证券交易、税收和金融危机

ERN: Financial Crises (Monetary) (Topic) Pub Date : 2015-06-01 DOI:10.2139/ssrn.3149023

B. Carmichael, J. Gnagne, Kevin Moran

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引用次数: 2

摘要

本文评估了广泛征收证券交易税(STT)对系统性金融危机可能性的影响。我们将Demirguc-Kunt和Detragiache (1998) [IMF工作人员论文45(1)]开发的方法应用于34个经合组织国家的面板数据集，以1973年至2012年为样本，使用一个国家在金融市场上的平均买卖价差作为STT对交易成本可能影响的代理。我们的研究结果表明，STT的建立会大大增加金融危机的风险。

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Securities Transactions Taxes and Financial Crises

This paper assesses the impact that a widely-based Securities Transaction Tax (STT) could have on the likelihood of systemic financial crises. We apply the methodology developed by Demirguc-Kunt and Detragiache (1998) [IMF Staff Papers 45 (1)] to a panel dataset of 34 OECD countries for the sample 1973 – 2012, using a measure of a country’s average bid-ask spread in financial markets as a proxy for the likely effect of a STT on transactions costs. Our results indicate that the establishment of a STT could sizeably increase the risk of financial crises.

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ERN: Financial Crises (Monetary) (Topic)

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