Publications des institutions partenaires

The paper presents some evidence on the overwhelming relevance of systemic risk and the lesser importance of US interest rates in the global transmission of shocks. This evidence suggests that the literature could benefit from incorporating global condence variables into global frameworks in the study of the global transmission of shocks. As framework, we used a global semi-…

Institution partenaire

Institut de hautes études internationales et du développement

Full Text

Français, English / 03/12/2018

Maduro Bonds

For multiple decades, activists have sought to institute an international legal regime that limits the ability of despotic governments to borrow money and then shift those obligations onto more democratic successor governments. Our goal in this article is to raise the possibility of an alternate legal path to raising the costs of borrowing for despotic regimes. All countries have…

Institution partenaire

Institut de hautes études internationales et du développement

Full Text

Français, English / 28/09/2018

Eurobonds past and present: a comparative review on debt mutualization in Europe

This paper reviews the economic and historical literature on debt mutualization in Europe with reference to pre-1914 guaranteed bonds and current Eurobonds debate. We emphasize that, notwithstanding the differences in scale and nature, debt mutualization solutions similar to Eurobonds were tried before, and the closest historical examples to the present debate are the pre-1914…

Institution partenaire

Institut de hautes études internationales et du développement

Full Text

English / 09/07/2018

Can countries rely on foreign saving for investment and economic development ?

Contrary to widespread presumption, a surprisingly large number of countries have been able to finance a significant fraction of their investment for extended periods using foreign finance. While many of these episodes are in countries where official finance is important, we also identify episodes where a substantial fraction of domestic investment is financed by private capital…

Institution partenaire

Institut de hautes études internationales et du développement

Full Text

English / 15/06/2018

Aggregate uncertainty and sectoral productivity growth: the role of credit constraints

We show that an increase in aggregate uncertainty -measured by stock market volatility- reduces productivity growth more in industries that depend heavily on external finance. The mechanism at play is that during periods of high uncertainty, firms that are credit constrained switch the composition of investment by reducing productivity-enhancing investment- such as on ICT capital-…

Institution partenaire

Institut de hautes études internationales et du développement

Full Text

English / 15/06/2018

The bank lending channel: a time-varying approach

Using a cross-country panel of 925 banks from 19 advanced economies, for the period 1981-2016, I examine how the bank lending channel of monetary policy has evolved over time. I find that the sensitivity of lending to bank balance sheet liquidity declines over time, with nearly all the reduction occurring between the early 1990s and the early 2000s. Contrary to normal times, during…

Institution partenaire

Institut de hautes études internationales et du développement

Full Text

Français, English / 11/06/2018

Foreign currency bank funding and global factors

The literature on drivers of capital flows stresses the prominent role of global financial factors. Recent empirical work, however, highlights how this role varies across countries and time, and this heterogeneity is not well understood. We revisit this question by focusing on financial intermediaries' funding flows in different currencies. A portfolio model shows that the sign and…

Institution partenaire

Institut de hautes études internationales et du développement

Full Text

Français, English / 29/05/2018

Does public debt crowd out corporate investment?: international evidence

Using data for advanced and emerging economies, we show that there is a negative correlation between public debt and corporate investment. Industry-level regressions show that high levels of government debt are particularly damaging for industries that need more external financial resources. Firm-level regressions show that government debt increases the sensitivity of corporate…

Institution partenaire

Institut de hautes études internationales et du développement

Full Text

Français, English / 24/05/2018

Financing for development: editor's introduction

In this double issue of the Oxford Review of Economic Policy we publish a set of papers concerned with the mobilization of domestic and foreign capital in support of the United Nations' Sustainable Development Goals that were launched in September 2015. The papers were originally presented at a conference on 'Financing for Development' organized by the International Monetary Fund and…

Institution partenaire

Institut de hautes études internationales et du développement

Full Text

English / 04/05/2018

Acquirers and financial constraints: theory and evidence from emerging markets

How do financial frictions shape the set of acquirers, how much they acquire, and how long they keep ownership? To address these questions, we develop a tractable model of M&As; whereby acquirers and targets emerge endogenously due to differences in liquidity. Financial crises lead to selection effects among acquirers that result in larger acquired stakes and more persistent…

Institution partenaire

Institut de hautes études internationales et du développement

Full Text

Français, English / 16/04/2018

Education, gender, religion, politics: what priorities for cultural integration policies in Switzerland?

This paper explores cultural integration paths of eight migrant groups in Switzerland. It specifically analyzes the evolution of objective behaviors and subjective attitudes of migrants from the first to the second generation. In order to deepen the analysis, the cultural integration of migrants is further examined from different perspectives: across cohorts (older vs. younger…

Institution partenaire

Institut de hautes études internationales et du développement

Full Text

Français, English / 16/04/2018

Seiten

un projet d'

Le portail de l'information économique suisse

Suchformular