Output volatility and FDI to Middle-East and North-African countries: A close-up on the source countries

International audienc

The effect of macroeconomic instability on FDI flows: A gravity estimation of the impact of regional integration in the case of Euro-Mediterranean agreements

International audienc

Is Middle-East and North-Africa different? A comparative analysis of growth and structural change in and outside MENA

International audienc

Is Middle-East and North-Africa different? A comparative analysis of growth and structural change in and outside MENA

International audienc

Emergences capitalistes aux Suds

International audienc

Los paises emergentes a prueba de crisis : el futuro incierto para une nocion controvertida

International audienc

World Econ.

Remittances can transmit volatility from host to home countries for some common patterns of diaspora's geographical distribution. In a migration portfolio model, the overall risk of volatility of any set of diaspora location is decomposed into a contagion and a concentration risks: a diaspora located in more volatile destinations induces a higher contagion risk, while a diaspora located in few destination countries increases the concentration risk. A series of estimations on a large panel of developing countries over 1995–2015 provide evidence for these two risks. Estimation of a structural model confirms that the geography of diaspora has an indirect impact on the origin country's aggregate instability through remittances

Out of Sight, Out of Mind: When Proximities Matter for Mutual Fund Flows

We analyze the aggregate investment of 22,900 worldwide mutual funds and question factors that promote accessibility to foreign stock markets for these investors when they allocate their assets outside their domestic market. A gravity model is proposed to test the influence of geographical, institutional and cognitive proximity in explaining asset trading by mutual funds. While mutual funds invest primarily in large stock markets and in countries with similar legal systems and the same language or culture, we find robust evidence of a geographical pattern in the distribution of their assets. Investments are located primarily in countries close to home, attesting that despite the globalization of stock markets and the high mobility of capital, geography is still relevant for understanding transactions of mutual funds. Results depending on which geographical, institutional and cognitive proximity promotes accessibility to foreign markets remain robust when introducing the issue of time horizons of investors