Financial Transactions Tax : Panacea, Threat, or Damp Squib?

Attempts to raise a significant percentage of gross domestic product in revenue from a broad-based financial transactions tax are likely to fail both by raising much less revenue than expected and by generating far-reaching changes in economic beha...

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Main Authors:	Honohan, Patrick, Yoder, Sean
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ADMINISTRATIVE CONTROLS ADVANCED ECONOMIES ADVERSE EFFECTS ADVERSE SELECTION AMOUNT OF DEBT ARBITRAGE ASSET PRICE ASYMMETRIC INFORMATION BANK ACCOUNT BANK PAYMENTS BANK POLICY BANKING ASSETS BANKING MARKET BANKING SYSTEM BANKRUPTCY BASIS POINTS BOND BOND MARKET BONDS BOURSE BUSINESS OPPORTUNITY CAPITAL FLOWS CASH TRANSACTIONS CASH WITHDRAWALS CDS CENTRAL BANK CHECKING ACCOUNTS CHECKS CORPORATE BORROWERS CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CREDIT DERIVATIVES CREDIT MARKET CROSS-BORDER CAPITAL CURRENCY DEBIT CARD DEBT DEBT OBLIGATIONS DEBT OUTSTANDING DEFAULT RATES DEPOSIT DEPOSITOR DEPOSITS DERIVATIVE DERIVATIVE TRANSACTIONS DERIVATIVES DERIVATIVES MARKET DERIVATIVES MARKETS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPING ECONOMIES DEVELOPMENT FINANCE DIVIDEND E-MONEY ECONOMIC EFFICIENCY EQUILIBRIUM BEHAVIOR EQUILIBRIUM PRICES EQUITIES EQUITY MARKET EXCHANGE RATE EXCHANGE RATES EXPENDITURES FACE VALUE FINANCE PRODUCTS FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DERIVATIVE FINANCIAL DERIVATIVES FINANCIAL FLOWS FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL TRANSACTION FINANCIAL TRANSACTIONS FINANCIAL VOLATILITY FISCAL DEFICITS FLOATING RATES FLOW OF INFORMATION FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE TRANSACTIONS FUTURES GLOBAL CLIMATE GLOBAL FINANCE GLOBAL FINANCIAL CENTER GLOBALIZATION GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT POLICY GOVERNMENT REVENUE GROSS DOMESTIC PRODUCT HOST ECONOMIES ILLIQUIDITY INCENTIVE STRUCTURE INCENTIVE STRUCTURES INCOME INCOME TAX INDUSTRIAL COUNTRIES INFORMAL ECONOMIES INFORMATION SYSTEM INFORMED TRADERS INNOVATIVE FINANCING INSTRUMENT INSURANCE INSURANCE COMPANY INTEREST RATE INTEREST RATE DERIVATIVES INTEREST RATE FUTURES INTEREST RATE SWAPS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVENTORY ISSUANCE JURISDICTIONS LEVY LIQUID MARKET LIQUIDITY LOAN LOCAL CURRENCY LONG-TERM INTEREST LONG-TERM INTEREST RATE MARKET BEHAVIOR MARKET CONDITIONS MARKET FAILURE MARKET FAILURES MARKET MAKERS MARKET MANIPULATION MARKET MANIPULATIONS MARKET MICROSTRUCTURE MARKET STRUCTURE MARKET TRANSACTIONS MARKET VALUE MARKET VOLATILITY MARKET-MAKERS MATURITY MICROSTRUCTURE MONETARY FUND MONETARY POLICY MONEY LAUNDERING MORAL HAZARD MORTGAGE MORTGAGE CREDIT MORTGAGE-BACKED SECURITIES MORTGAGES OPTIMAL PORTFOLIO OUTSTANDING CREDIT OUTSTANDING STOCK PAYMENTS SYSTEM PAYMENTS SYSTEMS PORTFOLIO PORTFOLIOS PREMIUM PAYMENTS PRICE DISCOVERY PRICE VOLATILITY PRIMARY MARKET PRIVATE SECTOR DEVELOPMENT PUBLIC FINANCE RATE OF RETURN REGULATOR RESERVE RESERVE REQUIREMENTS RETURNS RISK MANAGEMENT SALE OF MORTGAGE SECONDARY MARKET SECONDARY MARKET TRADING SECURITIES SECURITIES MARKET SECURITIES MARKETS SECURITIES TRANSACTION SECURITIES TRANSACTIONS SETTLEMENT SETTLEMENT SYSTEMS SHARE PRICES SMALL COUNTRIES SOCIAL COSTS SOVEREIGN DEBT STAMP DUTY STOCK PRICES STOCK TRADE STOCKS SWAP MARKET TAX TAX CODE TAX POLICY TAX RATE TAX RATES TAX RULE TAX RULES TAX STRUCTURES TAX TREATMENT TRADES TRADING TRADING VOLUME TRANSACTION TRANSACTION COSTS TRANSACTIONS COSTS TRANSFER RISK TRANSPARENCY TREASURY TREASURY BILL TREASURY BILL RATES TURNOVER UNDERLYING ASSETS UNINFORMED INVESTORS VALUATION WHOLESALE FINANCIAL MARKET WITHDRAWAL
