The taxation of trades in assets

• 成果类型: Article
• 署名作者: Citanna, A; Polemarchakis, HM; Tirelli, M
• 署名单位: Hautes Etudes Commerciales (HEC) Paris; Columbia University; Brown University; Sapienza University Rome
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2004.11.003
• 发表日期: 2006
• 页码: 299-313
• 关键词: Taxes; Pareto improvement; Incomplete asset markets; competitive equilibrium

摘要

When the asset market is incomplete, there typically exist taxes on trades in assets that are Pareto improving. This fiscal policy is anonymous, it is fully and correctly anticipated by traders, and it results in ex post Pareto optimal allocations; as such, it improves over previously proposed constrained interventions. (c) 2004 Elsevier Inc. All rights reserved.