The CEPII Newsletter       
November 2020        

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

Global giants and local stars: How changes in brand ownership affect competition

A new CEPII Working Paper assesses the consequences for consumers in 76 countries of multinational acquisitions in beer and spirits. Outcomes depend on how changes in ownership affect markups versus efficiency. The authors find that owner fixed effects contribute very little to the performance of brands. On average, foreign ownership tends to raise costs and lower appeal. Using the estimated model, the paper simulates the consequences of counterfactual national merger regulation. The US beer price index would have been 4-7% higher without divestitures. Up to 30% savings could have been obtained in Latin America by emulating the pro-competition policies of the US and EU.

"How Covid-19 is altering economic beliefs and perceptions - and why it matters" - online discussion
October 21th, 2020 - The replay of the webconference and the Pew Research Center's presentation are available online.

"Immigration and Spatial Equilibrium: The Role of Expenditures in the Country of Origin" - online seminar series on the Economics of Migration
November 4, 2020

"Growing up in a Recession Increases Compassion? The Case of Attitudes towards Immigration" - online seminar series on the Economics of Migration
November 11, 2020

"Temporary Migration and Entrepreneurship in Bangladesh" - online seminar series on the Economics of Migration
November 18, 2020

"Immigration, Working Conditions, and Compensating Differentials" - online seminar series on the Economics of Migration
November 25, 2020

"Do refugees converge to local culture? Evidence from German regions" - online seminar series on the Economics of Migration
December 2, 2020

Immigration in OECD Countries - 10th Annual International Conference
December 7 - 8, 2020


MULTIPRIL, a new database on multilateral price levels and currency misalignments

MULTIPRIL is a global database on Multilateral Price Levels (MPL). It includes relative price level series computed vis-à-vis two sets of trading partners according to three different trade-weighting schemes, and MPL-based currency misalignments series. MULTIPRIL covers a wide sample of 178 countries over the 1990-2018 period.



The CEPII is a member of the European Network for Economic and Fiscal Policy Research, a unique collaboration between policy-oriented university and non-university research institutes that contribute with their scientific expertise to the debate over the EU’s future design.
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ISSN: 1255-7072
Editorial Director : Sébastien Jean
Managing Editor : Evgenia Korotkova