https://www.cepii.fr/BLOG/en/blog.asphttps://www.cepii.fr/BLOG/img/blog_logo.pnghttps://www.cepii.fr/BLOG/en/blog.aspLe Blog du CEPIIcepiiweb@cepii.fr (CEPII)enCEPIICEPIIhttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1183Mon, 23 Mar 2026 10:35:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1183https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1183 Nathan Chevalier, Matthieu Crozet, Charlotte Emlinger, Daniel Mirza

]]>The markedly negative tone of relations with Russia has eased for the American and Chinese superpowers, according to the geopolitical climate indicator “Shade."

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1177Mon, 9 Mar 2026 08:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1177https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1177 Anthony Edo, Jérôme Valette

]]>Within the ten main host countries of the European Union (EU), non-European immigrants (born outside the EU) face notable difficulties in economic integration. With comparable socio-economic characteristics, their employment rate is on average 11 percentage points lower than that of native-born individuals.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1169Thu, 5 Feb 2026 16:07:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1169https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1169 Houssein Guimbard

]]>Tariffs are at the core of the trade agreement concluded between the European Union (EU) and India at the end of January. The agreement offers European exporters a tangible opportunity to strengthen their presence in this vast market.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1162Mon, 26 Jan 2026 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1162https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1162 Anthony Edo, Jérôme Valette

]]>The share of immigrants in the population of the European Union increased between 2010 and 2024, but at very different rates across countries.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1158Tue, 13 Jan 2026 14:10:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1158https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1158 Mathieu Couttenier, Julian Marcoux, Thierry Mayer, Mathias Thoening

]]>Many analyses of armed conflicts fail to take into account the spatial origins of combatant groups, as well as the competition among them on predation markets that underlies the diffusion of violence.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1150Thu, 18 Dec 2025 14:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1150https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1150 Amandine Aubry, Anthony Edo

]]>A sector’s export performance depends not only on the immigrant labour it employs directly, but also on immigrant workers employed in upstream sectors.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1142Fri, 28 Nov 2025 15:52:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1142https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1142 Charlotte Emlinger, Kevin Lefebvre, Vincent Vicard

]]>In response to the sharp increase in U.S. tariffs on Chinese imports, Beijing is redirecting part of its export flows toward new markets. For certain products, the European Union (EU) has emerged as a preferred destination.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1131Fri, 14 Nov 2025 16:03:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1131https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1131 Pierre Cotterlaz, Guillaume Gaulier, Aude Sztulman, Deniz Ünal

]]>Behind the expansion or slowdown of world trade in value terms lies a key factor: price movements, which are often sharply contrasted across categories of traded goods.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1122Wed, 5 Nov 2025 14:43:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1122https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1122 Laurence Nayman, Vincent Vicard

]]>Despite its clear net debtor position, France receives more investment income than it pays out — a form of “exorbitant privilege” long associated with the United States.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1117Fri, 17 Oct 2025 14:23:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1117https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1117 Camilo Umana Dajud, Vincent Vicard, Constance Marette

]]>Multinational enterprises (MNEs) have proven being more resilient in terms of employment than purely domestic groups since the health crisis, especially in their home country.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1103Mon, 15 Sep 2025 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1103https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1103 Pierre Cotterlaz, Christophe Gouel

]]>The geographical origin of France's imports played a decisive role in the increase of its carbon footprint during the 2000s. This trend is primarily explained by the "China shock" followed by the rise in the economy's openness rate.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1101Mon, 1 Sep 2025 15:08:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1101https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1101 Charlotte Emlinger, Houssein Guimbard

]]>In discussions surrounding international trade agreements, European agriculture is often portrayed as a homogeneous sector, unable to compete on the global stage. This oversimplified perception fuels ongoing debates over market liberalization, foreign competition, and the safeguarding of domestic industries.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1100Mon, 4 Aug 2025 12:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1100https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1100 Deniz Ünal

]]>American protectionism constitutes an additional shock likely to reinforce trade within the Single Market.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1098Thu, 17 Jul 2025 00:01:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1098https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1098 Antoine Bouët, Houssein Guimbard

]]>Regardless of future US decisions, a return to the preexisting global trade order seems unlikely: trade with the United States is bound to become more expensive and more difficult.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1096Tue, 1 Jul 2025 08:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1096https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1096 Antoine Bouët, Lionel Fontagné, Houssein Guimbard, Pauline Wibaux, Yu Zheng

]]>How can Europe identify the threat of trade retaliation that allows it to establish the strongest negotiating position in dealing with the United States in merchandise trade alone?

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1095Mon, 16 Jun 2025 08:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1095https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1095 Carl Grekou, Valérie Mignon

]]>Premature deindustrialization in most emerging and developing economies has been one of the defining trends of recent decades. The adoption of a fixed exchange regime by low-productivity countries particularly accelerates this phenomenon.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1093Mon, 2 Jun 2025 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1093https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1093 Pierre Cotterlaz

]]>The importance of China in the imports of European countries varies significantly from one source to another, because of methodological differences in recording the country of origin of imports.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1091Mon, 19 May 2025 08:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1091https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1091 Charlotte Emlinger, Kevin Lefebvre

]]>The trade sanctions imposed on the Russian economy not only restrict its supplies but also increase their cost.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1089Mon, 5 May 2025 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1089https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1089 Kevin Lefebvre, Pauline Wibaux

]]>The tariff strategy implemented since Donald Trump's inauguration has drawn attention to the extent of the U.S. economy's dependence on imports. The European Union (EU) ranks second among the suppliers on which the United States relies the most.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1084Mon, 14 Apr 2025 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1084https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1084 Pierre Cotterlaz

