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Financial transactions taxes have recently gained attention as a possible means to influence the behavior of financial markets and to reduce destabilizing capital flows. One variation is a tax on all foreign currency conversions, often termed a “Tobin tax.” This paper suggests that these taxes would probably not produce the desired effects and would be difficult to design and implement. It is unclear that the possible advantages in reducing some short-term speculative trading would outweigh the possible disadvantages in impairing the efficiency of financial markets. From an administrative perspective, without a broad international consensus and application, these taxes are likely to be easily avoided.

Exports and Imports --- Finance: General --- Money and Monetary Policy --- Taxation --- Business Taxes and Subsidies --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Investment --- Long-term Capital Movements --- General Financial Markets: General (includes Measurement and Data) --- Public finance & taxation --- Monetary economics --- International economics --- Finance --- Financial transaction tax --- Transaction tax --- Currencies --- Capital flows --- Stock markets --- Taxes --- Money --- Balance of payments --- Financial markets --- Capital movements --- Stock exchanges --- United States

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This paper proposes a price-based measure to mitigate the destabilizing impact of the volatility of global capital movements on the domestic economy of a country pursuing sound economic policies. The measure is a withholding tax on all private capital inflows, with a credit and refund provision that operates within the administrative framework of the existing domestic tax system to relieve noncapital inflows from the tax. This withholding tax, which is substantially more difficult to evade than the much-discussed alternative of imposing non-remunerated reserve requirements, can be implemented with little additional costs to the taxpayers and the tax authorities.

Exports and Imports --- Macroeconomics --- Taxation --- International Investment --- Long-term Capital Movements --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Business Taxes and Subsidies --- Personal Income, Wealth, and Their Distributions --- International economics --- Public finance & taxation --- Capital inflows --- Capital flows --- Income and capital gains taxes --- Financial transaction tax --- Personal income --- Balance of payments --- Taxes --- National accounts --- Capital movements --- Income tax --- Income --- Chile

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Since 1990, Singapore has sought to control motor vehicle ownership by means of an auction quota system, whereby prospective vehicle buyers need to obtain a quota license before they can make their purchase. This paper assesses the success of the vehicle quota system in meeting its objectives of stability in motor vehicle growth, flexibility in the motor vehicle mix, and equity among motor vehicle buyers. Two important implementation issues-quota subcategorization and license transferability-are highlighted, and policy lessons are drawn for the design of auction quotas in general.

Investments: Commodities --- Taxation --- Demography --- Auctions --- Rationing --- Licensing --- Transportation Systems: Government Pricing --- Regulatory Policies --- Demographic Economics: General --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Personal Income and Other Nonbusiness Taxes and Subsidies --- General Financial Markets: General (includes Measurement and Data) --- Taxation, Subsidies, and Revenue: General --- Population & demography --- Public finance & taxation --- Population & migration geography --- Investment & securities --- Population and demographics --- Population growth --- Transaction tax --- Arbitrage --- Tax incidence --- Taxes --- Commodities --- Tax policy --- Population --- Financial instruments --- Tax administration and procedure --- Singapore

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This paper reviews capital taxation issues in Italy based on a comprehensive definition encompassing taxes on income, transactions, and ownership. It discusses options to enhance the neutrality of the capital income tax system, followed by a detailed analysis of the property tax, the inheritance tax, and various transaction taxes. The paper also examines the case for replacing the set of existing taxes on financial and real assets with a single net wealth tax.

Capital gains tax --- Capital gains --- Taxation of capital gains --- Capital levy --- Income tax --- Investments --- Taxation --- Macroeconomics --- Efficiency --- Optimal Taxation --- Fiscal Policies and Behavior of Economic Agents: Household --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Aggregate Factor Income Distribution --- Public finance & taxation --- Property & real estate --- Property tax --- Transaction tax --- Capital income tax --- Inheritance tax --- Wealth tax --- Taxes --- Income --- National accounts --- Inheritance and transfer tax --- Real property tax --- Italy

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Housing market imbalances are a key source of systemic risk and can adversely affect housing affordability. This paper utilizes a stylized model of the Canadian economy that includes policymakers with differing objectives—macroeconomic stability, financial stability, and housing affordability. Not surprisingly, when faced with multiple objectives, deploying more policy instruments can lead to better outcomes. The results show that macroprudential policy can be more effective than policies based on adjusting propertytransfer taxes because property-tax policy entails excessive volatility in tax rates. They also show that if property-transfer taxes are used as a policy instrument, taxes targeted at a broader-set of homebuyers can be more effective than measures targeted at a smaller subset of homebuyers, such as nonresident homebuyers.

Infrastructure --- Macroeconomics --- Real Estate --- Taxation --- Intertemporal Consumer Choice --- Life Cycle Models and Saving --- Macroeconomics: Consumption --- Saving --- Wealth --- Financial Markets and the Macroeconomy --- Open Economy Macroeconomics --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Housing Supply and Markets --- Public finance & taxation --- Property & real estate --- Consumption --- Transaction tax --- Housing prices --- Macroprudential policy --- National accounts --- Taxes --- Prices --- Financial sector policy and analysis --- Saving and investment --- Economics --- Economic policy --- Canada