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100302153508 http://hdl.handle.net/10986/3715

id	okr-10986-3715
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ADMINISTRATIVE CONTROLS ADVANCED ECONOMIES ADVERSE EFFECTS ADVERSE SELECTION AMOUNT OF DEBT ARBITRAGE ASSET PRICE ASYMMETRIC INFORMATION BANK ACCOUNT BANK PAYMENTS BANK POLICY BANKING ASSETS BANKING MARKET BANKING SYSTEM BANKRUPTCY BASIS POINTS BOND BOND MARKET BONDS BOURSE BUSINESS OPPORTUNITY CAPITAL FLOWS CASH TRANSACTIONS CASH WITHDRAWALS CDS CENTRAL BANK CHECKING ACCOUNTS CHECKS CORPORATE BORROWERS CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CREDIT DERIVATIVES CREDIT MARKET CROSS-BORDER CAPITAL CURRENCY DEBIT CARD DEBT DEBT OBLIGATIONS DEBT OUTSTANDING DEFAULT RATES DEPOSIT DEPOSITOR DEPOSITS DERIVATIVE DERIVATIVE TRANSACTIONS DERIVATIVES DERIVATIVES MARKET DERIVATIVES MARKETS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPING ECONOMIES DEVELOPMENT FINANCE DIVIDEND E-MONEY ECONOMIC EFFICIENCY EQUILIBRIUM BEHAVIOR EQUILIBRIUM PRICES EQUITIES EQUITY MARKET EXCHANGE RATE EXCHANGE RATES EXPENDITURES FACE VALUE FINANCE PRODUCTS FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DERIVATIVE FINANCIAL DERIVATIVES FINANCIAL FLOWS FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL TRANSACTION FINANCIAL TRANSACTIONS FINANCIAL VOLATILITY FISCAL DEFICITS FLOATING RATES FLOW OF INFORMATION FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE TRANSACTIONS FUTURES GLOBAL CLIMATE GLOBAL FINANCE GLOBAL FINANCIAL CENTER GLOBALIZATION GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT POLICY GOVERNMENT REVENUE GROSS DOMESTIC PRODUCT HOST ECONOMIES ILLIQUIDITY INCENTIVE STRUCTURE INCENTIVE STRUCTURES INCOME INCOME TAX INDUSTRIAL COUNTRIES INFORMAL ECONOMIES INFORMATION SYSTEM INFORMED TRADERS INNOVATIVE FINANCING INSTRUMENT INSURANCE INSURANCE COMPANY INTEREST RATE INTEREST RATE DERIVATIVES INTEREST RATE FUTURES INTEREST RATE SWAPS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVENTORY ISSUANCE JURISDICTIONS LEVY LIQUID MARKET LIQUIDITY LOAN LOCAL CURRENCY LONG-TERM INTEREST LONG-TERM INTEREST RATE MARKET BEHAVIOR MARKET CONDITIONS MARKET FAILURE MARKET FAILURES MARKET MAKERS MARKET MANIPULATION MARKET MANIPULATIONS MARKET MICROSTRUCTURE MARKET STRUCTURE MARKET TRANSACTIONS MARKET VALUE MARKET VOLATILITY MARKET-MAKERS MATURITY MICROSTRUCTURE MONETARY FUND MONETARY POLICY MONEY LAUNDERING MORAL HAZARD MORTGAGE MORTGAGE CREDIT MORTGAGE-BACKED SECURITIES MORTGAGES OPTIMAL PORTFOLIO OUTSTANDING CREDIT OUTSTANDING STOCK PAYMENTS SYSTEM PAYMENTS SYSTEMS PORTFOLIO PORTFOLIOS PREMIUM PAYMENTS PRICE DISCOVERY PRICE VOLATILITY PRIMARY MARKET PRIVATE SECTOR DEVELOPMENT PUBLIC FINANCE RATE OF RETURN REGULATOR RESERVE