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This study presents in detail the concept of a financial transaction tax (FTT) and the theoretical and empirical evidence in favour and against introducing it, the potential revenues, different implementation designs and its ability to correct various market failures. We analyse the benefits and challenges of introducing a tax on financial transactions, putting special focus on the introduction of such a tax on a world-wide scale. For a number of reasons, international cooperation is deemed a central prerequisite for an efficient FTT. The purpose of the tax is to raise substantial revenues and help dampen excessive financial market speculation and market volatility. An FTT would ensure that the financial sector contributes more substantially to government revenues. In its optimal form, the tax would be broad-based and there will be no financial instrument types exempted. In a second step, we analyse from a political economy perspective the prospects, the current status, and the lessons learnt from the European discussion on the implementation of an FTT. Finally, we calculate the revenue potential of a global FTT and report how much revenues would accrue to specific countries. We estimate that the tax, if imposed globally and taking into account still evasion, relocation and lock-in effects, can bring significant revenues - between 237.9 and 418.8 billion $ annually. The baseline case delivers 326.9 billion $ overall for the global economy, which corresponds to 0.43 percent of global GDP. These are lower bounds for potential revenues due to missing data on a number of financial instrument types. For specific countries, in the baseline case this would result in 72.57 billion $ annual potential revenues for the USA (0.37 percent of GDP), 119.46 billion $ for the European Union (0.69 percent of GDP), 10.00 billion $ for Germany (0.27 percent of GDP), 9.99 billion $ for France (0.39 percent of GDP) and 19.99 billion $ for Japan (0.41 percent of GDP).

Each year local and national economies throughout the world lose billions of dollars through so-called illicit financial flows. Conservative estimates indicate that over a billion dollars are diverted illegitimately out of countries in the Southern Hemisphere every year. This diversion of revenue reinforces poverty while facilitating the concentration of authority in the hands a select few through corruption and abuse of power. The authors' objective with this book is to increase transparency in finance and global financial transactions. Understanding the phenomenon of illicit financial flows requires input from several disciplines including law, finance and economics, and much of what is known about illicit financial flows is thanks to whistleblowers and investigative journalists. This anthology highlights journalism about illicit, global financial activity from an interdisciplinary perspective. In conveying the experiences of whistleblowers and investigative journalists who have been involved with the Panama Papers, Paradise Papers, Lux Leaks and Swiss Leaks, the contributing authors underscore the need for journalism students to also learn the basics of economics, finance and law if they are to be able to carry out investigative projects in an increasingly more globalized economy. In the first part of the book, investigative journalists describe their work to expose corruption and capital flight, and whistleblowers in some of the most significant cases tell their stories, while lawyers and accountants explain what needs to be done at the legislative level. In the second half of the book, analyses of revelations of corruption and illegitimate financial flows are presented. The authors explore themes including the value of investigative journalism, new journalistic methods, inadequate protections for whistleblowers and the education of investigative journalists. This book will be of interest to anyone concerned about illicit financial flows, but especially to journalists, journalism students and journalism instructors seeking an understanding of what it takes to reveal the mechanisms behind illicit, global flows of wealth. ; publishedVersion