]]>The United States are the main destination of European Union (EU) exports (excluding the Single Market). As transatlantic trade tensions intensify, some European industries are particularly exposed to the risk of losing access to the U.S. market.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1083Tue, 8 Apr 2025 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1083https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1083 Antoine Bouët, Houssein Guimbard

]]>Since taking office, Donald Trump has fully embraced his 'tariff mania,' imposing higher taxes on certain countries and products, even going so far as to introduce reciprocal tariffs. This has led to a wide range of import duties on the U.S. market.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1077Mon, 31 Mar 2025 14:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1077https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1077 Deniz Ünal

]]>Faced with the protectionist threats from the United States or China targeting sectors that play a significant role in the trade of some of its members, the European Union (EU) might be inclined to present a united front due to the strong interconnection of its economies.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1074Wed, 19 Mar 2025 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1074https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1074 Houssein Guimbard

]]>On average, the United States and the European Union (EU) apply relatively low tariffs. How do the levels vary by industry group ?

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1069Wed, 12 Mar 2025 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1069https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1069 Gianluca Santoni, Vincent Vicard

]]>China dominates global trade with 730 products for which it accounts for more than half of global exports in 2023, far more than the EU, the United States, and Japan.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1061Wed, 26 Feb 2025 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1061https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1061 Romain Capliez, Carl Grekou, Emmanuelle Hache, Valérie Mignon

]]>China, in addition to being one of the leading producers of minerals used in electric vehicle batteries, has also become the largest importer, thanks to its massive investments worldwide.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1060Wed, 12 Feb 2025 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1060https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1060 Pierre Cotterlaz, Guillaume Gaulier, Aude Sztulman, Deniz Ünal

]]>The boom in international trade in healthcare products does not date back to the Covid-19 pandemic but to the great multilateral trade opening of the 2000s. Will the protectionist tensions that have been building since 2022 slow this growth?

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1064Wed, 12 Feb 2025 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1064https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1064 Thierry Mayer, Vincent Vicard, Pauline Wibaux

]]>The automotive sector plays a central role in Donald Trump's declarations on trade deficits and his threats of protectionist measures against the European Union (EU) as well as Canada and Mexico. With a $270 billion motor vehicle trade deficit in 2023, cars are one of the major items, nearly a quarter of the total, in the US trade deficit after consumer goods.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1055Thu, 30 Jan 2025 00:06:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1055https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1055 Kevin Lefebvre, Pauline Wibaux

]]>The COVID-19 pandemic and the war in Ukraine have highlighted the challenges associated with import dependency.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1056Wed, 15 Jan 2025 00:04:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1056https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1056 Antoine Bouët, Leysa Maty Sall, Yu Zheng

]]>The tariff increases announced by Donald Trump before his election would have a serious impact on global trade flows.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1015Fri, 12 Jan 2024 13:46:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1015https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1015 Antoine Bouët

]]>The CEPII is looking forward to the new year and the developments it will bring that we hope to be positive. The Government, under whose auspices the CEPII has been operating since 1978, has initiated a thorough review of how to enhance the performance and coordination of the French organisations that conduct economic analysis and policy evaluation.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=966Wed, 22 Feb 2023 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=966https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=966 Antoine Bouët, Christophe Destais, Lionel Fontagné, Thomas Grjebine, Vincent Vicard

]]>This year, the major topics of the CEPII's work programme emerge from the current gloomy context: the energy transition, the resilience of value chains, impacts of geopolitical tensions, the macroeconomic situation marked by new budgetary priorities and the tightening of monetary policies.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=940Wed, 15 Jun 2022 15:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=940https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=940 Cecilia Bellora, Kevin Lefebvre, Malte Thie

]]>On 23rd February - the eve of the Russian invasion of Ukraine - the Council of the European Union (EU) adopted the first package of sanctions in response to Moscow's recognition of the self-proclaimed autonomous republics of Donetsk and Lugansk. Since then, five further packages have followed, the last of which was adopted on 3rd June. From the second package onwards, sanctions affected trade in goods.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=929Mon, 4 Apr 2022 21:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=929https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=929 Cecilia Bellora, Pierre Cotterlaz, Malte Thie

]]>The Ukrainian conflict has brought to the forefront the issue of Europe's dependence on hydrocarbon imports. Trade data are the usual source to construct a measure of interdependence between states. In the case of natural gas, however, they do not provide a reliable picture of actual flows.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=836Wed, 16 Jun 2021 13:57:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=836https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=836 Deniz Ünal

]]>

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=831Mon, 6 Jul 2020 16:55:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=831https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=831 Anne-Laure Delatte

]]>French President Emmanuel Macron and German Chancellor Angela Merkel might well hold the future of Europe in their hands. Or maybe more accurately in their cheque books. Round table with Anne-Laure Delatte, Lorenzo Marsili, Daniel Stelter, and Olaf Wientzek, on France 24 on 30 june 2020.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=822Tue, 2 Jun 2020 14:43:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=822https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=822 Pierre Cotterlaz, Guillaume Gaulier, Aude Sztulman, Deniz Ünal

]]>The Covid-19 pandemic has revealed the vulnerability of the Old continent to drug-supply disruption. Europe nevertheless remains, by far, the leader in the global trade of pharmaceutical products. Article published in The Conversation on May 31, 2020

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=796Tue, 21 Apr 2020 18:29:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=796https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=796 Aymeric Ortmans, Fabien Tripier

]]>The economic costs of the Covid-19 crisis will crucially depend on the evolution of financial and economic uncertainty. This blog presents a dashboard to track uncertainty in the US economy and compare the ongoing crisis to the 1987 and 2008 financial crises. Updated from March 26 post.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=785Mon, 17 Feb 2020 16:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=785https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=785 Michel Fouquin, Jean-Raphaël Chaponnière

