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Efficiency and Fragile Speculative Financial Markets: Against the Tobin Tax and for a Creditable Market Maker

Paul Davidson
The American Journal of Economics and Sociology
Vol. 57, No. 4 (Oct., 1998), pp. 639-662
Stable URL: http://www.jstor.org/stable/3487125
Page Count: 24
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Efficiency and Fragile Speculative Financial Markets: Against the Tobin Tax and for a Creditable Market Maker
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Abstract

This article explores the relationship between volatility in financial markets, the Tobin tax solution, and an alternative solution requiring a creditable market maker. The discussion includes whether financial markets are inherently unstable and the relevance of bandwagon movements in financial markets.

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