 Quelles politiques face à la fuite de personnel médical d’Afrique subsaharienne ?

in Bourgain, Arnaud; Brot, Jean; Gérardin, Hubert (Eds.)  L’intégration de l’Afrique dans l’économie mondiale (2014)

Cette contribution passe en revue les principales stratégies expérimentées ou envisagées pour limiter la fuite et la pénurie de personnel médical. Premièrement, les politiques d’aide financières ... [more ▼]

Cette contribution passe en revue les principales stratégies expérimentées ou envisagées pour limiter la fuite et la pénurie de personnel médical. Premièrement, les politiques d’aide financières pourraient être prioritairement orientées vers le secteur médical. Cette aide concerne l’ensemble du secteur ou vise les conditions de travail du personnel médical. Deuxièmement, des politiques se caractérisent davantage par leur caractère structurel ou règlementaire. Certains pays hôtes se sont engagés envers des codes de « bonne conduite ». Ces accords bilatéraux ou multilatéraux ne sont pas juridiquement contraignants et ne remettent pas en cause les principes de l’OMC, mais établissent des principes déontologiques limitant les politiques de recrutement ciblées de personnel médical en provenance de pays touchés par une telle fuite. Troisièmement, la stratégie consiste à substituer à des personnels qualifiés des personnels de qualification initiale plus faible. Cette stratégie peut rendre les travailleurs hautement ou faiblement qualifiés plus polyvalents et ainsi contribuer à réduire l'écart de compétence entre les différentes catégories de personnel. [less ▲]

From tax evasion to tax planning

E-print/Working paper (2013)

This paper analyzes within a simple model how a removal of bank secrecy can impact tax revenues and banks'profitability, assuming that offshore centers are able to offer sophisticated but legal, tax ... [more ▼]

This paper analyzes within a simple model how a removal of bank secrecy can impact tax revenues and banks'profitability, assuming that offshore centers are able to offer sophisticated but legal, tax planning. Two alternative regimes are considered. A first, in which there is strict bank secrecy and a second, where there is international information exchange for tax purposes. In particular, we show that sharing tax information with onshore countries can be a dominant strategy for an OFC if there is enough scope for providing tax planning. Moreover, a partial reduction of tax liabilities can already prompt OFCs to voluntarily exchange relevant tax information. We also discuss the conditions under which the possible removal of bank secrecy may reduce or increase the onshore country's tax revenue. [less ▲]

Financial openness, disclosure and bank risk-taking in MENA countries

in Emerging Markets Review (2012), 13(3), 283-300

In this paper, we analyze the risk-taking behavior of banks in emerging economies in a context of international capital mobility. Our paper highlights a new channel through which depositors can exercise ... [more ▼]

In this paper, we analyze the risk-taking behavior of banks in emerging economies in a context of international capital mobility. Our paper highlights a new channel through which depositors can exercise pressure to control risk-taking. Depositors can reallocate their savings away from their home country to the more protective system of a developed economy. We recover a classical result according to which increased competition resulting from more international financial openness induces banks to take excessive risks. We find however that sufficiently high financial openness is necessary for a positive link between financial transparency and safe risk management. Finally, we test the relationship between disclosure, financial openness and bank risk-taking for a panel of 258 banks from the MENA region and Turkey. [less ▲]

Intégration financière, attractivité et prise de risque dans les banques de pays émergents

in Mondes en Développement (2010), 149

The aim of this paper is to analyze the risk taking behaviour of banks in emerging economies in a context of international bank competition for deposits. In this framework, we find no monotone link ... [more ▼]

The aim of this paper is to analyze the risk taking behaviour of banks in emerging economies in a context of international bank competition for deposits. In this framework, we find no monotone link between the information disclosure of risk management and excessive risk taking, since this relationship depends on the intensity of international competition. Furthermore, the presence of deposit insurance increases the likelihood of excessive risk taking only if information about risk management is sufficiently disclosed, in a context of high mobility of capital. [less ▲]

Can the financial sector continue to be the main growth engine?

in OECD Economics Department Working Papers (2009)

The financial sector has emerged as the main economic engine over the past two decades. The comparative advantages of placing financial activities in Luxembourg have mostly been in terms of an adaptive ... [more ▼]