]]>Vietnam opening up and development are closely linked to the strategies of multinational companies at the heart of the transformation of economic structures. In spite of international trade tensions, Vietnam seems to be taking advantage of this by acting as a conduit for Japanese, Korean and Chinese companies to export to the United States.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=784Fri, 14 Feb 2020 16:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=784https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=784 Michel Fouquin, Jean-Raphaël Chaponnière

]]>Vietnam has opted for international openness since 1986 to create a “socialist market economy”, which has allowed it to experience vigorous economic expansion. Its integration into the world economy has made it an important link in international value chains, massively importing components from China and Asia in general, and exporting, as massively, finished products to the United States and Europe.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=725Tue, 3 Dec 2019 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=725https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=725 Fabien Tripier

]]>More than three years after the Brexit referendum, Brexit is still not settled, but the uncertainty remains. This long period of uncertainty has cost around half a point of economic growth per year since 2016 for the UK’s economy, which is equivalent to an annual loss of £16 billion.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=759Wed, 20 Nov 2019 15:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=759https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=759 Équipe Profils du CEPII / CEPII Profiles team

]]>CEPII offers an enhanced version of the Country Profiles ?the online interactive pages elaborated from its own databases? which present the insertion of 80 economies in world trade. These free of use data are provided in the form of didactic illustrations for informational, educational and research purposes.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=735Mon, 30 Sep 2019 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=735https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=735 Cecilia Bellora

]]>The US trade policy is severely destabilising the international trade system. The European Union is fighting to maintain the latter's stability, which is under dire threat. This text has been first published for the Schuman Foundation.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=721Tue, 16 Jul 2019 15:18:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=721https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=721 Anne-Laure Delatte

]]>The day that France's parliament voted a so-called GAFA tax of three percent on revenue earned on French soil for big tech companies that hang their fiscal hat abroad, the Trump administration is paving the way for retaliatory tariffs.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=717Tue, 2 Jul 2019 14:53:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=717https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=717 Sébastien Jean, Anne Perrot, Thomas Philippon

]]>Europe’s competition policy has successfully contained the rise in concentration and excess profits, and the EU should not follow the US in weakening its approach. Instead, the EU needs to strengthen its trade policy to be more assertive on reciprocity in market access and control of industrial subsidies.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=685Mon, 13 May 2019 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=685https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=685 Michel Fouquin, Jean-Raphaël Chaponnière

]]>China's international expansion follows multiple paths: trade, investment, finance and currency, to focus on the economy. In doing so, it pursues different objectives. The new roads project appears to be the way to provide a flexible framework for China's overall strategy. However, we can question its feasibility.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=683Mon, 29 Apr 2019 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=683https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=683 Michel Fouquin, Jean-Raphaël Chaponnière

]]>A review of China's international activity since 2013 is striking first of all by the speed with which it has made China a major player in globalization in terms of both direct investment and lending to developing countries. The Silk Roads project, which is a unique and unconventional project, appears above all as a means of gradually structuring the Chinese vision of globalization, which combines China's long-term economic and strategic interest.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=694Tue, 23 Apr 2019 14:27:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=694https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=694 Cecilia Bellora, Lionel Fontagné

]]>Since 2018, the US administration has implemented several measures limiting free trade with China and other countries. Using cross-country data and a general equilibrium model, this column argues that a trade war hurts not only the targeted countries but also the country imposing the tariffs. Column first published in VOX.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=688Mon, 15 Apr 2019 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=688https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=688 Virginie Coudert, Cécile Couharde, Carl Grekou, Valérie Mignon

]]>The shock caused by the 2007-08 financial collapse, followed by the European sovereign debt crisis, has raised new doubts about the ability of the single currency to work well in a region with huge economic and political diversity. It has also given a new dimension to this debate by highlighting the building-up of unsustainable macroeconomic imbalances within the European Monetary Union (EMU).

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=675Mon, 1 Apr 2019 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=675https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=675 Michel Fouquin, Jean-Raphaël Chaponnière

]]>Initially Belt and Road Initiative (BRI) focussed on transport infrastructure and pipelines on the one hand and Europe-Asia connectivity on the other hand. It aims at building an Eurasian Belt as well as several corridors leading to maritime roads.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=673Mon, 18 Mar 2019 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=673https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=673 Michel Fouquin, Jean-Raphaël Chaponnière

]]>For more than thirty years, China has recorded exceptional trade surpluses and accumulated extraordinary financial reserves, which are almost twice those of its immediate follower Japan. These surpluses are an inconvenience to its most important partners, such as the United States and the European Union.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=645Mon, 14 Jan 2019 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=645https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=645 Erica Perego

]]>Stocks and sovereign bonds are among the most used financial products and the correlation between stock and bond returns corresponds to a typically time-varying pattern reflecting changes in investors' decisions.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=635Sun, 2 Dec 2018 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=635https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=635 Gianluca Orefice

]]>Preferential trade agreements (PTAs) can be used by signatory countries to manage international migration flows and participation in global value chain. The inclusion of an additional provision in PTAs stimulates the bilateral fragmentation of production by 1 percent, while PTAs that facilitate visa and asylum administrative procedures stimulate bilateral migration by up to 34 percent.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=634Fri, 16 Nov 2018 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=634https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=634 Sébastien Jean

]]>The world trading system is facing an existential crisis. This calls for a significant update of the rulebook, dealing with dissatisfactions regarding negotiation and rules, surveillance, as well as adjudication.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=623Mon, 29 Oct 2018 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=623https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=623 Anne-Laure Delatte

