摘要:

AbstractThis paper analyses the experience of the privatised electricity industry in Scotland. The retention of vertical integration in Scotland has led to a number of different features in the regulation of the industry in Scotland and England and Wales. It has also led to a different pattern of development of competition. Although regulation and price competition appear to have operated to the benefit of consumers thus far, the Scottish system is as yet untested in its ability to cope with significant new entry.

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00835.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThis paper shows that the characteristics model provides a unifying framework for analysing both financial intermediation and the process of financial innovation. The role of the financial intermediary is to buy‐in the primary liabilities of the firm, unbundle and repackage the characteristics contained in them and issue a set of ultimate assets to households. Assets exist because the balance between the supply of and demand for asset characteristics indicates an interior equilibrium. Financial innovations arise whenever changes in supply and demand induce movements from a corner solution to the interior. A number of existing explanations of financial innovation can be expressed using this framewor

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00836.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThe paper investigates the use of the real balance effect mechanism by Dennis Robertson in Money (1922), Banking Policy and the Price Level (1926) and subsequently in his Lectures On Economic Principles (1957‐59). The Paper draws on the correspondence between Robertson and Don Patinking during the period 1951‐56. It was Patinkin's opinion that Robertson never used the real balance effect as a mechanism to bring the disequilibriated monetary sector back to a new equilibrium; this paper shows that these conclusions are crucially dependent on the interpretation of what constitutes ‘stability anal

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00837.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThe author assesses the influence Continental thought had on Sir James Steuart and places him in the Continental setting in order to understand his most controversial message, his theory of the state, and how it differed from that of his contemporaries, above all from Adam Smith's

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00838.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractUsing the family of GARCH‐M(p, q) models and UK data comprising of the market portfolio and a portfolio of smaller company shares over the period January 1970 through June 1994, this paper provides support for the notion that the degree of market capitalisation is an important factor in the analysis of risk‐return relationships. The evidence reported supports the view that, although both portfolios appear to be driven by the persistence of volatility shocks, there exist significant differences in risk‐return beha

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00839.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThis Paper uses a two‐period Von Stackelberg model to study the effects of profit taxation on the behaviour of a monopolist, when the entry of a potential competitor is threatened. A barrier to entry, consisting of a sunk cost, is assumed. If the potential competitor decides to enter, thus making a loss, deduction is allowed in the following period. This model shows that these tax deductions can make profit taxation be distortiv

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00840.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThe standard economic approaches (screening and signalling) to product quality imply an upward sloping relationship between price and product quality. In the case of screening models it is a relationship which applies to the product line of each individual firm. In the case of signalling models it applies across firms. Both types of model have their shortcomings. An alternative approach is presented which involves endogenising the quality control process. Firms voluntarily provide a warranty contract for their products and this, in turn generates an incentive to control quality. The model compares monopolistic and competitive markets in respect of warranties. quality control and the price‐quality relationship. Under monopoly, the price‐quality relationship is always upward‐sloping or flat. Under competition, however, cost shifts or certain demand side shifts can generate a downward‐sloping relationship between price and

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00841.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThis note presents annual figures for gross expenditure on UK central government assistance to industry over the period 1960‐90. This is part of onging research on the determinants and effects of UK industrial assistance. All figures are at corrent prices and a breakdown is provided between various components of policy, comprising national assistance, industrial and firm specific assistance, technology support, civil aircraft aid, shipbuilding assistance and local employment and regional polic

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00842.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

S. BAILEY, P. FALCONER and S. MCCHLERY. Local Government Charges:Policy and Practice, Harlow, Essex;V. BROWN. Adam Smith's Discourse: Canonicity, Commerce and Conscience, London;

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00843.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY