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The CEPII Newsletter       
November 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

Sovereign Debt Restructuring: Alternate solutions

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. [more]
Christophe Destais
See, in French, La Lettre du CEPII N° 357


Share of services in French industrial production, by branch

Part of the future of industry depends on services

Using exhaustive data for French manufacturing firms between 1997 and 2007, a recent study by CEPII shows that firms that start selling services experience an increase in their profitability between 3.7% and 5.3%, increase their employment by 30%, increase their total sales by 3.7%, and increase their sales of goods by 3.6%. In 2007, about 70% of the French manufacturing firms produced some services for third parties. This share is growing over time. These servitized firms are larger (in terms of total production and employment), produce more goods and are more profitable. These positive effects of servitization strategies are mainly visible for small businesses.
Matthieu Crozet, Emmanuel Milet




A new tool to analyze international trade

Characterizing a country’s insertion in the world economy requires accurate and consistent information about its income level, comparative advantages, products’ quality ranges and trade protection. CEPII Country Profiles, being launched this month, offer a unique tool putting together and structuring all these aspects for 80 countries, based on the databases the CEPII has been developing for many years. Interactive data, so they can fit different purposes, this unique tool has been designed so as to serve as an input for information, expertise and pedagogy, be it through its friendly-user illustrations or through downloadable data.  I wish to thank for their efforts all those who contributed to this project, under the guidance of Deniz Ünal, and I hope many of you will find it useful.
Sébastien Jean, CEPII's Director


CO2 bonds

Issuing a environmental policy performance bond – call it CO2 government bond could be a simple and effective way for governments to enhance their funding, provided they engage in reducing their own CO2 emissions or increase renewable energy generation. The interest rates on these new bond types would be linked to CO2 reduction targets. For example, governments could set a rate of return on their bonds that pays investors more when the proportion of renewable energy over a year drops below a target percentage. Alternatively, the more a government reduces CO2 emissions the less interest the government pays.
Abdeldjellil Bouzidi, Michael Mainelli
More contributions


ISSN: 1255-7072
Editorial Director : Christophe Destais
Managing Editor : Dominique Pianelli