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Global imbalances and taxing capital flows

Goodhart, Charles, 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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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:
Additional Information: © 2013 The Author(s)
Divisions: Financial Markets Group
Subjects: H Social Sciences > HG Finance
JEL classification: F - International Economics > F3 - International Finance > F34 - International Lending and Debt Problems
G - Financial Economics > G1 - General Financial Markets > G15 - International Financial Markets
G - Financial Economics > G1 - General Financial Markets > G18 - Government Policy and Regulation
Date Deposited: 19 Jun 2013 15:33
Last Modified: 16 May 2024 01:39

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