Imposición sobre las transacciones financieras en un mundo globalizado

  1. Carlos Contreras Gómez 1
  1. 1 Universidad Complutense de Madrid
    info

    Universidad Complutense de Madrid

    Madrid, España

    ROR 02p0gd045

Revista:
Información Comercial Española, ICE: Revista de economía

ISSN: 0019-977X

Año de publicación: 2020

Título del ejemplar: La fiscalidad internacional sobre los retos de la globalización, la digitalización y el envejecimiento

Número: 917

Páginas: 141-165

Tipo: Artículo

DOI: 10.32796/ICE.2020.917.7128 DIALNET GOOGLE SCHOLAR lock_openAcceso abierto editor

Otras publicaciones en: Información Comercial Española, ICE: Revista de economía

Resumen

En el seno de la Unión Europea se está llevando a cabo el experimento fiscal internacional más relevante en la historia por lo que respecta a la implantación impuestos sobre transacciones financieras. El impuesto que se propone establecer grava la mayoría de instrumentos financieros en diez Estados miembros. En vista de que el proceso de implantación de este impuesto europeo general y coordinado no termina de ver la luz, países como Francia e Italia han establecido impuestos sobre las transacciones bursátiles de manera unilateral. España se está también sumando a este club. En este artículo se revisan los argumentos de defensa y de crítica sobre el establecimiento de esta figura tributaria, y se adelantan los efectos que puede tener sobre la liquidez del mercado en el caso español.

