Employment protection (EPL) has a well known negative impact on labor flows as well as an ambiguous but often negative effect on employment. In contrast, its impact on capital accumulation and capital-labor ratio is less well understood. The available empirical evidence suggests a non-monotonic...

This paper has analyzed implications of the U.K, French and German voluntary export restraints (VERs) negotiated with Japanese carmakers. The paper shows how VERs do not protect domestic industries and probably end up costing consumers more. First, most EC countries followed suit after the...

This article provides a study of corporate control in a general equilibrium framework for production economies. When markets are incomplete, trading assets does not allow agents to fully resolve their conflict of interest: at the market equilibrium, shareholders disagree on the way to evaluate...

Under high inflation, money experiences a process of institutional fragmentation: the unit of account and the unit of payment are split and transferred on alternate supports, either a foreign currency as for instance in Argentina, or domestic indices as in Brazil. Since the early 1970s', this...

C’est maintenant une quasi-certitude : l’UEM entrera en vigueur le 1er janvier 1999. Sa configuration sera définie dès début mai 1998. Depuis le rapport Delors de 1989, sa longue gestation a été rythmée par la crise du SME, la faiblesse de la croissance, la reprise de la hausse du...

Les travailleurs français sont plus insatisfaits de leur emploi que leurs pairs européens, et ils sont parmi les plus stressés au monde. Le constat semble d’autant plus paradoxal que, selon de nombreux indicateurs, les conditions de travail sont en apparence favorables aux salariés : par...

This paper explores the consequences of pension reforms in Western Europe in a world economy setting. Whereas various economic and social consequences of ageing have been investigated in OECD countries, very few analyses have explicitly taken the worldwide aspect of the problem into account. In...

We show that isolated capital cities are robustly associated with greater levels of corruption across US states, in line with the view that this isolation reduces accountability. We then provide direct evidence that the spatial distribution of population relative to the capital affects different...

The Aid for Trade (AfT) initiative has been hailed as highly successful in raising the profile of trade as a tool for development. Developing countries have increasingly mainstreamed trade in their development strategies, while donors have responded by mobilising additional resources for...