금융거래의 안정화를 위한 토빈세(Tobin Tax) 도입방안에 관한 연구
A Study on the Introduction of Tobin Tax for Stabilization of The Financial Transactions
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In the paper, I reviewed the evolutionary process of international financial structure, for the first, Based on the understanding of recent development of financial system, the argument of levying Tobin tax is judged in an effort to mitigate the turbulent factors causing international financial instability. More than anything else, speculative motives of international capital mobility resulted from an affluent amount of liquidity letting financial volatility pump up and down. In line with this changing financial atmosphere, financial regime transition from sound banking to universal banking added electric sparks to rich amount of fuel. Before the transition, original function of banking system stems from exchange services which stress the importance of financial safety and soundness for the top priority. It is, however, little prudent to take a sharp turn to profit seeking asset operating services such as investment banking and private banking with little attention or understanding of side effect of active portfolio management. Hybrid financial products coined by financial innovation technology made it difficult to assess or check the severity of risk taking. Finanally, early warning system of internal complice system in financial institutes came almost to a holt. In the paper, I tried to evaluate the effect of introducing Tobin tax as a social safety net increasing stability of financial industry in one part and to minimize moral hazard behavior in order not to taking excess risks as a precautionary measures in financial industries. Until recently, there has been a variety of views and arguments on the pros and cons of introducing Tobin tax. For simplicity, they have two alternatives, in common in the form of Tobin Tax. The one is levying Tobin Tax as Financial Stability Contribution(FSC) and the other option is in the form of FinancialActivity Tax(FAT). More recently, Basel Committee also showed up its supervisionary alternatives in the name of contingent capital. I concluded that I have a doubt of levying Tobin tax to curb off financial crisis, and suggested to take time to study more on the topic of Tobin Tax.
Abstract
In the paper, I reviewed the evolutionary process of international financial structure, for the first, Based on the understanding of recent development of financial system, the argument of levying Tobin tax is judged in an effort to mitigate the turbulent factors causing international financial instability. More than anything else, speculative motives of international capital mobility resulted from an affluent amount of liquidity letting financial volatility pump up and down. In line with this changing financial atmosphere, financial regime transition from sound banking to universal banking added electric sparks to rich amount of fuel. Before the transition, original function of banking system stems from exchange services which stress the importance of financial safety and soundness for the top priority. It is, however, little prudent to take a sharp turn to profit seeking asset operating services such as investment banking and private banking with little attention or understanding of side effect of active portfolio management. Hybrid financial products coined by financial innovation technology made it difficult to assess or check the severity of risk taking. Finanally, early warning system of internal complice system in financial institutes came almost to a holt. In the paper, I tried to evaluate the effect of introducing Tobin tax as a social safety net increasing stability of financial industry in one part and to minimize moral hazard behavior in order not to taking excess risks as a precautionary measures in financial industries. Until recently, there has been a variety of views and arguments on the pros and cons of introducing Tobin tax. For simplicity, they have two alternatives, in common in the form of Tobin Tax. The one is levying Tobin Tax as Financial Stability Contribution(FSC) and the other option is in the form of FinancialActivity Tax(FAT). More recently, Basel Committee also showed up its supervisionary alternatives in the name of contingent capital. I concluded that I have a doubt of levying Tobin tax to curb off financial crisis, and suggested to take time to study more on the topic of Tobin Tax.
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