Publications des institutions partenaires
Tax administration and compliance: evidence from medieval Paris
We use tax and historical records to analyze the Parisian taille - an institution that resolved the tax compliance problem. The taille’s essential features were; an agreement between the king and city government to collect a fixed amount of revenue and a sequential collection process that included public revelation of individual tax assessments prior to their collection. Modelling...
Institution partenaire
Institut de hautes études internationales et du développement
English / 28/06/2019
Access to banking, savings and consumption smoothing in rural India
Access to formal banking is increasing across the world and may transform how people manage their finances. We report from a field experiment that randomly provides access to a bank account to a representative sample of villagers in rural India. The treated respondents save actively into the account and their individual savings increase. There is, however, no significant impact on...
Institution partenaire
Institut de hautes études internationales et du développement
English / 27/06/2019
L'OIT centenaire: pertinence et défis dans un monde du travail en mutation
Alors que l'Organisation internationale du travail (OIT) célèbre son centenaire, le principe fondateur de l'organisation demeure pertinent : les menaces sur la paix prennent racine dans les injustices et inégalités inhérentes aux grandes transformations économiques. Dans le contexte de mutations rapides et profondes qui affectent le monde du travail et de l'emploi, l'OIT suscite de...
Institution partenaire
Institut de hautes études internationales et du développement
English / 25/06/2019
The ILO @ 100: in search of renewed relevance
As the International Labour Organization (ILO) celebrates its centenary, its founding precept remains as relevant as ever: the main breeding grounds for threats to peace are the injustices and unequal opportunities that result from ongoing economic transformation. The moral idea that forged the ILO still lies at the heart of the international efforts for peace and development driving...
Institution partenaire
Institut de hautes études internationales et du développement
English / 25/06/2019
Has inflation targeting become less credible?: oil prices, global aggregate demand and inflation expectations during the global financial crisis
Following the onset of the global financial crisis (2008) we witness a strengthening of the correlation between crude oil prices and medium-term inflation expectations. Using the first principal component of commodity prices as a measure for global aggregate demand, we decompose oil prices into a global demand factor and idiosyncratic factors that include supply side effects and...
Institution partenaire
Institut de hautes études internationales et du développement
English / 24/06/2019
Politique monétaire non conventionnelle: l'expérience israélienne
Au cours de la crise financière mondiale, la politique monétaire israélienne a eu recours à des mesures non conventionnelles parallèlement à des réductions énergiques du taux d’intérêt de la banque centrale. L’expérience acquise par Israël dans l’utilisation de ce type de mesures pendant la crise, leur suppression aux premiers signes de reprise et l’usage prolongé de l’une d’entre...
Institution partenaire
Institut de hautes études internationales et du développement
English / 24/06/2019
Financial constraints, institutions, and foreign ownership
We develop a model of cross-border acquisitions in which the foreign acquirer's ownership choice reflects a trade-off between easing the target's credit constraints and the costs of operating in an environment with weak institutions. Data on domestic and foreign acquisitions in emerging markets over the period 1990–2007 support the model predictions. The share of full foreign...
Institution partenaire
Institut de hautes études internationales et du développement
English / 30/04/2019
Coming out in America: AIDS, politics, and cultural change
The last few decades witnessed a dramatic change in public opinion towards gay people. This paper uses a difference-in-difference empirical strategy to investigate the hypothesis that the AIDS epidemic and the ensuing endogenous political process led to this transformation. We show that the process of change was discontinuous over time and show suggestive evidence that the '92...
Institution partenaire
Institut de hautes études internationales et du développement
English / 15/04/2019
The Hausmann–Gorky Effect
On May 26, 2017, Harvard economist Ricardo Hausmann published an Op Ed titled "Hunger Bonds", urging investors to avoid Venezuelan sovereign bonds on the grounds that the country was prioritizing payments on the bonds over remedying a humanitarian crisis. Contemporaneously, news emerged regarding a suspicious looking bond issue by Venezuela's oil company that was purchased largely by...
Institution partenaire
Institut de hautes études internationales et du développement
English / 22/03/2019
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-...
Institution partenaire
Institut de hautes études internationales et du développement
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...
Institution partenaire
Institut de hautes études internationales et du développement
Français, English / 28/09/2018
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...
Institution partenaire
Institut de hautes études internationales et du développement
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...
Institution partenaire
Institut de hautes études internationales et du développement
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-...
Institution partenaire
Institut de hautes études internationales et du développement
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...
Institution partenaire
Institut de hautes études internationales et du développement
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...
Institution partenaire
Institut de hautes études internationales et du développement
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...
Institution partenaire
Institut de hautes études internationales et du développement
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...
Institution partenaire
Institut de hautes études internationales et du développement
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...
Institution partenaire
Institut de hautes études internationales et du développement
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...
Institution partenaire
Institut de hautes études internationales et du développement
Français, English / 16/04/2018
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