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	Tobin tax - Wikipedia, the free encyclopedia
		A Tobin tax is the suggested tax on all trade of currency across borders.
		In the Americas, the Tobin tax has been supported by the president of Brazil, Luiz Inácio Lula da Silva, and the president of Venezuela, Hugo Chávez, who recently announced that he is currently studying the implementation of such a tax.
		Tobin observed that, while his original proposal had only the goal of put a brake on the foreign exchange trafficking the antiglobalization movement had stressed the income from the taxes with which they want to finance their projects to improve the world.
	en.wikipedia.org /wiki/Tobin_tax (1257 words)

	The Tobin Tax
		The first dilemma is, therefore, that the Tobin tax cannot distinguish, on an institutional basis, between normal trading that assures the efficiency and stability of financial markets and destabilizing noise trading, which should be the only target of the tax.
		It can be argued that a tax on foreign exchange transactions should ideally operate with a zero rate (or, equivalently, a zero base) when the exchange rate for the currencies in a given transaction is in equilibrium and that the tax rate should increase in accordance with the deviation from equilibrium.
		Moreover, a low, fixed-rate Tobin tax at, say, 1 percent on round-trip transactions (sale and repurchase of foreign currencies) is unlikely to deter investors who expect a short-term devaluation of 3 percent during periods of speculation.
	csdngo.igc.org /finance/fin_tobin.htm (3007 words)

	The Tobin Tax as applied to a Landmines Ban
		Tobin, in his prologue (ul Haq, 1996, xvi) writes that he believed in 1978 that a universal transaction tax would raise huge revenues and that those funds should be devoted to "international purposes", although the raising of funds was never the main motivation of the tax.
		As unpopular as taxes are, those that are virtually imperceptible and applied to unpleasant human activities that have global reach or environmental implications, may be viable if the revenues generated serve popular purposes, the taxation mechanisms are fairly easy to apply and are seen as being applied fairly.
		Opposition to Tobin's tax, as applied to financial exchanges, was strongest from the speculating community who saw it as "interference" in their speculation on the mobility of financial capital through different currencies.
	www.ncrb.unac.org /landmines/UNACinfo/tobin-tax.html (1989 words)

	James Tobin - Wikipedia, the free encyclopedia
		Tobin advocated and developed the ideas of Keynesian economics.
		Outside of academia, Tobin became widely known for his suggestion of a tax on foreign exchange transactions, now known as the "Tobin tax".
		He also suggested that the proceeds of the tax could be used to fund projects for the benefit of Third World countries, or to support the United Nations.
	en.wikipedia.org /wiki/James_Tobin (298 words)

	The Tobin tax
		Tobin tax is a tax on currency trades.
		The tax would have to be agreed to by all trading nations to be effective, it is argued, since any one that did not collect the tax would immediately become a haven for avoiding it.
		The Tobin Tax: A News Blackout presents statistics on mentions of the Tobin Tax in the media
	swiss.csail.mit.edu /~rauch/misc/tobin_tax (450 words)

	Federal Union \| Tobin Tax
		Tobin proposed to put "some sand in the wheels" of our excessively efficient international money market, so as to allow the central banks to control more efficiently their domestic interest rates by partially isolating their national economies from the world markets.
		Tobin was aware of the limits in his proposal, due both to the practical difficulty of its implementation, and to the fact that it was the "second best" solution after the radical one of creating a common currency~ as the European countries were discussing at the time for the European Community.
		In conclusion, the Tobin Tax is an ambiguous proposal.
	www.federalunion.org.uk /world/tobintax.shtml (2070 words)

	Tobin tax
		James Tobin was (actually, he's still alive) an American Keynesian economist who, after the 1944 Bretton Woods agreement on exchange rates collapsed in 1971 when America floated the dollar, proposed a tax on currency transactions as a way of reducing speculation.
		Tobin got the idea from Keynes who had suggested a national tax on internal financial speculation as one of his reforms to get out of the Great Depression of the 1930s.
		Tobin was given a Nobel Prize for Economics in 1981 (not that this is worth much in academic terms; it's little more than a monetary prize), but no government took up his proposal.
	www.worldsocialism.org /spgb/dec01/tobin.html (1689 words)

