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We show that the introduction of Tobin taxes in agent-based models of currency markets can lead to a reduction of both speculative trading and the magnitude of exchange rate fluctuations at intermediate tax rates. In this regime revenues obtained from speculators are maximal for the institutions acting as market makers. We here focus on minority game models of markets, which are accessible by exact techniques from statistical mechanics. Results are supported by computer simulations. Our findings suggest that at finite systems sizes the effect is most pronounced in a critical region around the phase transition of the infinite system, but much weaker if the market is operating far from criticality and does not exhibit anomalous fluctuations.

The paper focuses on international tax proposals and analyzes rationales and challenges for adopting a com-pound global tax. It is proposed here that such a compound global tax instrument would mainly need to focus on two tiers. The one, based on the U.S. President Joe Biden?s 2021 suggestion, would need to close off tax avoidance and tax evasion possibilities for large multinational and transnational corporations; and the other, based on the James Tobin?s 1972-tax proposal, would seek to eliminate the speculative dimension of international foreign exchange dealings. These tiers are discussed extensively in this contribution, concluding with the suggestion that policy coordination is paramount.

International audience ; The adoption of the Tobin tax would be an important political act, a break both with the neo-liberal practices which accompany economic globalisation, and with the fatalism which goes along with them. This idea assumes that the level of co-operation which exists between the nations of the world goes well beyond the narrow framework of G3 or G7 summit meetings. The Tobin tax implies that all governments would have to act within their own financial sphere so as to help control the short-term movement of capital. This would ease the pressure on emerging countries, whose own currencies depend on the major currencies. Moreover, there would also be an easing in the level of commercial and financial competition between the industrialised capitalist countries, as such conflicts often include disagreements over current exchange rates. This paper undertakes a further analysis of the Tobin tax, rebuttes the usual criticisms of this idea by certain so-called experts, and shows its merits and limitations.

International audience ; The adoption of the Tobin tax would be an important political act, a break both with the neo-liberal practices which accompany economic globalisation, and with the fatalism which goes along with them. This idea assumes that the level of co-operation which exists between the nations of the world goes well beyond the narrow framework of G3 or G7 summit meetings. The Tobin tax implies that all governments would have to act within their own financial sphere so as to help control the short-term movement of capital. This would ease the pressure on emerging countries, whose own currencies depend on the major currencies. Moreover, there would also be an easing in the level of commercial and financial competition between the industrialised capitalist countries, as such conflicts often include disagreements over current exchange rates. This paper undertakes a further analysis of the Tobin tax, rebuttes the usual criticisms of this idea by certain so-called experts, and shows its merits and limitations.

International audience ; The adoption of the Tobin tax would be an important political act, a break both with the neo-liberal practices which accompany economic globalisation, and with the fatalism which goes along with them. This idea assumes that the level of co-operation which exists between the nations of the world goes well beyond the narrow framework of G3 or G7 summit meetings. The Tobin tax implies that all governments would have to act within their own financial sphere so as to help control the short-term movement of capital. This would ease the pressure on emerging countries, whose own currencies depend on the major currencies. Moreover, there would also be an easing in the level of commercial and financial competition between the industrialised capitalist countries, as such conflicts often include disagreements over current exchange rates. This paper undertakes a further analysis of the Tobin tax, rebuttes the usual criticisms of this idea by certain so-called experts, and shows its merits and limitations.