Publications des institutions partenaires
WTO 2.0: governance of 21st century trade
The cross-border flows of goods, investment, services, know-how and people associated with international production networks–call it ‘supply-chain trade’ for short–has transformed the world. The WTO has not kept pace. This paper argues that adapting world trade governance to the realities of supply-chain trade will require a new organization–a WTO 2.0 as it were. Reasoning on the...
Institution partenaire
Institut de hautes études internationales et du développement
Français, English / 24/07/2015
Supply-chain trade : a portrait of global patterns and several testable hypotheses
The trade linked to international production networks – supply-chain trade for short – is associated with momentous global economic changes. This paper presents a portrait of the global pattern of supply-chain trade and how it has evolved since 1995. The paper draws on a variety of data sources but most heavily on the recent World Input-Output Database. China’s supply-chain trade...
Institution partenaire
Institut de hautes études internationales et du développement
/ 23/07/2015
Too much finance or statistical illusion: a comment
A recent policy brief from the Peterson Institute suggests that the “Too Much Finance” result may be an artifact of spurious attribution of causality. While more works needs do be done to understand the links between finance and growth and explore the drivers of possible non-monotonicities, this note shows that the too much finance result is robust.
Institution partenaire
Institut de hautes études internationales et du développement
/ 08/07/2015
Empirical evidence for the bank lending channel in Bosnia and Herzegovina: does lending differ between large and small banks?
The paper investigates transmission of different foreign and domestic shocks to bank lending activity in Bosnia and Herzegovina through the bank lending channel. The bank lending channel is analyzed in a time series cross sectional data framework for the period 2006q1- 2014q1, investigating reactions of small vs. large banks to those shocks. First, the evidence has been found that...
Institution partenaire
Institut de hautes études internationales et du développement
/ 08/07/2015
Assessing house price dynamics in Lima
This paper uses a two-step procedure to analyze the long-run dynamics between real house prices and their fundamentals in Lima, Peru. In this framework, first a hedonic price index is calculated, and then used for estimating a quarterly vector error correction model over the period 1998-2014. The price determinants considered in this application are: real mortgage interest rate, real...
Institution partenaire
Institut de hautes études internationales et du développement
/ 08/07/2015
Financial soundness index for the private corporate sector in Colombia
This paper evaluates the importance of building a composite metric of financial soundness for the private corporate sector in Colombia. Instead of relying on the individual and sometimes restrictive financial ratio analysis approach, the purpose of this document is to provide a single metric aimed at measuring the financial health of firms. Said metric, the financial soundness index...
Institution partenaire
Institut de hautes études internationales et du développement
/ 08/07/2015
Estimating the determinants of financial euroization in Albania
This paper examines the phenomenon of financial euroization in Albania, focusing on the liability side of the banking system. It explores some of the main theoretical and empirical determinants of deposit euroization in the context of the high euroization rates originating in the transition period of the early 1990s. Despite gradual improvements in the macroeconomic framework,...
Institution partenaire
Institut de hautes études internationales et du développement
/ 08/07/2015
Macro-prudential policies, moral hazard and financial fragility
This paper presents a DSGE model with banks that face moral hazard in management. Banks receive demand deposits and fund investment projects. Banks are subject to potential withdrawals by depositors which may force them into early liquidation of their investments. The likelihood of this happening depends on the bank management efforts to keep the bank financially sound and the degree...
Institution partenaire
Institut de hautes études internationales et du développement
/ 08/07/2015
This mine is mine!: how minerals fuel conflicts in Africa
We combine original geo-referenced data on mining extraction of 15 minerals with information on conflict events at spatial resolution of 0.5o x 0.5o for all Africa over 1997-2010. Exploiting exogenous variations in world prices, we find a positive impact of mining on conflict at the local level. Quantitatively, the historical rise in prices (commodity super-cycle) explains 15-25...
Institution partenaire
Institut de hautes études internationales et du développement
/ 08/07/2015
Banking integration and fragmentation in the interest rate channel
At the forefront of the economic consolidation of the euro area, banking integration came to a stall following the beginning of the 2008 crisis. Since then European banks started retrenching their asset holdings within national borders, effectively reducing the scale of their European operations. This paper explores the link between banking integration and fragmentation in the...
Institution partenaire
Institut de hautes études internationales et du développement
/ 07/07/2015
Quand exporter aide à vendre chez soi
Comment les chocs de demande subis par les entreprises françaises sur leurs ventes à l’étranger se répercutent-ils sur leurs ventes en France ? Cette Lettre présente les résultats d’une analyse empirique mettant en évidence une relation de complémentarité entre exportations et ventes domestiques. Une hausse de 10% des exportations engendre, la même année, un accroissement des ventes...
Institution partenaire
Institut de hautes études internationales et du développement
/ 03/07/2015
Managing cooperation on climate change: what can we learn from the WTO ?
Institution partenaire
Institut de hautes études internationales et du développement
Français, English / 12/05/2015
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
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