Seit einigen Jahrzehnten verschiebt sich das Kräfteverhältnis zwischen Finanz- und Realwirtschaft zugunsten der Finanzwirtschaft. Angesichts der finanzwirtschaftlichen Krisen des 21. Jahrhunderts wird die Dominanz dieses Wirtschaftssektors aber problematisiert. Stimmen aus Politik, Theologie...

This paper investigates the relationship among transaction taxes, high-frequency trading (HFT), and market quality. We use the agent-based modeling (ABM) approach to dynamically assess the impact of transaction taxes on market quality with and without high-frequency trading. Preliminary tests...

Mobile money has become a central digital alternative to traditional banking in developing countries, yet several African governments have introduced taxes on mobile money transactions. We develop a model that characterizes how such taxes affect payment choices and generate excess burden. The...

Property transaction taxes-also known as stamp duty-are widely viewed as an inefficient form of taxation. In this paper, we examine the welfare implications of removing stamp duty in a general equilibrium overlapping generation model with heterogeneous agents. Our model features an idiosyncratic...

In recent years, UK housing policy has sought to restrict investment behaviour and increase the homeownership rate. This paper contributes to the literature by estimating the effect of a 3% additional transaction tax, known as stamp duty land tax (SDLT), on the Buy-to-Let (BTL) market in the UK....

This paper evaluates the effect of the introduction of the ITF on Spanish shares in secondary markets, focusing on the potential costs. For this purpose, it considers several dimensions of liquidity (measured through the bid-ask spread and the Amihud ratio), volatility (both intraday and...

Exchange ownership in the U.S. is often characterized as excessively concentrated. This leads to a concern that such concentration may prevent peripheral exchanges from mitigating adverse selection costs associated with low-latency arbitrage. We examine this concern using low-latency...

"The financial crisis of 2008 renewed interest in implementing a financial transaction tax on a global scale. As no consensus was reached, in 2011, the European Union suggested imposing a European Union financial transaction tax (EU FTT). - The publication discusses this original EU concept of...

Financial markets channel savings to productive investments and provide insurance against liquidity shocks. We analyze the optimal taxation of these two activities when the government cannot directly observe agents' endowments and consumption, but only their financial markets investments and...

We investigate the impact of the French 2012 financial transaction tax on trading activity, volatility, and price efficiency measured by first-order autocorrelation. We extend empirical research by analysing anticipation and reallocation effects. In addition, we consider measures for long-run...

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...

Financial Markets have undoubtedly played a crucial role in the economic development and technological growth the world has experienced over the last century. The availability of liquid markets greatly facilitates the opportunities of raising capital and risk sharing, allowing the financing of...

The promotion of both market fairness and efficiency has long been a goal of securities market regulators worldwide. Accelerated digital disruption and abusive trading behaviors, such as the GameStop mania, prompt regulatory changes. It is unclear how this "democratization" of trading power...

In this paper, I develop an overlapping generations model to analyze the effects of property transfer taxes on homeownership, residential mobility, and welfare in the Netherlands. A revenue-neutral abolition of the 2% transfer tax increases the likelihood that homeowners sell their old house and...

We develop a new methodology to estimate the impact of a financial transaction tax (FTT) on financial market outcomes. In our sequential trading model, there are price-elastic noise and informed traders. We estimate the model through maximum likelihood for a sample of sixty New York Stock...

House prices have increased faster than average income in many countries over the last decade, raising concerns on the affordability of housing. We study the impact of transaction taxes on the real estate market and the effectiveness of tax subsidies to make housing more affordable. We show how...

In 1971, after the demise of the international monetary system, the so-called Bretton Woods system that ensured semi-fixed exchange rates thanks to capital controls, James Tobin conceived his now famous “Tobin tax”. Since then, some supporters of his original proposal have introduced some...

We study the relation between order imbalance and past returns and firm characteristics and test a number of hypothesis including the disposition effect, momentum and contrarian trading, tax-loss selling and flight-to-quality hypothesis. These hypotheses make predictions about investors' buy or...

We exploit staggered real estate transaction tax (RETT) hikes across German states to identify the effect of house price changes on mortgage credit supply. Based on approximately 33 million real estate online listings, we construct a quarterly hedonic house price index (HPI) between 2008:q1 and...

Why it won't work and will damage the economyExecutive summaryThere is strong economic evidence that the proposed Financial Transactions Tax (FTT) would not increase the amount of tax revenue collected by governments. In fact it would reduce total tax revenue by shrinking the economy.Workers and...

The implementation of a financial transaction tax has been the subject of debate for many years. Countries all across the globe have enacted various types of this tax and have seen different results depending upon factors such as the rate and the types of financial instruments affected by it....

Property transaction taxes - also known as stamp duty - are widely viewed as an inefficient form of taxation. In this paper, we examine the welfare implications of removing stamp duty in a general equilibrium overlapping generation model with heterogeneous agents. Our model features an...

Nach einem aktuellen deutsch-französischen Vorschlag soll in 10 EU-Ländern, inklusive Deutschlands, eine Finanzmarkttransaktionssteuer (FTS) mit einem Steuersatz von 0,2% beim Kauf von Wertpapieren eingeführt werden und auf Aktien großer Unternehmen beschränkt sein. Die Autoren vergleichen...

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...

The paper integrates the theories of market micro structure, contagion and market illiquidity to discover the behavioural and market outcomes in responding to the Seller's Stamp Duty (SSD) implemented by the government of Singapore to curb the exuberating behaviour in the housing markets. Using...

We study the effect of trading costs on information aggregation and acquisition in financial markets. For a given precision of investors' private information, an irrelevance result emerges when investors are ex-ante identical: price informativeness is independent of the level of trading costs....

In 2011, the European Commission presented its proposal for an EU financial transaction tax (FTT). This article analyzes the recent developments as regards the approval of that EU FTT, and the main concerns that the proposed tax gives rise to, considering in particular its characteristics as a...

We study the impact of a financial transaction tax (FTT) in a model that combines asset trade and real investment. An informed trader holds private information about the fundamental value of a firm and the firm's manager relies on the asset price to infer such information and invest accordingly....