11,105 research outputs found
"Why the Tobin Tax Can Be Stabilizing"
No full textThis paper clarifies why a transaction tax of the type proposed by James Tobin can have a stabilizing influence in financial markets. It argues that such a tax is potentially stabilizing, not because it reduces the "excessive" volume of transactions, but because it can slow the speed with which market traders react to price changes. To the extent that a Tobin tax causes financial market traders to delay their decisions a few "grains of sand in the wheels of international finance" can indeed be stabilizing. Whether that is sufficient, or whether boulders-not just grains-are needed to prevent speculative attacks on currencies, is, however, a different matter.
The Tobin Tax A Review of the Evidence
No full textThe debate about the Tobin Tax, and other financial transaction taxes (FTT), gives rise to strong views both for and against. Unfortunately, little of this debate is based on the now considerable body of evidence about the impact of such taxes. This review attempts to synthesise what we know from the available theoretical and empirical literature about the impact of FTTs on volatility in financial markets. We also review the literature on how a Tobin Tax might be implemented, the amount of revenue that it might realistically produce, and the likely incidence of the tax. We conclude that, contrary to what is often assumed, a Tobin Tax is feasible and, if appropriately designed, could make a significant contribution to revenue without causing major distortions. However, it would be unlikely to reduce market volatility and could even increase it.Tobin tax, financial transaction taxes, volatility, revenue, incidence, feasibility
The Keynesian Root of the Tobin tax
No full textThis paper is an attempt to evaluate the strength of the link between the Tobin tax and the so-called Keynes tax, i.e. a tax on security transactions suggested by Keynes in Chapter 12 of the General Theory. Starting from a literal comparison of the two projects, this work analyses the possibility of a common methodological background. It supports the idea that the two measures share similar fundamental targets, despite displaying technical diversity.Tobin tax, Keynes tax, security transaction taxes
Remembering James Tobin: Stories Mostly from His Students
No full textJames Tobin was renowned as an economist of great distinction. Moreover, his students and colleagues witnessed dimensions of his personality and behavior often unknown to others. Up close, Tobin was a memorable figure who made lasting impressions on those he taught and influenced. This article describes Tobin close up, in the words of his students who became professional economists. Rather than focusing on his research, these stories instead present Tobin the teacher, both inside and out of the classroom, Tobin the person, and Tobin the friend and mentor, painting a picture of a remarkable personality. Exchange rates fluctuate very rapidly, in comparison to the prices of goods and labor. An internationally uniform tax on all spot conversions of one currency into another would reduce these fluctuations. Foreign exchange markets focus strongly on the short run, but this tax would reduce these fluctuations by increasing the cost of such transactions. It throws some sand in the wheels of short-term speculation while increasing the relative advantage of longer-term international investment flows.
Interview with Walter E. Tobin
No full textWalter Tobin joined the US Naval Reserves in 1937 and was on active duty when the United States entered WWII. Prior to WWII, he served on the USS Lawrence and the USS Texas. He later served on the USS West Point and trained at Submarine Sea Raven Sound School, Key West, Florida. He served as a seaman during the early part of the war, was discharged from the navy and immediately enlisted into the US Marines Corps. As a Marine Bomber pilot, Tobin received training at UNC-Chapel Hill for academic and physical education. He received flight status while training at Peru, Indiana. He eventually flew the N2SI. Tobin attended advance flight training at Pensacola, Florida and with the Dive Bombing Squadron at Boat Sound Shores, Morehead City, North Carolina. Prior to WWII, Tobin served with the Navy in the North Atlantic. He spent time in Bombay, India, Colomo, Ceylon, and along the French coast. His additional tours of duty include the Suez Canal, Singapore, Pelelui, Ulether, and Guam
Cosmopolitan ethics in global finance? : a pragmatic approach to the Tobin Tax
No full textThe thesis provides a critical analysis of the problems and possibilities for
developing cosmopolitan ethics in global finance. With reference to Ideas and
debates within the campaign for a Tobin Tax, it is argued that cosmopolitanism is
a promising, but limited, agenda for global reform. Extending principles of
justice to support the re-distribution of wealth from financial markets towards an
expanded program of global welfare provision is laudable. Likewise, the
possibility of improving accountability mechanisms and fostering democratic
inclusion in the global financial system should be supported. However, the thesis
identifies and reflects upon some important ethical ambiguities relating to
financial, institutional and democratic universalism. A requirement for capital
account convertibility, a cash-based approach to global justice and proposals for
state-centric world authority to administer the Tobin Tax infers that the proposal
would entrench many of the logics its supporters might oppose. The thesis
develops a pragmatic approach to these questions based on the philosophical
pragmatism of Richard Rorty. A pragmatic approach acknowledges the historical
and cultural contingency of cosmopolitanism, but questions how the ambiguities
and tensions that pervade global ethics can be engaged. In this sense, and
developing Rorty's concept of sentimental education, it is argued that the Tobin
Tax campaign has generated a broad-based public conversation about global
finance, increasing sensitivity to the suffering caused by global finance and the
ways in which it might be changed. While such conversation may not solve all
the dilemmas identified, it does allow for increased awareness of the ambiguity
of ethics. The thesis points to a number of instances in the campaign where the
constitutive ambiguities of the Tobin Tax have been questioned and alternative
practices suggested. A pragmatic approach to the Tobin Tax campaign therefore
situates cosmopolitan ideas in the extant dilemmas and indeterminacies of global
ethics, looking to suggest alternatives where possible
Louise Tobin
No full textA black and white photograph of Louise Tobin. A photographer\u27s stamp is in the lower left corner.https://lair.etamu.edu/scua-tobin-photos/1026/thumbnail.jp
Tobin, R M, 217849
No full textThis record was harvested from a previous catalogue system and will be withdrawn in 2025. Information in this record may be superseded or incomplete. Visit this record in UMA's new catalogue at: https://archives.library.unimelb.edu.au/nodes/view/421721Surname: TOBIN. Given Name(s) or Initials: R M. Military Service Number or Last Known Location: 217849. Missing, Wounded and Prisoner of War Enquiry Card Index Number: SEA-3685.246436
Item: [2016.0049.53982] "Tobin, R M, 217849
Louise Tobin at Disneyland
No full textA black and white photograph of Louise Tobin performing at Disneyland for a Benny Goodman tribute.https://lair.etamu.edu/scua-tobin-photos/1043/thumbnail.jp
Louise Tobin, Front
No full textThe front side of a sepia photograph of Louise Tobin. [handwritten inscription] To Ruthie my very first and very best friend - love always, Louisehttps://lair.etamu.edu/scua-tobin-photos/1000/thumbnail.jp
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