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Structural conditions for novelty: the introduction of new environmental clauses to the trade regime complex

When do parties introduce novel clauses to a system of contracts or treaties? While important research has investigated how clauses diffuse once introduced, few empirical studies address their initial introduction. Drawing on network theory, this paper argues that novel clauses are introduced when agreements are concluded in certain structures of earlier agreements and the clauses...

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/ 10/03/2020

BigTech and the changing structure of financial intermediation

We consider the drivers and implications of the growth of "BigTech" in finance – ie the financial services offerings of technology companies with established presence in the market for digital services. BigTech firms often start with payments. Thereafter, some expand into the provision of credit, insurance and money management products, either directly or in cooperation with...

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English / 06/03/2020

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

China's offshore corporate dollar bonds

China's bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country's bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China's bond market structure, its unique...

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English / 24/02/2020

WTO dispute settlement post 2019: what to expect ?

What does the imminent demise of the WTO Appellate Body (AB) mean for the settlement of ongoing and future trade disputes? This editorial discusses two 'unlikely solutions', at least in the short term: the US lifts its veto on AB appointments; a WTO organ unlocks the impasse. Appeals pending on 10 December 2019 will most likely be carried-over pursuant to (contested) Rule 15 of the...

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/ 11/02/2020

Euro area sovereign debt: restructuring options

Countries with large debts stocks are vulnerable to the vagaries of the markets. Confidence crises can arise out of nowhere, constricting access to the markets. Hence, the question arises as to whether these countries should put in place mechanisms that will help them better prepare for the possibility of crisis. In effect, the choice is whether to buy insurance. The cost of buying...

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English / 14/11/2019

Narrativas, políticas y resultados del desarrollo alternativo en la región andina

Desde principios del 2000, muchos países latinoamericanos alcanzaron un notable crecimiento económico acompañado de la reducción de la pobreza y la desigualdad, debido en gran parte a la persistente aplicación del patrón secular de exportación de materias primas. El fin del superciclo de los precios de los las materias primas en 2014 puso en riesgo algunas de estas ganancias en...

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English / 05/11/2019

Alternative development narratives, policies and outcomes in the Andean Region

Since the early 2000s, many Latin American countries achieved remarkable economic growth coupled with poverty and inequality reduction, largely due to the pursuit of a centuries-old pattern of commodity exports. The end of the commodity price super-cycle in 2014 puts some of these development gains in jeopardy, raising anxiety among emerging middle classes wary of slipping back into...

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English / 05/11/2019

The evolution and current status of De Facto Stare Decisis in international trade and investment tribunals: how to understand the present by looking into the past

Is there a doctrine of 'stare decisis' in international trade and international investment law? From a positive law perspective, the answer is a definite no. However, as many scholars have observed, in practice, there has been a strong level of deference from the Appellate Body to its previous rulings, but less so from investment tribunals. Using social network analysis to assess...

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/ 18/10/2019

Le "fardeau" de la dette publique suisse: éclairages des recherches scientifiques et pistes pour le futur

The Swiss Federal government finances are in an excellent shape: debt is small (and decreasing), and carries a low interest rate. This paper reviews the prospects for the Swiss finances drawing on the recent literature. We argue that the current policy of running surpluses and paying down the debt is inefficient, and propose three alternatives. First, as the interest rate on the debt...

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English / 17/10/2019

The financial development of London in the 17th century revisited: a view from the accounts of the Corporation of London

We study an overlooked episode of financial development in England during the 17th century. We construct a novel, annual series of interest rates paid by the Corporation of London. We show that: interest rates declined by 350 basis points; Interest rates co-moved with Amsterdam: we attribute half of this decline to the integration of the capital markets of London and Amsterdam and...

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English / 01/10/2019

Finance and firm volatility: evidence from Alibaba FinTech Credit in China

The online trading platform Alibaba provides financial technology (FinTech) credit for millions of micro, small, and medium enterprises (MSMEs). Using an internal credit score threshold that governs the allocation of credit, we apply a Fuzzy Regression Discontinuity Design (RDD) to explore the causal effect of credit access on firm volatility. We find that credit access significantly...

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English / 27/09/2019

The impact of environmental regulation on Chinese spatial development

We examine the relationship between environmental regulation and spatial development in China. Exploiting changes in national pollution standards for three industries, ammonia, paper and cement, we measure the impact of environmental regulation on industry productivity. Our results suggest that national pollution standards do not affect industry productivity, but they reallocate...

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English / 19/09/2019

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