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IMF Quota Formula Review: still a long way to go

Post, February 20, 2013
By Christophe Destais

On January 30, 2013, the IMF Executive Board issued a short report on the outcome of its discussion regarding the quota formula review. Judging from the extent of remaining disagreement, the objective of completing the review by 2013 is not met and there is still a long way to go.

Monetary policy in exceptional times

Post, January 31, 2013
By Urszula Szczerbowicz

The last 5 years have been a major challenge for the theory and practice of monetary policy. The key channel of conventional monetary policy has been severely impaired and the target policy rates in some countries have approached zero.

Sébastien Jean was appointed director of CEPII

Post, December 18, 2012
By CEPII

Par arrêté du Premier ministre en date du 18 décembre 2012, M. Sébastien JEAN est nommé directeur du Centre d’études prospectives et d’informations internationales.

Ending the euro area crisis: crossing the river by feeling the stones

Post, December 13, 2012
By Benjamin Carton, Christophe Destais, Sophie Piton, Agnès Bénassy-Quéré, Yves-Emmanuel Bara

Europeans face a fourfold crisis: a sovereign debt crisis, a banking crisis, a competitiveness crisis and a crisis of governance. CEPII's first Policy Paper highlight the key issues that need to be addressed for a comprehensive solution to be found.

The interbank market one year after Mario Draghi presidency at the ECB

Post, November 19, 2012
By Urszula Szczerbowicz

Restoring the smooth functioning of the interbank markets was a key objective for Mario Draghi when he became president of the ECB. One year and two LTROs later, the ECB reached its target.

Six pack: the case for a simplified scoreboard

Post, November 14, 2012
By Laurence Nayman, Sophie Piton, Agnès Bénassy-Quéré

In December 2011, the ‘six pack’ introduced a new surveillance procedure of macroeconomic imbalances at the European level. However, the ten indicators used for the early warning of imbalances do not seem much more relevant than the simple indicator of the current account balance.

Importing intermediate goods to foster French firms’ productivity and exports

Post, October 15, 2012
By Maria Bas, Vanessa Strauss-Khan

International trade plays a key role in technological diffusion. In a recent work, we show how firms can improve their competitiveness and export performance through importing more varieties of high quality or lower cost intermediate goods.

Institutional reform and democracy in Georgia 9 years after the “Rose revolution”

Post, October 4, 2012
By Olena Havrylchyk

On October 2, Mikheil Saakashvili – who has led the “Rose Revolution” in Georgia in 2003 and has been president since 2004 – admitted defeat of his party in Georgia's parliamentary election against Bidzina Ivanishvili.

Financial development in India and firms’ growth

Facts & Figures, September 21, 2012
By Maria Bas, Antoine Berthou

The banking reforms that took place in India in the mid 90s have improved the availability of credit. However, the effects of financial development on firms’ growth appear to be unequal depending on their characteristics. Where are the gains from credit expansion concentrated?

Single bells: single market, single currency, single supervisor, single resolution mechanism

Post, September 14, 2012
By Olena Havrylchyk

On 12 of September, the European Commission (EC) has unveiled its proposal that shifts banking supervision to the European level, giving sweeping supervisory powers to the ECB.

Internal devaluation: nothing but sweat and tears?

Post, August 7, 2012
By Sophie Piton, Yves-Emmanuel Bara

The Lettre du CEPII No. 324 shows that internal devaluation strategies in Latvia and in Ireland produced only limited adjustments at the price of considerable social costs.

International migration and the new role of preferential trade agreements

Facts & Figures, July 17, 2012
By Gianluca Orefice

An international organization (uniquely) in charge of managing international migration flows is missing. However recent Preferential Trade Agreements (PTAs) include migration related provisions able to manage migration flows. Further, the signature of a PTA itself boosts bilateral migration flows.

The case for the ECB sovereign bonds purchases

Post, July 10, 2012
By Urszula Szczerbowicz

On Thursday July 5th the ECB decided to cut its main refinancing rate to 0.75%, for the first time crossing the historical low of 1%. More importantly, it reduced the overnight deposit facility rate to 0%. In doing so, the ECB encouraged banks to transform the liquidity received via two 3-year LTROs into credit to companies and households, instead of keeping it at the ECB deposit facility.

China cannot achieve the internationalization of its currency without making it fully convertible

Post, July 2, 2012
By Christophe Destais

Although it is not advertised on its website, the Paris branch of the Bank of China is now offering its customers residing in France to open an account in Renminbi (RMB), the Chinese currency. This is a modest but symbolic advance of the big maneuvers that have taken place for the past two years around the currency of the second world economy.

Eurobonds: a way to act swiftly

Post, June 5, 2012
By Agnès Bénassy-Quéré

The Eurozone is facing three intertwined and mutually reinforcing crises: a sovereign debt glut, banks’ financial fragility and dampened growth prospects. Further fiscal and political integration seems to be the only way to address these issues.

High and volatile commodity prices weight heavily on the overall economy

Post, May 28, 2012
By Valérie Mignon, Sophie Piton

Commodity markets have recently been at the center of the world economic concerns: their increasing prices and high volatility frighten. A special issue of International Economics focuses on explaining the recent developments on commodity markets.

Natural Resources: a key challenge in regional integration of the Middle East and North Africa region

Post, May 22, 2012
By Julien Gourdon, Céline Carrère, Marcelo Olarreaga

The slow progress of regional integration efforts in the Middle East and North Africa (MENA) region could be explained by the reluctance of resource-rich countries to deepen trade agreements which hurt them.

Revising CEPII World Growth Projections to 2050: Focus on Education and Female Participation to the Labor Force

Facts & Figures, April 23, 2012
By Agnès Bénassy-Quéré, Lionel Fontagné, Jean Fouré

In a previous post, the CEPII presented its World Growth Projections to 2050. This article focuses on two themes that were not addressed yet: Education and Female Participation to the Labor Force.

Trade liberalization in the services sectors: a promising competitiveness policy for European countries

Post, April 19, 2012
By Cristina Mitaritonna, Matthieu Crozet

In France, like in most Western European countries, the debate on competitiveness is entirely focused on manufacturing industries. The case of services sectors remains in the shadows, even though they undoubtedly are an important source of employment and constitute a clear comparative advantage.

Don’t let the Eurozone crisis go East

Post, April 4, 2012
By Asia-Europe Economic Forum

The eurozone crisis presents a risk for Asian economies. Mainly, the crisis could spread through trade and various financial channels.Yet, economic impact of spillovers is not the only reason why Asia has a specific interest in the survival of the euro.

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