This paper assesses the effectiveness of risk sharing mechanisms in Europe by breaking down the factor income components into their sub-components, and aims to further examine whether financial integration and international portfolio diversification boosts or dampens risk sharing. Using a panel...

This paper studies the relationship between financial integration and the correlation of GDP growth in sub-Saharan African countries. The dynamic nature of financial integration is first emphasized in order to account for both effects of risk sharing on the one hand and intermediation margins...

Can the evolution of public debt be predicted from its determinants? While the recovery programs undertaken during the 2008 crisis have led to a big takeoff in public debt ratios, the factors likely to curb its upward spiraling dynamic are subject to considerable uncertainty and fuel debate...

The question of reducing public debt is at the heart of the current debates in France where the level of debt ratio amounted to 86% of the GDP in 2011. In this paper, we examine how the primary balance, the GDP growth rate, the real interest rate and the inflation rate have influenced the...

This paper provides empirical evidence of the heterogeneous borrowing behaviours of French regions, despite a common accountability constraint that forces them to balance their budget and to borrow only to finance investment expenditure (golden rule). To this end, we use a quantile regression...

This paper shows that the impact of changes in budgetary variables on major macroeconomic variables varies in sign and magnitude in times of crisis and non-crisis in France. We find that these nonlinearities are both frequent (as they exist on all behaviors analyzed: real GDP, private...

In this paper, we attempt to analyse the relationship between house price developments and the business cycle. Employing a time- varying transition probability Markov switching framework, we provide empirical evidence that house price growth may prove a useful leading indicator for turning point...

In this paper, we examine whether the fact that governments incorporate an objective of sustainability in their budgetary decisions is an element likely to increase the likelihood of a decrease in their deficit and debt ratios beyond the crisis (over the years from 2010 to 2015). We estimate a...