New book by Prof. Jean-Charles Rochet on financial speculation
Financial speculation can be both beneficial and harmful. In small scale, it improves risk sharing in the economy and helps finance innovations. In large scale, it causes very costly financial crises for society. Financial speculation must be limited, and for that it must be taxed.
In their book entitled "Il faut taxer la spéculation financière", Ivar Ekeland former president of the University Paris-Dauphine and Jean-Charles Rochet, professor of finance at the GSEM propose a microtax (0.5%, even less) perceived on all payments. This tax would have a very small impact on daily life, but would hit the most speculative transactions heavily.
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