托宾税、市场失灵及“不可能三角”

• 作 者: 徐奇渊
• 机 构: 中国社会科学院世界经济与政治研究所全球宏观经济研究室,
• 出 处: 清华金融评论
• 发表日期: 2014年05期
• 关键词: 托宾税 资本流入 市场失灵 资本项目 污染税 交易税 汇率稳定 三角 国际金融市场 詹姆斯

托宾税的理念是美国经济学家詹姆斯·托宾在20世纪70年代首次提出的,指的是对所有的外汇交易,包括资本流入、流出交易,都按统一税率征税。本文认为,征收托宾税有助于纠正市场失灵,并为国内宏观经济调控赢得额外的政策空间。托宾税(Tobin Tax),是指对所有的外汇交易,包括资本流入、流出交易,都按统一税率征税,从而缓解短期投机性资金的大进大出、减少汇率的不稳定性。

The Tobin tax idea was first proposed by the U.S. economist James Tobin in the 1970s. It refers to the taxation of all foreign exchange transactions, including capital inflows and outflows, at a uniform tax rate. This article argues that the collection of Tobin tax can help to correct the market failure and win extra policy space for domestic macroeconomic regulation and control. Tobin Tax refers to the taxation of all foreign exchange transactions, including capital inflows and outflows, at a uniform tax rate, so as to ease over-and-forth short-term speculative funds and reduce the instability of the exchange rate.