This article aims at estimating leading indicators of the American economy with financial variables. We use two types of hidden Markov chains models, a quantitative one (Krolzig (1997)) and a qualitative one (Gregoir and Lenglart (2000)). These models provide a robust and reliable framework to...

We use a French firm-level panel data set over the period 1993-2004 to analyze the relationship between credit constraints and firms' R&D behavior over the business cycle. Our main results can be summarized as follows: (i) the share of R&D investment over total investment is countercyclical...

High-flying illusions on the part of the proponents and grim predictions on the part of the sceptics have characterised the controversy around Brexit. The article assesses five key issues at stake for post-Brexit relationships between Britain, the EU, and Africa: market access, foreign direct...

The purpose of this paper is to reappraise Montesquieu’s thinkings in economy. To Joseph Schumpeter his economic is insignificant - without originality force, or scholarship. According to John-Maynard Keynes, Montesquieu was the real French equivalent of Adam Smith, the greatest of French...

We estimate the degree of trade integration among Brazilian states and calculate the magnitude of the Brazilian states' engagement in international trade in the years 1991, 1997, 1998 and 1999 using the methodology of border effects. We show that the Brazilian market is rather highly fragmented...