Huber Jürgen, Kirchler Michael, Kleinlercher Daniel, Sutter Matthias
University of Innsbruck.
University of Innsbruck, University of Gothenburg.
Econ J (London). 2017 Oct;127(605):F610-F631. doi: 10.1111/ecoj.12339. Epub 2017 Oct 24.
The effects of a financial transaction tax (FTT) are scientifically disputed, as seemingly small details of its implementation may matter a lot. In this article, we provide experimental evidence on the different effects of an FTT, depending on whether it is implemented as a tax on markets, on residents, or a combination of both. We find that a tax on markets has negative effects on volatility and trading volume, whereas a tax on residents shows none of these undesired effects. Additionally, we observe that individual risk attitude is not related to traders' reaction to the different forms of an FTT.
金融交易税（FTT）的效果在科学上存在争议，因为其实施过程中看似微小的细节可能至关重要。在本文中，我们提供了关于金融交易税不同效果的实验证据，这取决于它是作为对市场征税、对居民征税还是两者结合来实施。我们发现，对市场征税会对波动性和交易量产生负面影响，而对居民征税则没有这些不良影响。此外，我们观察到个人风险态度与交易者对不同形式金融交易税的反应无关。
