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The purpose of this study is to analyse the cost structure of the Swiss electricity distribution utilities in order to assess economies of scale and scale inefficiency in the distribution of electric power. A translog cost function was estimated using panel data for a sample of 39 municipal...

This article combines a portfolio model and the APT to determine common factors explaining the bias observed ex post between the forward exchange rate and the future spot rate of the same currency. The model allows us to decompose the forward exchange bias into four risk premiums connected to...

This paper examines the different objections most frequently formulated in the actual stage of the public debate about the introduction of environmental taxes. Based upon an inquiry and factor-analysis, it discusses the main arguments and conclusions on the conditions which should prevail in...

Often countries that are left outside a discriminatory trade agreement are concerned that firms in "sensitive" sectors might move out of their borders to relocate their plants to the countries signing the agreement. From the point of view of recent developments in trade theory, this paper...

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This paper sets up a model using stochastic dynamic programming to analyze pollution control decisions. Environmental decision making is characterized by both uncertainty and irreversibility: Uncertainty might be related to future costs and benefits of adopting a particular control policy....

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This paper examines the proposition whether or not EMS membership is a necessary condition for real interest parity to hold, taking Germany as a reference country. Empirical results indicate that EMS membership is not a necessary condition for convergence on German real interest rates, since the...

This paper tries to improve the identification of firms whose access to bank credit would be threatened by a tightening of monetary policy. It extends a simple competitive credit rationing model with limited collateral by introducing a central bank financing facility. The effects of monetary...