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http://ssrn.com/abstract=338864
 
 

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International Experiences with Securities Transaction Taxes


John Y. Campbell


Harvard University - Department of Economics; National Bureau of Economic Research (NBER)

Kenneth Froot


National Bureau of Economic Research (NBER)

December 1993

NBER Working Paper No. w4587

Abstract:     
This paper studies the international experience with securities transaction taxes (STTs), using the Swedish and British systems as case studies. We argue that STTs are best thought of as taxes on different resources used in transactions: domestic brokerage services in the case of Sweden, and registration services in the British case. STTs give investors incentives to economize on the taxed resources by shifting trading to foreign markets or untaxed assets, or by reducing the volume of trade. We show that these effects can be important. Estimated revenues from an STT will be correspondingly overstated if they ignore such behavioral effects.

Number of Pages in PDF File: 42

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Date posted: December 27, 2002  

Suggested Citation

Campbell, John Y. and Froot, Kenneth, International Experiences with Securities Transaction Taxes (December 1993). NBER Working Paper No. w4587. Available at SSRN: http://ssrn.com/abstract=338864

Contact Information

John Y. Campbell (Contact Author)
Harvard University - Department of Economics ( email )
Littauer Center
Room 213
Cambridge, MA 02138
United States
617-496-6448 (Phone)
617-495-7730 (Fax)
HOME PAGE: http://scholar.harvard.edu/campbell
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Kenneth Froot
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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