The Marginal Cost of Funds in the Presence of Environmental Externalities
研究了存在环境外部性的经济体中资金边际成本的一般均衡估计，发现忽略外部性会导致误导性结果，纳入外部性后税收改革潜力显著扩大，税收排序也发生显著变化。
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.