This paper presents a theoretical model to describe the effects of default risk on international lending to LDC sovereign borrowers. The threat of defaults in international lending is shown to give rise to many characteristics of the syndicated loan market: (1) quantity rationing of loans; (2)...

[fre] Une étude intégrée de l'économie française en deux secteurs, . par Daniel Cohen, Marc Rocca. . Cet article présente les principales relations économétriques d'un modèle intégré de l'économie française. Les variables exercent leur influence par de nombreux canaux. Les...

The paper investigates the welfare differential between employed and non-employed workers in the US and in France. Using a simplified version of the Mortensen-Pissarides matching model, we explore the role of hiring and firing costs in understanding how the welfare differential and the labor...

This paper analyzes econometrically how a country's post-crisis debt ratio could be forecast, in the aftermath of a debt crisis, from the previous debt-to-GDP ratio. A critical parameter is simply the debt-to-PPP-GDP ratio, where PPP-GDP is, in current international dollars, the Summers-Heston...