RESERVE REQUIREMENTS RETURNS RISK MANAGEMENT SALE OF MORTGAGE SECONDARY MARKET SECONDARY MARKET TRADING SECURITIES SECURITIES MARKET SECURITIES MARKETS SECURITIES TRANSACTION SECURITIES TRANSACTIONS SETTLEMENT SETTLEMENT SYSTEMS SHARE PRICES SMALL COUNTRIES SOCIAL COSTS SOVEREIGN DEBT STAMP DUTY STOCK PRICES STOCK TRADE STOCKS SWAP MARKET TAX TAX CODE TAX POLICY TAX RATE TAX RATES TAX RULE TAX RULES TAX STRUCTURES TAX TREATMENT TRADES TRADING TRADING VOLUME TRANSACTION TRANSACTION COSTS TRANSACTIONS COSTS TRANSFER RISK TRANSPARENCY TREASURY TREASURY BILL TREASURY BILL RATES TURNOVER UNDERLYING ASSETS UNINFORMED INVESTORS VALUATION WHOLESALE FINANCIAL MARKET WITHDRAWAL
spellingShingle	ADMINISTRATIVE CONTROLS ADVANCED ECONOMIES ADVERSE EFFECTS ADVERSE SELECTION AMOUNT OF DEBT ARBITRAGE ASSET PRICE ASYMMETRIC INFORMATION BANK ACCOUNT BANK PAYMENTS BANK POLICY BANKING ASSETS BANKING MARKET BANKING SYSTEM BANKRUPTCY BASIS POINTS BOND BOND MARKET BONDS BOURSE BUSINESS OPPORTUNITY CAPITAL FLOWS CASH TRANSACTIONS CASH WITHDRAWALS CDS CENTRAL BANK CHECKING ACCOUNTS CHECKS CORPORATE BORROWERS CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CREDIT DERIVATIVES CREDIT MARKET CROSS-BORDER CAPITAL CURRENCY DEBIT CARD DEBT DEBT OBLIGATIONS DEBT OUTSTANDING DEFAULT RATES DEPOSIT DEPOSITOR DEPOSITS DERIVATIVE DERIVATIVE TRANSACTIONS DERIVATIVES DERIVATIVES MARKET DERIVATIVES MARKETS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPING ECONOMIES DEVELOPMENT FINANCE DIVIDEND E-MONEY ECONOMIC EFFICIENCY EQUILIBRIUM BEHAVIOR EQUILIBRIUM PRICES EQUITIES EQUITY MARKET EXCHANGE RATE EXCHANGE RATES EXPENDITURES FACE VALUE FINANCE PRODUCTS FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DERIVATIVE FINANCIAL DERIVATIVES FINANCIAL FLOWS FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL TRANSACTION FINANCIAL TRANSACTIONS FINANCIAL VOLATILITY FISCAL DEFICITS FLOATING RATES FLOW OF INFORMATION FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE TRANSACTIONS FUTURES GLOBAL CLIMATE GLOBAL FINANCE GLOBAL FINANCIAL CENTER GLOBALIZATION GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT POLICY GOVERNMENT REVENUE GROSS DOMESTIC PRODUCT HOST ECONOMIES ILLIQUIDITY INCENTIVE STRUCTURE INCENTIVE STRUCTURES INCOME INCOME TAX INDUSTRIAL COUNTRIES INFORMAL ECONOMIES INFORMATION SYSTEM INFORMED TRADERS INNOVATIVE FINANCING INSTRUMENT INSURANCE INSURANCE COMPANY INTEREST RATE INTEREST RATE DERIVATIVES INTEREST RATE FUTURES INTEREST RATE SWAPS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVENTORY ISSUANCE JURISDICTIONS LEVY LIQUID MARKET LIQUIDITY LOAN LOCAL CURRENCY LONG-TERM INTEREST LONG-TERM INTEREST RATE MARKET BEHAVIOR MARKET CONDITIONS MARKET FAILURE MARKET FAILURES MARKET MAKERS MARKET MANIPULATION MARKET MANIPULATIONS MARKET MICROSTRUCTURE MARKET STRUCTURE MARKET TRANSACTIONS MARKET VALUE MARKET VOLATILITY MARKET-MAKERS MATURITY MICROSTRUCTURE MONETARY FUND MONETARY POLICY MONEY LAUNDERING MORAL HAZARD MORTGAGE MORTGAGE CREDIT MORTGAGE-BACKED SECURITIES MORTGAGES OPTIMAL PORTFOLIO OUTSTANDING CREDIT OUTSTANDING STOCK PAYMENTS SYSTEM PAYMENTS SYSTEMS PORTFOLIO PORTFOLIOS PREMIUM PAYMENTS PRICE DISCOVERY PRICE VOLATILITY PRIMARY MARKET PRIVATE SECTOR DEVELOPMENT PUBLIC FINANCE