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The CEPII Newsletter       
February 2015        

The French edition is slightly different as it also includes material available in French only  

Europe Monnaie & Finance Trade & Globalization Migrations Economic Policy Emerging Economies Competitivness & Growth Environment & Natural Ressources

International competition in high-end varieties

We construct a world database of trade flows for high-end varieties products, computing unit values of related bilateral trade flows and analyzing competition among the main exporters.  Exports of high-end varieties are shown to be less sensitive to distance, and found more sensitive to destination country wealth than other varieties, but only in relation to countries already producing a large range of luxury brands, pointing to a first-mover advantage. >>>
Lionel Fontagné & Sophie Hatte


Better late than never

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? >>>
Stéphane Lhuissier


BACI  - January 2015 - Update & 2013 data available >>>

World Trade Flows Characterization - New CEPII database released on January 2015 on trade types and price ranges >>>

NTM-MAP - New CEPII database released on January 2015 on Non-Tariff Measures >>>

  Facts & Figures


A 10% appreciation in house prices yields to a 3.4% decrease in the unemployment rate. If house prices drive employment fluctuations in construction, they impact also total employment through their effects on labour demand. Housing booms impact specifically the tradable sector as they lead to real exchange rate appreciations that affect manufacturing activity. >>>
François Geerolf & Thomas Grjebine


It is time for ECB to take risks

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. >>>
Urszula Szczerbowicz, Natacha Valla

  • Economists
  • Economist
    Deadline for application :
    February 13, 2015
  • ISSN: 1255-7072
    Editorial Director : Christophe Destais
    Managing Editor : Dominique Pianelli