This paper analyses the impact of funding source of the bailout on the softness of the regional budget constraint. We show that the funding source of the bailout has a considerable impact both on the credibility of the federal government's commitment and on the regional opportunistic behaviour....

This paper proposes a system of tradable deficit permits for implementing budgetary austerity at the local level. We evaluate the efficiency of the fiscal retrenchment allocation in a dynamic setting with a commitment problem. The way rights are allcated and traded on the market turns out to be...

This paper examines a situation where a decision-maker determines the appropriate compensation that should be implemented for a given ecological damage. The compensation can be either or both in monetary and environmental units to meet three goals: i) minimization of the cost associated with the...

This paper focuses on dynamic of diffusion of Information and Communications Technology (ICT) and their impact on labor productivity. Our contribution lies in taking into account the non-linearity of this relationship arguing successively integration time and a time when new productivity gains...

There are considerable gender inequalities in the labor market in Senegal. As Senegal will try a trade opening with the European Union in the framework of the EPA, we can raise the question of whether the new equilibrium of the economy will produce either a decrease or an increase in the gender...

Although Jordan reached middle-income status more than three decades ago, the country has not made the additional leap, like most developing countries in the Middle East, to become a high-income economy. In this paper, we argue that institutions, namely formal rules (constitution, judiciary,...

This paper analyzes the link between the exchange rate misalignments and the external balance under a pegged currency system focusing on the CFA zone. Having discussed and chosen an appropriate analytical framework, it addresses the issue of model uncertainty regarding the equilibrium exchange...

The present paper investigates how an emerging market economy is affected when it suddenly faces a higher risk premium on international capital markets. We study this question empirically for five Latin American economies over the period 1994-2007 within a structural panel vector autoregression...

Following the Great Recession, econometric models that better account for un certainty have gained increased attention, and an increasing number of works evaluate the effects of uncertainty shocks. In this paper, we evaluate the impact of high-frequency uncertainty shocks on a set of...

This paper quantitatively assesses the interaction between permanent immigration into France and France's macroeconomic performance as seen through its GDP per capita and its unemployment rate. It takes advantage of a new database where immigration is measured by the ow of newly-issued long-term...