Are Grains of Sand in the Wheels of International Finance Sufficient to do the Job when Boulders are Often Required?
批评托宾税对短期汇率投机威慑效果甚微，指出其实际影响可能小于对真实贸易和套利的阻碍，并基于凯恩斯1940年代的著作提出替代方案。
This paper criticises the effectiveness of a Tobin tax in acting as a deterrent to short‐run round trip speculation on exchange rate movements. It is demonstrated that given the usual magnitude of a proposed Tobin tax, the deterrent to short‐term speculation will be negligible and in all likelihood smaller than the deterrent to real trade flows and arbitrage activities. Finally, an alternative proposal for preventing currency speculations while creating incentives for global full employment, based on Keynes's 1940s writings, is proposed.