Special Report on
The Tobin tax proposal
The Tobin tax proposal - Trends
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The global turnover of foreign exchange has reached a trillion dollars per day. Only about 5 percent, however, is for trade financing. About another 5 percent represents official transactions and private long-term debt and equity placements. Most of the turnover is devoted either to defending against the volatility of exchange and interest rates that has characterized the global economy since the demise of the Bretton Woods system in the early 1970s or to speculating on that volatility. Transnational corporations hedge against exchange and interest-rate risks by spreading their liabilities across currencies and time. Banks and ...
- a small tax on financial transactions, proportionate to the size of the transaction. The Tobin tax idea also has been proposed by Britain's former prime minister, Gordon Brown, and was proposed in Congress by U.S. Rep. Peter DeFazio , D-OR. Every time a Tobin tax is proposed, it has failed to gain traction - which isn't surprising: Wall Street, with its international affiliates and legion of lobbyists, hates the idea. Even so, the Tobin tax idea just refuses to die - which is a good thing, since it is probably the best way of curing some of Wall Street's pathologies. When ... Read More
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THE TOBIN TAX PROPOSAL
Davos Open Forum 2010 - Climate Change: Financing Urgent Adaptation
Authors@Google: Yoram Bauman
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