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Gordon Brown proposes to introduce a Tobin Tax:
Guardian.co.uk: Brown takes campaign for Tobin tax to Commonwealth; PM to tell heads of government meeting that tax should be among options to avoid further bank crisis, despite US opposition, Nov. 27, 2009
Gordon Brown will today maintain his campaign for the introduction of a so-called Tobin tax on global financial transactions in the face of US opposition.
Buoyed by the decision of the head of the International Monetary Fund to drop his opposition to the tax, the prime minister will tell the Commonwealth heads of government meeting that he still supports the measure.
The tax should be among a series of options to avoid a repeat of last year's international banking crisis, he will tell the summit, which opens in Trinidad and Tobago today. read more
The definition of the tax:
"A Tobin tax is the suggested tax on all trade of currency across borders. Named after the economist James Tobin, the tax is intended to put a penalty on short-term speculation in currencies. The original tax rate he proposed was 1%, which was subsequently lowered to between 0.1% and 0.25%."
Harvard Prof. G. Mankiw responds to plans to introduce a Tobin Tax:
"The Tobin tax--a tax on financial transactions--is very much in the news. Before one gets to the issue of the desirability of such a tax, one has to address the question of whether the policy is even feasible. I am skeptical. Financial transactions are easy to move: If two parties to a financial contract can just as easily sign and enforce the contract in the Cayman Islands as in New York or London, there is little point in US or UK policymakers imposing a Tobin tax. Unless, of course, moving the finance industry offshore is the policy goal."
Source: Greg Mankiw's Blog
Indian Prof. Ajay Shah on Tobin Tax projects in India:
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