Using several unique data sets on wage agreements at both industry and firm levels in France, we document stylized facts on wage stickiness and the impact of wage-setting institutions on wage rigidity. First, the average duration of wages is a little less than one year and around 10 percent of...

This paper addresses management of sovereign wealth from the perspective of the theory of contingent claims. Starting with the sovereign's balance sheet, we frame sovereign fund management as an asset-liability management (ALM) problem, covering all public entities and taking explicit account of...

This paper sets out an analytical framework for optimal asset allocation of sovereign wealth, based on the theory of contingent claims analysis applied to the sovereigns economic balance sheet. A country solves an asset-liability management problem involving its sources of income and its...

Since the 1994 devaluation, growth has been quite strong in Mali (about 5% p.a. on average), but much weaker in terms of GDP per person (about 2.6% p.a.) due to a very high index of fecundity. Growth is still very unstable, due to a large share of agriculture in GDP and very sensitive to...

Since the 1994 devaluation, growth resumed in Mali without any significant decrease of poverty. This may be explained by the high level of inequality, which has increased in the recent period. The poverty reduction strategy described in the PRSP relies mainly on increasing the supply of primary...

This paper sets out a new analytical framework for optimal asset allocation of sovereign wealth, based on the theory of contingent claim ana lysis (CCA) applied to the sovereign’s economic balance sheet. A country solves an asset-l iability management (ALM) problem between its sources of...