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Herwig Langohr 《Journal of Banking & Finance》1985,9(4):535-552
This paper investigates the effect of two types of central bank advances, viz, Lombarding and Rediscounting, on the economy. We conclude that the root of the distinction is the differential collateralization of these two forms of advances. The results suggest that while both methods of refinancing reduce interest-rate movement, Rediscounting dampens the impact of base money and real-sector disturbances. Debt-equity shifts have greater price effects with Rediscounting than with Lombarding. The paper also investigates the effects of a pegged-rate pricing policy. It is shown that a pegged-rate policy is an intermediary between fixed and market rate regimes. 相似文献
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Herwig Pilaj 《Journal of Business Ethics》2017,140(4):743-753
This paper applies insights from behavioral economics and nudge theory to foster sustainable and responsible investment (SRI). SRI provides an opportunity to express and promote ethical values via choice of financial instruments. While policy-makers have tried to encourage greater participation in SRI, the majority of retail investors retain a conventional approach to investment. I develop a conceptual framework to improve the effectiveness of SRI policy-making. The first part of the framework comprises a transmission mechanism which emphasizes the role of SRI as a driver for sustainable development. The second part is a model of the individual decision for or against SRI. The framework suggests that low SRI demand is a case of behavioral market failure, and that nudging is a suitable tool for dismantling behavioral barriers to SRI. A specific example of smart choice architecture is used to illustrate the framework’s potential in the design of an SRI nudge. Assuming the nudge stands up to the rigors of empirical testing, it may well provide a feasible alternative for policy-makers. 相似文献
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Immervoll Herwig; Levy Horacio; Lietz Christine; Mantovani Daniela; Sutherland Holly 《Cambridge Journal of Economics》2006,30(2):181-199
The authors use the European Union-wide taxbenefit model,EUROMOD, to establish baseline rates of relative poverty in1998 for each of the Member States and then explore their sensitivityto (a) an increase in unemployment, (b) real income growth and(c) an increase in earnings inequality. They find that povertyrates are sensitive to such macro-level changesbut that the sizeand in some cases the directionofthe effect varies across countries. If such indicators are tobe used in judging the effectiveness of social policies, itis important that differences in responsiveness are fully understood. 相似文献
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Environmentally Sustainable Transport: Definition and Long-Term Economic Impacts for Austria 总被引:2,自引:0,他引:2
The transition to an environmentally sustainable transport system involves a combination of technological and demand-side transport policies. Regulatory, educational and economic instruments can be used to enhance the development of cleaner transport technologies as well as the shift from road-based towards more environmentally benign modes of transport. This article provides estimates of overall economic impacts in the long term and describes the required change in the transport system. The article proceeds in three steps. First, this article reviews concepts of sustainability and applies them to transportation. Second, a small open economy computable general equilibrium model for Austria is developed to evaluate the long-term macroeconomic and sectoral impacts of a sustainable freight transport policy. Third, simulation results are discussed and conclusions drawn concerning the crucial features of a sustainable freight transport policy.Although the required transition within the transport system is substantial, the economic costs in terms of GDP are comparably low and employment is likely to increase slightly. 相似文献
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Nationwide car road pricing schemes are discussed across Europe. We analyse the impacts of such schemes with respect to environmental, economic and social indicators of sustainability, also quantifying the trade-offs among these three dimensions under different charging principles and revenue recycling options. In our analysis we employ a computable general equilibrium (CGE) approach, develop a modelling structure for private transport and provide detailed empirical analysis for the case of Austria. Regarding the social dimension, it has often been argued that poorer households (and commuters) would have to bear a disproportionate share of the road pricing burden. We find the contrary, i.e. a stronger negative policy impact on richer households, and on a small group of intensive car users. The choice of revenue recycling is able to ameliorate the negative social and economic effects of road pricing, without reversing the desired positive environmental effects. For political feasibility, questions of distributional impacts are most urgent and therefore we address them systematically within a quantitative framework. 相似文献
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This paper investigates domestic and foreign welfare effects of unilateral and multilateral permit policies in a two-country overlapping generations model with producer carbon emissions. We show that the welfare effects of a more stringent cap on emissions depend on the external balance of the policy implementing country, the dynamic (in)efficiency of the world economy, and the preference for environmental quality. Under dynamic efficiency, the global welfare loss of policy implementation in a net foreign creditor country is lower than of a policy in the net foreign debtor country. Moreover, although the country which has unilaterally implemented a permit policy would gain from a multilateral policy, the associated welfare loss for the other country is larger than that of a unilateral policy abroad. 相似文献
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