Referencias bibliográficas

  • Aitken, M. & Swan, P. (2000). The Impact of a Transaction Tax on Security Market Traders: The Case of Australia’s Tax Reduction. Working Paper, University of Sydney.
  • Aliber, R. Z., Chowdhury, B. & Yan, S. (2003). Some evidence that a Tobin tax on foreign exchange transactions may increase volatility. European Finance Review,7(3), 481-510.
  • Allen, F. & Gale, D. (2000). Bubbles and Crises. The Economic Journal, 110(460), 236-255.
  • Amihud, Y., Mendelson, H. & Pedersen, L. H. (2005). Liquidity and asset prices. Foundation and Trends in Finance, 1(4), 1-96.
  • Anthony, J., Bijlsma, M., Elbourne, A., Lever, M. & Zwart, G. (2012). Financial transaction tax: review and assessment. CPB the Netherlands Bureau for Economic Policy Analysis Discussion Paper, 202.
  • Autoridad Independiente de Responsabilidad Fiscal (AIReF) (2018). Informe sobre las Líneas Fundamentales de los Presupuestos de las Administraciones Públicas 2019. Informe 45/18.
  • Baltagi, B. H., Li, D. & Li, Q. (2006). Transaction tax and stock market behavior: Evidence from an emerging market. Empirical Economics,31(2), 393-408.
  • Barton, D., Bailey, J. & Zoffer, J. (2016). Rising to the challenge of short-termism. Focusing Capital on the Long Term. FCLT Global.
  • Becchetti, L., Ferrari, M. & Trenta, U. (2014). The impact of the French Tobin tax. Journal of Financial Stability, 15, 127-148.
  • Bessembinder, H. & Rath, S. (2002). Trading Costs and Return Volatility: Evidence from Exchange Listings. Working Paper, Utah: University of Utah.
  • Block, S. (2007). The liquidity discount in valuing privately owned companies. Journal of Applied Finance, 17(2), 33-40.
  • Bloomfield, R., O’Hara, M. & Saar, G. (2009). How Noise Trading Affects Markets: An Experimental Analysis. Review of Financial Studies,22(6), 2275-2302.
  • Bond, S., Hawkins, M. & Klemm, A. (2005). Stamp duty on shares and its effect on share prices. Institute for Fiscal Studies Working Paper 04/11.
  • Brondolo, J. D. (2011). Taxing Financial Transactions: An Assessment of Administrative Feasibility. IMF Working Paper,No 11/185.
  • Brown, G. W. & Cliff, M. T. (2001). Investor sentiment and the near term stock market. In Financial Economics Network, Capital Markets Abstracts: Market Efficiency. Working paper, Kenan-Flagler Business School. University of North Carolina-Chapel Hill.
  • Buss, A., Uppal, R. & Vilkov, G. (2011). Asset Prices in General Equilibrium with Transactions Costs and Recursive Utility. Working Paper EDHEC-Risk y Goethe University.
  • Campbell, J. Y. & Froot, K. (1994). International experiences with security transaction taxes. In J. Franker (ed.), The Internationalization of Equity Markets (pp. 277-308). University of Chicago.
  • Capelle-Blancard, G. & Havrylchyk, O. (2016). The impact of the French securities transaction tax on market liquidity and volatility. International Review of Financial Analysis, 47, 166-178.
  • Carroll, C. D., Otsuka, M. & Slacalek, J. (2011). How Large Are Housing and Financial Wealth Effects? A New Approach. Journal of Money, Credit and Banking, 43(1), 55-79.
  • Case, K. E., Quigley, J. M. & Shiller, R. J. (2005). Comparing Wealth Effects: The Stock Market versus the Housing Market. The B.E. Journal of Macroeconomics, 5(1).
  • Chou, R. K. & Wang, G. H. (2006). Transaction tax and market quality of the Taiwan Stock Index Futures. Journal of Futures Markets, 26(12), 1195-1216.
  • City of London (2014). The effects of a Financial Transaction Tax on European households’ savings. Special Interest Paper City of London Corporation.
  • Coelho, M. (2016). Dodging Robin Hood: Responses to France and Italy’s Financial Transaction Taxes. https://ssrn.com/abstract=2389166
  • Colliard, J. E. & Hoffmann, P. (2013). Sand in the Chips? Evidence on Taxing Transactions in Modern Markets. Social Science Research Network Working Paper.
  • Colliard, J. E. & Hoffmann, P. (2017). Financial Transaction Taxes, Market Composition, and Liquidity. The Journal of Finance, 72(6), 2685-2716.
  • Constantinides, G. M. (1986). Capital market equilibrium with transaction costs. Journal of Political Economy,94(4), 842-862.
