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Eine generelle Finanztransaktionssteuer. Konzept, Begründung, Auswirkungen

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  • Stephan Schulmeister

Abstract

Das Paper skizziert zunächst das Konzept einer Steuer auf sämtliche Transaktionen mit Finanztiteln ("financial assets") und fasst die wichtigsten Argumente für und gegen eine solche Steuer zusammen. Im Anschluss wird die für die Bewertung dieser Argumente relevante empirische Evidenz dokumentiert. Dies betrifft insbesondere die Entwicklung der Finanztransaktionen sowie die Dynamik von Wechselkursen, Rohstoffpreisen und Aktienkursen. Die Daten lassen vermuten, dass die Einführung einer Finanztransaktionssteuer die Instabilität dieser Preise mildern würde, und zwar sowohl ihre kurzfristige Volatilität als auch das Ausmaß der längerfristigen Trends nach oben und unten ("bull markets" bzw. "bear markets"). Abschließend wird das Ertragspotential einer Transaktionssteuer für drei Steuersätze geschätzt (0,1%, 0,05% und 0,01%). Die Einnahmen wären wegen des hohen Handelsvolumens auf dem Finanzmarkt erheblich: Bei einem Steuersatz von 0,05% lägen sie in Deutschland zwischen 0,7% und 1,5% des BIP, in Europa zwischen 0,9% und 2,1%.

Suggested Citation

  • Stephan Schulmeister, 2009. "Eine generelle Finanztransaktionssteuer. Konzept, Begründung, Auswirkungen," WIFO Working Papers 352, WIFO.
    • Handle: RePEc:wfo:wpaper:y:2009:i:352
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    References listed on IDEAS

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    1. Eichengreen, Barry & Tobin, James & Wyplosz, Charles, 1995. "Two Cases for Sand in the Wheels of International Finance," Economic Journal, Royal Economic Society, vol. 105(428), pages 162-172, January.
    2. Stephan Schulmeister, 2009. "Technical Trading and Trends in the Dollar-Euro Exchange Rate," WIFO Studies, WIFO, number 37582, February.
    3. Schulmeister, Stephan, 2009. "Profitability of technical stock trading: Has it moved from daily to intraday data?," Review of Financial Economics, Elsevier, vol. 18(4), pages 190-201, October.
    4. John Grahl, 2003. "Sand in the wheels or spanner in the works? The Tobin tax and global finance," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 27(4), pages 597-621, July.
    5. Stephan Schulmeister, 2009. "Asset Price Fluctuations, Financial Crises and the Stabilizing Effects of a General Transaction Tax," WIFO Working Papers 340, WIFO.
    6. Mr. Karl F Habermeier & Mr. Andrei A Kirilenko, 2001. "Securities Transaction Taxes and Financial Markets," IMF Working Papers 2001/051, International Monetary Fund.
    7. Robert Pollin & Dean Baker & Marc Schaberg, 2003. "Securities Transaction Taxes for U.S. Financial Markets," Eastern Economic Journal, Eastern Economic Association, vol. 29(4), pages 527-558, Fall.
    8. Stephan Schulmeister, 2009. "Trading Practices and Price Dynamics in Commodity Markets and the Stabilising Effects of a Transaction Tax," WIFO Studies, WIFO, number 34919, February.
    9. Harry Huizinga, 2002. "A European VAT on financial services? [‘Taxation of financial services under a VAT’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 17(35), pages 497-534.
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    Cited by:

    1. Thomas Hemmelgarn & Gaëtan J.A. Nicodème & Gaëtan J.A. Nicodeme, 2010. "The 2008 Financial Crisis and Taxation Policy," CESifo Working Paper Series 2932, CESifo.
    2. Eckhard Hein & Achim Truger, 2012. "Finance-dominated capitalism in crisis—the case for a global Keynesian New Deal," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 35(2), pages 187-213.
    3. Karl Aiginger, 2011. "Why Performance Differed Across Countries in the Recent Crisis. How Country Performance in the Recent Crisis Depended on Pre-crisis Conditions," WIFO Working Papers 387, WIFO.

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    Keywords

    Finanztransaktionen; Spekulationstechniken; Dynamik von Vermögenspreisen; Transaktionssteuern;
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