Publications des institutions partenaires
International capital flows
The surge in international asset trade since the early 1990s has lead to renewed interest in models with international portfolio choice. We develop the implications of portfolio choice for both gross and net international capital flows in the context of a simple two-country dynamic stochastic general equilibrium (DSGE) model. We focus on the time-variation in portfolio allocation…
Institution partenaire
Institut de hautes études internationales et du développement
/ 29/04/2015
Monetary implications of the crisis: dominance at stake
The paper asks whether the financial crisis is upsetting the struggle for dominance between monetary and fiscal policy. It argues that a crisis is indeed a key moment when challenges to monetary policy dominance are greatest. However, the need to bail out financial institutions blurs the distinction between monetary and fiscal policy. The subsequent shift to public debt stress…
Institution partenaire
Institut de hautes études internationales et du développement
/ 28/04/2015
Pricing-to-market, trade policy, and market power
This paper studies the determinants of pricing-to-market at the firm-level, with a particular focus on the role of firm-specific and policy-induced market power. We use a large dataset containing export values and quantities by product and destination for all exporting firms in 12 developing and emerging countries, over several years. We first show that firms in our sample do price…
Institution partenaire
Institut de hautes études internationales et du développement
/ 01/04/2015
Demand learning and firm dynamics: evidence from exporters
This paper provides evidence that learning about demand is an important driver of firms' dynamics. We present a simple model with Bayesian learning in which firms are uncertain about their idiosyncratic demand parameter in each of the markets they serve, and update their beliefs as noisy information arrives in each period. The model predicts that firms update more their beliefs…
Institution partenaire
Institut de hautes études internationales et du développement
/ 01/04/2015
Global value chains: benefiting the domestic economy?
Global Value Chains (GVCs) have become a central topic in trade and development policy but little is known about their actual impact on economic performance because data availability has been limited. Using a new unique set of Inter-Country Input-Output tables with extensive country coverage, I look at the relationship between GVC participation and domestic value added at the…
Institution partenaire
Institut de hautes études internationales et du développement
/ 01/04/2015
The risk of self-protection: the role of bank bailout guarantees in channelling sovereign credit risk internationally
This paper investigates the role of banks’ foreign asset holdings in transmitting credit risk internationally. Foreign exposure in risky assets might severely affect the solvability of credit institutions. Credit risk, in turn, transfers from banks to public accounts as a consequence of implicit or explicit bailout guarantees to distressed banking systems. This paper articulates this…
Institution partenaire
Institut de hautes études internationales et du développement
/ 01/04/2015
European champions and competition enforcement: is DG COMP in ideological denial?
In the wake of the Alstom restructuring, the French government indicated that current merger control rules do not allow for the development of European champions and called for a change in the rules. This paper argues that such a move may be not be advisable but that enforcement of the current rules should be improved, in particular regarding the assessment of efficiencies and the…
Institution partenaire
Institut de hautes études internationales et du développement
/ 01/04/2015
Public debt risks in Italy: myths, facts, and policies
Institution partenaire
Institut de hautes études internationales et du développement
/ 01/04/2015
Monetary policy and real cost imbalances in currency unions
The real unit labor cost is an important variable in today's debate over competitiveness and labor cost imbalances in the Eurozone. This paper documents the link existing between developments in the labor share and relative monetary policy stance across euro area members. First I present the theoretical foundations of such link using a standard New Keynesian framework, then I…
Institution partenaire
Institut de hautes études internationales et du développement
/ 01/04/2015
International migration of skilled workers with endogenous policies
We study the interaction between the optimal immigration policy of a host country and education policy of a source country in a model of international migration of skilled workers. Acquisition of human capital is driven by the academic and career opportunities at home and abroad. Greater opportunities to migrate are found to increase the source country's net stock of human…
Institution partenaire
Institut de hautes études internationales et du développement
/ 01/04/2015
Debt sustainability in low-income countries: the grants versus loans debate in a world without crystal balls
When allocating their aid budget, development agencies need to decide whether to give outright grants or use concessional loans that blend a grant and credit element. Theory suggests that the degree of concessionality should be negatively correlated with debt sustainability. Several donors use the World Bank/IMF Debt Sustainability Framework to guide their aid decisions. They give…
Institution partenaire
Institut de hautes études internationales et du développement
/ 25/02/2015
Trade costs, global value chains and economic development
This paper develops a model with sequential production stages and international trade frictions that permits an analysis of how decreases in trade costs shape the interdependence between countries, with special focus on the joining and industrialization pattern of developing countries into the global value chains (GVCs). I show that in a two-country setting, a decrease in trade costs…
Institution partenaire
Institut de hautes études internationales et du développement
/ 25/02/2015
Unexpected pricing-to-market in goods classified as homogeneous
This paper uses cross-country, firm-level, panel data to study how exporters from Low Income Countries (LICs) adjust their prices according to their trade partners’ characteristics. The results show that the free on board (fob) price of exports is differentiated across markets in all countries in the sample. This differentiated pricing is not commonly associated with small economies…
Institution partenaire
Institut de hautes études internationales et du développement
/ 23/02/2015
The impact of land mines on child health: evidence from Angola
Institution partenaire
Institut de hautes études internationales et du développement
Français, English / 05/02/2015
Guest workers in the underground economy
Guest-worker programs have been providing rapidly growing economies with millions of temporary foreign workers over the last couple of decades. With the duration of stay strictly limited by program rules in most of the host countries and wages paid to guest workers often set at sub-market levels, many of the migrants choose to overstay and seek employment in the underground economy.…
Institution partenaire
Institut de hautes études internationales et du développement
/ 10/12/2014
Sequential decision making in merger control
We model merger control procedures as a process of sequential acquisition of information and compare US and EU procedures. In the US, the authorities do not have to justify their decision to require further information (issue a second request),whereas in the EU, the authorities face a different (enforceable) standard of proof in phase I relative to phase II. We found that in the…
Institution partenaire
Institut de hautes études internationales et du développement
/ 10/12/2014
Clean substitutes and the effectiveness of carbon foot print labels vs. Pigovian subsidies: evidence from a field experiment
We study how substitutability between clean and dirty alternatives affects the effectiveness of environmental regulation in a field experiment that controls for the choice set of respondents. We consider four product categories with clean and dirty alternatives: (i) cola products in plastic bottles vs. in aluminum cans; (ii) skimmed vs. whole milk; (iii) chicken meat vs. beef meat;…
Institution partenaire
Institut de hautes études internationales et du développement
/ 17/10/2014
PADRE: politically acceptable debt restructuring in the Eurozone
Institution partenaire
Institut de hautes études internationales et du développement
/ 10/10/2014
Documenting legal dissonance: legal pluralism in Papua New Guinea
We examine the case of payback killings and similar retributive sanctions in the context of a transplant regime such as that existing in Papua New Guinea. This is a post-colonial regime with multiple overlaid legal systems, with significant negative interaction existing between the different regimes. We explain how multiple regimes can co-exist in the context of negative…
Institution partenaire
Institut de hautes études internationales et du développement
/ 30/09/2014
Resistance to the regulation of common resources in rural Tunisia
We examine the effect of the introduction of uniform water-charging for aquifer management and provide evidence using a survey-based choice experiment of agricultural water users in rural Tunisia. Theoretically, we show that the implementation of the proposed second-best regulation would result both in efficiency gains and in distributional effects in favour of small landholders.…
Institution partenaire
Institut de hautes études internationales et du développement
/ 30/09/2014
Seiten
Le portail de l'information économique suisse
© 2016 Infonet Economy