The latest international economic trends analyzed by CEPII's economists

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Michel Aglietta
Yves-Emmanuel Bara
Maria Bas
Agnès Bénassy-Quéré
Antoine Berthou
Céline Carrère
Benjamin Carton
Matthieu Crozet
Christophe Destais
Evelyne Dourille-Feer
Etienne Espagne
Lionel Fontagné
Michel Fouquin
Jean Fouré
Julien Gourdon
Olena Havrylchyk
Colette Herzog
Sébastien Jean
Marc Joëts
Svetlana Ledyaeva
Françoise Lemoine
Stéphane Lhuissier
Valérie Mignon
Cristina Mitaritonna
Laurence Nayman
Marcelo Olarreaga
Gianluca Orefice
Jean Pisani-Ferry
Sophie Piton
Urszula Szczerbowicz
Fabien Tripier
Deniz Ünal
Natacha Valla
Guanghua Wan

Financial Innovation and The State: Lessons for 21st Century Climate Finance from the 19th Century Railways Era

Environment & Natural Resources 
Post, October 1, 2015
By Dipak Dasgupta
This paper seeks to bring a historical perspective to current global financial architecture issues on the speed and scale of climate finance needed to achieve a safer two degrees world. We look back in history to a similar episode for lessons: the financing and building of railroads in the 19th century.
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Sovereign debt restructuring: alternative solutions

Money & Finance 
Post, September 24, 2015
By Christophe Destais
The implementation of a multilateral mechanism for sovereign debt restructuring that the UN is calling for, is illusory. However, progress could be achieved in different ways: improving the contractual terms, introducing new clauses on automatic debt reprofiling and using the leverage of international funding.
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The exit from the U.S. zero interest-rate policy should be done gradually

Money & Finance | Economic Policy 
Post, September 18, 2015
By Stéphane Lhuissier, Fabien Tripier
Once again, the Federal Reserve has postponed the date of exit from the zero lower bound. We show that the pace of the tightening cycle matters more than the exact timing of the first interest rate hike for the macroeconomy.
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China: what are the motivations of the recent depreciation of the RMB?

Emerging Countries | Money & Finance 
Post, September 14, 2015
By Christophe Destais
The decision to change the exchange rate regime of the renminbi taken by the Chinese authorities at the beginning of August might be less a response to the economic downturn than a further step, against all odds, in a bold but risky financial liberalization agenda.
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Was the IMF right to come to the rescue of Greece in 2010?

Europe | Money & Finance | Economic Policy 
Post, June 30, 2015
By Christophe Destais
Back in 2010, the Eurozone countries insisted a lot that the IMF provides exceptional financing to Greece. They will be duly reminded when the reckoning moment has come.
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Structural reforms: why did the term become so "toxic"?

Europe | Economic Policy 
Post, May 29, 2015
By Sophie Piton
From May 21 to May 23, the ECB organized its 2nd annual forum on Central banking. Mario Draghi's inaugural speech, as well as discussions on May 23rd, focused mainly on the need for structural reforms to strengthen growth in Europe.
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What could be Japan contribution to COP 21?

Environment & Natural Resources 
Post, May 28, 2015
By Evelyne Dourille-Feer
Europe was disappointed in the GHG emissions reduction proposal by Japan in the context of the COP 21: -25.4% between 2005 and 2030. Japan could nonetheless help move forward the climate issue by its technologies and original experiences.
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The Chinese game of Go in the international financial system

Emerging Countries | Money & Finance 
Post, May 12, 2015
By Christophe Destais
The rallying of major Western countries to the Asia Infrastructure Investment Bank provides yet another illustration of the relevance of the analogy between China's diplomacy and the game of Go aimed at placing pawns patiently to stifle one’s opponents and conquer territories.
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Volatility and uncertainty are not the same!

Money & Finance | Environment & Natural Resources 
Post, May 4, 2015
By Valérie Mignon, Marc Joëts, Tovonony Razafindrabe
Crude oil price volatility is often viewed as reflecting uncertainty not only related to the oil market, but also to the global macroeconomic environment. However, the question arises as to whether uncertainty is not likely to be at play without generating high volatility on the oil market.
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Back to the Great Moderation?

Competitiveness & Growth 
Post, April 30, 2015
By Stéphane Lhuissier
Following the largest financial shock since the Great Depression, modern industrial countries appear to be coming back to a moderate growth trajectory, as was the case for the last three decades.
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