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...

Since the 1990s, we have seen a proliferation of bilateral trade agreements. Many of these have encompassed topics that are not directly linked to trade, such as political institutions, sustainable development, labour standards or competition policy. The European Union itself is caught up in...

Labour standards defined by the ILO in 1998 are universal but applied very differently in countries. They are much better respected in high income countries. However, the causality between labour standards and growth remains a controversial issue. The strategies of export-led growth might...

Labour standards defined by the ILO in 1998 are universal but applied very differently in countries. They are much better respected in high income countries. However, the causality between labour standards and growth remains a controversial issue. The strategies of export-led growth might...

Core labour standards defined by the ILO in 1998 are universal, but applied very differently across countries. Compliance is much higher in high income countries. However, the causality between improved labour standards and economic growth remains a controversial issue. Export-led growth...

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...

Compared to most countries, China’s value-added tax (VAT) system is not neutral and makes it less advantageous to export a product than to sell it domestically, as export - ers may not receive a complete refund on the domestic VAT they have paid on their inputs. However, the large and frequent...

We propose a joint modeling of spot electricity prices, forwards prices and other derivative prices, using recent developments in discrete time asset pricing methods based on the notions of stochastic discount factor and of compound autoregressive (or affine) stochastic processes. We show that...

We prove that a natural monopoly can set subsidy free pricing and sustainable pricing schedules in general economic environment. The setting is a multiproduct and multiple agent contestable market where demands are elastic and where rivals can enter the sub-markets composed by a set of the...