Would International Currency Taxation and Currency Stabilisation in Developing Countries?
分析国际货币税能否在发展中国家平抑汇率波动和避免货币危机，发现其效果取决于投机性质及关注资本流入还是流出。
Completely flexible exchange rates may be "excessively" volatile, with the implied currency misalignments leading to real inefficiencies in resource allocation and detrimental effects on economic growth. This paper analyses whether international currency taxation would be effective in calming exchange rate volatility and avoiding currency crises within the context of a simple model of exchange rate determination. It is found that the effects of a tax on foreign exchange volatility depend on the nature of speculation and whether the focus is on capital inflows or outflows.