]]>The agenda to fix the euro is hampered by conflicting national interests. Creditor countries demand fiscal house cleaning and debtor countries ask for risk sharing. There is currently a political deadlock about how the adjustment burden should be distributed, perpetuating a state of vulnerability that is not in the collective interest of euro area members. This column, part of the Vox debate on euro area reform, argues that overcoming this coordination failure requires reforming the political governance of the EU, rather than just its economic governance. This post has been first published on VoxEU.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=616Mon, 8 Oct 2018 10:57:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=616https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=616 Dany Bahar, Hillel Rapoport

]]>Migration, particularly skilled migration, is a driver of knowledge diffusion and it can induce productivity shifts as measured by new exports.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=615Fri, 5 Oct 2018 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=615https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=615 Joachim Jarreau, Cristina Mitaritonna, Sami Bensassi

]]>This post, already published on The Conversation, explains how official statistics do not reflect the reality of internal trade in Africa. Intra Africa trade seems low despite numerous regional trade agreements that have led to tariffs removal within the trading blocs. However, a large part of cross-border trade between African countries is informal.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=610Fri, 21 Sep 2018 18:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=610https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=610 Vincent Bouvatier, Gunther Capelle-Blancard, Anne-Laure Delatte

]]>This post, already published in Voxeu, examines the contribution of EU banks to tax evasion. It presents the new finding that bank activity in tax havens is three times larger when using new country-by-country regulatory data than what is predicted by the gravity model, and that British and German banks are particularly present in tax havens.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=596Thu, 12 Apr 2018 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=596https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=596 CEPII

]]>On the occasion of its 40th anniversary, three panel discussions, CEPII brought together experts, foreign and French, decision-makers and academics to discuss the major challenges that France and Europe are facing ten years after the crisis and the deep transformation of the international economic relationships. See videos et presentations.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=585Fri, 2 Feb 2018 12:32:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=585https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=585 Cecilia Bellora, Jean Fouré

]]>Despite President Trump’s announcement to withdraw from the Paris Agreement, several States committed to uphold the US objectives of the Agreement within their borders.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=584Wed, 31 Jan 2018 16:38:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=584https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=584 Sébastien Jean, Ariell Reshef

]]>On January 22, President Trump announced his decision to apply tariffs on imported washing machines and photovoltaic cells and modules, and other protectionist measures could follow. To understand what the impacts of such measures could be, we review an earlier episode, the steel safeguards imposed by George W. Bush in 2002.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=570Thu, 26 Oct 2017 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=570https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=570 Sébastien Jean

]]>Trade between Japan and the EU is not a big deal in world trade, barely more than 1%. Their Economic Partnership Agreement can nevertheless be very influential because, jointly, they are a party in more than 40% of world trade, and much more in innovative sectors.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=517Tue, 27 Jun 2017 10:30:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=517https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=517 Camilo Umana Dajud

]]>The sharp drop in commodity prices has had a sizeable impact on Latin America's short term growth prospects. The decline in terms of trade has also revealed, once again, the low productivity of the region's economies. Investing in infrastructure could help Latin America simultaneously address these short and long term challenges.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=512Thu, 11 May 2017 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=512https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=512 Lionel Fontagné, Gianluca Orefice, Philippe Martin

]]>With Brexit and the election of D. Trump, tariffs and exchange rates are back at the centre stage of policy debates. This column revisits the assumptions economists make when estimating how tariffs and exchange rates affect exporters’ performance.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=505Tue, 7 Mar 2017 16:02:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=505https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=505 Cristina Mitaritonna, Gianluca Orefice, Giovanni Peri

]]>Despite numerous studies exploring how immigration affects local labour markets, there is limited evidence on the impact of immigrants on firms’ productivity levels. Using detailed, firm-level data from France, this column explores how firms react to an increase in the supply of immigrant workers.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=502Mon, 20 Feb 2017 16:27:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=502https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=502 Lionel Fontagné, Gianluca Orefice

]]>Regulation is a barrier to trade. A recent CEPII Working Paper uses French firm-level panel data to assess how technical barriers to trade impact firms’ exports.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=501Fri, 3 Feb 2017 11:55:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=501https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=501 Lionel Fontagné, Gianluca Santoni

]]>The US President has a problem with the American geography – a problem called Mexico.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=500Wed, 25 Jan 2017 17:40:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=500https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=500 Fabien Tripier, Stéphane Lhuissier

]]>The election of Donald Trump has generated a climate of uncertainty about U.S. economic policy that will be implemented in the near future. How much should we worry about this “Trumpian uncertainty”?

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=492Thu, 15 Dec 2016 15:34:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=492https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=492 Jean-Francois Boittin

]]>Dec. 1st may well be remembered in the history books of the 22nd century as the beginning of the end of globalization. This is the day when the President-elect paraded his “victory” over the management of Carrier International, a unit of United Technologies that had announced the move of 2,000 some jobs to Mexico.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=489Fri, 2 Dec 2016 11:44:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=489https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=489 Lionel Fontagné, Gianluca Santoni

]]>A key driver of productivity is ease of resource allocation. This column uses firm-level data for France to show that misallocation has a spatial dimension: resource allocation and the associated effect on productivity are related not only to firms’ characteristics, but also to the environment in which they operate. Denser commuting zones seem to offer a better match between employers and employees, leading to more productive firms.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=485Mon, 24 Oct 2016 11:47:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=485https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=485 Christophe Destais

]]>The recent G20 Hangzhou Summit is yet another example of the difficulties the G20 has to move ahead at cruising speed. Changes in the G20 process might help to increase its impact.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=483Tue, 18 Oct 2016 15:07:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=483https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=483 Sébastien Jean

]]>The IMF’s latest World Economic Outlook points to weak demand and investment as the main factor behind the world trade slowdown. I argue that this conclusion is overblown and that the high-quality underlying work falls well short of explaining the slow trade puzzle.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=477Wed, 7 Sep 2016 11:40:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=477https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=477 Cristina Terra

