The Tobin tax in a continuous-time non-linear dynamic model of the exchange rate
基于一个新的汇率连续时间非线性动态模型，证明托宾税能降低投机者利润、使系统更稳定并减少混沌运动，对研究汇率稳定和金融监管有参考价值。
Starting from a new continuous-time non-linear dynamic model of the exchange rate, we formally show that the introduction of a Tobin tax reduces speculators’ profit and influences the dynamics of the system, making it more stable and less prone to chaotic motion.