MODELING THE ADDITIONAL TAXATION IMPACT ON THE FINANCIAL INSTRUMENTS PRICING
https://doi.org/10.26425/1816-4277-2018-10-145-150
Abstract
The tax on financial transactions as an instrument to restrict the level of speculative trading has considered. A mathematical model in which one of the factors influenced on a financial instrument price is the tax rate on financial transactions, - has proposed. The hypothesis that the additional tax on transactions with financial instruments reduces e speculative activity level by reducing the price volatility has tested. The introduction of a tax even at a small rate helps to reduce the financial instruments prices volatility has revealed.
About the Author
S. Kamalov
Финансовый университет при Правительстве Российской Федерации
Russian Federation
Russian Federation
References
1. Baker D., Pollin R., McArthur T., Sherman M, The Potential Revenue from Financial Transactions Taxes, Joint Working Paper, 2009, I. 212. Center For Economic and Policy Research, Washington, DC, and Political Economy Research Institute, Amherst, MA, pp. 34-58.
2. Burman L.E., Gale W. G., Gault S., Kim B., Nunns J., Rosenthal S. Financial transaction taxes in theory and practice. National Tax Journal, March 2016, T. 69 (1), pp. 171-216.
3. Chou R., Wang G. Transaction Tax and Market Quality of the Taiwan Stock Index Futures, Journal of futures markets, 2006, 26 (12), pp. 1 195-1 216.
4. Deng Y., Liu X., Wei Sh.-J. One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility? NBER Working Paper, 2014, I. 19 974. National Bureau of Economic Research, Cambridge, MA, pp. 89-117.
5. European Commission. Impact Assessment: Proposal for a Council Directive Implementing Enhanced Cooperation in the Area of Financial Transaction Tax, Analysis of Policy Options and Impacts, Working Document 28. European Commission, Brussels, Belgium, 2013, pp. 1 118-1 137.
6. Habermeier, K., Kirilenko, A. Securities transaction taxes and financial markets. IMF Staff Papers, 2003, vol. 50, pp. 65-180.
7. Kupiec P. Noise traders, excess volatility, and a securities transactions tax, Journal of financial services research, 1996, I. 10, pp. 115-129.
8. Lanne M., Vesala T. The effect of a transaction tax on exchange rate volatility, International Journal of Finance & Economics, 2010, vol. 15(2), pp. 123-133.
9. Liu S. Securities transaction tax and market efficiency: evidence from the japanese experience, Journal of Financial Services Research, 2007, vol. 32: pp. 161-76.
10. Matheson T. Security Transaction Taxes: Issues and Evidence. International Tax and Public Finance, 2012, vol. 19 (6), pp. 884-912.
11. Pellizzari, P., Westerhoff, F., Some effects of transaction taxes under different microstructures. Journal of Economic Behavior and Organization, 2009, vol. 72, pp. 850-863.
Review
For citations:
Kamalov S. MODELING THE ADDITIONAL TAXATION IMPACT ON THE FINANCIAL INSTRUMENTS PRICING. Vestnik Universiteta. 2018;(10):145-150. (In Russ.) https://doi.org/10.26425/1816-4277-2018-10-145-150
Views:
398
Email this article 