Publications des institutions partenaires
Novel perceptions on development studies: international review and consultations toward a renewed vision
Institution partenaire
Institut de hautes études internationales et du développement
English / 03/09/2019
The ILO @ 100: addressing the past and future of work and social protection
Institution partenaire
Institut de hautes études internationales et du développement
English / 06/08/2019
How far should unconventional central banking go?
Institution partenaire
Institut de hautes études internationales et du développement
English / 02/08/2019
Pour un Etat svelte
Institution partenaire
Institut de hautes études internationales et du développement
English / 02/08/2019
Limits to the independence of the ECB
The ECB might seem to be the most independent central bank in the world. Its statutes were carefully designed to ensure independence and they are enshrined in an international treaty. Yet, while serving many governments may be a protection, it can also act as a constraint on policy decisions. This essay explains how the ECB has faced limits during the Eurozone crisis. First, it had...
Institution partenaire
Institut de hautes études internationales et du développement
English / 02/08/2019
Divergence? What divergence?
Institution partenaire
Institut de hautes études internationales et du développement
English / 02/08/2019
Taming the global financial cycle: what role for the global financial safety net?
An ongoing active debate considers the role of the Global Financial Cycle (GFC) in driving international capital flows - especially in emerging economies - as well as the policy options available to absorb their impact. We make two contributions to the debate. First, we rely on a structural measure of the GFC developed in a companion paper to identify episodes of large capital flows...
Institution partenaire
Institut de hautes études internationales et du développement
English / 02/08/2019
Corporate debt, firm size and financial fragility in emerging markets
The post-Global Financial Crisis period shows a surge in corporate leverage in emergingmarkets and a number of countries with deteriorated corporate financial fragility indicators (Altman's Z-score). Firm size plays a critical role in the relationship between leverage, firm fragility and exchange rate movements in emerging markets. While the relationship between firm-leverage and...
Institution partenaire
Institut de hautes études internationales et du développement
English / 30/07/2019
Institutions, deficits, and wars: the determinants of British government borrowing costs from the end of the seventeenth century to 1850
Institution partenaire
Institut de hautes études internationales et du développement
English / 25/07/2019
How FinTech enters China's credit market
How does FinTech credit mitigate local credit supply frictions in China's segmented credit market? In our simple theoretical models, we show that FinTech credit (i) expands the extensive margin of credit to borrowers of lower credit scores and (ii) provides relatively more credit to borrowers with lower credit scores. We confirm both predictions based on comprehensive data from one...
Institution partenaire
Institut de hautes études internationales et du développement
English / 19/07/2019
Oil prices, inflation expectations and monetary policy
The sharp declines in oil prices starting in late 2014 sparked a debate about their effect on inflation and the world economy (e.g. GEP January 2015). The decline in oil prices lowered inflation in the short run and in some cases pushed some economies that already experience very low inflation into deflation. More surprisingly, data from the US, Euro area, UK and Israel shows that...
Institution partenaire
Institut de hautes études internationales et du développement
English / 28/06/2019
Has inflation targeting become less credible?
Beginning with the global financial crisis (2008) the correlation between crude oil prices and medium-term and forward inflation expectations increased leading to fears of their un-anchoring. Using the first principal component of commodity prices as a measure for global aggregate demand, we decompose nominal oil prices to a global demand factor and remaining factors. Using a...
Institution partenaire
Institut de hautes études internationales et du développement
English / 28/06/2019
Nominal exchange rate dynamics and monetary policy: uncovered interest rate parity and purchasing power parity revisited
The increasing globalization of trade in goods and services and the deepening of financial markets have reduced frictions that may impede the operation of the PPP and UIP relationships in the short run. In this paper, we estimate the short term relative PPP and UIP relationships. Using data from Israel, which has a deep market for inflation expectations for 12 months, we show that...
Institution partenaire
Institut de hautes études internationales et du développement
English / 28/06/2019
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
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