Market microstructure matters when imposing a Tobin tax—Evidence from the lab

机译：征收托宾税时市场微观结构至关重要-来自实验室的证据

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Trading in FX markets is dominated by two microstructures: exchanges with market makers and OTC-markets without market makers. Using laboratory experiments we test whether the impact of a Tobin tax is different in these two market microstructures. We find that (i) in markets without market makers an unilaterally imposed Tobin tax (i.e. a tax haven exists) increases volatility. (ii) In contrast, in markets with market makers we observe a decrease in volatility in unilaterally taxed markets. (iii) An encompassing Tobin tax has no impact on volatility in either setting. Efficiency does not vary significantly across tax regimes.

机译：外汇市场的交易由两个微观结构主导：与做市商的交易和不做市商的场外交易市场。通过实验室实验，我们测试了在这两个市场微观结构中托宾税的影响是否不同。我们发现（i）在没有做市商的市场上单方面征收托宾税（即存在避税天堂）会增加波动性。（ii）相反，在有做市商的市场中，我们观察到单边征税市场的波动性降低了。（iii）托宾税无论在哪种情况下都不会影响波动性。效率在各种税收制度中差别不大。

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期刊名称 Elsevier Sponsored Documents
作者
Michael Kirchler; Jürgen Huber; Daniel Kleinlercher;
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作者单位

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年(卷),期 -1(80),3
年度 -1
页码 586–602
总页数 7
原文格式 PDF
正文语种
中图分类
关键词
Tobin tax Market makers Double-auction Dealership market Experiment Volatility Market efficiency Foreign exchange;

机译：托宾税;做市商;双重拍卖;经销商市场;实验;波动性;市场效率;外汇;

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Market microstructure matters when imposing a Tobin tax—Evidence from the lab

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