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...

Over the recent months, several initiatives have taken place to develop macro-prudential regulation in order to prevent systemic risk and the built-up of financial imbalances. Crucial to the success of such policy is the ability of the macro-prudential authority to identify in due time such...

Ageing is a main concern in Western Europe for the present half century. It impinges heavily upon the financing of retirement because a shrinking labour force will entail decelerating growth. Moreover, contrary to popular opinion and to most prospective studies which rely on deterministic...

In this paper, we analyze the demographic and economic consequences of endogenous migrations flows over the coming decades in a multi-regions overlapping generations general equilibrium model (INGENUE 2) in which the world is divided in ten regions. Our analysis offers a global perspective on...

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...

Last year’s International Collaboration Project had helped to highlight several key determinants of potential growth in the European Union (EU): basing upon growth accounting techniques, the main difference between the EU and the US had been shown not to rest on total factor productivity...

This paper explores the consequences of pension reforms in Western Europe in a world economy setting. Whereas various economic and social consequences of ageing have been investigated in OECD countries, very few analyses have explicitly taken the worldwide aspect of the problem into account. In...

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...