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What is the attitude of British towards the financial-transactions tax?
What is the attitude of British towards the financial-transactions tax?
admin
2018-06-30
37
问题
What is the attitude of British towards the financial-transactions tax?
Britain’s attempt to stop 11 other European countries from adopting a financial-transactions tax (FIT) was blocked by the European Court of Justice this week. Further legal challenges will doubtlessly be mounted, prolonging the battle between proponents of this "Robin Hood tax" — aimed at punishing the finance industry — and those who believe the EU is exceeding its powers by allowing a levy (imposed on every trade) that will have repercussions even in countries that do not participate.
The pass-through argument that an FIT will be passed on to clients undermines the Robin Hood element of the levy, since pension funds and retail investors will bear much of the burden. Taxes on corporate profits, for example, are passed on to consumers in the form of higher prices or to workers in the form of lower wages. Nor is the argument that an FTT will restrict liquidity particularly compelling. Enthusiasts for free markets have turned liquidity into a bit of a fetish, using it to justify the activities of high-frequency traders. The idea is that more liquid markets reassure investors because they can abandon their holdings with ease; the result is a lower cost of capital, which leads to more investment. The markets may be very liquid on an average trading day, but illiquid in a crisis. If institutional investors believe that other market participants are better informed (because they have advance information on order flows, for example) , they may be less willing to trade. "It would be an extreme example of the lemons problem. "
选项
A、The correlation between information and trade.
B、The unwillingness of the participants.
C、The better informed investors.
D、The market mechanism.
答案
A
解析
从文中“If institutional investors believe that other market participants are better informed(because they have advance information on order flows,for example),they maybe less willing to trade.‘It would be an extreme example of the lemons problem.’”可以看出,“柠檬问题”的关键是信息不对等。柠檬问题的含义:一是在交易中隐藏信息的一方对交易另一方利益产生损害;二是市场的优胜劣汰机制发生扭曲,质量好的产品被挤出市场,而质量差的产品却留在市场,极端的情况是市场会逐步萎缩直到消失。这是因为买者只愿意根据他所知道的平均质量来决定支付的价格,这个价格将使质量低的卖者愿意成交,质量高的卖者由于不能得到同质量相称的价格而退出市场。综合上文,这“柠檬问题”指的是由于信息不对等而影响交易的问题。
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