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Tackling Instability in Financial Markets with a Panic Tax

McCulloch, N. - 17-Jul-10
2 pages
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IDS In Focus Policy Briefing

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Leonard, D.(2010) 'Markets, Basic Services and Poor People'


There has been much debate on introducing a financial transaction or 'Tobin Tax' to generate revenue for public goods or enhance market stability. But a better solution might be a Panic Tax - a simple mechanism to tax panics and manias rather than everyday trade - that promotes stability by dampening crashes and booms, providing policy space for more orderly adjustments in the financial markets.