[9] However, the term "high-frequency" implied that only a few large volume transaction players engaged in arbitrage would likely be affected. There are some who think that it should take the form of an insurance: In early November 2009, at the G20 finance ministers summit in Scotland, the British Prime Minister "Mr. Brown and Nicolas Sarkozy, France's president, suggested that revenues from the Tobin tax could be devoted to the world's fight against climate change, especially in developing countries. [22], If implemented the tax must be paid in the European country where the financial operator is established. Then, on August 15, 1971, United States President Richard Nixon announced that the United States dollar would no longer be convertible to gold, effectively ending the system. To investigate the feasibility of such a tax they hired the City of London firm Intelligence Capital, who found that a tax on the pound sterling wherever it was traded in the world, as opposed to a tax on all currencies traded in the UK, was indeed feasible and could be unilaterally implemented by the UK government. ", Opinion of the European Central Bank (CON/2004/34), "Europe's first President calls for Euro tax, Euro identity", "EU president wants to see a new Euro tax", "Belgian PM Herman Van Rompuy called clown by sister Christine", "EU calls for 'Tobin' tax in a move to raise direct revenue", "An Idea Whose Time Has Come: Adopt a Financial Transactions Tax", "Banks relieved as G20 backs off on bank tax", "Merkel leads calls for global financial tax as markets continue to slide", "EU to study bank transaction tax after G20", "Key address by Fidel Castro Ruz, President of the Republic of Cuba at the World Conference against racism, racial discrimination, xenophobia and related intolerance", "Progressives Back Obama Push for Global Tax", "Forget Tobin tax: there is a better way to curb finance", "The Big Players in the Foreign Exchange Market: Do They Trade on Information or Noise? On a bond with a maturity of five years or more, the tax was 0.003%.

On appelle "taxe Tobin" la taxe ou redevance proposée en 1972 par l'économiste américain James Tobin pour les transactions financières sur les marchés internationaux de devises.

It was however expected to keep this tax at 0% initially, calculating potential revenue from different rate schemes and exemptions, and not to impose the actual tax unless speculation increased. Mahbub ul Haq, Inge Kaul, and Isabelle Grunberg, eds. Elles se veulent des mesures pragmatiques liées aux dysfonctionnements des changes flottants. Volcker endorsed only the UK's tax on bank bonuses, calling it "interesting", but was wary about imposing levies on financial market transactions, because he is "instinctively opposed" to any tax on financial transactions. This was widely viewed as a warning to curb shorting of its currency the yuan. Tobin tax proponents response to empirical evidence on volatility. Examples of associating Tobin's tax with these: The concept of a Tobin tax has experienced a resurgence in the discussion on reforming the international financial system.

Key to the APEC agenda is reduction of transaction costs. Pour Keynes (qui était lui-même un spéculateur), la question clé était la proportion de « spéculateurs » sur le marché et sa préoccupation principale était de voir ces types de joueurs, laissés hors de contrôle, y prendre une place trop importante[5]. "[90] Similarly Shvedov (2004) concludes that "even making the unrealistic assumption that the rate of 0.00006% causes no reduction of trading volume, the tax on foreign currency exchange transactions would yield just $4.3 billion a year, despite an annual turnover in dozens of trillion dollars. So if a study finds that reducing trading volume or trading frequency reduces volatility, these Tobin tax supporters combine it with the observation that Tobin-style taxes are volume-reducing, and thus should also indirectly reduce volatility ("this finding implies a negative relationship between [..] transaction tax [..] and volatility, because higher transaction costs will 'ceteris paribus' always dampen trading activities)." Klingt das nicht wie Ihr Vorschlag?

On a bond with a maturity of five years or more, the tax was 0.003%. On détourne mon nom »[27],[28]. It would further weaken financial markets and reduce the liquidity, particularly in the case of illiquid assets. Face à l'impossibilité d'assurer la liquidité des marchés face à une application uniforme de la taxe Tobin, les États sont tentés de mettre en place un système d'exemptions pour les banques et organismes financiers.