RATE OF RETURN REGULATOR RESERVE RESERVE REQUIREMENTS RETURNS RISK MANAGEMENT SALE OF MORTGAGE SECONDARY MARKET SECONDARY MARKET TRADING SECURITIES SECURITIES MARKET SECURITIES MARKETS SECURITIES TRANSACTION SECURITIES TRANSACTIONS SETTLEMENT SETTLEMENT SYSTEMS SHARE PRICES SMALL COUNTRIES SOCIAL COSTS SOVEREIGN DEBT STAMP DUTY STOCK PRICES STOCK TRADE STOCKS SWAP MARKET TAX TAX CODE TAX POLICY TAX RATE TAX RATES TAX RULE TAX RULES TAX STRUCTURES TAX TREATMENT TRADES TRADING TRADING VOLUME TRANSACTION TRANSACTION COSTS TRANSACTIONS COSTS TRANSFER RISK TRANSPARENCY TREASURY TREASURY BILL TREASURY BILL RATES TURNOVER UNDERLYING ASSETS UNINFORMED INVESTORS VALUATION WHOLESALE FINANCIAL MARKET WITHDRAWAL Honohan, Patrick Yoder, Sean Financial Transactions Tax : Panacea, Threat, or Damp Squib?
geographic_facet	The World Region The World Region
relation	Policy Research working paper ; no. WPS 5230
description	Attempts to raise a significant percentage of gross domestic product in revenue from a broad-based financial transactions tax are likely to fail both by raising much less revenue than expected and by generating far-reaching changes in economic behavior. Although the side-effects would include a sizable restructuring of financial sector activity, this would not occur in ways corrective of the particular forms of financial overtrading that were most conspicuous in contributing to the crisis.
format	Publications & Research :: Policy Research Working Paper
author	Honohan, Patrick Yoder, Sean
author_facet	Honohan, Patrick Yoder, Sean
author_sort	Honohan, Patrick
title	Financial Transactions Tax : Panacea, Threat, or Damp Squib?
title_short	Financial Transactions Tax : Panacea, Threat, or Damp Squib?
title_full	Financial Transactions Tax : Panacea, Threat, or Damp Squib?
title_fullStr	Financial Transactions Tax : Panacea, Threat, or Damp Squib?
title_full_unstemmed	Financial Transactions Tax : Panacea, Threat, or Damp Squib?
title_sort	financial transactions tax : panacea, threat, or damp squib?
publishDate	2012
url	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100302153508 http://hdl.handle.net/10986/3715
_version_	1764387960985223168
spelling	okr-10986-37152021-04-23T14:02:12Z Financial Transactions Tax : Panacea, Threat, or Damp Squib? Honohan, Patrick Yoder, Sean ADMINISTRATIVE CONTROLS ADVANCED ECONOMIES ADVERSE EFFECTS ADVERSE SELECTION AMOUNT OF DEBT ARBITRAGE ASSET PRICE ASYMMETRIC INFORMATION BANK ACCOUNT BANK PAYMENTS BANK POLICY BANKING ASSETS BANKING MARKET BANKING SYSTEM BANKRUPTCY BASIS POINTS BOND BOND MARKET BONDS BOURSE BUSINESS OPPORTUNITY CAPITAL FLOWS CASH TRANSACTIONS CASH WITHDRAWALS CDS CENTRAL BANK CHECKING ACCOUNTS CHECKS CORPORATE BORROWERS CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CREDIT DERIVATIVES CREDIT MARKET CROSS-BORDER CAPITAL CURRENCY DEBIT CARD DEBT DEBT OBLIGATIONS DEBT OUTSTANDING DEFAULT RATES DEPOSIT DEPOSITOR DEPOSITS DERIVATIVE DERIVATIVE TRANSACTIONS DERIVATIVES DERIVATIVES MARKET DERIVATIVES MARKETS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPING ECONOMIES DEVELOPMENT FINANCE DIVIDEND E-MONEY ECONOMIC EFFICIENCY EQUILIBRIUM BEHAVIOR EQUILIBRIUM PRICES EQUITIES EQUITY MARKET EXCHANGE RATE EXCHANGE RATES