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The Economic Research Institute, Stockholm School of Economics SSE/EFI Working Paper Series in Economics and Finance

No 356:
Taxing Emerging Stock Markets: A Beneficial Policy? Evidence from the Stockholm Stock Exchange, 1907-1939.

Daniel Waldenström ()

Abstract: The question of whether financial markets should be taxed or not has been extensively debated. In this study, the gradual rise in public taxation of the Stockholm Stock Exchange during the first half of the 20th century is examined and evaluated. Our empirical findings focusing on trading volume and volatility show that transaction taxes caused substantial crowding out of trading activity and led to lower asset prices. Hence, some support is given to the proponents of a more cautious financial market taxation.

Keywords: Stock market; financial regulation; taxation; financial history; (follow links to similar papers)

JEL-Codes: G18; H25; N24; N44; (follow links to similar papers)

28 pages, February 3, 2000

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This paper is published as:
Waldenström, Daniel, (2002), 'Taxing Emerging Stock Markets: A Beneficial Policy? Evidence from the Stockholm Stock Exchange, 1907-1939.', Explorations in Economic History, Vol. 39, January, No. 1, pages 29-45



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