We study the causal link between house prices and current accounts. Across time and countries, we find a very large and significant impact of house prices on current accounts. In order to rule out endogeneity concerns, we instrument house prices for a panel of countries, using property tax...

This paper demonstrates that geography matters to the effectiveness of place-based policies, using the French enterprise zone program as a case study. Using a series of indicators of spatial isolation for treated and non treated neighborhoods, we show that geographical heterogeneity determines...