Key reports « Stamp Out Poverty

No Exemptions: The Financial Transaction Tax and Pension Funds

Network for Sustainable Financial Markets, December 2012.

This report from leading financial experts explains why pension funds must not be exempt from the Financial Transaction Tax (FTT) which is set to be implemented across much of Europe in 2013.

Rodney Schmidt, September 2012

New report from leading expert on the Financial Transaction Tax (FTT), explains why (and how) applying an FTT to derivatives trading is more feasible today than ever before.

Be Outraged: There Are Alternatives

Stephany Griffith-Jones et al, May 2012

Be Outraged – there are alternatives! is a booklet written by an international group of economists and social scientists disheartened by the widespread austerity policies presently underway in Europe and elsewhere.

Professor Avinash Persaud, March 2012

A new report by Professor Persaud Avinash of Intelligence Capital, and former head of Currency and Commodity Research at JP Morgan, systematically dismantles critics’ exaggerated visions of the effects of an FTT on the economy.

Financial Transaction Taxes

Stephany Griffith-Jones and Avinash Persaud, February 2012.

The introduction of a financial transaction tax in Europe could benefit the European economy and raise the level of growth, according to a new study written by two prominent economists, Professors Stephany Griffith-Jones and Avinash Persaud.

The Gates Foundation, November 2011

In his report to the G20 in Cannes (November 2011) on new sources of finance for development Bill Gates, founder of Microsoft, shows his support for a Financial Transactions Tax (FTT).

Prieg L, Greenham T and Ryan-Collins J – The New Economics Foundation 2011

According to this report banks enjoy an implicit subsidy from taxpayers; because they will be bailed out, if necessary, markets view lending to them as low risk. It estimates that in 2010 the ‘big five’ UK banks enjoyed a combined ‘too big to fail’ (TBTF) subsidy of £46 billion. Subsquently banks have come to occupy a unique and privileged economic position in relation to their customers and to other industries, enabling them to make excessive profits.

Brondolo J, 2011 – IMF Working Paper

This paper assesses the administrative feasibility of a tax on a broad range of financial instruments. It analyses the factors that facilitate or complicate the administration of an FTT.

Commissioned by UNITAID, September 2011

The Gates Foundation, November 2011According to this report banks enjoy an implicit subsidy from taxpayers; because they will be bailed out, if necessary, markets view lending to them as low risk.

Matheson T, 2011 IMF Working Paper

In reaction to the recent financial crisis, increased attention has recently been given to financial transaction taxes (FTTs) as a means of raising revenue and helping to curb financial market excesses.

Financial Sector Taxation

European Commission, 2010 Communication from the European Commission: Brussels

This report argues that the only way to achieve financial stability and financial integration in Europe is to move towards a European-level bank resolution framework that has both funding and intervention authority.

McCulloch N and Pacillo G, 2010 Institute of Development Studies

This report reviews the literature on how a Tobin Tax might be implemented, the amount of revenue that it might realistically produce, and the likely incidence of the tax.

Financial Sector Taxes

Dolphin T, 2010 IPPR

Produced by the Institute for Public Policy Research (IPPR) this paper assesses the ability of the UK’s financial institutions to pay an additional £20 billion annually in tax revenues in order to provide funds that could be used to fight poverty and climate change.

Financial Sector Taxation

The European Commission, 2010

In the context of a current financial crisis and need for fiscal consolidation, this paper analyses potential instruments to raise additional tax revenues from the financial sector.

Kyrili K and Martin M, 2010 Development Finance International and Oxfam

This report examines the impact of the global financial crisis on the budgets of low-income countries, especially their spending to reach the Millennium Development Goals.

Leading Group on Innovative Financing for Development, 2010

This ground-breaking report was written by a Committee of Experts from 9 countries, including the UK, France, Germany and Japan.

Financial Stability Report

Bank of England, 2010

The Financial Stability Report aims to identify key risks to UK financial stability and to stimulate debate on policies needed to manage and prepare for these risks.

HM Treasury, December 2009

Following the 2008 financial crsis, questions were rasied regarding the balance of risks, rewards and responsibilities between society and the financial sector. In response, this paper looks at regulatory reform and efforts to improve financial institutions’ corporate governance and risk management.

Schmidt R, 2008

A report written by Professor Rodney Schmidt of the North-South Institute, Canada, and published by the United Nations University, 2008

Meeting the Millennium Promise

Phil Thornton, 2007

Meeting the Millennium Promise is a report from the All Party Parliamentary Group for Debt, Aid and Trade. Since early 2007 the All Party Parliamentary Group for Debt, Aid and Trade has been taking evidence from a range of governments, NGOs, financial actors, academics and other stakeholders into possible innovative sources of finance to meet the Millennium Development Goals.

David Hillman, Sony Kapoor and Stephen Spratt, December 2006

This report, written by Stamp Out Poverty, was commissioned by the Norwegian Ministry of Foreign Affairs to inform the Third International Conference of the Leading Group on Innovative Finance for Development, in Oslo in February 2007.

Sony Kapoor, 2005

Former derivatives trader Sony Kapoor is a policy adviser with Stamp Out Poverty and author of the Currency Transaction Report. This paper compares the Aviation Tax proposition with the CTT.

Thomas Palley, Director of the Globalization Reform Project.

A short presentation setting out the economic arguements for a currency transaction tax.

Report of the Technical Group on Innovative Financing Mechanisms, September 2004

The Action Against Hunger and Poverty Report – also known as the Quadripartite Report – was commissioned by President Chirac of France, President Lula of Brazil, President Escobar of Chile and Prime Minister Zapatero of Spain and it states that “a tax on foreign exchange transactions is technically feasible”.

Report for President Chirac of France

Jean-Pierre Landau, 2004

President Chirac of France commissioned Jean-Pierre Landau to assess various innovative sources for financing development. The result is this comprehensive report.

Kapoor S, 2004 The Tobin Tax Network

A report by Sony Kapoor for the Tobin Tax Network

Machiko Nissanke, 2003 UN

Machiko Nissanke’s report for the UN.

Paul Bernd Spahn, January 2002

Report commissioned by the Federal Ministry for Economic Cooperation and Development, Bonn.

Rodney Schmidt, 1999

Professor Rodney Schmidt of the North-South Institute is a renowned CTT expert and author of a number of key studies. Central to his work is the fact that a stamp duty can be levied unilaterally on a currency rather than on a jurisdiction or country, thus negating many of the technical objections.

Summers L, 1989

In a seminal paper (1989) Larry Summers, leading US economist and columnist for the Financial Times, examines the desirability and feasibility of implementing a Financial Transaction Tax (FTT) in the US.

Tobin J, 1978

The current Financial Transactions Tax (FTT) has its roots in the Tobin Tax: read James Tobin’s proposal for a 1% tax on all foreign exchange tansactions as a means to reduce speculative trading.

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