| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3041 |
| DP3041 Moral Hazard and the US Stock Market: The Idea of a 'Greenspan Put' | |
| Marcus Miller; Paul Weller | |
| 发表日期 | 2001-11-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper discusses the electricity reforms in California and in England and Wales. In both cases, a centralized spot market played a major role, and both markets have now been abolished. This Paper argues that their disappearance is not evidence that future electricity restructuring should avoid the use of spot markets. Instead, the problems in England and Wales were largely due to market power. In California, problems arising from market power and a tightening demand-supply balance were turned into a disaster because the spot market had not been backed up by hedging contracts. |
| 主题 | Industrial Organization |
| 关键词 | Electricity markets Hedging contracts |
| URL | https://cepr.org/publications/dp3041 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532073 |
| 推荐引用方式 GB/T 7714 | Marcus Miller,Paul Weller. DP3041 Moral Hazard and the US Stock Market: The Idea of a 'Greenspan Put'. 2001. |
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