The Tobin Tax: Coping with Financial Volatility

Hardcover | April 30, 1999

EditorMahbub Ul Haq, Inge Kaul, Isabelle Grunberg

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In his 1972 Janeway Lectures at Princeton, James Tobin, the 1981 Nobel Prize winner for economics, submitted a proposal for a levy on international currency transactions. The idea was not greeted with enthusiasm, as the 1970s were a period of optimism and confidence in floating exchange rages.Yet, whenever currency crises erupted during the past decades, the proposal for a levy on international currency transactions would once again arise. In the 1990s, two additional facts have sharpened interest in the Tobin tax proposal. First is the growing volume of foreign exchange trading. Second,interest is coming not only from policymakers and experts concerned with the smooth functioning of financial markets. It is shared by those concerned with public financing of development--the fiscal crisis of the state as well as the growing need for international cooperation on problems such as theenvironment, poverty, peace and security.This work makes a systematic analysis of the proposal for a foreign exchange transactions levy. Its chapters examine the economic desirability of such a levy, its technical and political feasibility, its revenue potential, the possible uses of that revenue, and related administrative andinstitutional aspects.

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In his 1972 Janeway Lectures at Princeton, James Tobin, the 1981 Nobel Prize winner for economics, submitted a proposal for a levy on international currency transactions. The idea was not greeted with enthusiasm, as the 1970s were a period of optimism and confidence in floating exchange rages.Yet, whenever currency crises erupted durin...

Mahbub ul Haq is at Human Development Center, Islamabad. Inge Kaul is at United Nations Development Programme, NY.

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Format:HardcoverDimensions:336 pages, 9.57 × 6.38 × 1.06 inPublished:April 30, 1999Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:019511180X

ISBN - 13:9780195111804

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"The Tobin Tax is a superb overview of the issues surrounding the management of FX markets in an era when the speculative pressures in such markets are large and growing. ..Given the breadth of the perspectives and the quality of the essays, this book will be essential reading for anyoneinterested in the management of the world's FX markets, independent of their positions on any of the specific proposals."--Journal of Economic Issues