	Tobin Tax Revisited
		James Tobin was Sterling Professor Emeritus of Economics at Yale University, and served as an economic adviser to President John F.Kennedy from 1961 to 1962.
		Tobin’s idea of a tax on currency exchange was considered innovative in the pre-euro period in which it was launched.
		Tobin came up with this proposal in 1978, although it was not until the 1990s that the idea gained ground in social, economic and political circles — before the huge growth in foreign-exchange trading to its current level of about $1.8 trillion per day, and the corresponding increase in currency instability and related financial crises.
	www.progress.org /tobin04.htm (969 words)

	Redesigning the global economy: NI magazine 320 - Time for Tobin!
		Tobin’s proposed tax would not have stopped the crisis in Southeast Asia, but it could help prevent future crises by reducing overall speculative volume and the volatility that feeds speculative attack.
		The tax would allow governments the freedom to act in the best interests of their own economic development, rather than being forced to shape fiscal and monetary policies according to demands of fickle financial markets.
		The tax is seen as a threat by the financial community and has met with stiff resistance by a sector with massive political clout.
	www.newint.org /issue320/tobin.htm (1825 words)

	The Tobin Tax
		In 1978, James Tobin, a Nobel Prize-winning economist, first proposed the idea of a tax on foreign exchange transactions that would be applied uniformly by all major countries.
		Assumptions vary about the actual rate of the tax, the decline in volume of trade, the amount of trade circumventing the tax and transactions which would be exempt.
		The tax should be administered by an accountable democratic structure such as could be found within the UN system, with the revenue collected used for genuine social development.
	www.chebucto.ns.ca /Current/P7/bwi/ccctobin.html (1068 words)

	FRBSF: Economic Letter - Time for a Tobin Tax? (04/09/1999)
		The defining characteristic of a Tobin tax is that it would be a tax on gross transactions; that is, the tax is paid twice, once when you acquire foreign exchange, and again when you sell the foreign exchange.
		Similarly, while a Tobin tax might help offset moral hazard problems in the banking sector, it is probably a poor substitute for direct policies of prudential regulation and supervision.
		Tobin argued that cooperation might be enforced by allowing local governments to keep the tax revenue, but this would simply shift the problem to the size of the tax rather than enforcement per se.
	www.frbsf.org /econrsrch/wklyltr/wklyltr99/el99-12.html (2060 words)

	The "Tobin Tax" and protectionism:the bankrupt policies of ATTAC
		An examination of Tobin's speeches from the seventies shows that he was clearly alarmed by what he considered as an insufficient level of home and foreign investment in the United States, in spite of the low level of wages paid to American workers.
		Tobin considered that the ease with which huge amounts of money could make what he called "excursions" around the world's financial markets, picking up value by playing on the variations in exchange rates, attracted capital to the detriment of fixed investments.
		Therefore the income from the Tobin tax would never be anything more than yet another arm in the arsenal of the major powers for bullying and intimidating the poorest and weakest countries into giving them what they want in terms of markets and strategic alignment.
	www.marxist.com /Europe/tobin_tax_and_ATTAC_400.html (2202 words)

	Ideas Bank - Global Currency Transaction Tax - Tobin Tax
		Tobin's original proposal (1978) was for a worldwide tax on all foreign exchange transactions that would reduce exchange rate volatility and improve macroeconomic performance.
		Tobin argued that allowing national governments to retain a large share of the tax revenue might induce cooperation.
		The "Tobin Tax" received a new lease of life in the wake of the currency devaluations in the 1990s, notably those triggering the Asian crisis of 1997-1998, but also the collapse of the Mexican peso in 1994, the Russian rouble in 1998 and the Brazilian real in 1999.
	www.ilo.org /dyn/idea/ideasheet.display?p_idea_id=3 (1026 words)