  • Contreras, C. (2019, 21 de noviembre). ¿Cómo afecta la imposición sobre las transacciones financieras a la liquidez del mercado? FEDEAWorkshop sobre los Retos de la Fiscalidad en la Era Digital.
  • Contreras, C. & Contreras, M. (2015a). Estimación de la recaudación del Impuesto sobre Transacciones Financieras: el caso español. Hacienda Pública Española / Review of Public Economics, 213(2), 109-143.
  • Contreras, C. & Contreras, M. (2015b). El impuesto general sobre transacciones financieras como impuesto Pigouviano: introducción a una controversia. Revista Análisis Financiero, Instituto Español de Analistas Financieros, (127),1-33.
  • Contreras, C. & Contreras, M. (2018). El impuesto sobre transacciones financieras: ¿Debe establecerse? Editorial Académica Española.
  • Dammon, R. M. & Spatt, C. S. (1996). The optimal trading and pricing of securities with asymmetric capital gains taxes and transaction costs. Review of Financial Studies, 9(3), 921-952.
  • Darvas, Z. & Von Weizsäcker, J. (2010). Financial transaction tax: Small is beautiful. Corvinus University of Budapest Working PaperNo 1.
  • Davis, J., Smith, B., Wagner, M. & O ́Kelly, R. (2013). The impact of the EU-11 Financial Transaction Tax on end-users. Oliver Wyman (Financial Services).
  • De Grauwe, P. & Grimaldi, M. (2006). Exchange rate puzzles: A tale of switching attractors. European Economic Review, 50(1), 1-33.
  • Demary, M. (2010). Transaction taxes and traders with heterogeneous investment horizons in an agent-based financial market model. Economics: The open-access, open-assessment, E-Journal, 4, 1-44.
  • Diamond, P. A. & Mirrlees, J. A. (1971). Optimal taxation and public production I: Production efficiency. American Economic Review, 61(1), 8-27.
  • Domowitz, I., Glen, J. & Madhavan, A. (2001). Liquidity, volatileity and equity trading costs across countries and over time. International Finance, 4(2), 221-255.
  • Dow, J. & Rahi, R. (2000). Should Speculators Be Taxed? The Journal of Business, 73(1), 89-107.
  • Dow, J. & Gorton, G. (2006). Noise Traders. NBER Working Paper No 12256. National Bureau of Economic Research.
  • Dupont, D. Y. & Lee, G. S. (2007). Effects of Securities Transaction Taxes on Depth and Bid-Ask Spread. Economic Theory, 31(2), 393-400.
  • Ehrenstein, G., Westerhoff, F. & Stauffer, D. (2005). Tobin Tax and Market Depth. Quantitative Finance,5(2), 213-218.
  • Erturk, K. A. (2006). On the Tobin Tax. Review of Political Economy, 18(1), 71-78.
  • European Central Bank (2004). Opinion of the ECB of 4 November 2004 at the request of the Belgian Ministry of Finance on a draft law introducing a tax on exchange operations involving foreign exchange, banknotes and currency. CON 34.
  • European Commission (2011a). Impact assessment accompanying the document Proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2008/7/EC. SEC(2011) 1103 final.
  • European Commission (2011b). Proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2008/7/EC.COM(2011) 594 final.
  • European Commission (2013a). Proposal for a Council Directive implementing enhanced cooperation in the area of financial transaction tax. COM(2013) 71 final.
  • European Commission (2013b). Commission Staff Working Document Impact Assessment accompanying the document Proposal for a Council Directive implementing enhanced cooperation in the area of financial transaction tax. Analysis of policy options and impacts. SWD(2013) 28 final.
  • Farmer, J. D., Patelli, P. & Zovko, I. I. (2005). The Predictive Power of Zero Intelligence in Financial Markets. Proceedings of the National Academy of Sciences,102(6), 2254-2259.
  • Foucault, T., Sraer, D. & Thesmar, D. J. (2011). Individual Investors and Volatility. Journal of Finance, 66(4), 1369-1406.
  • Friedman, M. (1953). The case for flexible exchange rates and monetary rules. In M. Friedman, (ed.), Essays in Positive Economics. University of Chicago Press.
  • Frino, A. & West, A. (2003). The Impact of transaction costs on price discovery: Evidence from cross-listed stock index futures contracts. Pacific Basin Finance Journal, 11(2), 139-151.
  • Gomber, P., Haferkorn, M. & Zimmermann, K. (2016). Securities Transaction Tax and Market Quality – the Case of France. European Financial Management, 22(2), 313-337.
