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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

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

Does leverage predict delinquency in consumer lending?: evidence from Peru

This paper examines to what extent household leverage—as measured by the debt-to-income (DTI) ratio—predicts delinquency in Peru’s consumer credit market. A model is estimated to assess the relation between delinquency and the DTI ratio. The initial and current DTI ratios are assessed as delinquency predictors. The results confirm that the current DTI ratio is effective for...

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Français, English / 05/03/2020

Globotics and development: when manufacturing is jobless and services are tradable

Globalization and robotics (globotics) are transforming the world economy at an explosive pace. While much of the literature has focused on rich nations, the changes are quite likely to affect developing nations in important ways. The premise of the paper - which should be regarded as a thought-piece - is based on an extreme thought experiment. What does development look like when...

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Français, English / 03/03/2020

Volatility spillovers and systemic risk across economies: evidence from a global semi-structural model

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 benefi…t from incorporating global con…dence variables into global frameworks in the study of the global transmission of shocks. As framework, we used a global semi-...

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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...

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Français, English / 28/09/2018

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...

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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...

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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...

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Français, English / 24/05/2018

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...

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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...

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Français, English / 16/04/2018

Down with diarrhea: using fuzzy Regression Discontinuity Design to link communal water supply with health

This paper contributes to the existing literature by demonstrating that the provision of communal water supply can be effective in improving child health if the targeted population shows adequate hygiene awareness and behavior. Until now, the fast growing body of literature on water development interventions could not establish a significant effect of communal water supply on health...

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Français, English / 16/04/2018

Fiscal multipliers for Bosnia and Herzegovina

The aim of this paper is to determine the size of fiscal multipliers (spending and tax multipliers) using a structural vector autoregressive model for Bosnia and Herzegovina (BiH). This is the first attempt of its kind for the BiH economy. The results show that the spending multiplier is higher than the tax multiplier, as expected. The tax multiplier has a negative effect on output...

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Français, English / 13/04/2018

Fiscal shocks and international production networks: an empirical investigation

Recently, a large literature has been developed from the production network models, to be applied in a diversity of fields as financial contagion, trade comovements or the aggregation of micro shocks. Thus, one theoretical implication introduced by Acemoglu et al. (2015), argue that demand-side shocks (i.e. government spending) spread through the production networks following...

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Français, English / 13/04/2018

Standards of proofs in sequential merger control procedures

We model merger control procedures as a process of sequential acquisition of information in which mergers can be cleared after a first phase of investigation. We find that the enforceability of clearance decisions at the end of the first phase is unattractive to the extent that it prevents the authorities to use their expectations as to whether evidence gathered in the first phase...

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Français, English / 13/04/2018

Things have changed (or Have they?): tariff protection and environmental concerns in the WTO

This paper considers the APEC and proposed EGA agreements which grant tariff concession in favor of "green" goods. We …find that the practical signi…cance of the APEC agreement should not be overestimated as it involves modest tariff concessions over a subset of goods which are not heavily traded. Still, these agreements involve a paradigm shift to the extent that they use tariffs...

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Français, English / 13/04/2018

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