We define “safe haven currencies” as those able to yield positive excess returns during crises and show that they are likely to have negative risk premia on the long-run. We try to identify them empirically by considering a sample of 26 currencies from advanced and emerging countries over a...

The introduction of pay for performance (P4P) in healthcare raises a problem for economists: is quality of care soluble in quantities? The quantified standards of quality used in P4P programs come from the results of Evidence based medicine (EBM) and from its main method of research: random...

This paper develops an estimated multi-country open economy dynamic stochastic general equilibrium (DSGE) model with incomplete Exchange Rate Pass-Through (ERPT) for the Euro-area. It is designed to model global international linkages and to assess international transmission of shocks under an...

This paper analyses the role of Information and Communication Technologies (ICT) on the job market polarization. We rely on an evolutionary framework by applying a “distance from mean approach”. Using data for 8 industrialized economies, we account for probable heterogeneous and timevarying...

This paper deals with the enforcement of merger policy, and aims to identify situations where the introduction of remedies can lead to a lower welfare. For this we study how merger remedies affect the deterrence accomplished by controlling mergers, and determine the optimal frequency of...

The aim of this article is to study the dynamics of financial integration and of the risk premia in emerging markets. Accordingly, we estimate a variant of the International Asset Pricing Model (IAPM) developed by Errunza and Losq (1985) and Carrieri et al. (2007), allowing for time-varying...

This paper challenges the commonly held idea that the appeals process lowers the occurrence of legal errors. We show that, even if incorporating the right to bring an appeal in criminal adjudication directly offers the opportunity to correct mistakes made at trial, the …nal impact on the...

In this paper, we examine the determinants of global investors’ net flows to investment bond funds dedicated to emerging economies and analyze the effects of the U.S. expansionary monetary policy on these flows from 2010 to 2013. We particularly focus on investors’ behavior vis-à-vis...

Les recherches sur la contribution des Business Angels (BA) à la croissance de l’économie sont encore récentes et relativement peu diffusées, en France notamment. Afin de comparer la dynamique d’entreprises adossées à des BA à des entreprises qui ne le sont pas, nous proposons une...

One of the most influential “lessons” of the moral hazard theory in health economics is that cost sharing can reduce health spending without damage on health status. This “lesson” has been enormously influential on policy makers. This paper shows that this theoretical and empirical...