]]>Restoring fiscal austerity in Brazil is not an easy task since the government faces both exerts from privileged groups and constraints establishing minimum public expenditures on some bills. It could however be done without penalizing public services if their efficiency is improved.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=475Fri, 19 Aug 2016 15:27:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=475https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=475 Stéphane Lhuissier, Fabien Tripier

]]>IMF cuts global growth forecasts following Brexit vote. Paul Krugman has taken a different point of view by arguing there is no reason to worry in the immediate future. This opposition reflects clearly two different opinions on the short-term consequences of uncertainty.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=474Fri, 15 Jul 2016 15:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=474https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=474 Francesco Molteni

]]>European financial markets face a shortage of liquid assets. New regulations increase banks’ demand for liquid securities, mainly sovereign bonds, but the European fiscal rules constrain the supply of public debt. Further, the QE is draining bonds from the market. Some proposed forms of “Eurobonds” or new debt securities issued by European supranational organizations could solve this problem.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=470Tue, 14 Jun 2016 10:53:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=470https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=470 Jérôme Héricourt, Clément Nedoncelle

]]>The idea that exchange rate volatility could be detrimental to international trade is widely accepted. Surprisingly, macroeconomic evidence on its impact on trade yields either small or insignificant effect on aggregate outcomes. This column suggests that the behavior of big, multi-destination firms help explain this puzzle.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=469Fri, 27 May 2016 17:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=469https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=469 Stéphane Lhuissier

]]>This column evaluates the ECB’s monetary policy stance based on the concept of the “natural rate of interest”. Our estimation results reveal that the ECB’s asset purchase programme seems to be too accommodating since 2015.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=458Tue, 9 Feb 2016 11:43:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=458https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=458 Christophe Destais

]]>The shift from the concept of an “international monetary system” to that of “global financial safety nets” is positive but, still, limited mostly to emergency liquidity assistance. The broader notion of an “international financial public order” including crisis prevention would be more suitable.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=456Wed, 27 Jan 2016 16:23:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=456https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=456 Virginie Coudert, Valérie Mignon

]]>Dollar changes impact negatively oil prices most of the times, except when the dollar reaches particularly high levels. During these episodes of high dollar values, the relation between both variables turns positive.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=450Fri, 1 Jan 2016 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=450https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=450 Sébastien Jean

]]>After an eventful year, many questions are raised about trends in the world economy, on which CEPII will aim at shedding light in the coming year.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=449Tue, 15 Dec 2015 16:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=449https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=449 Sébastien Jean, Kevin Lefebvre

]]>The U.S. administration insists on the fact that the TPP is ‘enforceable’. If experience of previous US trade agreements is to offer any guidance, this enforceability cannot be taken for granted. Yet the stakes are high for both regional trade rules’ credibility, and for multilateralism’s future.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=448Sat, 12 Dec 2015 10:41:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=448https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=448 Michel Fouquin, Sébastien Jean, Jean-Pierre Saltiel

]]>Georges Sokoloff nous a quittés ce lundi 7 décembre. Avec ce contributeur de toujours aux travaux du CEPII disparaît l’un des meilleurs experts du monde russe et soviétique.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=444Thu, 10 Dec 2015 11:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=444https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=444 Stéphane Lhuissier

]]>This column reports the nature and the amplitude of economic cycles in the Euro area since 1970, with a focus on the role of financial factors in generating these cycles.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=440Mon, 7 Dec 2015 12:46:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=440https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=440 D.A. Loorbach, R. Lijnis Huffenreuter

]]>Paris 2015 marks the start of a climate change investment boom worth trillions of dollars. This upcoming hype begs the question: can we grow our way out of climate change?

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=439Mon, 7 Dec 2015 12:41:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=439https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=439 Dominique Finon

]]>In theory, uncertainties about the costs of the low carbon policies implemented by each country to meet the emissions quota imposed by the agreement make it unlikely that any credible agreement could be reached or respected, either because countries would be reluctant to commit, or due to opportunistic cheating.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=438Mon, 7 Dec 2015 12:38:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=438https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=438 Romain Morel, Ian Cochran

]]>A factor that clearly differentiates COP21 and COP15 in Copenhagen is the increasing mobilization of the financial sector. In the past months, financial actors have taken commitments and spoken out on climate-related topics.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=436Thu, 26 Nov 2015 13:53:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=436https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=436 Christian de Perthuis, Pierre-André Jouvet, Raphaël Trotignon

]]>Because the climate is a common good, economists generally advocate the use of an international carbon price to internalize climate risk, to incorporate as many countries as possible into an agreement and to thwart “free-rider” strategies.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=435Thu, 26 Nov 2015 13:47:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=435https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=435 Armin Haas

]]>It will be key for the global sustainability transition that the measures taken in the respective sustainability dimensions, i.e. the economic, the ecological, and the social dimension, complement and reinforce each other.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=433Thu, 12 Nov 2015 10:43:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=433https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=433 Abdeldjellil Bouzidi, Michael Mainelli

]]>Linking public debt to CO2 emissions could give governments a strong incentive to deliver on climate change action.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=427Mon, 26 Oct 2015 12:18:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=427https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=427 Valérie Mignon, Jean-Pierre Allegret, Cécile Couharde, Tovonony Razafindrabe

]]>It is a widely accepted view that many commodity-exporting countries have commodity currencies, in that movements in real commodity prices can explain fluctuations in their real exchange rates.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=422Thu, 22 Oct 2015 18:30:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=422https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=422 Michel Aglietta, Etienne Espagne, Vincent Aussilloux, Baptiste Perrissin-Fabert

