Honohan, PatrickYoder, Sean2012-03-192012-03-192010-03-01https://hdl.handle.net/10986/3715Attempts 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.CC BY 3.0 IGOADMINISTRATIVE CONTROLSADVANCED ECONOMIESADVERSE EFFECTSADVERSE SELECTIONAMOUNT OF DEBTARBITRAGEASSET PRICEASYMMETRIC INFORMATIONBANK ACCOUNTBANK PAYMENTSBANK POLICYBANKING ASSETSBANKING MARKETBANKING SYSTEMBANKRUPTCYBASIS POINTSBONDBOND MARKETBONDSBOURSEBUSINESS OPPORTUNITYCAPITAL FLOWSCASH TRANSACTIONSCASH WITHDRAWALSCDSCENTRAL BANKCHECKING ACCOUNTSCHECKSCORPORATE BORROWERSCREDIT DEFAULTCREDIT DEFAULT SWAPCREDIT DEFAULT SWAPSCREDIT DERIVATIVESCREDIT MARKETCROSS-BORDER CAPITALCURRENCYDEBIT CARDDEBTDEBT OBLIGATIONSDEBT OUTSTANDINGDEFAULT RATESDEPOSITDEPOSITORDEPOSITSDERIVATIVEDERIVATIVE TRANSACTIONSDERIVATIVESDERIVATIVES MARKETDERIVATIVES MARKETSDEVELOPING COUNTRIESDEVELOPING COUNTRYDEVELOPING ECONOMIESDEVELOPMENT FINANCEDIVIDENDE-MONEYECONOMIC EFFICIENCYEQUILIBRIUM BEHAVIOREQUILIBRIUM PRICESEQUITIESEQUITY MARKETEXCHANGE RATEEXCHANGE RATESEXPENDITURESFACE VALUEFINANCE PRODUCTSFINANCIAL ASSETSFINANCIAL CRISESFINANCIAL CRISISFINANCIAL DERIVATIVEFINANCIAL DERIVATIVESFINANCIAL FLOWSFINANCIAL INTERMEDIARIESFINANCIAL MARKETFINANCIAL MARKET PARTICIPANTSFINANCIAL MARKETSFINANCIAL PRODUCTSFINANCIAL SECTORFINANCIAL SECTORSFINANCIAL STABILITYFINANCIAL SYSTEMFINANCIAL TRANSACTIONFINANCIAL TRANSACTIONSFINANCIAL VOLATILITYFISCAL DEFICITSFLOATING RATESFLOW OF INFORMATIONFOREIGN CURRENCYFOREIGN EXCHANGEFOREIGN EXCHANGE MARKETFOREIGN EXCHANGE MARKETSFOREIGN EXCHANGE TRANSACTIONSFUTURESGLOBAL CLIMATEGLOBAL FINANCEGLOBAL FINANCIAL CENTERGLOBALIZATIONGOVERNMENT EXPENDITUREGOVERNMENT EXPENDITURESGOVERNMENT POLICYGOVERNMENT REVENUEGROSS DOMESTIC PRODUCTHOST ECONOMIESILLIQUIDITYINCENTIVE STRUCTUREINCENTIVE STRUCTURESINCOMEINCOME TAXINDUSTRIAL COUNTRIESINFORMAL ECONOMIESINFORMATION SYSTEMINFORMED TRADERSINNOVATIVE FINANCINGINSTRUMENTINSURANCEINSURANCE COMPANYINTEREST RATEINTEREST RATE DERIVATIVESINTEREST RATE FUTURESINTEREST RATE SWAPSINTEREST RATESINTERNATIONAL BANKINTERNATIONAL DEVELOPMENTINTERNATIONAL FINANCEINTERNATIONAL FINANCIAL STATISTICSINTERNATIONAL SETTLEMENTSINTERNATIONAL STANDARDSINTERNATIONAL TRADEINVENTORYISSUANCEJURISDICTIONSLEVYLIQUID MARKETLIQUIDITYLOANLOCAL CURRENCYLONG-TERM INTERESTLONG-TERM INTEREST RATEMARKET BEHAVIORMARKET CONDITIONSMARKET FAILUREMARKET FAILURESMARKET MAKERSMARKET MANIPULATIONMARKET MANIPULATIONSMARKET MICROSTRUCTUREMARKET STRUCTUREMARKET TRANSACTIONSMARKET VALUEMARKET VOLATILITYMARKET-MAKERSMATURITYMICROSTRUCTUREMONETARY FUNDMONETARY POLICYMONEY LAUNDERINGMORAL HAZARDMORTGAGEMORTGAGE CREDITMORTGAGE-BACKED SECURITIESMORTGAGESOPTIMAL PORTFOLIOOUTSTANDING CREDITOUTSTANDING STOCKPAYMENTS SYSTEMPAYMENTS SYSTEMSPORTFOLIOPORTFOLIOSPREMIUM PAYMENTSPRICE DISCOVERYPRICE VOLATILITYPRIMARY MARKETPRIVATE SECTOR DEVELOPMENTPUBLIC FINANCERATE OF RETURNREGULATORRESERVERESERVE REQUIREMENTSRETURNSRISK MANAGEMENTSALE OF MORTGAGESECONDARY MARKETSECONDARY MARKET TRADINGSECURITIESSECURITIES MARKETSECURITIES MARKETSSECURITIES TRANSACTIONSECURITIES TRANSACTIONSSETTLEMENTSETTLEMENT SYSTEMSSHARE PRICESSMALL COUNTRIESSOCIAL COSTSSOVEREIGN DEBTSTAMP DUTYSTOCK PRICESSTOCK TRADESTOCKSSWAP MARKETTAXTAX CODETAX POLICYTAX RATETAX RATESTAX RULETAX RULESTAX STRUCTURESTAX TREATMENTTRADESTRADINGTRADING VOLUMETRANSACTIONTRANSACTION COSTSTRANSACTIONS COSTSTRANSFER RISKTRANSPARENCYTREASURYTREASURY BILLTREASURY BILL RATESTURNOVERUNDERLYING ASSETSUNINFORMED INVESTORSVALUATIONWHOLESALE FINANCIAL MARKETWITHDRAWALWorld Bank10.1596/1813-9450-5230