Naslov
Financial Transaction Tax in EU: Estimation of Economic Implications

Autori
Olgić Draženović, Bojana

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Economic and Social Development: 23rd International Scientific Conference on Economic and Social Development, Book of Proceedings / Cingula, M. ; Przygoda, M. ; Detelj, K. - Varaždin : VADEA, 2017, 221-227

Skup
Economic and Social Development: 23rd International Scientific Conference on Economic and Social Development

Mjesto i datum
Madrid, Španjolska, 15.09.2017. - 16.09.2017

Vrsta sudjelovanja
Ostalo

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
financial institutions, financial transaction tax, government revenues, Europan union

Sažetak
The need to reexamine the European tax system in relation to undertaxed and privileged financial system has been rising along with the development of financial crises and the rise of public financing of financial instituions in the EU. Since 2011, there are ongoing negotiations on the proposal for a Directive on the unified European financial transaction tax (FTT). The initial EU– wide proposal came into question, mostly because of the Member's disagreement about the issues of how the tax will apply to derivative trades, and to transactions executed by pension funds. It is intended that FTT will be applied in just ten member states under the enhanced cooperation legislative mechanism. Altough the scope and objectives of the original FTT proposal have been limited in the latest modified proposal, it is expected that general impacts on EU financial system and economy are still significant. The aim of this paper is to present all the potential effects, implications and restrictions of the FTT introduction. These effects concern trading volume and speculation, liquidity, asset price volatiliy, asset prices and the cost of capital, cascading and intersectoral distortions, financial stability and budget revenues. One of the most pronounces economy impact is probably increasing the transaction costs and decreasing the profits of financial institutions. This study summarizes recent literature on the possible positive and negative effects of European financial transaction tax.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

Napomena
Book of Proceedings: ISSN 1849-6903 (CD-ROM) ISSN
1849-7535 (Online) Book of Abstracts: ISSN 1849-
689X (Print) ISSN 1849-7543 (Online) Zbornik
radova je indeksiran u CPCI (WoS by Thomson
Reuters), EconLit, ABI Inform (by ProQuest),
EconBIZ

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