Publications des institutions partenaires
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...
Institution partenaire
Institut de hautes études internationales et du développement
/ 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....
Institution partenaire
Institut de hautes études internationales et du développement
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...
Institution partenaire
Institut de hautes études internationales et du développement
English / 12/04/2021
The "burden" of Swiss public debt: lessons from research and options for the future
Institution partenaire
Institut de hautes études internationales et du développement
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.
Institution partenaire
Institut de hautes études internationales et du développement
English / 30/03/2021
Assessing national laws for the implementation of CITES: public memo
Institution partenaire
Institut de hautes études internationales et du développement
/ 29/03/2021
COVID-19 and trade policy: why turning inward won't work
Institution partenaire
Institut de hautes études internationales et du développement
/ 30/04/2020
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...
Institution partenaire
Institut de hautes études internationales et du développement
/ 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...
Institution partenaire
Institut de hautes études internationales et du développement
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...
Institution partenaire
Institut de hautes études internationales et du développement
/ 17/04/2020
Pandemic and panic: government as the supplier of last resort
Institution partenaire
Institut de hautes études internationales et du développement
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...
Institution partenaire
Institut de hautes études internationales et du développement
English / 24/03/2020
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...
Institution partenaire
Institut de hautes études internationales et du développement
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...
Institution partenaire
Institut de hautes études internationales et du développement
English / 10/03/2020
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...
Institution partenaire
Institut de hautes études internationales et du développement
/ 10/03/2020
The motive to borrow
Institution partenaire
Institut de hautes études internationales et du développement
English / 09/03/2020
Preferential trade agreements and multilateral liberalization
Institution partenaire
Institut de hautes études internationales et du développement
/ 09/03/2020
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...
Institution partenaire
Institut de hautes études internationales et du développement
English / 06/03/2020
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...
Institution partenaire
Institut de hautes études internationales et du développement
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...
Institution partenaire
Institut de hautes études internationales et du développement
/ 11/02/2020
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