L'objectif de cet article est d'analyser le coût et l'impact des programmes conditionnel de secours en faveur de la Grèce, l'Irlande, le Portugal, l'Espagne et Chypre. L'exposition à chaque pays bénéficiaire est répartie entre les différents pays contributeurs. Ensuite, on commente la...

Since the launch of the euro, French and German industrial productions have extremely diverged. French manufacturing production decreased while German manufacturing industry very strongly increased. The decrease or stagnation of exports of French products contrasts with the strong increase of...

The structural heterogeneity of the Euro Zone is well described by the net external financial positions  of the different countries. The countries with the highest external debts are those who were particular ly affected when the sovereign debt crisis started. The announcement by the ECB of the...

To explain the surge of the TARGET2-related claims of the Bundesbank on the Eurosystem, the usual narrative tells that there are huge deposit flights out of the euro zone’s distressed countries’ banks, and that the withdrew funds are being reinvested on deposit accounts in German banks....

The exposures of all the euro area countries to Greece are computed and detailed. The larger components of these exposures are due to the participation to the different mechanisms of the support programmes, in the form of loans or guarantees. Other components are the implicit shares of the...

Recent studies show that disagreement regarding the future evolution of activity, inflation, or long and short interest rates, significantly forecasts holding excess returns. These studies include the papers of Buraschi and Whelan (2012), Barillas and Nimark (2012), Xiong and Yan (2010), Wu...

This paper is concerned with the effect of the unemployment insurance system and of training programs on unemployment outflow rates disaggregated by sex and two unemployment duration categories. The model is based on a matching function and includes a simple representation of the competition...

This paper tries to bridge the gap between the theoretical and empirical analyses of the aggregate impacts of labor market policies (LMPs). Contrary to previous empirical studies, we conduct an econometric analysis based on sound theoretical foundations. The specification is based on an...