All societies depend on biodiversity and biological resources, and policy makers are increasingly aware that development pressures are today generating unprecedented rates of biodiversity loss. The fact that biodiversity issues often receive low priority in policy decisions is at least in part...

This report examines the economic principles for efficient systems of taxation and provides a framework for international comparisons of transport taxes and charges. It investigates the price and tax changes likely to result from the reform of transport charges to maximise efficiency, and their...

Greenhouse gas emissions trading and project-based mechanisms for greenhouse gas reduction are emerging market-based instruments for climate change policy. They are also increasingly viewed as cost-effective, flexible and environmentally efficient instruments for reducing greenhouse gas emissions

This report addresses an issue which arises in virtually every public utility industry - the regulation of access to essential facilities. The regulation of the terms and conditions under which competing firms have access to essential inputs provided by rivals has become the single biggest issue...

Tradeable Permits: Policy Evaluation, Design and Reform The search for cost-effective environmental policy measures in OECD countries has led to an increase in the use of tradeable permit systems. After many years of experimenting in a limited number of countries, tradable permits in...

Expectations are running high for significant outcomes on the temporary movement of natural persons to supply services - known as mode 4 - in the current WTO services negotiations. Powerful drivers for liberalisation exist, such as increased trade and investment, strengthened global business...

This paper develops a debt-run model to study the effects of liquidity injections on debt markets in the presence of a renegotiation option. In the model, creditors decide when to withdraw their funding and equityholders can renegotiate the contract terms of debt. We show that when equityholders...

We develop a credit-risk model to study the informational role of investment in an economy susceptible to large liquidity shocks. Firms' investment decisions carry information about their asset quality, thereby mitigating informational frictions when firms enter bankruptcy. An increase in...

This paper provides the first steps towards a theoretical and structural modelling framework through which optimal decision making in financial market infrastructures such as payments clearing and settlement systems can be assessed from a market microstructure perspective. In particular, the...