EXPENDITURES FACE VALUE FINANCE PRODUCTS FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DERIVATIVE FINANCIAL DERIVATIVES FINANCIAL FLOWS FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL TRANSACTION FINANCIAL TRANSACTIONS FINANCIAL VOLATILITY FISCAL DEFICITS FLOATING RATES FLOW OF INFORMATION FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE TRANSACTIONS FUTURES GLOBAL CLIMATE GLOBAL FINANCE GLOBAL FINANCIAL CENTER GLOBALIZATION GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT POLICY GOVERNMENT REVENUE GROSS DOMESTIC PRODUCT HOST ECONOMIES ILLIQUIDITY INCENTIVE STRUCTURE INCENTIVE STRUCTURES INCOME INCOME TAX INDUSTRIAL COUNTRIES INFORMAL ECONOMIES INFORMATION SYSTEM INFORMED TRADERS INNOVATIVE FINANCING INSTRUMENT INSURANCE INSURANCE COMPANY INTEREST RATE INTEREST RATE DERIVATIVES INTEREST RATE FUTURES INTEREST RATE SWAPS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVENTORY ISSUANCE JURISDICTIONS LEVY LIQUID MARKET LIQUIDITY LOAN LOCAL CURRENCY LONG-TERM INTEREST LONG-TERM INTEREST RATE MARKET BEHAVIOR MARKET CONDITIONS MARKET FAILURE MARKET FAILURES MARKET MAKERS MARKET MANIPULATION MARKET MANIPULATIONS MARKET MICROSTRUCTURE MARKET STRUCTURE MARKET TRANSACTIONS MARKET VALUE MARKET VOLATILITY MARKET-MAKERS MATURITY MICROSTRUCTURE MONETARY FUND MONETARY POLICY MONEY LAUNDERING MORAL HAZARD MORTGAGE MORTGAGE CREDIT MORTGAGE-BACKED SECURITIES MORTGAGES OPTIMAL PORTFOLIO OUTSTANDING CREDIT OUTSTANDING STOCK PAYMENTS SYSTEM PAYMENTS SYSTEMS PORTFOLIO PORTFOLIOS PREMIUM PAYMENTS PRICE DISCOVERY PRICE VOLATILITY PRIMARY MARKET PRIVATE SECTOR DEVELOPMENT PUBLIC FINANCE RATE OF RETURN REGULATOR RESERVE RESERVE REQUIREMENTS RETURNS RISK MANAGEMENT SALE OF MORTGAGE SECONDARY MARKET SECONDARY MARKET TRADING SECURITIES SECURITIES MARKET SECURITIES MARKETS SECURITIES TRANSACTION SECURITIES TRANSACTIONS SETTLEMENT SETTLEMENT SYSTEMS SHARE PRICES SMALL COUNTRIES SOCIAL COSTS SOVEREIGN DEBT STAMP DUTY STOCK PRICES STOCK TRADE STOCKS SWAP MARKET TAX TAX CODE TAX POLICY TAX RATE TAX RATES TAX RULE TAX RULES TAX STRUCTURES TAX TREATMENT TRADES TRADING TRADING VOLUME TRANSACTION TRANSACTION COSTS TRANSACTIONS COSTS TRANSFER RISK TRANSPARENCY TREASURY TREASURY BILL TREASURY BILL RATES TURNOVER UNDERLYING ASSETS UNINFORMED INVESTORS VALUATION WHOLESALE FINANCIAL MARKET WITHDRAWAL Attempts to raise a significant percentage of gross domestic product in revenue from a broad-based financial transactions tax are likely to fail both by raising much less revenue than expected and by generating far-reaching changes in economic behavior. Although the side-effects would include a sizable restructuring of financial sector activity, this would not occur in ways corrective of the particular forms of financial overtrading that were most conspicuous in contributing to the crisis. 2012-03-19T18:38:25Z 2012-03-19T18:38:25Z 2010-03-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100302153508 http://hdl.handle.net/10986/3715 English Policy Research working paper ; no. WPS 5230 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper The World Region The World Region

Financial Transactions Tax : Panacea, Threat, or Damp Squib?

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