ORBi Open Repository and Bibliography
In may 2007, the ULg's Administrative Board (joined in June 2007 by the FUSAGx) decided to create an institutional repository and defined a strong institutional self-archiving policy to increase the visibility, accessibility and impact of the University's publications (Board's decision).
This decision led to the official launch, in November 2008, of the ORBi platform including both the Academic Bibliography and the Institutional Repository of the Wallonia-Europe University Academy.
Business & economic sciences => Macroeconomics & monetary economics
An empirical analysis of income convergence in the European Union - Cavenaile, Laurent; Dubois, David
In this article, we investigate the convergence process within the European
Union. More particularly, we study the convergence process of the new
entrants from Central and Eastern Europe and of the 15 Western countries
between 1990 and 2007. Applying a panel approach to the convergence
equation derived from the Solow model, we show that new entrants and
former members of the European Union can be seen as belonging to
different groups of convergence. The existence of heterogeneity in the
European Union or the Eurozone might affect their stability as the recent
Greece’s sovereign debt crisis illustrates it.
Stock markets,banks and long run economic growth: a panel cointegration-based analysis - Cavenaile, Laurent; Gengenbach, Christian; Palm, Franz
The aim of this paper is to investigate the long run relationship between the development of banks and stock markets and economic growth. We make use of the Groen and Kleibergen (2003) panel cointegration methodology to test the number of cointegrating vectors among these three variables for 5 developing countries. In addition, we test the direction of potential causality between nancial and economic development. Our results conclude to the existence of a single cointegrating vector between nancial development and growth and of causality going from nancial development to economic growth. We nd little evidence of reverse causation as well as...
A Monte Carlo Analysis of the VAR-Based Indirect Inference Estimation of DSGE Models - Dubois, David
In this paper we study estimation of DSGE models. More speciﬁcally,
in the indirect inference framework, we analyze how critical is the choice
of the reduced form model for estimation purposes. As it turns out, simple
VAR parameters performs better than commonly used impulse response
functions. This can be attributed to the fact that IRF worsen identiﬁca-
tion issues for models that are already plagued by that phenomenon.
An Empirical Analysis of Income convergence in the European Union - Cavenaile, Laurent; Dubois, David
In this paper, we investigate the convergence process within the European Union (27 countries). More particularly, we study the convergence process of the new entrants from Central and Eastern Europe and of the 15 Western countries between 1990 and 2007. Applying a panel approach to the convergence equation derived by Mankiw et al. (1992) from the Solow model, we highlight the existence of heterogeneity in the European Union and show that new entrants and former members of the European Union can be seen as belonging to significantly differ-
ent groups of convergence. The existence of heterogeneity in the European Union or...
Wealth Breeds Decline: Reversals of Leadership and Consumption Habits - Artige, Lionel; Camacho, Carmen; de la Croix, David
In a two-region model, we formalize Kindlebergerrsquos idea that wealth breeds first more wealth, and then decline: when one region leads, its inhabitants develop consumption habits incompatible with the necessary investment in knowledge to remain the leader. This gives the other region a window of opportunity to gain economic primacy. The theory suggests that differences across regions that have similar characteristics may persist even if physical capital flows from rich to poor regions. We study patterns of overtaking, alternating primacy, irreversible decline, and monotonic convergence, according to the initial dispersion of knowledge and the strength of consumption habits. Even though...