Nicolas Cœurdacier, nominated
Nicolas Coeurdacier
Inspired by the American Economic Association’s John Bates Clark Medal, Le Monde, French daily, and the Cercle des économistes, created the prize in 2000, with a twofold objective: to highlight the work of France’s best young economists (under 41) who have contributed significantly to economic thought and knowledge and to make better known the multiple facets of economic science.
Nicolas Cœurdacier, Professor at SciencesPo and CEPR Research Fellow, was nominated for his research on international financial integration and capital flows. Cœurdacier’s work has led him to take a second look at classic economic theory that holds that capital should flow towards to countries/regions where economic growth is strongest. This theory flies in the face of observed phenomena of the past 20 years, and notably the behaviour of China that has massively invested in economically developed countries but in which growth has been slow.
The nomination of Nicolas Cœurdacier as « Meilleur Jeune Économiste » is the latest in an already impressive line of consecration of his research - notably an ANR Chaire d’Excellence grant for a 3-year project on International Portfolios and Risk-Sharing (2010-13), and an ERC Starting Grant his project «Within and across countries Heterogeneity in International Finance (INFINHET) » (2014-18). Last autumn, he co-authored with Department colleague Stéphane GUIBAUD and Keyu JIN (LSE) a paper that was published in the prestigious American Economic Review.
Summer Workshop June 25 & 26th, 2018
Amphitheatre at Sciences Po
The Department of Economics hosts the Summer Workshop in Macro-finance and International Finance at Sciences Po. The event is co-sponsored by Sciences Po, the Banque de France and the European Research Council.
If you would like to attend please contact Sandrine Le Goff for free registration.
- Date: Mon, 2018/06/25 - 09:00 - Tue, 2018/06/26 - 14:30
- Location: Sciences Po, 13 rue de l'Université 75007 Paris - Amphitheatre Erignac
Credit Constraints and Growth in a Global Economy
Publication
We show that in an open-economy OLG model, the interaction between growth differentials and household credit constraints—more severe in fast-growing countries—can explain three prominent global trends: a divergence in private saving rates between advanced and emerging economies,large net capital outflows from the latter, and
a sustained decline in the world interest rate. Micro-level evidence on the evolution of age-saving profiles in the US and China corroborates our mechanism.Quantitatively, our model explains about a third of the divergence in aggregate saving rates, and a significant portion of the variations in age-saving profiles across countries and over time.
INFINHET website
Actualité Sciences Po
The INFINHET team is delighted to announce the launch of our new website.
Visit us to find out more about the project, our research, partners and publications. We will post regular updates on publications and other activities related to the project.
Don’t hesitate to contact us at projet.infinhet-at-sciencespo.fr
Fertility Policies and Social Security Reforms in China
Publications
This paper analyzes the impact of relaxing fertility controls and expanding social security in China. We develop an overlapping generations model in which fertility decisions and capital accumulation are endogenously determined in the presence of social security. In our model, children are an alternative savings technology—as they transfer resources to their retired parents. Important feedback links arise between fertility and social security variables: an expansion of social security benefits reduces fertility—partially offsetting the effects of relaxing the one-child policy. The feedback loop between social security variables and fertility suggests that abandoning fertility restrictions may not be as effective in helping to finance China’s intended pension reform, especially if children are an important source of old-age support. The sustainability of the pension system is particularly at risk in the event of a growth slowdown. The objective of pension reforms may also be incongruent with other reforms, such as financial liberalization and financial integration.
