A Prevention against Bubble

摘要：

　　We show a solution to prevent the occurrence of the ”rational” bubble in the asset trading.That is, a capital gain tax at 100% can induce a ”real demand,” while exclude ”speculative demand” and then exclude ”rational” bubble ex ante and ex post.Our proposal does not distort the asset price based on fundamentals even when the information on fundamentals is renewed.We also show that the transaction tax (Tobin”s proposal) excludes ”speculative demand” to exclude ”rational” bubble only if the tax rate is equal to 100% at which market economy is ruled out, and distorts the fundamental price hence this tax is not appropriate in a market economy.

关键词： speculative demand real demand asset price ”rational” bubble income gain capital gain tax transaction tax

作者: Junmin Wan

作者单位: Faculty of Economics,Fukuoka University

会议类型: 国内会议

会议名称: “未来五年全球金融格局:变革与趋势”暨《国际金融研究》第三届理事单位年会

会议地点: 天津

会议语种:英文

页码: 1-12

在线出版日期: 2011-05-21（万方平台首次上网日期，不代表论文的发表时间）