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Volatile Financial Markets and the Speculator

In: Uncertainty, International Money, Employment and Theory

Author

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  • Louise Davidson

Abstract

New Keynesians Joseph Stiglitz (1989) and Lawrence Summers (Summers and Summers 1989), following the lead of Old Keynesian James Tobin (1974), have argued that an ad valorem tax on financial market transactions is socially desirable in that it will reduce the observed volatility in our ‘super-efficient financial markets’. All of these Keynesians claim that Keynes initiated the recommendation for a universal financial transactions tax as a socially desirable policy.

Suggested Citation

  • Louise Davidson, 1999. "Volatile Financial Markets and the Speculator," Palgrave Macmillan Books, in: Louise Davidson (ed.), Uncertainty, International Money, Employment and Theory, chapter 21, pages 276-295, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14991-9_21
    DOI: 10.1007/978-1-349-14991-9_21
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