摘要
本文在开放经济模型中引入金融加速机制,并对外国风险资产交易行为征收外汇托宾税,从经济冲击的视角分析托宾税的政策效果。分析表明,在应对国外宏观经济冲击时,托宾税起到了一个缓冲剂的作用,能够降低国内经济受到国际重大冲击而发生经济过热或快速衰退的概率,提高经济的抵抗能力。在应对其他形式的经济冲击方面,托宾税能控制风险资产的规模,不会削弱经济的自我调节能力。
This paper expands the financial acceleration mechanism to an open economic model and builds a foreign risk asset trading department.The Tobin tax is levied on foreign risky asset transactions,and the effects of the Tobin tax are analyzed from four economic shock perspectives.In response to foreign macroeconomic shocks,the Tobin tax has served as a buffer to prevent the domestic economy from overheating or a rapid recession.In response to other forms of economic shocks,the Tobin tax will not have a significant impact on the domestic macro-economy,and it will also exercise market regulation on foreign exchange capital projects.
作者
张翔
Xiang Zhang(School of Finance and Business,Shanghai Normal University,Shanghai 200234,China)
出处
《金融管理研究》
2021年第1期63-84,共22页
The Journal of Finance and Management Research
基金
国家社会科学基金一般项目“市场交易视角下的人民币汇率微观决定机制研究”(项目编号:19BJL122)资助