  • Grahl, J. & Lysandrou, P. (2003). Sand in the wheels or spanner in the works? The Tobin tax and global finance. Cambridge Journal of Economics,27(4), 597-621.
  • Green, C. J., Maggioni, P. & Murinde, V. (2000). Regulatory lessons for emerging stock markets from a century of evidence on transactions costs and share price volatility in the London Stock. Journal of Banking and Finance, 24(4), 577-601.
  • Haberer, M. (2004). Might a Securities Transaction Tax Mitigate Excess Volatility? Some Evidence from the Literature. Center of Finance and Econometrics Discussion Paper No 04/06. University of Konstanz.
  • Habermeier, K. & Kirilenko, A. A. (2003). Securities transaction taxes and financial markets. MF Staff Papers,50(1), 165-180.
  • Haferkorn, M. & Zimmermann, Z. (2013). Securities transaction tax and market quality–the case of France.https://ssrn.com/abstract=2229221
  • Hakkio, C. S. (1994). Should we throw sand in the gears of financial markets? Federal Reserve Bank of Kansas City Economic Review, 79(Q2), 17-30.
  • Haldane, A. (2010). The $100 Billion Question. BIS Review, 40.
  • Hanke, M., Huber, J., Kirchler, M. & Sutter, M. (2010). The Economic Consequences of a Tobin Tax: An Experimental Analysis. Journal of Economic Behavior and Organization, 74(1-2), 58-71.
  • Haq, M., Kaul, I. & Grunberg, I. (1996). The Tobin Tax: Coping with Financial Volatility. Oxford University Press.
  • Hau, H. (2001). Estimating the Volatility Effect of a Tobin Tax. Mimeo.
  • Hau, H. (2006). The role of transaction costs for financial volatility: Evidence from the Paris Bourse. Journal of the European Economic Association, 4 (4), 862-890.
  • Hommes, C. H. (2006). Heterogeneous agent models in economics and finance. Handbook of Computational Economics, 2, 1109-1186.
  • Honohan, P. & Yoder, S. (2011). Financial Transactions Tax: Panacea, threat, or damp squib? World Bank Research Observer, 26(1), 138-161.
  • Hu, S. Y. (1998). The Effects of the Stock Transaction Tax on the Stock Market: Experiences from Asian Markets. Pacific-Basin Finance Journal,6(3-4), 347-364.
  • Huang, R. D., Cai, J. & Wang, X. (2002). Information-Based Trading in the Treasury Note Interdealer Broker Market. Journal of Financial Intermediation, 11(3), 269-296.
  • Hvozdyk, L. & Rustanov, S. (2016). The effect of financial transaction tax on market liquidity and volatility: An Italian perspective. International Review of Financial Analysis, 45, 62-78.
  • Imbens, G. W. & Wooldridge, J. M. (2009). Recent developments in the econometrics of program evaluation. Journal of Economic Literature, 47 (1), 5-86.
  • International Monetary Fund (2010). A fair and substantial contribution by the financial sector. Final Report to the G-20.
  • Jetin, B. & Denys, L. (2005). Ready for implementation- Technical and legal aspects of a currency transaction tax and its implementation in the EU. World Economy, Ecology and Development (WEED).
  • Kaiser, J., Chmura, T. & Pitz, T. (2007). The Tobin Tax: A Game-Theoretical and an Experimental Approach. Faculty of Economics and Statistics, Working Paper No07/18.University of Innsbruck.
  • Keen, M. (2011). Rethinking the taxation of the financial sector. CESifo Economic Studies, 57(1), 1-24.
  • Keynes, J. M. (1936). General Theory of Employment, Interest Rates and Money. Harcourt Brace & World.
  • Kiefer, D. W. (1990). The Security Transactions Tax: An Overview of the Issues . Tax Notes: 885-901.
  • Kupiec, P. H. (1996). Noise traders, excess volatility, and a Securities Transaction Tax. Journal of Financial Services Research,10(2), 115-129.
  • Landau Report (2004). Report on innovative development funding solutions. Commissioned by President Jacques Chirac. Paris.
  • Lanne, M. & Vesala, T. (2010). The effect of a transaction tax on exchange rate volatility. International Journal of Finance & Economics, 15(2), 123-133.
  • Lendvai, J., Raciborski, R. & Vogel, L. (2012). Securities transaction taxes: Macroeconomic implications in a general-equilibrium model. European Economy Economic Papers, 450.
  • Li, G. (2009). Transaction Costs and Consumption. Journal of Economic Dynamics and Control, 33(6), 1263-1277.
  • Liu, S. (2007). Securities Transaction Tax and market efficiency: Evidence from the Japanese experience. Journal of Financial Services Research, 32(3), 161-176.
