Sökning: WFRF:(Kleinlercher Daniel)
> (2011) >
Market microstructu...
Market microstructure matters when imposing a Tobin tax-Evidence from the lab
-
- Kirchler, Michael, 1977 (författare)
- Gothenburg University,Göteborgs universitet,Centrum för finans,Institutionen för nationalekonomi med statistik,Centre for Finance,Department of Economics
-
Huber, Jürgen (författare)
-
Kleinlercher, Daniel (författare)
-
(creator_code:org_t)
- 2011
- 2011
- Engelska.
-
Ingår i: Journal of Economic Behavior & Organization. - 0167-2681. ; 80:3, s. 586-602
- Relaterad länk:
-
https://gup.ub.gu.se...
Abstract
Ämnesord
Stäng
- 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.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business (hsv//eng)
Nyckelord
- tobin tax
- market makers
- double-auction
- dealership market
- experiment
- volatility
- market efficiency
- foreign exchange
Publikations- och innehållstyp
- ref (ämneskategori)
- art (ämneskategori)
Hitta via bibliotek
Till lärosätets databas