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Global value chains and technology transfer: new evidence from developing countries

This paper uses the World Bank's Enterprise Surveys as a sample of 18 developing and emerging economies to investigate the causal relationship between global value chains and the transfer of technology to manufacturing firms in developing nations. It focuses on one specific channel for technology transfer, namely the licensing of foreign technology. By using a propensity score...

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/ 17/01/2019

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

Customs unions in international law: from concept to practice

Relative to the study of free trade agreements, customs unions (CUs) have been neglected in international law scholarship, despite the fact that by no means do they constitute a recent phenomenon. The present article aims to fill this gap by conducting a scoping analysis of the concept of customs union and identifying key issues in CU designs. The article problematizes what is...

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/ 12/11/2018

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

Trade linkages and firm value: evidence from the 2018 US-China "trade war"

On March 22, 2018, Trump proposed to impose tariffs on up to $50 billion of Chinese imports leading to a significant concern over the "Trade War" between the US and China. We evaluate the market responses to this event for firms in both countries, depending on their direct and indirect exposures to US-China trade. US firms that are more dependent on exports to and imports from China...

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/ 21/08/2018

Eurobonds past and present: a comparative review on debt mutualization in Europe

This paper reviews the economic and historical literature on debt mutualization in Europe with reference to pre-1914 guaranteed bonds and current Eurobonds debate. We emphasize that, notwithstanding the differences in scale and nature, debt mutualization solutions similar to Eurobonds were tried before, and the closest historical examples to the present debate are the pre-1914...

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English / 09/07/2018

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

Contrary to widespread presumption, a surprisingly large number of countries have been able to finance a significant fraction of their investment for extended periods using foreign finance. While many of these episodes are in countries where official finance is important, we also identify episodes where a substantial fraction of domestic investment is financed by private capital...

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English / 15/06/2018

Aggregate uncertainty and sectoral productivity growth: the role of credit constraints

We show that an increase in aggregate uncertainty -measured by stock market volatility- reduces productivity growth more in industries that depend heavily on external finance. The mechanism at play is that during periods of high uncertainty, firms that are credit constrained switch the composition of investment by reducing productivity-enhancing investment- such as on ICT capital-...

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English / 15/06/2018

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

The evolution of the EU law against criminal finance: the "hardening" of FATF standards within the EU

This article examines the recent evolution of the EU anti-money-laundering (AML) and counter-terrorist financing (CTF) legislative framework, focusing on the relationship between the main international standards in the field and the newest EU legislation. It suggests that international soft law norms—in particular, the Financial Action Task Force (FATF) Recommendations—have had a...

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/ 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

Financing for development: editor's introduction

In this double issue of the Oxford Review of Economic Policy we publish a set of papers concerned with the mobilization of domestic and foreign capital in support of the United Nations' Sustainable Development Goals that were launched in September 2015. The papers were originally presented at a conference on 'Financing for Development' organized by the International Monetary Fund and...

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English / 04/05/2018

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

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