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Market microstructu...
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Kirchler, Michael,1977Gothenburg University,Göteborgs universitet,Centrum för finans,Institutionen för nationalekonomi med statistik,Centre for Finance,Department of Economics
(author)
Market microstructure matters when imposing a Tobin tax-Evidence from the lab
- Article/chapterEnglish2011
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LIBRIS-ID:oai:gup.ub.gu.se/161867
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https://gup.ub.gu.se/publication/161867URI
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Subject category:art swepub-publicationtype
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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.
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Huber, Jürgen
(author)
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Kleinlercher, Daniel
(author)
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Göteborgs universitetCentrum för finans
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In:Journal of Economic Behavior & Organization80:3, s. 586-6020167-2681
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