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Copyright © Cambridge Political Economy Society

article-commentary

How many cheers for the Tobin transactions tax?

Philip Arestis and Malcolm Sawyer

University of East London
University of Leeds

Abstract

This paper seeks to evaluate the strength of the case for a financial transactions tax, judged against the three rationales which have been proposed for such a tax: the excessive volume of short-term foreign exchange transactions and their effects on exchange rate volatility; the revenue-raising potential of the tax; and the possible enhancement of the autonomy of national economic policy to which it might lead.

Manuscript received November 25, 1996; final version received April 28, 1997.


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