With the progress of information and communication technologies, the cost and efforts to remotely exchange information have drastically fallen. It has created new opportunities to leverage comparative advantages by reorganizing value chains along the geographic dimension and by reconsidering the...

In order to develop trade in services, the GATS aims to eliminate progressively discriminatory regulations, which apply to foreign suppliers. This paper looks instead at the trade effect of domestic regulations, which apply to all firms indifferently and do not intend to exclude imports. We...

This paper investigates the relationship between the reform of energy, telecommunications and transport services in India in the mid-1990s and manufacturing firms’ export performance. The empirical analysis relies on exogenous indicators of regulation of Indian services sectors and detailed...

The story of deindustrialization of developed economies is now old and well-observed. In most developed countries, value added by manufacturing as a percentage of GDP has decreased continuously since the 1950's, and is now less than 15% in most OECD countries. The shift of value added and...

The location of financial activities is traditionally characterized by a great deal of inertia. However, the 2007-10 crisis may considerably modify the geography of finance and cause an upheaval in world hierarchy. The crisis hit the Western countries directly and the main financial centers have...

This paper analyzes the business cycle behavior of the corporate debt structure and its interaction with economic recovery. The debt structure is measured as the share of bonds in the total credit to non-financial corporations for a quarterly panel of twenty five economies over the period...