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Attempts to raise a significant percentage of gross domestic product in revenue from a broad-based financial transactions tax are likely to fail both by raising much less revenue than expected and by generating far-reaching changes in economic behavior. Although the side-effects would include a sizable restructuring of financial sector activity, this would not occur in ways corrective of the particular forms of financial overtrading that were most conspicuous in contributing to the crisis.

Banking assets --- Banks & Banking Reform --- Currency --- Debt Markets --- Derivative --- Derivative transactions --- Economic efficiency --- Economic Theory & Research --- Emerging Markets --- Equities --- Finance and Financial Sector Development --- Financial assets --- Financial system --- Fiscal deficits --- Government policy --- Gross domestic product --- International bank --- Macroeconomics and Economic Growth --- Market failures --- Private Sector Development --- Reserve --- Reserve requirements --- Securities --- Securities transactions --- Tax --- Taxation & Subsidies --- Transaction --- Transparency

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The measurement of inequality of opportunity has hitherto not been attempted in a number of countries because of data limitations. This paper proposes two alternative approaches to circumventing the missing data problems in countries where a demographic and health survey and an ancillary household expenditure survey are available. One method relies only on the demographic and health survey, and constructs a wealth index as a measure of economic advantage. The alternative method imputes consumption from the ancillary survey into the demographic and health survey. In both cases, the between-type share of overall inequality is computed as a lower bound estimator of inequality of opportunity. Parametric and non-parametric estimates are calculated for both methods, and the parametric approach is shown to yield preferable lower-bound measures. In an application to the sample of ever-married women aged 30-49 in Turkey, inequality of opportunity accounts for at least 26 percent (31 percent) of overall inequality in imputed consumption (the wealth index).

Consumption --- Consumption expenditures --- Data set --- Data sets --- Decreasing function --- Economic efficiency --- Economic growth --- Economic Theory & Research --- Empirical analysis --- Empirical studies --- Equity and Development --- Gini coefficient --- Health, Nutrition and Population --- Household income --- Income --- Income differentials --- Income inequality --- Inequality --- Inequality index --- Macroeconomics and Economic Growth --- Measuring inequality --- Per capita consumption --- Policy research --- Population Policies --- Poverty Reduction --- Product --- Rural Poverty Reduction --- Social policy