Barriers to Migration in the European Union: Does Joining the Union Lead to Lower Barriers?

This working paper examines the impact of EU membership on migration in Europe. It takes up and extends the analyses of Head & Mayer (2021) on migration frictions. It confirms their results but suggests that the liberalisation they estimate in the 1960s needs to be qualified, and that the subsequent stagnation may be due to a composition effect. A contingency analysis shows that a country's entry... Lire la suite


The Market for Safe Assets

The holding and market of certain so-called safe assets play an essential role in financial stability. The definition of these assets is not consensual, as various qualities can contribute to the safety offered by a financial security: countercyclicality, liquidity, credit quality and stability. The study identifies a set of securities that play the role of safe assets according to these criteria... Lire la suite