TY  - JOUR
AU  - Campbell,John Y.
AU  - Froot,Kenneth A.
TI  - International Experiences with Securities Transaction Taxes
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4587
PY  - 1993
Y2  - December 1993
UR  - http://www.nber.org/papers/w4587
L1  - http://www.nber.org/papers/w4587.pdf
N1  - Author contact info:
John Y. Campbell
Morton L. and Carole S.
Olshan Professor of Economics
Department of Economics
Harvard University
Littauer Center 213
Cambridge, MA 02138
Tel: 617/496-6448
Fax: 617/495-7730
E-Mail: john_campbell@harvard.edu

Kenneth A. Froot
Graduate School of Business
Harvard University
Soldiers Field
Boston, MA 02163
Tel: 617/495-6677
Fax: 617/496-7357
E-Mail: kfroot@hbs.edu
M1  - published as John Y. Campbell, Kenneth A. Froot. "International Experiences with Securities Transaction Taxes," in Jeffrey A. Frankel, editor, "The Internationalization of Equity Markets " University of Chicago Press (1994)

M2  - featured in NBER digest on 1994-05-01
AB  - This paper studies the international experience with securities transaction taxes (STTs), using the Swedish and British systems as case studies.  We argue that STTs are best thought of as taxes on different resources used in transactions: domestic brokerage services in the case of Sweden, and registration services in the British case. STTs give investors incentives to economize on the taxed resources by shifting trading to foreign markets or untaxed assets, or by reducing the volume of trade.  We show that these effects can be important. Estimated revenues from an STT will be correspondingly overstated if they ignore such behavioral effects.
ER  -