کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
884675 912408 2008 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Using an artificial financial market for assessing the impact of Tobin-like transaction taxes
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Using an artificial financial market for assessing the impact of Tobin-like transaction taxes
چکیده انگلیسی

The Tobin tax is a solution proposed by many economists for limiting the speculation in foreign exchange and stock markets and for making these markets stabler. In this paper we present a study on the effects of a transaction tax on one and on two related markets, using an artificial financial market based on heterogeneous agents.The microstructure of the market is composed of four kinds of traders: random traders, fundamentalists, momentum traders and contrarians, and the resources allocated to them are limited. In each market it is possible to levy a transaction tax. In the case of two markets, each trader can choose in which market to trade, and an attraction function is defined that drives their choice based on perceived profitability. We performed extensive simulations and found that the tax actually increases volatility and decreases trading volumes. These findings are discussed in the paper.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Behavior & Organization - Volume 67, Issue 2, August 2008, Pages 445–462
نویسندگان
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