistent link: https://www.econbiz.de/10014398239
This paper examines how a country’s exchange rate policy should be adjusted when the degree of integration between domestic and external financial markets increases as a result of both domestic financial liberalization and the relaxation of capital controls. As the financial structure is...
Persistent link: https://www.econbiz.de/10014396254
Persistent link: https://www.econbiz.de/10009486194
excesses. This paper reviews existing theory and evidence on the efficacy of an FTT in fulfilling those tasks, on its potential …
Persistent link: https://www.econbiz.de/10014402205
This paper investigates the extent to which financial markets in the Pacific Basin Region have become more integrated, by analyzing the comovements of real interest rates. The paper uses cointegration and error correction models and draws inferences on the degree of capital market integration by...
Persistent link: https://www.econbiz.de/10014397776
Recent financial crises including the ongoing one caused by the COVID-19 pandemic have consistently drawn attention to the need to strengthen the quality of public debt management in emerging markets and developing countries. Deeper and more efficient domestic government debt markets-being, a...
Persistent link: https://www.econbiz.de/10012392641
Back in 2009, G-20 leaders have called for all standardized over-the-counter (OTC) derivatives to be cleared through central counterparties (CCPs). By now, 18 of the 24 Financial Stability Board (FSB) member jurisdictions have provided for mandatory central clearing frameworks in place, covering...
Persistent link: https://www.econbiz.de/10013170536