This paper deals with the financial transaction tax in the European Union. While it is currently a matter of enhanced cooperation between several Member States regulated only at the national level, it is considered to be a potentially good source of the EU's own resources. The negotiations about its implementation on the EU recently begun again as there is need to search for funds for the economic recovery after the coronavirus pandemic. The author works with the hypothesis that if the taxation of financial transactions and the financial sector as such is beneficial, harmonization within the free market of the European Union is necessary. From scientific methods, it will mainly use the analysis of proposals for a new system of taxation of financial transactions to confirm or refute it. In order to be able to put the issue into a suitable context, the method of interpretation will also be used, especially in the first chapter dealing with the issue of sectoral taxation. With regard to the problematic nature of the examined type of tax, a comparison will be made in several parts - while examining the current state and possible developments in the future. The professional literature does not yet deal with this topic, so it will be used rather in support of other sources, such as legislative documents of national and community institutions, and press releases. In addition to processing the above hypothesis by the proposed methods, the aim of this work is also to provide an overview of the current state of affairs both at the level of the European Union and within the Czech Republic. Sectoral taxation is by its nature a political issue, so there is room for controversy about its suitability, effectiveness, and impact on society. ; Tento příspěvek se zabývá daní z finančních transakcí v Evropské unii. I když v současné době jde o posílenou spolupráci mezi několika členskými státy regulovanou pouze na vnitrostátní úrovni, považuje se to za potenciálně dobrý zdroj vlastních zdrojů EU. Jednání o jeho provádění v EU nedávno znovu začala, protože je třeba hledat finanční prostředky na hospodářské oživení po pandemii koronavirů. Autor pracuje s hypotézou, že pokud je zdanění finančních transakcí a finančního sektoru jako takového výhodné, je nutná harmonizace v rámci volného trhu Evropské unie. Z vědeckých metod použije k potvrzení nebo vyvrácení zejména analýzu návrhů nového systému zdanění finančních transakcí. Aby bylo možné tuto problematiku uvést do vhodného kontextu, bude rovněž použita metoda výkladu, zejména v první kapitole zabývající se problematikou odvětvového zdanění. S ohledem na problematičnost zkoumaného typu daně bude provedeno srovnání v několika částech - při zkoumání současného stavu a možného vývoje do budoucna. Odborná literatura se tímto tématem ještě nezabývá, bude proto spíše použita na podporu dalších zdrojů, jako jsou legislativní dokumenty národních a komunitních institucí a tiskové zprávy. Kromě zpracování výše uvedené hypotézy navrhovanými metodami je cílem této práce také poskytnout přehled o aktuálním stavu věcí na úrovni Evropské unie i v rámci České republiky. Odvětvové zdanění je ze své podstaty politickou otázkou, takže existuje prostor pro polemiku o jeho vhodnosti, účinnosti a dopadu na společnost. ; This paper deals with the financial transaction tax in the European Union. While it is currently a matter of enhanced cooperation between several Member States regulated only at the national level, it is considered to be a potentially good source of the EU's own resources. The negotiations about its implementation on the EU recently begun again as there is need to search for funds for the economic recovery after the coronavirus pandemic. The author works with the hypothesis that if the taxation of financial transactions and the financial sector as such is beneficial, harmonization within the free market of the European Union is necessary. From scientific methods, it will mainly use the analysis of proposals for a new system of taxation of financial transactions to confirm or refute it. In order to be able to put the issue into a suitable context, the method of interpretation will also be used, especially in the first chapter dealing with the issue of sectoral taxation. With regard to the problematic nature of the examined type of tax, a comparison will be made in several parts - while examining the current state and possible developments in the future. The professional literature does not yet deal with this topic, so it will be used rather in support of other sources, such as legislative documents of national and community institutions, and press releases. In addition to processing the above hypothesis by the proposed methods, the aim of this work is also to provide an overview of the current state of affairs both at the level of the European Union and within the Czech Republic. Sectoral taxation is by its nature a political issue, so there is room for controversy about its suitability, effectiveness, and impact on society.

The case for taxing financial transactions merely to raise more revenues from the financial sector is not particularly strong. Better alternatives to tax the financial sector are likely to be available. However, a tax on financial transactions could be justified in order to limit socially undesirable transactions when more direct means of doing so are unavailable for political or practical reasons. Some financial transactions are indeed likely to do more harm than good, especially when they contribute to the systemic risk of the financial system. However, such a financial transaction tax should be very small, much smaller than the negative externalities in question, because it is a blunt instrument that also drives out socially useful transactions. There is a case for taxing over-the-counter derivative transactions at a somewhat higher rate than exchange-based derivative transactions. More targeted remedies to drive out socially undesirable transactions should be sought in parallel, which would allow, after their implementation, to reduce or even phase out financial transaction taxes.

The article highlights the transformation of financial market, which determines its insulation as an independent economy sector. The tendency was first analyzed in late XIX century and has been developing since then, resulting in dissociation of real and financial sectors. Due to uncertainty traders lack decision guidelines, as speculative transactions do not imply property management. As a result, their decisions are based on expectations and market value losses any connection to real sector performance. Financial derivatives development through late XX century has brought financial market independence to a new level and inflation of the sector to values, exceeding world GDP. Stock market has provided the basis for property and management separation, and derivatives, in turn, separate returns from property and risk from asset. As risk valuation turns out to be the measure of market expectations, it is sure to affect the basic asset prices even more than underlying real capital. The imbalance is believed to have been one of the determinants of the modern financial and economic crisis. Financial market has evidently transformed to a casino to a greater extent, than Keynes identified.

The impact of the external shocks on Pakistan's development
and on the accumulation balances of institutional sectors during the
past two decades is quite well known. The shifts in the accumulation
balances of institutions are invariably accompanied by changes in the
nature and the magnitude of the claims placed with the fmancial system
and with the rest of the world. At present, little is known about the
nature of these changes, during this period, nor about the financial
interdependence and the interaction among the private, the public and
the external sectors of the economy. The growing financial problems of
the country require a proper appreciation of the changing importance of
different instruments in the debt portfolio of the government and other
institutions and of the way capital formation is financed. A number of
studies have used the flow-of-funds accounts framework to analyse the
financial problems of developing countries, for example, [Jansen (1989);
Roe (1985) and Bhatt (1972)]. In Pakistan, however, this subject has not
received much attention. This paper is an attempt to fill this vacuum.
It describes sectoral interactions within a flow-of-funds accounts
framework, and distinguishes various channels through which sectoral
accumulation balances come to an equilibrium by financial flows:
intermediation through the formal banking system, direct capital
transfers between institutions, government deficit fmancing from
borrowing etc. Within this framework the impact of the changes in
investment or in the federal deficit are traced to changes in the
fmancial behaviour of the other sectors. The paper gives a presentation
of the flow-of-funds accounts designed to understand the mechanics of
financing investment and the government deficit. And helps to answer
questions like what are the components of the federal
deficit................