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The Marginal Cost of Funds in the Presence of Environmental Externalities

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  • Brendemoen, Anne
  • Vennemo, Haakon

Abstract

The marginal cost of funds is useful for measuring the cost of taxation in cost-benefit and tax reform analysis. In this paper, the authors present general equilibrium estimates of the marginal cost of funds in an economy with environmental externalities. They find that excluding such effects can yield quite misleading results. The inclusion of externalities opens up a significantly larger potential for tax reform, and the ranking of taxes is strikingly changed. The estimate of the average, base-case marginal cost of funds is reduced. The authors also indicate double dividends in the Norwegian economy. Copyright 1996 by The editors of the Scandinavian Journal of Economics.

Suggested Citation

  • Brendemoen, Anne & Vennemo, Haakon, 1996. " The Marginal Cost of Funds in the Presence of Environmental Externalities," Scandinavian Journal of Economics, Wiley Blackwell, vol. 98(3), pages 405-422.
  • Handle: RePEc:bla:scandj:v:98:y:1996:i:3:p:405-22
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    Cited by:

    1. Holm√ły, Erling, 2016. "The development and use of CGE models in Norway," Journal of Policy Modeling, Elsevier, vol. 38(3), pages 448-474.
    2. Inge Mayeres, 1999. "The Distributional Impacts of Policies for the Control of Transport Externalities.An Applied General Equilibrium Model," Working Papers 1999.8, Fondazione Eni Enrico Mattei.
    3. Kiuila, Olga & Peszko, Grzegorz, 2006. "Sectoral and macroeconomic impacts of the large combustion plants in Poland: A general equilibrium analysis," Energy Economics, Elsevier, vol. 28(3), pages 288-307, May.
    4. Agnar Sandmo, 2001. "Bridging the Tax-Expenditure Gap: Green Taxes and the Marginal Cost of Funds," CESifo Working Paper Series 579, CESifo Group Munich.
    5. Conrad, Klaus, 2001. "Computable General equilibrium Models in Environmental and Resource Economics," Discussion Papers 601, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.

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