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금융거래세 도입방안 연구(A study on the introduction of FTT in Korea)

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  • 금융거래세 도입방안 연구(A study on the introduction of FTT in Korea)
  • 홍범교; 이상엽
  • 한국조세재정연구원


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Title 금융거래세 도입방안 연구(A study on the introduction of FTT in Korea)
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Material Type Reports
Author(Korean)

홍범교; 이상엽

Publisher

서울:한국조세재정연구원

Date 2012-10
Pages 188
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Economy < Financial Policy
Holding 한국조세재정연구원

Abstract

Renowned economists such as John M. Keynes and James Tobin to name a few have promoted a financial transaction tax (FTT) as an effective policy tool to curb excessive speculation in financial markets. Ever since there are many academic papers and debates that discuss the pros and cons of FTT. (The rest omitted)
International efforts to introduce a FTT was intensified after the 2008 global financial crisis. In 2011, EU has proposed to impose a FTT on almost all financial transactions carried out by financial institutions. If at least one party involved is a resident of one of the EU member countries, the FTT shall be imposed on those transactions. But England, an EU member, and United States mainly have opposed to the plan, because their financial industry is the most important sector of their own economies. As a result a group of 11 EU member countries such as Germany and France has agreed to introduce a FTT on their own in Oct. 2012.
Currently, global excess liquidity due to US Quantitative Easing and ECB's Outright Monetary Transactions is threatening the stability of emerging financial markets worldwide. Korea as a small open economy is no exception in facing these precarious conditions. The volatility of foreign exchange rates and capital flows in both directions are relatively high in Korea. And the speculative trading in financial derivative markets is predominant in Korea. We have examined the validity of introducing a FTT in Korea under these unstable economic conditions.