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| Author: | Habermeier, K. Kirilenko, A.A. |
| Title: | Securities transaction taxes and financial markets |
| Journal: | IMF Staff papers
2003 : VOL. 50: Special issue, p. 165-180 |
| Index terms: | Financial markets Taxation Transaction costs |
| Language: | eng |
| Abstract: | The impact of transaction taxes on financial markets is considered in the context of four questions: 1) how important is trading? 2) what causes price volatility? 3) how are prices formed? 4) how valuable is the volume of transactions? It is argued that securities transaction taxes "throw sand" not in the wheels, but into the engine of financial markets by drawing on the literature on market microstructure, asset pricing, rational expectations and international finance. |
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