  • Liu, S. & Zhu, Z. (2009). Transaction Costs and Price Volatility: New Evidence from the Tokyo Stock Exchange. Journal of Financial Services Research, 36 (1), 65-83.
  • Mannaro, K., Marchesi, M. & Setzu, A. (2008). Using an Artificial Financial Market for Assessing the Impact of Tobin-Like Transaction Taxes. Journal of Economic Behavior & Organization,67(2), 445-462.
  • Matheson, T. (2011). Taxing financial transactions: Issues and evidence. IMF Working Paper No 11/54.
  • McCrae, J. (2002). The Impact of Stamp Duty on the cost of capital. Institute for Fiscal Studies.
  • McCulloch, N. (2010). Tackling Instability in Markets with a Panic Tax. Institute of Development Studies, 42(5).
  • McCulloch, N. & Pacillo, G. (2011). The Tobin tax: a review of the evidence. IDS Research Reports, (68), 1-77.
  • Meyer, S., Wagener, M. & Weinhardt, C. (2015). Politically Motivated Taxes in Financial Markets: The Case of the French Financial Transaction Tax. Journal of Financial Services Research, 47(2), 177-202.
  • Nissanke, M. (2004). Revenue potential of the Tobin tax for development. In A. B. Atkinson (ed.), New Sources of Development Finance. Oxford University Press.
  • Oxera Consulting (2012). Taxing financial transactions: who pays the bill? 1-4.
  • Oxera Consulting (2014a). What could be the economic impact of the proposed financial transaction tax? A comprehensive assessment of the potential macroeconomic impact, 1-93.
  • Oxera Consulting (2014b). A taxing question: the proposed financial transaction tax and public finances.
  • Palley, T. I. (2003). The Economic Case for the Tobin Tax. In Debating the Tobin Tax, New Rules for Global Finance.
  • Pellizzari, P. & Westerhoff, F. (2009). Some effects of transaction taxes under different microstructures. Journal of Economic Behavior and Organization, 72 (3), 850-863.
  • Philippon, T. & Reshef, A. (2012). Wages and Human Capital in the U.S. Finance Industry: 1909–2006. The Quarterly Journal of Economics, 127(4), 1551-1609.
  • Phylaktis, K. & Aristidou, A. (2007). Security Transaction Taxes and Financial Volatility: Athens Stock Exchange. Applied Financial Economics,17(18), 1455-1467.
  • Pollin, R., Baker, D. & Schaberg, M. (2003). Securities Transaction Taxes for U.S. Financial Markets. Eastern Economic Journal, 29(4), 527-558.
  • Poterba, J. M. & Summers, L. H. (1995). A CEO Survey of U.S. Companies’ Time Horizons and Hurdle Rates. MIT Sloan Management Review, 37(1), 43-58.
  • Reinhart, V. (1991). The «Tobin Tax», asset accumulation, and the real exchange rate. Journal of International Money and Finance, 10(3), 420-431.
  • Reisen, H. (2002, March 29). Tobin tax: Could it work? Development Center, OECD Observer.
  • Sachs, J. (2010, March 18). Robin Hood tax’s time has come. Guardian.co.uk.
  • Sampson, R. C. & Shi, Y. (2019). Are US Firms Becoming More Short-Term Oriented? Evidence of Shifting Firm Time Horizons from Implied Discount Rates, 1980-2013. Disponible en SSRN:https://ssrn.com/abstract=2837524
  • Sanders, D. R., Irwin, S. H. & Leuthold, R. M. (2000). Noise trader sentiment in futures markets. In B. A. Goss (ed.), Models of Futures Markets (pp. 86-116). Routledge.
  • Sanders, D. R., Irwin, S. H. & Leuthold, R. M. (2003). The Theory of Contrary Opinion: A Test Using Sentiment Indices in Futures Markets. Journal of Agribusiness, 21(1), 39-64.
  • Saporta, V. & Kan, K. (1997). The Effects of Stamp Duty on the Level and Volatility of Equity Prices. Bank of England Working Papers No 71. Bank of England.
  • Sarwar, G. (2003). The interrelation of price volatility and trading volume of currency options. Journal of Futures Markets, 23(7), 681-700.
  • Schäfer, D., Schulmeister, S., Vella, J., Masciandaro, D., Passarelli, F. & Buckley, R. P. (2012). The financial transaction tax — Boon or bane? Intereconomics, 47(2), 76-103.
  • Schmidt, R. (2007). The Currency Transaction Tax: Rate and revenue estimates. North-South Institute.
  • Schulmeister, S. (2009a). A General Financial Transaction Tax: A short cut of the pros, the cons and a proposal. WIFO Working Papers No 344.
  • Schulmeister, S. (2009b). Trading Practices and Price Dynamics in Commodity Markets and the Stabilizing Effects of a Transaction Tax. InStudy of the Austrian Institute of Economic Research (WIFO) commissioned by the Ministry of Finance and the Ministry of Economics and Labour.
