We present a dynamic Heckscher-Ohlin model to study structural change in a sustainability context. We show how resource rich economies maximising steady-state consumption should adopt different development strategies depending on the distribution of domestic wealth instruments (assets). Owing to...

This paper compares economic and welfare performances of four monetary regimes (target zone, pure floating, managed and fixed exchange rates) for each of the five founding members of ASEAN, using a small open economy DSGE model. The model incorporate the financial accelerator and the phenomenon...

The aim of this paper is to review the literature on the link between nance and international trade. First, export performance is shown to strongly depend on sectors' or fimrs' external nance dependence. More vulnerable rms or sectors export less than others. Moreover, insu cient nancial...

Some bank reforms of the 1930s in the United States may have been overvalued. The Glass-Steagall Act of 1933 actually created new endogenous risks involving potential systemic effects. Deposit insurance failed to address the main cause of banking panics, and rather strengthened inefficient unit...

Global liquidity, which consists of both monetary liquidity (quantitative easing and traditional policies) and funding liquidity, follows specific dynamics. The importance of these dynamics is re?ected by the growing interest in international policy fora in the economic efects and determinants...

This paper investigates Basel III potential effects on SME access to bank credit. In an innovative empirical framework, French small firms are studied using microdata over the 2008-2013 periods. We conclude that the new regulation will have an M-shaped impact. Eventually, Basel III eliminates...

Macroeconomic determinants of FDI are seldom analyzed from the perspective of source countries, priority being generally given to host country characteristics. In a gravity set-up, we analyze FDI flows from European Union to MENA economies. We find that European investment to our MENA host...