In this paper, we analyze the consequences of endogenous migration flows over the coming decades in a dynamic general equilibrium model of the world economy. Such an approach has two major benefits. First, it offers a global perspective on the economic consequences of international migration...

Immigration is often perceived as an instrument of adaptation for aging countries. In this paper, we evaluate, using a dynamic general equilibrium model, the contribution of migration policy in reducing the tax burden associated with the aging population in France. We show that the age and skill...

[fre] L’effet du vieillissement de la population sur les finances publiques représente un sujet de préoccupation pour l’ensemble des pays de l’OCDE. Récemment, l’idée a été avancée de recourir à l’immigration afin d’atténuer les effets du vieillissement démographique. Dans...

This introduction presents a selection of articles dealing with the issue of measuring the fiscal and financial vulnerabilities in the advanced economies. These articles were presented at a conference organized jointly by the Banque de France and BETA in Strasbourg on 13--14 September. The...

We investigate the extent to which it is possible to detect asset-price booms and banking crises according to alternative identification strategies and we assess their robustness. We find some evidence that house price-booms are more likely to turn into costly recession or to trigger a banking...

[eng] The authors study the dynamics of financial integration between the United States and the euro zone. We focus on price-based indicators and two types of variables : short-and long-term interest rates and stock prices. Our results show the long-term validity of uncovered interest parity for...