]]>This year, Europe is confronted with a critical double challenge: addressing the climate change issue and pulling itself out of a persistent low growth trap. Today these two challenges are addressed separately. We propose to make private low-carbon assets eligible for the ECB asset purchase program.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=425Thu, 22 Oct 2015 18:29:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=425https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=425 Michel Lepetit

]]>Massive financing of the energy transition in schools, hospitals and other public buildings.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=424Thu, 22 Oct 2015 18:28:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=424https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=424 Matthias Kroll

]]>How central banks can contribute to staying below the 2°C benchmark by purchasing Green Climate Bonds.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=423Thu, 22 Oct 2015 18:21:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=423https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=423 Ottmar Edenhofer, Jan Christoph Steckel, Michael Jakob

]]>Novel ideas how to spend climate finance in a way that reduces emissions and at the same time promotes recipients’ immediate development objectives are required. In this short commentary, we propose to regard climate finance in the broader context of sustainable development.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=421Tue, 20 Oct 2015 16:34:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=421https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=421 Alix de Saint Vaulry

]]>

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=415Thu, 15 Oct 2015 10:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=415https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=415 Sébastien Jean

]]>Despite the magnitude of the Transpacific Partnership Agreement concluded by the United States, the EU should not heed calls to rush into concluding ongoing Transatlantic Trade and Investment Partnership talks under the Obama administration at any cost, and focus instead on negotiating a good agreement.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=419Thu, 15 Oct 2015 09:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=419https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=419 Jean Pisani-Ferry

]]>Most people hate finance, viewing it as the epitome of irresponsibility and greed. But, even after causing a once-in-a-century recession and unemployment for millions, finance looks indispensable for preventing an even worse catastrophe: climate change.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=414Thu, 8 Oct 2015 15:34:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=414https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=414 Christian De Perthuis, Pierre-André Jouvet

]]>A mechanism of carbon “bonus-malus” is proposed, where the average emission rate of world countries serves as the anchor: above the threshold, countries should pay a malus, under this level, they would receive a bonus.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=407Thu, 1 Oct 2015 15:53:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=407https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=407 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=409Thu, 1 Oct 2015 15:53:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=409https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=409 Pierre Monnin

]]>Low interest rates tend to favor ‘green technologies’ competitiveness while also increasing their cost volatility.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=408Thu, 1 Oct 2015 15:52:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=408https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=408 Colin Hines

]]>An argument in favor of Green infrastructure Quantitative Easing (GIQE).

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=399Thu, 24 Sep 2015 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=399https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=399 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=403Tue, 22 Sep 2015 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=403https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=403 Sam Fankhauser

]]>Three factors hold back low-carbon investment in Europe: the risk/return profile of low-carbon investment projects, regulatory and behavioural features in the financial sector and a more global political economy context. These are key issues to create an investment climate for climate investment.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=404Tue, 22 Sep 2015 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=404https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=404 Rens van Tilburg

]]>Financial shocks can originate from ecological imbalances what justifies more careful attention by the financial regulators to this specific risk. A new macroprudential framework is proposed.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=405Tue, 22 Sep 2015 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=405https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=405 Alfredo Sirkis

]]>A new UN Climate agreement will probably be signed by the end of this year with some incremental progress but even inveterate optimists like myself don’t believe it will be capable of ‘bridging the gap’ between the maximum that 196 governments can agree upon by consensus...

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=396Fri, 18 Sep 2015 16:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=396https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=396 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=390Fri, 18 Sep 2015 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=390https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=390 Michel Aglietta, Etienne Espagne

]]>We draw six political economy lessons from the actual dynamics of climate negotiations and their connection to the new macroeconomic normal emerging in the aftermath of the 2008 crisis. A specific proposal follows.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=391Fri, 18 Sep 2015 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=391https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=391 M.A.M. Kazemi

]]>The Bangladesh central bank has a long tradition of favouring socially sustainable financing behavior. It was thus natural to extend its mission to the question of climate change mitigation and adaptation investments, both internally and externally in the global financial system.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=392Fri, 18 Sep 2015 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=392https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=392 Billy Pizer

]]>Four guide-posts for efficient low-carbon finance are proposed: remove subsidies for high-carbon technologies, improve the cost-effectiveness of low-carbon subsidies, encourage private sector innovation, and maintain transparent public policy tools that support cost-benefit accounting.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=393Fri, 18 Sep 2015 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=393https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=393 Jean Pisani-Ferry

]]>As the pace of action looks set to rumble on, countries should seek to make progress on resolving several key issues including the free-rider problem.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=398Thu, 17 Sep 2015 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=398https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=398 Etienne Espagne, Baptiste Perrissin Fabert

]]>The aim of this webpage, co-hosted by France Stratégie and CEPII, is to provide a medium for experts and non-experts to discuss the merits and the limits of the various proposals and initiatives in the field of international finance. It is intended to become a forum where the debate on the financial system’s contribution to the energy transition can flourish.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=394Mon, 14 Sep 2015 12:11:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=394https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=394 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=385Tue, 30 Jun 2015 17:20:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=385https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=385 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=382Fri, 29 May 2015 10:57:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=382https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=382 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=381Thu, 28 May 2015 10:17:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=381https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=381 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=377Tue, 12 May 2015 14:18:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=377https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=377 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=376Mon, 4 May 2015 14:23:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=376https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=376 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=375Thu, 30 Apr 2015 17:27:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=375https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=375 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=373Thu, 23 Apr 2015 09:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=373https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=373 Sébastien Jean

]]>Regulatory coherence is claimed to be the core of the potential economic stakes in the TTIP. As the 9th Round of Negotiations is being convened in New York City, time has come for discussions to take a more concrete form.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=372Wed, 22 Apr 2015 09:21:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=372https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=372 Sébastien Jean

