Global imbalances and taxing capital flows

Global imbalances and taxing capital flows
Document type
Paper
Author(s)
Goodhart, C A E; Peiris, M U; Tsomocos, D P
Publisher
Said Business School, Oxford University
Date of publication
1 May 2012
Series
Saïd Business School Working Paper Series 2012-12
Subject(s)
Trends: economic, social and technology trends affecting business
Collection
Business and management
Material type
Reports

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We study a monetary economy with two large open economies displaying net real and financial flows. If default on cross-border loans is possible, taxing financial flows can reduce its negative consequences. In doing so it can improve welfare unilaterally, in some cases in a Pareto sense, via altering the terms of trade and reducing the costs of such default.

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