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Bank Transaction Taxes: International Evidence and Potential Implications for Greece

In: Taxation in Crisis

Author

Listed:
  • Hiona Balfoussia

    (Bank of Greece)

  • Dimitris Malliaropulos

    (Bank of Greece)

  • Dimitris Papageorgiou

    (Bank of Greece)

  • Athanasios Tagkalakis

    (Bank of Greece)

Abstract

This chapter studies a particular case of financial transaction tax, namely, the bank transaction tax—that is, a tax imposed on any payment, withdrawal, or transfer made via the banking system. We review the relevant academic literature on countries which have employed the tax. Moreover, we use Greece as a case study of what the bank transaction tax would imply for a peripheral euro-area economy during the crisis, both in the context of a meta-analysis of existing literature as well as using a micro-founded dynamic stochastic general equilibrium (DSGE) model with a detailed financial sector and an appropriate shock. We conclude that, while the bank transaction tax has some advantages, its imposition also has a number of negative implications.

Suggested Citation

  • Hiona Balfoussia & Dimitris Malliaropulos & Dimitris Papageorgiou & Athanasios Tagkalakis, 2017. "Bank Transaction Taxes: International Evidence and Potential Implications for Greece," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Dimitrios D. Thomakos & Konstantinos I. Nikolopoulos (ed.), Taxation in Crisis, chapter 10, pages 235-267, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-319-65310-5_10
    DOI: 10.1007/978-3-319-65310-5_10
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