]]>While European external surpluses are accumulating and domestic demand is slacking, insisting on improving the Union’s external competitiveness, as some in the Commission are presently doing, is paradoxical. For Europe, the paramount risk is not losing its competitiveness. It is not recovering cohesion and growth.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=366Tue, 24 Mar 2015 09:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=366https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=366 Urszula Szczerbowicz, Natacha Valla

]]>The ECB will purchase a monthly €60bn of private and public debt instruments between March 2015 and September 2016 – a total worth over €1 trillion. While the timing and size of purchases are known, there is more leeway than it seems in the way purchases are allocated to each category of assets.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=359Sat, 24 Jan 2015 12:54:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=359https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=359 Stéphane Lhuissier

]]>The ECB has announced that it will launch in March its first round of quantitative easing. The announcement contains some good and bad surprises: the size of the ECB's plan is gigantic, while the Central Bank was unclear about the Greek issue. How was this announcement perceived by markets?

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=356Fri, 9 Jan 2015 11:35:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=356https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=356 Urszula Szczerbowicz, Natacha Valla

]]>Instead of buying sovereign debt, the ECB could broaden further its purchases to include equity of all sorts. Fuelling an equity bubble is no worse than fuelling a bond one. It can be mitigated by intervening secretly and including non listed securities. Inhibitions to take risk should be lifted.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=355Tue, 23 Dec 2014 15:50:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=355https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=355 CEPII

]]>

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=353Sun, 21 Dec 2014 09:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=353https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=353 Natacha Valla

]]>The long awaited Juncker Plan for investment in Europe has arrived a few weeks ago. Beyond the creation of a Strategic Fund, the Plan as a whole has disappointed: not adamant enough to eliminate the deep obstacles to cross-border investment, and opaque in generating the “List” of projects to be financed. Yet, even imperfectly, Europe has now done its homework.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=350Tue, 16 Dec 2014 11:58:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=350https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=350 Christophe Destais

]]>The recycling of current account and/or financial account surpluses through the accumulation of foreign exchange reserves by emerging countries after the 1999-2001 crisis, particularly by China, has been described as “smoking but not inhaling in international financial markets”.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=348Mon, 8 Dec 2014 10:47:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=348https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=348 Lionel Fontagné, Sébastien Jean

]]>The TTIP has become a full-blown political issue as the two largest economic entities in the world are negotiating a deep integration agreement, going beyond what has been done previously in any agreement except the EU’s Single Market.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=347Thu, 4 Dec 2014 10:24:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=347https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=347 Urszula Szczerbowicz

]]>The ECB has confirmed its determination to counter the risk of deflation in the eurozone by evoking the possibility of sovereign bond purchases, but is confronted once again with the heterogeneity of the area. The need for compromise could jeopardize the effectiveness of its action.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=335Fri, 3 Oct 2014 13:23:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=335https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=335 Natacha Valla

]]>European policymakers are currently busy addressing two issues: moribund investment and banks on extended sick leave. Some observers might be tempted to segregate these issues. While investment would be in the remit of States, the financial health of our economies would be under the responsibility of the ECB alone.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=325Wed, 30 Jul 2014 12:01:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=325https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=325 Natacha Valla

]]>Some five years after the severe recession of 2009, private sector investment in Europe is still dangerously sluggish. And public investment has been cut further, reinforcing a long term downward trend. At a mere 2% of GDP, it has halved over thirty years.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=315Thu, 12 Jun 2014 13:29:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=315https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=315 Michel Aglietta, Guo Bai

]]>CEPII launches its third Policy Brief: “China’s Roadmap to Harmonious Society. Third Plenum Decisions on ‘major issues concerning comprehensively deepening reforms’.”

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=298Wed, 9 Apr 2014 10:12:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=298https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=298 Natacha Valla

]]>The decline in investment rates in the euro area following the global financial crisis has been sharp. And it looks as though it will not reverse significantly. Rebooting investment and channeling investable funds to the right places on the continent is therefore a major challenge for policy makers.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=287Thu, 6 Mar 2014 08:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=287https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=287 Natacha Valla

]]>For a fact, measures of headline consumer price inflation have decelerated sharply over the recent past. At 0.8-1%; inflation hovers around levels that are clearly below the ECB’s flagship 2% medium-term objective.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=279Wed, 12 Feb 2014 14:07:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=279https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=279 Natacha Valla

]]>Strikingly, the debate about the Feb 7 ruling of the German Constitutional Court against the ECB’s flagship OMT programme has gone almost unnoticed in France. This is wrong. The French should care about it.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=265Mon, 9 Dec 2013 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=265https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=265 Christophe Destais

]]>Currency swaps between central banks are quickly emerging as a key feature of the international monetary system.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=260Wed, 27 Nov 2013 15:28:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=260https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=260 Urszula Szczerbowicz

]]>For a long time considered as impossible to implement, the negative interest rates on deposits of commercial banks at the central bank is now often mentioned as an option for the European Central Bank (ECB).