  • Schulmeister, S. (2009c). Aggregate Trading Behavior of Technical Models and the Yen/Dollar Exchange Rate 1976-2007. Japan and the World Economy,21(3), 270-279.
  • Schulmeister, S. (2009d). The Profitability of Technical Stock Trading: Has it Moved from Daily to Intraday Data? Review of Financial Economics, 18 (4), 190-201.
  • Schulmeister, S. (2009e). Asset Price Fluctuations, Financial Crises and the Stabilizing Effects of a General Transaction Tax. WIFO Working Paper No 340.
  • Schulmeister, S. (2009f). Technical Trading and Trends in the Dollar/Euro Exchange Rate. Study by the Austrian Institute of Economic Research (WIFO), supported by the Anniversary Fund of the Österreichische National bank.
  • Schulmeister, S., Schratzenstaller, M. & Picek, O. (2008). A General Financial Transaction Tax: Motives, Revenues, Feasibility and Effects.Oesterreichisches Institut fuer Wirtschaftsforschung Working Paper.
  • Schwert, G. W. & Seguin, P. J. (1993). Securities transaction taxes: an overview of costs, benefits and unresolved questions. Financial Analysts Journal,49(5), 27-35.
  • Shi, K. & Xu, J. (2009). Entry Cost, the Tobin Tax, and Noise Trading in the Foreign Exchange Market. Canadian Journal of Economics, 42(4), 1501-1526.
  • Simon, D. P. & Wiggins III, R. A. (2001). S&P futures returns and contrary sentiment indicators. Journal of Futures Markets, 21(5), 447-462.
  • Song, F. M. & Zhang, J. (2005). Securities Transaction Tax and market volatility. Economic Journal, 115(506), 1103-1120.
  • Spahn, P. B. (1995). International Financial Flows and Transactions Taxes: Survey and Options. IMF Working Paper No 95/60.
  • Šramko, F. (2015). The impact of securities transaction tax on market quality: evidence from France and Italy. International Journal of Economic Sciences, 4 (3), 52-93.
  • Stiglitz, J. E. (1989). Using tax policy to curb speculative short-term trading. Journal of Financial Services Research, 3(2-3), 101-115.
  • Su, Y. & Zheng, L. (2011). The Impact of the Securities Transaction Taxes on the Chinese Stock Market. Emerging Market Finance and Trade,47(1), 32-46.
  • Subrahmanyam, A. (1998). Transaction Taxes and Financial Market Equilibrium. Journal of Business, 71(1), 81-118.
  • Summers, L. H. & Summers, V. P. (1989). When financial markets work too well: A cautious case for a Securities Transaction Tax. Journal of Financial Services Research,3(2-3), 261-286.
  • Swan, P. L. & Westerholm, J. (2001). The impact of transaction costs on turnover and asset prices: The case of Sweden’s and Finland’s Security Transaction Tax reductions. Mimeo.
  • Tobin, J. (1974). The new economics one decade older. In The Eliot Janeway Lectures on Historical Economics in Honour of Joseph Schumpeter, 1972. Princeton University Press.
  • Tobin, J. (1978). A proposal for International Monetary Reform. The Eastern Economic Journal, 4(3-4), 153-159.
  • Umlauf, S. R. (1993). Transaction taxes and the behavior of the Swedish stock market. Journal of Financial Economics, 33(2), 227-240.
  • Vella, J. (2012). The Financial Transaction Tax debate: Some questionable claims. In Forum on The Financial Transaction Tax – Boon or Bane?Intereconomics, 47(2), 76-103. ZBW Leibniz Information Centre for Economics.
  • Vella, J., Fuest, C. & Schmidt-Eisenlohr, T. (2011). The EU Commission’s proposal for a Financial Transaction Tax. British Tax Review, (6), 607-621.
  • Wang, C. (2001). Investor sentiment and return predictability in agricultural futures markets. Journal of Futures Markets, 21(10), 929-952.
  • Wang, G. H. & Yau, J. (2000). Trading volume, bid-ask spread, and price volatility in futures markets. Journal of Futures Markets, 20(10), 943-970.
  • Wooldridge, J. (2007). What’s new in econometrics? Lecture 10 difference-in-differences estimation. National Bureau of Economic Research, Summer Institute.
  • Xu, J. (2010). Noise traders, exchange rate disconnect puzzle, and the Tobin tax. Journal of International Money and Finance,29(2), 336-357.
  • Zhang, L. (2001). The Impact of Transaction Tax on Stock Markets: Evidence from an emerging market. M.S. Research Paper Department of Economics East Carolina University.