L'économiste Paul Krugman apporte son soutien à la proposition Turner-Brown d'une taxe portant sur l'ensemble des transactions financières[36]. [42] Analyzing all three Stamp Duty rate changes, Saporta and Kan (1997) found that the announcements of tax rate increases (decreases) were followed by negative (positive) returns, but even though these results were statistically significant, they were likely to be influenced by other factors, because the announcements were made on Budget Days. Even though the tax on fixed-income securities was much lower than that on equities, the impact on market trading was much more dramatic. The global currency market grew to $3,200 billion a day in 2007, or £400,000 billion per annum with the trade in sterling, the fourth most traded currency in the world, worth £34,000 billion a year. [113] They did not find any evidence on the differential effects of introducing or removing, stock transactions taxes or a hypothetical currency (Tobin) tax on any subset of markets or all markets. [10] If these deposit requirements result in forfeits or losses if a currency suddenly declines due to speculation, they act as inhibitions against deliberate speculative shorts of a currency. Étant eux-mêmes les plus gros emprunteurs sur ces marchés (en centaines de milliards), cette taxe augmenterait le taux payé par les États, ce qui alourdirait la charge de la dette, qui serait compensée par les entrées en taxes. [118] Any "general FTT seems...more attractive than a specific transaction tax" (such as a currency-only Tobin tax), because it could reduce tax avoidance (i.e., substitution of similar untaxed instruments), could significantly increase the tax base and could be implemented more easily on organized exchanges than in a dealership market like the global foreign exchange market. Fourth, to the extent that advanced economies already put too many real resources into financial dealings, it would cut back on this resource use, freeing these resources for other productive uses [Fourth] such substitution is costly both in resource use, and because alternative instruments do not provide exactly the same services [thus] just as the market provides an incentive to avoid a Tobin tax, so too it automatically sets in motion forces that deter excessive avoidance." 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. )[102], Schwabish (2005) examined the potential effects of introducing a stock transaction (or "transfer") tax in a single city (New York) on employment not only in the securities industry, but also in the supporting industries. "[96], In January 2010, feasibility of the tax was supported and clarified by researcher Rodney Schmidt, who noted "it is technically easy to collect a financial tax from exchanges ... transactions taxes can be collected by the central counterparty at the point of the trade, or automatically in the clearing or settlement process. Elle est aussi appelée par certains taxe Robin des bois[3]. [55] An existing example of a Financial Transaction Tax (FTT) is Stamp Duty Reserve Tax (SDRT) and stamp duty. They suggested that funding could come from "a global financial transactions tax." There are four benefits to this. [46], The Sterling Stamp Duty, as it became known, was to be set at a rate 200 times lower than Tobin had envisaged in 2001, which "pro Tobin tax" supporters claim wouldn't have affected currency markets and could still raise large sums of money. La taxe Tobin est proposée pour la première fois en 1972 par Tobin au cours de ses Janeways lectures données à l'université de Princeton et publiées en 1974 dans l'ouvrage The New Economics a Decade Older[2],[6],[7]. Les États profitent également de la liquidité du marché qu'ils menacent par cette taxe (fuite des capitaux vers d'autres marchés), entraînant une hausse des taux sans doute plus importante que la première. Technical and Legal Aspects of a Currency Transaction Tax and Its Implementation in the EU, The Tobin Tax - A Game-Theoretical and an Experimental Approach, Taxe de solidarité sur les billets d'avion, Rapport final de l'eurodéputée socialiste française Pervenche Bérès quant aux mesures à prendre pour résoudre la crise dont l'instauration d'une taxe sur les transactions financières à l'échelle européenne, Les députés européens plaident en faveur d'une taxe sur les transactions financières, https://fr.wikipedia.org/w/index.php?title=Taxe_Tobin&oldid=176300496, licence Creative Commons attribution, partage dans les mêmes conditions, comment citer les auteurs et mentionner la licence, La taxe Tobin est aujourd'hui considérée, au même titre que la. In March, 2002, London School of Economics Professor Willem Buiter, who studied under James Tobin, wrote an obituary for the man,[73] but also remarked that, "This [Tobin Tax] ... was in recent years adopted by some of the most determined enemies of trade liberalisation, globalisation and the open society." Le 10 mars 2010, les élus européens se sont prononcés à une large majorité pour l'introduction d'une taxe sur les transactions financières, dont les recettes évaluées à 200 milliards d'euros par an dans l'UE permettraient de financer des projets européens. Après des débats houleux, en mars 2011, le rapport d'Anni Podimata, est approuvé en session plénière et appelle de ses vœux l'introduction d'une taxe sur les transactions financières au niveau européen[44],[45]. Bank of England Discussion Paper No.

