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Global imbalances and taxing capital flows

Goodhart, Charles and Peiris, M. U. and Tsomocos, Dimitrios P. (2013) Global imbalances and taxing capital flows. International Journal of Central Banking, 9 (2). pp. 13-44. ISSN 1815-4654

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Abstract

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.

Item Type: Article
Official URL: http://www.ijcb.org/
Additional Information: © 2013 The Author(s)
Subjects: H Social Sciences > HG Finance
Sets: Research centres and groups > Financial Markets Group (FMG)
Date Deposited: 19 Jun 2013 15:33
Last Modified: 28 Mar 2017 14:31
URI: http://eprints.lse.ac.uk/id/eprint/50833

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