Neue Regulierungsmodi fur neue Finanzmarkte - Zur Notwendigkeit einer Tobin-Steuer
In: Die Friedens-Warte: Journal of International Peace and Organization, Band 77, Heft 3, S. 249-272
ISSN: 0340-0255
Financial & currency crises are a latent threat to the world economy & to peace in the affected regions & societies. The vast majority of policy responses to the recent crises fail to integrate financial actors. These models tend to socialize the economic costs of currency & financial crises: It is the international society &/or the population in the affected countries who have to pay the costs of both the IMF "bail out" packages with their structural adjustment conditionality & the "bail in" proposals designed to include external bond owners. Outside the classical financial institutions, new constructs of "hybrid" self-regulation are emerging. In this respect, James Tobin's proposal for a tax on currency transactions & recent policy modifications provide an alternative path. The Tobin Tax would be the first step to a global tax offering both a more efficient & more equitable solution to the challenges of the new financial markets & a powerful response to the emergence of global problems. Adapted from the source document.