International policy coordination for financial market stability in the Asian economies

Author: Kim, Young-Han

Source: Applied Economics, Volume 35, Number 10, 10 July 2003 , pp. 1123-1132(10)

Publisher: Routledge, part of the Taylor & Francis Group

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Abstract:

Based on the understanding of financial crisis as the self-fulfilling crisis of speculators' belief system, this paper examines the feasibility of introducing the Tobin tax system to reduce financial volatility in the Asian foreign exchange markets. The model analysis in this paper provides the following policy implications. To reduce the motivation to deviate from the policy coordination, it is required to allow all tax revenues to collecting countries, especially to Singapore and Hong Kong. Even without the participation of the major western countries, the start of the tax policy coordination in the Asian region can have significant signalling effects to reduce speculative motivation.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036840210161800

Affiliations: School of Economics, Sung Kyun Kwan University, Myongnyun-dong, Seoul, 110-745, South Korea, Email: kimyh@skku.ac.kr

Publication date: July 10, 2003

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