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David & Goliath: how young competition agencies can succeed in fighting cross-border cartels

How can small and young agencies cope and target cross border cartels? This paper explores the related challenges and puts forward a pragmatic tool to break down international cooperation barriers. Given the efforts of the ICN in seeking ways and means to operationalise cross-border cooperation in investigation of cases as well as those of selected UNCTAD member States in trying to…

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/ 21/02/2017

Income tax in the WTO: substantive reach and rivaling proceedings

This paper considers the intersection of income tax and WTO rules. It defends an interpretation of the non-discrimination obligations in line with customary rules of interpretation as stipulated by the Vienna Convention on the Law of Treaties. It, thus, departs from the historic assumption that income taxes are not or only to a very limited extent covered by the GATT. Subsequently,…

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/ 21/02/2017

Legal forms of negotiated trade in services agreement (TISA) outcomes: perspectives on trade integration and an incrementalist approach to quasi-multilateralizationa

The summer 2016 saw some of the key emerging economies change their position on services negotiations at the WTO, which may prove instrumental in bringing services back to the WTO, via The Trade in services Agreement (TiSA). While TiSA parties have discussed critical mass based multilateralization for a while, another approach may prove to be more viable - "incrementalism" and "quasi…

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/ 21/02/2017

When global tax reform meets international trade rules: an inquiry into the intersection of the GATS and the BEPS package

This article explores the intersections between the global tax reform launched by the Organization for Economic Co-operation and Development (OECD) and the Group of 20 (G20) to tackle base erosion and profit shifting (BEPS) on the one hand, and international rules on trade in services, mostly – the General Agreement on Trade in Services (GATS) under the World Trade Organization (WTO…

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/ 21/02/2017

The Folk Theorem of decreasing effectiveness of monetary policy: what do the data say?

It is increasingly claimed that unconventional monetary policies are subject to decreasing effectiveness in supporting growth and raising the inflation rate. There are good reasons to believe that the effects of further asset purchases by central banks and of moving the interest rate deeper in negative territory progressively decline. But has it been happening? This paper attempts to…

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/ 22/12/2016

Liquidity-driven FDI

We develop a model of foreign direct investment (FDI) in which financially liquid foreign firms acquire liquidity-constrained target firms. Using a large dataset of emerging-market acquisitions, we find evidence supporting three central predictions of the model: (i) firms in external finance dependent and intangible sectors are more likely to be targets of foreign acquisitions; (ii)…

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English / 25/10/2016

The elusive costs of sovereign defaults

Few would dispute that sovereign defaults entail significant economic costs, including, most notably, important output losses. However, most of the evidence supporting this conventional wisdom, based on annual observations, suffers from serious measurement and identification problems. To address these drawbacks, we examine the impact of default on growth by looking at quarterly data…

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/ 12/09/2016

Capital account liberalization, financial development and industry growth: a synthetic view

This paper synthesizes previous studies analyzing the effects of capital account liberalization on industry growth while controlling for financial crises, domestic financial development and the strength of institutions. We find reasonably strong evidence that financial openness has positive effects on the growth of financially-dependent industries, although these growth-enhancing…

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/ 09/09/2016

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

A surprisingly large number of countries have been able to finance a significant fraction of domestic investment using foreign finance for extended periods. While many of these episodes are in low-income countries where official finance is more important than private finance, this paper also identifies a number of episodes where a substantial fraction of domestic investment was…

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English / 29/08/2016

Making the next billion demand access: the local content effect of google.co.za in Setswana

Recent attempts to connect the current ‘next billion’ to the Internet in places such as sub-Saharan Africa have not met expectations. In places where Internet infrastructure has come online and prices have gone down, the expected consequent increase in uptake was not observed. I develop a framework that incorporates language in the the two-sided markets framework, viewing differences…

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English / 24/08/2016

Firm response to competitive shocks: evidence from Chinas minimum wage policy

The large regional variation of minimum wage changes in 2002—08 implies that Chinese manufacturing firms experienced competitive shocks as a function of firm location and their low-wage employment share. We find that minimum wage hikes accelerate the input substitution from labor to capital in low-wage firms, reduce employment growth, but also accelerate total factor productivity…

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/ 24/08/2016

Saving China's stock market

What were the economic benefits and costs of preventing a stock market meltdown during the summer of 2015 by the Chinese government intervention? We answer this question by estimating the value creation for the stocks purchased by the government between the period starting with the market crash in mid-June and the market recovery in September. We find that the government intervention…

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/ 24/08/2016

The IMF’s role in Greece in the context of the 2010 stand-by arrangement

In April 2010, Greece became the first euro area country to request financial support from the IMF. The IMF joined the European Commission (EC) and the European Central Bank (ECB)—thus constituting what informally came to be known as the troika—in providing emergency financing, with the Fund’s contribution taking the form of a €30 billion three-year Stand-By Arrangement (SBA)…

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/ 23/08/2016

Does ethnic diversity decrease economic interactions? Evidence from exchange networks in rural Gambia

Using a unique dataset collected in 59 rural Gambian villages, we study how ethnic heterogeneity is related to the structure of four economic exchange networks: land, labor, inputs and credit. We find that different measures of village-level ethnic fragmentation are mostly uncorrelated with network structure. At a more disaggregated level, household heads belonging to ethnic…

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/ 23/08/2016

Dynamic mean preserving spreads

We extend the celebrated Rothschild and Stiglitz (1970) definition of Mean Preserving Spreads to scalar diffusion processes. We provide sufficient conditions under which a family of diffusion processes satisfies the dynamic counterparts to the famous Rothschild and Stiglitz integral conditions. We prove that the only Brownian bridge with non-constant drift that displays the Dynamic…

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/ 23/08/2016

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