<i> Conceptual Issues in Assessing the Welfare Impact of the British Privatisation Programme </i> (di Jonathan Leape ) - ABSTRACT:Assessing the welfare impact of a policy on the scale of the British privatisation programme is a daunting task. Four sets of issues raised in the impressive study by Florio...

By the 1990s, the average speed of trips across London was below that at the beginning of the twentieth century -- before the car was introduced -- and by the end of that decade, public concern over levels of traffic congestion was high. In early 2003, London imposed a congestion charge -- a...

Policy-makers in Southern Africa are increasingly convinced that regional trade liberalization can improve growth performance and stimulate development throughout the region. To succeed where previous attempts have failed, however, governments must address two key issues. The first of these is...

Over the past couple of decades, and especially since the financial crisis in 2008-09, real interest rates have collapsed. For much of the past two years they have been negative, but they have been trending down for some while. But how far have real rates fallen? This note computes a measure of...

The empirical objective of this study is to account for the time-variation the covariances between markets. Using data on sixteen national stock markets, we estimate a multivariate factor model in which the volatility of returns is induced by changing volatility in the orthogonal factors. Excess...