[39] Stamp duty was introduced as an ad valorem tax on share purchases in 1808,[40] preceding by over 150 years the Tobin tax on currency transactions. Pour James Tobin, l'objectif de la taxe était simplement de limiter la volatilité des taux de change[9]. [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. "[61], Nevertheless, in early December 2009, economist Stephany Griffith-Jones agreed that the "greater centralisation and automisation of the exchanges and banks clearing and settlements systems ... makes avoidance of payment more difficult and less desirable. Ce dernier prévoit de taxer l’achat d’actions et d’obligations à hauteur de 0,1% et 0,01% pour les produits dérivés à l’horizon 2014. Any consequential tax would need to be supported by clear consensus for its application. The first stage might involve a levy on financial instruments within a few countries. [95], However, on November 7, 2009, at the G20 finance ministers summit in Scotland, Dominique Strauss-Khan, head of the International Monetary Fund, said "transactions are very difficult to measure and so it's very easy to avoid a transaction tax. [61], By December 11, 2009, European Union leaders expressed broad support for a Tobin tax in a communiqué sent to the International Monetary Fund. [87], For a recent evidence to the contrary, see, e.g., Liu and Zhu (2009),[88] which may be affected by selection bias given that their Japanese sample is subsumed by a research conducted in 14 Asian countries by Hu (1998),[89] showing that "an increase in tax rate reduces the stock price but has no significant effect on market volatility".

On the other hand, as much as 40% of the Stamp Duty revenues come from taxing foreign residents, because the tax is "chargeable whether the transaction takes place in the UK or overseas, and whether either party is resident in the UK or not. "[75], One of the main economic hypotheses raised in favor of financial transaction taxes is that such taxes reduce return volatility, leading to an increase of long-term investor utility or more predictable levels of exchange rates. When the tax was doubled, prices again fell by another 1%. The APEC Business Advisory Council, the business representatives' body in APEC, which is the forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region, expressed its views in a letter to the IMF on 15 February 2010.[99]. Sterling Stamp Duty supporters argue that this tax rate would not adversely affect currency markets and could still raise large sums of money. The tax then became an issue of the global justice movement or alter-globalization movement and a matter of discussion not only in academic institutions but even in streets and in parliaments in the UK, France, and around the world. Selon les analyses de l'Institut Rousseau et de Mediapart, la France fait partie des principaux opposants à l'instauration d'une taxe sur les transactions financières efficace, c'est à dire apportant plus de seulement quelques milliards de recettes. These declines were in line with the capitalized value of future tax payments resulting from expected trades. [43] Bond et al. Par extension, le terme désigne aujourd'hui une taxe sur les transactions financières. Discussion paper, University of Frankfurt, Journal of the European Economic Association, Journal of Economic Behavior and Organization, Loi du 19 novembre 2004 instaurant une taxe sur les opérations de change de devises, de billets de banque et de monnaies, publiée au, Association pour la taxation des transactions financières et pour l'action citoyenne, Taxe sur les transactions financières dans l'Union européenne, Évaluation de la masse monétaire mondiale, en 2008, La redevance Tobin au secours de la taxe Tobin, Tribune publiée par la Délégation socialiste française au Parlement européen, Résolution du Parlement européen du 10 mars 2010 sur la taxation des transactions financières. La proposition de taxe Tobin est reprise en juin 2011 par la commission européenne[10]. In September 2009, Buiter also wrote in the Financial Times, "Tobin was a genius ... but the Tobin tax was probably his one daft idea".[74].