The financial sector has emerged as the main economic engine over the past two decades. The comparative advantages of placing financial activities in Luxembourg have mostly been in terms of an adaptive legislative and regulatory framework and low taxation. As a result, Luxembourg is today one of the main international centres for investment funds. Besides the sector’s direct and indirect employment effects, the most important effect is the large tax revenue generating capacity of the sector, accounting directly for over 20% of aggregate tax revenues. On the other hand, these tax revenues are volatile as the sector is highly sensitive to developments in international financial markets. Indeed, past downturns in international financial markets have tended to lead to a sharp slowdown of growth in the economy as well as in revenues, pointing to potential large risks associated with the current turmoil in international financial markets. Besides these short-term considerations, a lower trend growth rate of the sector is likely over the medium term. The main activities of the sector are in middle and back offices dealing with financial administration which, with new IT technologies, will tend to be increasingly outsourced. At the same time, the sector is having problems in attracting highly specialised talent to enter higher value front office activities. Over the longer term, international competition will continue to exert pressures that may eventually erode Luxembourg’s position. The extent of the decline in the sector’s trend growth depends on the ability to maintain and expand the attractiveness of investing and working in Luxembourg. Achieving this will depend on being able to adjust tax, infrastructure, and housing policies to attract foreign talent while updating and increasing the transparency of financial sector regulation. [less ▲]

Measuring Technological Spillovers in a Financial Center by using Feder Model

in Economics Bulletin (2007), 18(8), 1-19

The aim of this paper is to measure technological spillovers between banking activities and non financial activities and in particular market services related to finance. The econometric estimations are ... [more ▼]

The aim of this paper is to measure technological spillovers between banking activities and non financial activities and in particular market services related to finance. The econometric estimations are realized within a dynamic framework due to Feder (1982). For that purpose, we use data for Luxembourg. Due to its very small-size and to the importance of its international banking center, this country suits well for analyzing spatially-mediated externalities. The empirical estimations show significant technological externalities from the financial services industry to non-financial market services and in particular to Computer Activities and Business Services. [less ▲]

Discipliner les centres financiers offshore : Incitation par la pression internationale

in Région et Développement (2007), 26

Since Offshore Financial Centers (OFCs) generally provide bank secrecy to foreign investors they are likely to attract criminal money. Recently however, academic writings have pointed to the fact that ... [more ▼]

Since Offshore Financial Centers (OFCs) generally provide bank secrecy to foreign investors they are likely to attract criminal money. Recently however, academic writings have pointed to the fact that OFCs might have beneficial economic effects. In this context, we address the question whether pressure exerted by international organizations on offshore financial centers may be effective enough to enforce compliance with anti-money laundering regulations. Supposing that onshore and offshore banking centers compete with each other, we show that if costs of being lax (in particular, reputation costs) in customer identification are high enough, offshore banks have an incentive to comply credibly and that in spite of the existence of bank secrecy. Furthermore, the likelihood that an offshore bank credibly opts for monitoring foreign deposits increases with the degree of international financial integration and with the tax difference between onshore and offshore centers. [less ▲]

Pôle financier et croissance régionale, les effets externes des activités bancaires sur l'économie luxembourgeoise

in Gallouj, Camal; Leloup, Fabienne; Mérenne-Schoumaker, Bernadette (Eds.) et al Services aux entreprises et développement régional (2006)

This article intends to evaluate and to precise the transmission channels from financial development to non financial activities in the Luxembourg economy. Especially, we isolate the role played by the ... [more ▼]

This article intends to evaluate and to precise the transmission channels from financial development to non financial activities in the Luxembourg economy. Especially, we isolate the role played by the external effects of the financial sector on the productiviy of the other sectors. Based on the modified Feder’s production functions (1983), we propose a measure of technological spill-overs generated by the proximity of the banking sector. The analysis of spatial externalities allows a better understanding of these effects on the internal growth process. [less ▲]

Compétitivité de l'économie luxembourgeoise

Report (2005)

Déterminants des coûts et compétitivité-prix dans une petite économie ouverte

Report (2004)