The UK’s withdrawal from the EU, which was voted for in 2016 and which became effective on 1 January 2021, has affected the British economy through three main channels. Trade with the EU has suffered, temporarily for goods and more lastingly for services. Business investment has declined since 2016 against a backdrop of uncertainty. The strain on the labour market has been heightened by lower empl... Lire la suite
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 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