Global Imbalances and Taxing Capital Flows

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.

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Year of publication:	2013
Authors:	Goodhart, C. A. ; Peiris, M. U. ; Tsomocos, D. P.
Published in:	International Journal of Central Banking. - International Journal of Central Banking. - Vol. 9.2013, 2, p. 13-44
Publisher:	International Journal of Central Banking

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Extent:	application/pdf text/html
Type of publication:	Article
Classification:	F34 - International Lending and Debt Problems ; G15 - International Financial Markets ; G18 - Government Policy and Regulation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010839274