Introducing a financial transaction tax in Europe, as proposed by German chancellor Angela Merkel and French president Nicolas Sarkozy, would increase volatility, reduce turnover and cause stock prices to tumble, according to a survey of studies published by the Adam Smith Institute (ASI) last week.
The free market think-tank, based in London, said that a so-called ‘Tobin tax’ on financial trading would not stabilise markets as its advocates argue, but would reduce liquidity and lead...
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