This note explores the interaction between trade integration and asymmetric choices of technology adoption. It seeks to bring micro foundations of Örm heterogeneity into an open-economy model. By so doing, the analysis shows the complementarity between an imperfect competition framework of...

We analyze the integration of Brazilian states into domestic and foreign markets from the point of view of their supply conditions. The study period takes in the country’s fast liberalization process with its two sub-periods (1991 and 1997-99). We estimate the states’ domestic and foreign...

In a context of generalization of decentralization in the world going "hand in hand" with democratization and globalization, Brazil qualifies the universality of this process, at least in matter of fiscal federalism. In the paper, we firstly adopt a comparative perspective relative to an...

The effect of debt on private investment is theoretically undetermined. Indeed, according to the theory, the relation between debt and private investment can either be negative (debt overhang) or positive (accelerator effect on economic growth, hence on private investment). Our study consists in...

This paper explores the existence of a bounce-back effect in inventory investment using the European Commission opinion survey on stocks of finished products in manufacturing and retail trade sectors for France, Germany and a European aggregate, from 1985q1 to 2011q4. Our empirical findings...

This paper explores the existence of a bounce-back effect in inventory investment using the European Community opinion survey on stocks of finished products in manufacturing. A threshold autoregression allowing for a transitory strong recovery phasis is estimated for French, German and European...

We examine the impact, on commodity derivative markets, of two financial crises: the Subprime crisis and the bankruptcy of Lehman Brothers. These crises are "external" for commodity markets: they appeared in the financial sphere. Still, because now commodity markets are highly integrated,...

This paper proposes a new empirical methodology for computing a cross-market index – coined CMI – based on the Factor DCC-model. This approach solves both problems of treating high-dimensional data and estimating time-varying conditional correlations. We provide an application to a...

We consider a demand based theory along the lines of Murphy et al. (1989) to study the interaction between income inequalities and trade patterns. We analyze the effect of redistributive policies on the production patterns and welfare. We distinguish an intensive and an extensive channels...