改进的两级托宾税设计模型与我国的外资管理

Improved Two-level Tobin Tax Model and the Management of Capital Flow in China

从托宾税在各国的具体实践来看 ,托宾税在控制资本流动 ,稳定汇率方面还是收到了良好的效果。重要的是 ,托宾税将在一定程度上缓和了政府在面对“三元悖论”时的政策选择难题。由于各国的汇率形成机制不同 ,Spahnd两级托宾税的设计理论存在缺陷 ,在我国不适用。本文提出了一个改进的两级托宾税设计模型 ,给出了改进的两级托宾税设计的应用技术要点 ,并讨论了其在控制外商投资企业借债规模上的应用。最后是我国实施托宾税的政策建议。

Just like the tariff level can exert influence on the size and structure of the imports of a country, taxation policy can be used to regulate the capital flow of a country too. As early as in 1971, James Tobin, the Nobelist of Economics, advanced the initiative of Taxation on Financial Transaction, i.e. Tobin Tax. In recent years, the negative effects of economic globalization and liberation are emerging worldwide, which drive us to Tax is brought up again these days as a means of cushioning the mobility of international capital.