This paper critically examines the proposed new constitutional article for the Swiss National Bank. The following points are emphasised : a) The SNB distributes only a very small fraction of its profits (as compared to other national banks). b) The SNB holds an exceptionally important and...

The Swiss agriculture is considered to be one of the more subsidized in the world. Using an applied general equilibrium model, we study the effects of two reforms of the agricultural policy on the welfare of various categories of households. Our framework of analysis allows to take into account...

This paper contributes to the debate on the existence of pollution haven effects by systematically measuring the pollution content of trade (measured by the polluction content of imports (PCI)) and decomposing it into three components: a 'deep' (i.e. unrelated to the environmental debate)...

The design of distribution channels is an important marketing decision since a revision implies costly reorganization. Hence, it makes sense to study strategic motives of alternative distribution devices. A precommitment is a strategic move that affects the other players'expectations on how...

This paper examines the effects the planned merger between UBS and SBC would have on competition in the Swiss banking market. It is shown that the merger would lead to a dangerous level of concentration in certain submarkets such as the (economically important) market for credits to small and...

Diversification opportunities in Euroland appear to have improved significantly since the advent of the euro, thus invalidating the prospects identified in the last years of the convergence-to-EMU period. We identify low frequency movements in the time series of return dispersions suggestive of...

We examine the effect of Amnesty Plus and Penalty Plus on firms' initial selfreporting decision, in one market, by altering their whistle-blowing incentives in another market. Amnesty Plus and Penalty Plus are proactive US strategies which aim at triggering multiple confessions by increasing the...

One of the striking features of many developing Regional Integration Areas (RIAs) is the strong asymmetry between countries. In this paper, we consider a three-country two-sector model in a footloose capital framework. Two of these countries are involved in a regional integration process while...

The paper studies property insurance in Britain. It emphasises the following points. In the case of terrorism insurance the government decided to provide cost free stop loss insurance, to prevent the market from breaking down. When the country was hit by subsidence damages, the premiums and...

We are interested in the macroeconomic implications of the separation of ownership and control. An alternative decentralized interpretation of the stochastic growth model is proposed, one where shareholders hire a self-interested manager who is in charge of the firm's hiring and investment...