	New Rules Project - Finance - Taxing Financial Transactions - Tobin Tax (Site not responding. Last check: 2007-09-18)
		Currently underway is an international initiative calling on parliamentarians around the world to enact a Tobin Tax, and a world economists call for a Tobin tax initiated in the summer 2000.
		On a local level, a growing number of "Tobin towns" are passing resolutions in favor of a Tobin tax.
		- that a tax be levied on all financial transactions, particularly those based on speculation, and that the revenue from this be directed to the fight against inequality and unemployment.
	www.newrules.org /finance/tobin.html (599 words)

	OECD Observer: Tobin tax: could it work?
		That the original purpose of the tax was not development hardly matters, though for the record, the tax was proposed in 1972 by the US economist, James Tobin, as a way of throwing sand in the wheels of international finance, and so combat market volatility.
		Taxing these settlement sites where the currencies are transferred to the books of the central banks may seem the simplest approach.
		But the Tobin tax would not be large enough to counter these cycles, whose risk-adjusted returns would, given the sudden swings from euphoria to panic, require extremely high tax rates to balance them.
	www.oecdobserver.org /news/fullstory.php/aid/664/Tobin_tax:_could_it_work__.html (1330 words)

	Oxfam - Trade - Time for a Tobin Tax? (Site not responding. Last check: 2007-09-18)
		The tax was designed to deter the speculation that causes sharp exchange rate fluctuations and serious damage to economies.
		Second, since the tax could generate substantial sums, the idea has attracted the attention of those concerned with financing development – a concern accentuated by the fiscal challenges faced by the state as well as by the growing need for international co-operation on problems of poverty, the environment and security.
		Forces potentially behind Tobin taxes include the UN organisations, partly because of the revenue angle, and those developing countries that have suffered from capital volatility, that want to see more resources for development, or that might be revenue collectors.
	www.oxfam.org.uk /what_we_do/issues/trade/trade_tobintax.htm (1296 words)

	A Feasible Foreign Exchange Transactions Tax - Global Policy Forum - Social and Economic Policy
		An important part of the attraction of the Tobin Tax is that it alters economic incentives, rather than requiring a "command and control" approach to regulating capital flows.
		By imposing taxes on pollution emissions, polluters would be induced to lower their pollution levels or else suffer lower profits.
		For Tobin's tax to be feasible, it must be possible to tax individual foreign exchange payments in both offshore netting systems and domestic payment systems, and enforce the tax in these systems.
	www.globalpolicy.org /socecon/glotax/currtax/schmidt1.htm (695 words)

	ICSW
		The Tobin tax argues for the establishment of an internationally uniform tax on all currency conversions, in order to deter short-term currency speculators who engineer runs on various currencies, triggering a financial crisis that destabilizes countries and, subsequently, whole regions.
		The Tobin tax gained “currency” in the negotiations during the World Summit for Social Development in Copenhagen in March 1995, and was strongly advocated at the UN, especially by the UNDP and by NGOs.
		I always assumed that the taxes would be levied by the national governments and that they would always have to agree among themselves how they chose to use the proceeds and they would have to agree on certain common terms and rates so that the tax would work.
	www.icsw.org /publications/sdr/1999_march/tobin.htm (1450 words)

	tobin tax
		The Tobin tax network is an informal grouping of NGOs, trade unions and faith groups focussed on giving greater profile to the Tobin tax campaign for the introduction of currency transactions legislation to calm financial markets and significantly increase funds for international development.
		A small levy on such currency speculation (a Tobin tax – named after the Nobel Laureate who originated the concept) could both dampen down the scale and scope of speculation and raise substantial revenues, potentially in excess of $50 billion each year, for projects targeted towards ending global poverty.
		Tobin tax day on Wednesday 13 March proved to be extremely successful with a series of high profile events.
	www.freedomtocare.org /page86.htm (1617 words)

	The Tobin Tax (Site not responding. Last check: 2007-09-18)
		The attraction to some observers of a tax on currency transactions is based on the turnover statistic of one trillion dollars per day in the currency markets - more than ten times the actual underlying trade and investment flows.
		A tax, even one of 0.1% would triple the normal spread and thus be a major cost to the market makers.
		The immediate effect would be to increase volatility and the buy/sell spreads many fold, as the banks passed on the tax to their corporate clients, making it more expensive for businessmen and investors to eliminate their currency risk.
	www.ross-jackson.com /copy_of_books/thetobin.htm (633 words)

	Tobin Tax Principles
		Commonly but not necessarily called the "Tobin Tax," after the Nobel economist who originated the concept, this tax would deter short-term or overnight trades, and thus shrink the volume of daily currency trading from its present trillion dollar daily level.
		Adoption by the major currency nations of the Tobin Tax mechanism would accomplish the volume-shrinking goal, so the adoption need not be universal to be effective.
		Collection and enforcement of the Tobin Tax are considered to be economically and institutionally feasible, and concerns regarding tax avoidance could be dealt with through adoption of regulatory mechanisms.
	www.justiceplus.org /tobin_tax.htm (942 words)

	The Tobin Tax
		James Tobin, David Felix, Rodney Schmidt, Paul Bernd Spahn and others have examined the possibility of levying a charge on international monetary transactions as a means to reduce exchange rate volatility and promote international economic stability.
		The tax is a means to reassert national economic sovereignty, help prevent financial crises and generate billions of dollars for global social development and environmental protection.
		Tobin Taxes are domestic taxes on cross-border currency transactions, for the purpose of reining in market volume and volatility; restoring national sovereignty over monetary policy; and raising substantial revenue for urgent global environmental and human needs.
	www.canadiansocialresearch.net /tobin.htm (1415 words)

	James Tobin - Autobiography
		Margaret Edgerton Tobin, now in her ninetieth year, was a social worker who, after a sixteen-year interruption for marriage and family, resumed her career in the relief emergency of 1932 and directed the family service agency of Champaign-Urbana, Illinois, for the next quarter century.
		Louis Michael Tobin (1879-1943), a journalist, was, from my early childhood, the publicity director for University of Illinois athletics.
		James Tobin, "Macroeconomics and Fiscal Policy," forthcoming as a chapter in Paul A. Samuelson and Modern Economics, McGraw-Hill.
	nobelprize.org /economics/laureates/1981/tobin-autobio.html (2368 words)

	ATTAC - VEEM - Is the Tobin Tax Practicable? (Site not responding. Last check: 2007-09-18)
		The proposed Tobin tax is a percentage of the quantity of domestic currency converted into foreign currency.
		In current discussions, the Tobin tax is put forward as a partial solution to the problems of managing international financial crises; moderating capricious exchange rate behavior; or raising revenue for international public projects.
		The argument that the Tobin tax is not practicable may be summarized as follows: The market for trading in foreign exchange is decentralized, unregulated, highly mobile, and innovative.
	www.attac.org /fra/toil/doc/veem2.htm (1475 words)

	Have you heard of the Tobin tax?
		Although designed primarily to curb excessive volatility in foreign exchange markets, the Tobin tax has been seized upon by anti-globalization extremists, who have made it a key part of their agenda.
		With anti-globalization forces gaining strength worldwide, it is inevitable that the Tobin tax is going to be an issue that will be around for years to come.
		Finally, the report notes that although the tax rate may appear low in relation to the total volume of foreign exchange trading, which is on the order of $2 trillion per day, it would be very large relative to the profits on such trading.
	www.freerepublic.com /focus/f-news/516829/posts (1113 words)

	Bush Urged to Resist Global Taxes (Site not responding. Last check: 2007-09-18)
		We are writing to urge you to resist these demands, condemn plans for a global tax, and urge the U.N. and world leaders to promote private property rights, private investment, economic growth, and less government.
		The U.N.'s favorite idea is the "Tobin Tax," named after left-wing economist James Tobin, which taxes international currency transactions.
		It published a 1999 book, Global Public Goods, which states that a Tobin Tax "must be considered" and that "a world tax organization" must be "contemplated." A 1994 edition of the UNDP "Human Development Report" featured an article by Tobin himself promoting and describing the idea.
	www.usasurvival.org /glbltxs.shtml (723 words)

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