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Market microstructu...
Market microstructure matters when imposing a Tobin tax-Evidence from the lab
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- Kirchler, Michael, 1977 (author)
- Gothenburg University,Göteborgs universitet,Centrum för finans,Institutionen för nationalekonomi med statistik,Centre for Finance,Department of Economics
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Huber, Jürgen (author)
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Kleinlercher, Daniel (author)
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(creator_code:org_t)
- 2011
- 2011
- English.
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In: Journal of Economic Behavior & Organization. - 0167-2681. ; 80:3, s. 586-602
- Related links:
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https://gup.ub.gu.se...
Abstract
Subject headings
Close
- 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.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business (hsv//eng)
Keyword
- tobin tax
- market makers
- double-auction
- dealership market
- experiment
- volatility
- market efficiency
- foreign exchange
Publication and Content Type
- ref (subject category)
- art (subject category)
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