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A Proposal for Monetary Reform

Author

Listed:
  • James Tobin

    (Yale University)

Abstract

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. [Ed.]

Suggested Citation

  • James Tobin, 2003. "A Proposal for Monetary Reform," Eastern Economic Journal, Eastern Economic Association, vol. 29(4), pages 519-526, Fall.
    • Handle: RePEc:eej:eeconj:v:29:y:2003:i:4:p:519-526
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume29/V29N4P519_526.pdf
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    Citations

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    Cited by:

    1. Javier Bianchi, 2011. "Overborrowing and Systemic Externalities in the Business Cycle," American Economic Review, American Economic Association, vol. 101(7), pages 3400-3426, December.
    2. Victoria Saporta & Kamhon Kan, 1997. "The effects of Stamp Duty on the Level and Volatility of Equity Prices," Bank of England working papers 71, Bank of England.

    More about this item

    Keywords

    Monetary; Policy; Tax; Taxes;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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