Financial transaction tax rates of the magnitude of 0.1%-1% have been proposed by normative economists, without addressing the practicability of implementing a tax at these levels. In July, 2006, analyst Marion G. Wrobel examined the international experiences of various countries with financial transaction taxes. Tobin's tax was originally intended to penalize short-term financial round-trip excursions into another currency. L'Association pour la taxation des transactions financières et pour l'action citoyenne (Attac) a été créée en France en 1998 pour promouvoir l'idée de la taxe Tobin. Jackson and O'Donnel (1985), using UK quarterly data, found that the 1% cut in the Stamp Duty in April 1984 from 2% to 1% lead to a "dramatic 70% increase in equity turnover". Views of ABAC (APEC Business Advisory Council) expressed in open letter to IMF, Views of the ITUC/APLN (Asia-Pacific Labour Network) expressed in their statement to the 2010 APEC Economic Leaders Meeting. Among them were several supporters from 1990 to 1999, including Larry Summers and several from 2000 to 2004, including lukewarm support from George Soros. Some Tobin tax supporters argue that volatility is better defined as a "long-term overshooting of speculative prices"[106][107] than by standard statistical definitions (e.g., conditional variance of returns[108]) ) which are typically used in empirical studies of volatility. Ainsi, les États seraient à même de percevoir des revenus sous forme de pourcentage des transactions économiques opérées sur les devises. Sur le marché obligataire, ces utilisateurs finaux peuvent être à la fois les émetteurs de dette (États), ou les créanciers (investisseurs finaux). Cela revient pour les États au mieux à se taxer eux-mêmes, au pire à tuer le marché de la dette (et entraîner un défaut en chaine des États). Nicolas Sarkozy doit se rendre aujourd'hui en Allemagne pour discuter avec la chancelière Angela Merkel de l'instauration d'une « taxe Tobin » sur les transactions financières en Europe plus tôt qu'initialement prévu. In his book, Bank transactions: pathway to the single tax ideal, Marcos Cintra carries out a qualitative and quantitative in-depth comparison of the efficiency, equity and compliance costs of a bank transactions tax relative to orthodox tax systems, and opens new perspectives for the use of modern banking technology in tax reform across the world.

Keynes soutient alors qu'une spéculation excessive des opérateurs financiers augmente la volatilité des taux de change. The growth of high-frequency trading has unnecessarily placed stress on our markets, created instability, and enabled unfair and abusive trading strategies. La décision n'a pas cependant, à ce jour, été approuvée par le conseil des ministres européens[46]. Jetin Bruno. Elle refait son apparition à la fin des années 90 par l’intermédiaire d’organisations non gouvernementales (ONG) notamment ATTAC qui souhaitent taxer la finance mondiale afin de financer le développement des pays pauvres. In both cases, the various ideas proposed have included both national and multinational concepts. proposed that empirical evidence on the observed effects of the already introduced and abolished stock transaction taxes[where?] The cost of currency hedges—and thus "certainty what importers and exporters' money is worth"—has nothing to do with volatility whatsoever, as this cost is exclusively determined by the interest rate differental between two currencies. Le 16 février 2012, l'Assemblée nationale française adopte toutefois le principe d'une taxe limitée à la France qui pourrait rapporter un milliard d'euros et qui serait mise en œuvre en août 2012[51]. In his view, "currency exchanges transmit disturbances originating in international financial markets. Even though the tax on fixed-income securities was much lower than that on equities, the impact on market trading was much more dramatic. Cet éditorial est à l'origine de la création en juin 1998 de l'association ATTAC qui a beaucoup œuvré pour populariser la notion de taxe Tobin[4],[12]. Mais, elle est abandonnée en 1990[10] à la suite du déplacement des transactions vers des marchés et/ou des instruments financiers non taxés, entraînant un effondrement des transactions à la bourse de Stockholm (-50 % en 3 ans) restreignant très fortement l'augmentation des recettes fiscales (50 millions de Couronnes en moyenne par an au lieu des 1.5 milliard prévus). En janvier 2013, les ministres européens des Finances donnent leur accord au lancement d'une taxe sur les transactions financières (TTF) à partir de 2014-2015. Because these three groups of instruments are nearly perfect substitutes, if at least one of these groups were to be exempt, it would likely attract most market volume from the taxed alternatives. [105], These Tobin tax proponents propose on indirect evidence in their favor, reinterpreting studies which do not deal directly with volatility, but instead with trading volume (with volume being generally reduced by transaction taxes, though it constitutes their tax base, see: negative feedback loop). [18], For supporters of a Tobin tax, there is a wide range of opinion on who should administer a global Tobin tax and what the revenue should be used for. Dans le contexte de la crise de la dette européenne et de la proposition d'une taxe Tobin européenne, plusieurs voix proposent d'utiliser les ressources de cette taxe à la stabilité financière européenne. Elle est aussi appelée par certains taxe Robin des bois3. [18], It was originally assumed that the Tobin tax would require multilateral implementation, since one country acting alone would find it very difficult to implement this tax. CS1 maint: multiple names: authors list (, Learn how and when to remove this template message, European Union Common Consolidated Corporate Tax Base, Institute on Taxation and Economic Policy, Nobel Memorial Prize in Economic Sciences. Le 13 mars 2012, le conseil des ministres des finances de la zone Euro ne dégage pas de consensus pour la mise en place d'une taxe en zone euro[53]. [66], In early November 2007, a regional Tobin tax was adopted by the Bank of the South, after an initiative of Presidents Hugo Chávez from Venezuela and Néstor Kirchner from Argentina.

En juin et octobre 2010, ce sont deux nouvelles tentatives des socialistes au Parlement européen, dont la Française Pervenche Bérès à travers son rapport sur la crise, de faire adopter le principe d'une taxe sur les transactions financières mais cette fois-ci à l'échelle européenne[42],[43]. [79][80] Behavioral finance theoretical models, such as those developed by Wei and Kim (1997)[81] or Westerhoff and Dieci (2006)[82] suggest that transaction taxes can reduce volatility, at least in the foreign exchange market.

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