Schweizerische Pflichtlagerhaltung und ihre Finanzierung

Gilroy, Bernard Michael (1991): Schweizerische Pflichtlagerhaltung und ihre Finanzierung.

Abstract

Due to the recent renouncement of the public contract governing the financial scheme behind the Swiss obligatory commodity stockpiling arrangement, a new arrangement is needed that will prove acceptable to the engaged parties (the Swiss central bank, the "Schweizerische Bankiervereinigung" and the "Bundesamt für wirtschaftliche Landesversorgung"). The paper examines general implications of obligatory stockpiling and discusses potential methods of financing obligatory Swiss commodity stockpiles. Economic arguments question the desireability of obligatory stockpiles. The decision as to the appropriate mode of financing obligatory stockpiles is basically a political one which should take regard of the economic implications behind the chosen financial arrangement.

• Item Type: MPRA Paper
• English Title: Swiss obligatory stockpiling and its financing
• Language: German
• Keywords: obligatory stockpiling; financing; Switzerland
• Subjects: H - Public Economics > H5 - National Government Expenditures and Related Policies

References

Arrow, Kenneth J. (1963), Uncertainty and the Welfare Economics of Medical Care, The American Economic Review, Vol. 53, 941-974.

Brennan, MJ. (1958), The Supply of Storage, The American Economic Review, Vol. XLVIII, March, No. I, 50-72.

Broll, Udo and Gilroy, Bernard M. (1988), International Cooperation and Intra-industrial Transactions, Journal of International Economic Integration, Vol. 3(2), Autumn, 79-87.

Budd, Nicholas (1983), The Future of Commodity-Indexed Financing, Harvard Business Review, July-August, 44-50.

Cole, Harold L. and Osstfeld, Maurice (1989), Commodity Trade and International Risk Sharing: How Much Do Financial Markets Matter?, National Bureau of Economic Research, Inc., Working Paper No. 3027.

Cootner, Paul H. (1960), Returns to Speculators: Telser versus Keynes, Journal of Political Economy, Vol. 68, 396-404.

Cootner, Paul H. (1961), Common Elements in Futures Markets for Commodities and Bonds, The American Economic Review, Papers and Proceedings, May, No. 2, 173-193.

Cootner, Paul H. (1967), Speculation and Hedging, Food Research Institute Studies, supplement to vol. 7, 65-106.

Gilroy, Bernard Michael (1991), Pflichtlagerhaltung und die Finanzierung von Pflichtlagerwechseln in der Schweiz, Diskussionsbeiträge der Volkswirtschaftlichen Abteilung der Hochschule St. Gallen, Februar, Diskussionspapier Nr. 60., 46 S.

Benze, Arno (1983), Nutzen-Kosten- theoretische Überlegungen zur Sicherstellung der Versorgung für Krisenzeiten, Zeitschrift für Wirtschafts- und Sozialwissenschaften, 103. Jg., 129-142.

Hicks, J.R. (1939), Value and Capital: An Inquiry into Some Fundamental Principles of Economic Theory, Oxford, Clarendon.

Hirshleifer. D. (1989), Futures Trading, Storage and the Division of Risk: A Multiperiod Analysis, The Economic Journal, Vol. 99, No. 397, 700-719.

Hirshleifer, JACK (1953), War Damage Insurance, Review of Economics and Statistics, Vol. 35, May, 144-153., reprinted in Hirschleifer, J. (1987), 116-133.

Hirshleifer, JACK (1987), Economic Behaviour in Adversity, Wheatsheaf Books.

Holmström, Bengt (1979), Moral Hazard and Observability, Bell Journal of Economies, Vol. 10, Spring, 74-91.

Kaplow, Louis (1989), Incentives and Government Relief for Risk, National Bureau of Economic Research, Inc., Working Paper No. 3007.

Keynes, J.M. (1927), Some Aspects of Commodity Markets, Manchester Guardian Commercial, 29 March, 784-86.

Koo, Won W. and Dudley Norman J. (1980), Optimal Stochastic Control of U.S Wheat Stocks and Exports,American Journal of Agricultural Economlcs, Vol. 62, No.2, 172-187.

Neue Züricher Zeitung (1989), Gekündigte Vereinbarung über die Finanzierung von Pflichtlagerwechsel: Folgeregelung noch nicht ausgehandelt, Freitag, 30. Juni,Nr. 149, 39.

Newberry, David M. G. and Stiglitz, Joseph E. (1981), The Theory of Commodity Price Stabilization: A Study in the Economics of Risk, Clarendon Press, Oxford.

Polachek, S.W. (1980), Conflict and Trade, Journal of Conflict Resolution, 55-78.

Shavell, Steven (1979), On Moral Hazard and lnsurance, Quarterly Journal of Economics, Vol. 93, November, 541-562.

Schneider, Friedrich (1982), Moral Hazard, WiSt, Heft 3. März, 119.

Smyth, DJ. (1963), Monetary Factors and Multiplier Accelorator Interaction. Economica, November, 400-407.

Telser, L.G. (1958), Futures Trading and the Storage of Cotton and Wheat, Journal of Political Economy, Vol. 66, 233-55.

Weber, Hans Hermann (1980), Lagerhaltung, Handwörterbuch der Wirtschaftswissenschaft, Fünfter Band, J.C.B. Mohr (Paul Siebeck), Tübingen, 1-15.

Zimmermann, Heinz (1988),Preisbildung und Risikoanalyse von Aktienoptionen, Verlag Rüegger, Grüsch.