This article adopts the asymmetric DCC with one exogenous variable (ADCCX) model developed by Vargas (2008), by updating the concept of ‘volatility surprise’ to capture cross-market relationships. Current methods for measuring spillovers do not focus on volatility interactions, and neglect...

The thesis draws lessons from behavioural finance and nonlinear econometrics to build models that provide better explanatory and predictive powers of exchange rate dynamics than traditional models. The first article justifies the failure of traditional models by the failure of their underlying...

Vertical intra-industry trade accounts for a large share of trade between countries characterized by similar factor endowments. Moreover, it is observed even at a very disaggregated level of statistical classifications, suggesting that the traded products have similar factor intensities. This...

The consequences on international trade of country breaks-up have received an increasing attention. This paper investigates the effect of independence on bilateral trade of former French colonies with a focus on Sub-Saharan Africa. Thanks to an original dataset including data on pre-independence...

During the last decade, the Chinese government has frequently changed the value added tax (VAT) refund levels offered to exporters. Indeed, China’s VAT system is not neutral, in particular because the exporters may not receive complete refund of the domestic VAT paid on their inputs. This...

Taking seriously the stylized fact that some countries are more risk averse than others regarding business activities, we examine the consequences on international trade and welfare. When risk is idiosyncratic to each manager's project, international differences in manager's risk-aversion...

Using bilateral trade flow data from 1979 to 1999, we estimate trade integration between Chile and its principal trading partners during the period (European Union, United States and Latin America). Our estimates are based on a gravity speci cation, theoretically grounded on a monopolistic...

This paper develops an intra-industry model of trade with heterogeneous firms to investigate the impact of trade on the evolution of within firm productivity. The main contribution is to incorporate endogenous labor productivity gains. Heterogeneous firms have different incentives to invest in...

This paper studies the impact of trade reforms on the evolution of plant's productivity in Chile (1979-2000). The main contribution of the paper is to construct detailed measures of trade liberalization disentangling the impact of export and import oriented policies. We find evidence of a...