Competitiveness and Employment in a Small Open Economy

in Journal of Economic Integration (2003), 18(2), 391-405

The model developed in this article leads to a reduced form that synthesizes the relevant determinants of job creation in a small open economy. Among these factors, we stress the role of competitiveness ... [more ▼]

The model developed in this article leads to a reduced form that synthesizes the relevant determinants of job creation in a small open economy. Among these factors, we stress the role of competitiveness that is measured by an indicator taking into account the foreign price sensitiveness of domestic exporters. Our model shows that the stronger the price setting power of domestic firms, the greater the impact of competitiveness on employment is. The model is used to empirically estimate the determinants of job creation over the period 1970-1998, in Luxembourg, a small economy, where employment expanded dramatically during the last decades. [less ▲]

Compétitivité de l’économie luxembourgeoise 2002

Report (2003)

Finance et dynamique de croissance: Quelques considérations théoriques et une application empirique au Luxembourg

Report (2002)

Compétitivité de l’économie luxembourgeoise 2000

Report (2001)

Impact de l’attrait des places bancaires sur les taux d’intérêt créditeurs : Un modèle de formation des taux créditeurs estimé sur données en panel de banques européennes

E-print/Working paper (2001)

This article evaluates the impact of banking centers' attractiveness on deposit interest rates. Using balance-sheet data from a set of 135 banks, the authors test an intermediation model of deposit rate ... [more ▼]

This article evaluates the impact of banking centers' attractiveness on deposit interest rates. Using balance-sheet data from a set of 135 banks, the authors test an intermediation model of deposit rate determination. In particular, the investigation shows a significant impact of « confidentiality » on deposit rates, thus confirming the importance of qualitative variables favouring local differentiation and clustering of banking activities. [less ▲]

Diversification de la structure de production : Analyse en panel des branches industrielles luxembourgeoises

in Cahiers Economiques de Bruxelles (2000), (167), 275-298

A weakly diversified macro-economic structure is characterised by an excessive concentration of production in certain dominant branches. It is hard to evaluate the impact of policies aimed at this problem ... [more ▼]

A weakly diversified macro-economic structure is characterised by an excessive concentration of production in certain dominant branches. It is hard to evaluate the impact of policies aimed at this problem, because an increase in diversification can be more apparent than real. Business cycle effects can temporarily diminish the part held by dominant branches, giving the impression of structural change. In this article, growth by branch is separated into trend and cycle components using an “error-components” approach. On the one hand, the trend growth components can reveal changes in the macro-economic structure: a true increase in diversification requires lower trend growth rates in the dominant branches. On the other hand, cyclical growth components help to assess the nature of diversification itself: if cyclical shocks are strongly correlated across sectors, diversification will bring few advantages. An application to value added growth in Luxembourg’s industrial branches shows how increasing diversification decreased volatility of the sector as a whole. [less ▲]

Analyse de l’évolution de la productivité totale des facteurs dans l’industrie luxembourgeoise

E-print/Working paper (1999)

La convertibilité des monnaies en Afrique Subsaharienne hors zone franc

in Mondes en Développement (1996), 24(94), 71-84