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Trading through platforms: evidence from AliExpress

This paper strives to contribute three things to the literature. The first is a line-sketch theory model that puts consumers into the value chain. It emphasizes the value-creating aspect of superior matching between consumers preferences and the varieties when they can purchase online (and thus have access to a broader range of varieties than is available locally). We indirectly test...

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/ 20/04/2021

Alternative solutions to the odious debt problem

The doctrine of state succession requires that governments honor the international commitments of their predecessors. Even if a dictator borrows to oppress his own citizens, future generations are required to service the debts and commitments contracted by the dictator. This paper starts by briefly describing possible exceptions to this doctrine by focusing on war and hostile debts....

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English / 12/04/2021

The COVID-19 and bond spreads

Financial markets reacted with a vengeance to the COVID-19 pandemic. We argue that while the spread of the pandemic is statistically significant in explaining changes to bond spreads, it has little additional explanatory power over variables that capture financial stress. Financial markets reacted as in any international financial crisis by penalizing emerging economies exposing...

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English / 12/04/2021

Income inequality and economic growth: known unknowns

There is an emerging consensus that inequality is adversely related to growth. However, the empirical literature on the links between inequality and growth does not align with this simple narrative, especially because the channels through which inequality may affect growth remain poorly understood.

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English / 30/03/2021

Export restrictions in times of pandemic: options and limits under international trade agreements

Dozens of governments have banned or limited exports of vital medical supplies and food. Are these legal under WTO and EU law? This chapter argues that while such bans are not allowed in normal times, the rules do not apply when the measures are justified on health grounds, are temporarily applied, and are aimed at preventing or relieving critical shortages of essential products. The...

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/ 30/04/2020

India's lockdown

On March 24, 2020, the Government of India ordered a nationwide lockdown for 21 days as a preventive measure against the spread of the coronavirus. The lockdown - in full force as we write - restricts 1.3 billion people from leaving their homes. Transport services are suspended, educational institutions are closed, and factories are shut down. This is in line with the measures...

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English / 24/04/2020

Global governance in peril ?

After decades of globalisation and integration, the world seems to be fragmenting again, epitomised best, perhaps, by the return of geopolitics, protectionism, unilateral sanctions, treaty withdrawals, and even military and economic coercion. Challenged by the United States, the return of old (Russia) and the growing assertion of new (China) antiliberal powers, the multilateral...

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/ 17/04/2020

Searching for trade partners in developing countries: testing firms in the "fast fashion" industry

An integral part of global supply chains is the selection by international buyers of trading partners in developing countries. However, our understanding of how buyers find a suitable long term supplier is limited. I use unique buyer-seller customs data to directly observe experimentation activity in a large market - the "fast fashion" industry in Bangladesh. I study how buyers of...

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Français, English / 07/04/2020

Political connections and financial constraints: evidence from Central And Eastern Europe

We examine whether political connections ease financial constraints faced by firms. Using firmlevel data from six Central and Eastern European economies, we show that politically connected firms are characterized by: (i) higher leverage, (ii) lower profitability, (iii) lower capitalization, (iv) lower marginal productivity of capital, and (v) lower levels of investment than...

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English / 24/03/2020

Increasing trust in bankers to enhance savings: experimental evidence from India

According to economic theory, repeated interactions can play a crucial role in shaping trust. We randomly allocated people to treatments that promote interactions with bankers. Next, these people play incentivised trust games with their own banker and with an anonymous other banker. While the effect on trust in the own banker is limited, the impact on trust in other bankers is...

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Français, English / 13/03/2020

When government promise to prioritize public debt: do markets care ?

During the European sovereign debt crisis of 2011-13, some nations faced with rising borrowing costs adopted commitments to treat bondholders as priority claimants. That is, if there was a shortage of funds, bondholders would be paid first. In this article, we analyze the prevalence and variety of these types of commitments and ask whether they impact borrowing costs. We examine a...

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English / 10/03/2020

Inflation expectations: review and evidence

This paper presents a comprehensive examination of the determination and evolution of inflation expectations, with a focus on emerging market and developing economies (EMDEs). The results suggest that long-term inflation expectations in EMDEs are not as well anchored as those in advanced economies, despite notable improvements over the past two decades. Indeed, in EMDEs, long-term...

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English / 10/03/2020

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