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=249Tue, 8 Oct 2013 10:44:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=249https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=249 Sébastien Jean

]]>The special and differential treatment granted to developing countries, a key principle in the multilateral trading system, now appears broken-down. Based on a speech given at the WTO Forum, this post reviews -with a focus on agriculture- why this is so and what could be done.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=246Mon, 23 Sep 2013 16:48:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=246https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=246 Lionel Fontagné, Julien Gourdon, Sébastien Jean

]]>CEPII launches its first Policy Brief “Transatlantic Trade: Whither Partnership, Which Economic Consequences?” which examines the stakes and potential impacts of a Transatlantic Trade and Investment Partnership.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=238Tue, 10 Sep 2013 08:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=238https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=238 Christophe Destais

]]>The current turmoil in emerging capital markets is the result of a classical reversal of market sentiment after an excess of optimism. There are good reasons for being cautiously optimistic but uncertainties remain.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=232Wed, 3 Jul 2013 13:51:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=232https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=232 Christophe Destais

]]>In the United States, the regional Federal Reserve Banks (FRBs) are de facto subsidiaries of the central Federal Reserve Board. The claims and the debts between FRBs are settled through a transfer of assets which is actually a simple accounting arrangement.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=230Mon, 1 Jul 2013 12:25:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=230https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=230 Christophe Destais

]]>Central banks in the Eurozone have accumulated claims and debts between themselves. These "Target 2 imbalances" substituted for the outstanding between private entities, in particular for the interbank loans and there is no mechanism to settle them. Should the Eurozone burst, they would become due.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=222Mon, 17 Jun 2013 15:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=222https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=222 Christophe Destais

]]>Governments act as guarantors of last resort of the financial system, as evidenced during the crises of the past 6 years. It will remain true in the future, even if a better regulation and the bailing in financial institutions by their creditors allow to better circumventing the risks born by the taxpayers.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=215Wed, 15 May 2013 08:34:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=215https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=215 Guanghua Wan

]]>As remarkable as its economic growth, China’s income distribution has been worsening since mid-1980s. Inequality across regions, occupations and between individual all rose dramatically. More importantly, it did so in a short time.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=211Thu, 2 May 2013 18:27:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=211https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=211 Sébastien Jean

]]>The WTO is going through a leadership transition as after 8 years, the incumbent Director-General steps down on September 1, 2013. What are the challenges ahead for Pascal Lamy’s successor? The next DG will certainly have to take the Doha loss and move toward an updated multilateral trading system.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=194Mon, 18 Mar 2013 18:25:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=194https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=194 Olena Havrylchyk, Svetlana Ledyaeva

]]>The design of the recent bailout package for Cyprus preserves the offshore banking status that is used by Russian depositors and round-trip investors. Is it worth it?

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=186Wed, 20 Feb 2013 08:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=186https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=186 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=180Thu, 31 Jan 2013 11:25:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=180https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=180 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=173Tue, 18 Dec 2012 12:20:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=173https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=173 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=170Thu, 13 Dec 2012 10:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=170https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=170 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=163Mon, 19 Nov 2012 11:20:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=163https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=163 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=162Wed, 14 Nov 2012 10:49:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=162https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=162 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=153Mon, 15 Oct 2012 08:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=153https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=153 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=151Thu, 4 Oct 2012 12:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=151https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=151 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=143Fri, 21 Sep 2012 08:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=143https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=143 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?

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=140Fri, 14 Sep 2012 09:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=140https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=140 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. 

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=121Tue, 7 Aug 2012 15:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=121https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=121 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=119Tue, 17 Jul 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=119https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=119 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=116Tue, 10 Jul 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=116https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=116 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=112Mon, 2 Jul 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=112https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=112 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=96Tue, 5 Jun 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=96https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=96 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=91Mon, 28 May 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=91https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=91 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=89Tue, 22 May 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=89https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=89 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=82Mon, 23 Apr 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=82https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=82 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=80Thu, 19 Apr 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=80https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=80 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=74Wed, 4 Apr 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=74https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=74Authors: 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=57Fri, 17 Feb 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=57https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=57 Agnès Bénassy-Quéré

]]>Agnès Bénassy-Quéré, CEPII's Director, introduces the Blog du CEPII.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=51Fri, 10 Feb 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=51https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=51 Agnès Bénassy-Quéré, Lionel Fontagné, Jean Fouré

]]>The CEPII recently revisited its projections for the world economy in 2050. The great shift in economic power to the emerging countries seems to be accelerating. By 2050, China would represent one-third of the world economy, more than the European Union, the United States, India and Japan all together.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=40Wed, 18 Jan 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=40https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=40 Michel Aglietta

]]>In his new book, Michel Aglietta explains how Europe reached a critical point and suggests solutions to the challenges met by the eurozone.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=79Sun, 15 Jan 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=79https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=79 CEPII

]]>The European Union has always relied first and foremost on a gradual economic integration process. The current euro-zone crisis casts serious doubts on the benefits of such integration. Assessing its economic benefits is therefore central to measuring the overall benefits the European Union (EU) provides to its citizens.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=34Thu, 12 Jan 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=34https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=34 Agnès Bénassy-Quéré

]]>With the survival of the euro area at stake, and the reform of the international monetary system no longer a priority of the G20 presidency, it may seem strange to call for an increased international role of the euro.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=25Thu, 22 Dec 2011 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=25https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=25 Françoise Lemoine

]]>China joined the WTO in December 2001. China and its partners had been negotiating the conditions of its accession since 1987 with two fundamental goals: integrate China into the global economy and anchor the process of domestic economic reforms and opening up.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=36Mon, 19 Dec 2011 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=36https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=36 Michel Aglietta

]]>Europe’s banking system has been in a continuous stage of systemic fragility since the beginning of the financial crisis in 2007-08. The present phase is a two-way process of sovereign and banking crises feeding one another.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=37Mon, 19 Dec 2011 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=37https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=37 Colette Herzog, Deniz Ünal

]]>The specialization of countries in international trade reveals their comparative advantages and disadvantages. The CHELEM database which provides complete and consistent statistics classified by country in the long term is used to analyze the structural aspect of the competitiveness of nations in all economic sectors, namely the primary sector, industry and services.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=38Mon, 19 Dec 2011 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=38https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=38 Michel Fouquin

]]>Although economists have long stressed the limitations of using GDP to evaluate standards of living, the debate was recently reignited by the publication of the Stiglitz report. The CEPII has proposed to calculate an indicator for the year 2009 and 34 countries incorporating certain social data items in terms of income equivalents.

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