Abstract The papers prepared for this volume focus on the important elements of the debate over transactions taxes for foreign exchange and international capital markets. The value added of this paper lies in its drawing out the implications for policy. The case for transactions taxes rests on a sequence of conditions being met, each of which is necessary to support government intervention in these markets. The evidence reviewed below suggests that the joint probability that these conditions are met is very low. It follows that an initiative to distort international capital markets with such taxes would be a bad policy choice.
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