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June 2013 issue
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Goodhart, Peiris, Tsomocos
Koenig
Quadrini
Hirakata, Sudo, Ueda
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Baumeister, Benati
Gelain, Lansing, Mendicino
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Global Imbalances and Taxing Capital Flows

by C. A. E. Goodharta, M. U. Peirisb, and D. P. Tsomocosc

Abstract

We study a monetary economy with two large open economies displaying net real and financial flows. If default on cross-border loans is possible, taxing financial flows can reduce its negative consequences. In doing so it can improve welfare unilaterally, in some cases in a Pareto sense, via altering the terms of trade and reducing the costs of such default.

JEL Codes: F34, G15, G18.

 
Full article (PDF, 32 pages 436 kb)

Discussion by Francis E. Warnock

 


a London School of Economics and FMG
b ICEF, NRU Higher School of Economics, Moscow
c Sad Business School and St. Edmund Hall, University of Oxford