References of "Beine, Michel 50000696"
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See detailA panel data analysis of the Brain drain
Beine, Michel UL; Docquier, Frédéric; Defoort, cécily

in World Development : The Multi-Disciplinary International Journal Devoted to the Study and Promotion of World Development (2011), 39(4),

In this paper, we revisit the impact of skilled emigration on human capital accumulation using new panel data covering 147 12 countries during the period 1975–2000. We derive testable predictions from a ... [more ▼]

In this paper, we revisit the impact of skilled emigration on human capital accumulation using new panel data covering 147 12 countries during the period 1975–2000. We derive testable predictions from a stylized theoretical model and test them in dynamic regres- 13 sion models. Our empirical analysis predicts conditional convergence of human capital indicators. Our findings also reveal that skilled 14 migration prospects foster human capital accumulation in low-income countries. In these countries, a net brain gain can be obtained if 15 the skilled emigration rate is not too large (i.e., it does not exceed 20–30% depending on other country characteristics). In contrast, we 16 find no evidence of a significant incentive mechanism in middle-income, and not surprisingly, high-income countries. [less ▲]

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See detailOn the Robustness of Brain Drain Estimates
Beine, Michel UL; Docquier, Frédéric; Rapoport, Hillel

in Annales d'Economie et de Statistique (2010), 97

Recent theoretical studies suggest that migration prospects can raise the ex- pected return to human capital and thus foster education investment at home or, in other words, induce a brain gain. In a ... [more ▼]

Recent theoretical studies suggest that migration prospects can raise the ex- pected return to human capital and thus foster education investment at home or, in other words, induce a brain gain. In a recent paper we used the Docquier and Marfouk (2006) data set on emigration rates by education level to examine the impact of brain drain migration on gross (pre-migration) human capital for- mation in developing countries. We found a positive e¤ect of skilled migration prospects on human capital growth in a cross-section of 127 developing coun- tries, with a short-run elasticity of about 5 percent. In this paper we assess the robustness of our results to the use of alternative brain drain measures, de nitions of human capital, and functional forms. We nd that the results hold using alternative brain drain measures controlling for whether migrants acquired their skills in the home or in the host country. We also regress other indicators of human capital investment on skilled migration rates and nd a positive e¤ect on youth literacy while the e¤ect on school enrolment depends on the exact functional speci cation chosen. Finally, we nd our resuls to be robust to using the ratio of skilled to unskilled migration rates (instead of just the former) and to controlling for the demoraphic structure of the population. This [less ▲]

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See detailThe Dark side of global integration: increasing tail dependance
Cosma, Antonio UL; Beine, Michel UL; Vermeulen, Robert John Gerard UL

in Journal of Banking and Finance (2010), 34(1), 184-192

We measure stock market coexceedances using the methodology of Cappiello, Gerard and Manganelli <br />(2005, ECB Working Paper 501). This method enables us to measure comovement at each point of the <br ... [more ▼]

We measure stock market coexceedances using the methodology of Cappiello, Gerard and Manganelli <br />(2005, ECB Working Paper 501). This method enables us to measure comovement at each point of the <br />return distribution. First, we construct annual coexceedance probabilities for both lower and upper tail <br />return quantiles using daily data from 1974–2006. Next, we explain these probabilities in a panel gravity <br />model framework. Results show that macroeconomic variables asymmetrically impact stock market <br />comovement across the return distribution. Financial liberalization significantly increases left tail comovement, <br />whereas trade integration significantly increases comovement across all quantiles. Decreasing <br />exchange rate volatility results in increasing lower tail comovement. The introduction of the euro <br />increases comovement across the entire return distribution, thereby significantly reducing the benefits <br />of portfolio diversification within the euro area. [less ▲]

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See detailBrain Drain and LCD's Growth: Winners and Losers
Beine, Michel UL; Docquier, Frédéric; Rapoport, Hillel

in Economic Journal (2008), 118

Using new data on emigration rates by education level, we examine the impact of brain drain migration on human capital formation in developing countries. We find evidence of a positive effect of skilled ... [more ▼]

Using new data on emigration rates by education level, we examine the impact of brain drain migration on human capital formation in developing countries. We find evidence of a positive effect of skilled migration prospects on gross human capital formation in a cross-section of 127 countries. For each country of the sample we then estimate the net effect of the brain drain using counterfactual simulations. Countries combining relatively low levels of human capital and low emigration rates are shown to experience a beneficial brain drain , and conversely, there are more losers than winners, and the former tend to lose relatively more than what the latter gain. [less ▲]

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See detailThe impact of central bank intervention on exchange-rate forecast heterogeneity
Beine, Michel UL; Bénassy, A.; Mac Donald, R.

in Journal of the Japanese & International Economies (2007), 21(1), 38-63

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See detailThe Impact of Central Bank FX Interventions on Currency Components
Beine, Michel UL; Bos, Charles; Laurent, Sébastien

in Journal of Financial Econometrics (2007), 5(1), 154-183

This paper is the first attempt to assess the impact of official FOREX interventions of the three major central banks in terms of the dynamics of the currency components of the major exchange rates (EUR ... [more ▼]

This paper is the first attempt to assess the impact of official FOREX interventions of the three major central banks in terms of the dynamics of the currency components of the major exchange rates (EUR/USD and YEN/USD) over the period 1989-2003. We identify the currency components of the mean and the volatility processes of exchange rates using the recent Bayesian framework developed by Bos and Shephard (2006). Our results show that in general, the concerted interventions tend to affect the dynamics of both currency components of the exchange rate. In contrast, unilateral interventions are found to primarily affect the currency of the central bank present in the market. Our findings also emphasize a role for interventions conducted by these central banks on other related FOREX markets. [less ▲]

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See detailMeasuring International Skilled Migration: A New Database Controlling for Age of Entry
Beine, Michel UL; Docquier, Frédéric; Rapoport, Hillel

in World Bank Economic Review (2007), 21(2), 249-254

In this paper, we provide alternative measures of the brain drain by defining skilled immigrants as those arrived in the receiving country after age 12, 18 or 22. We use data on age of entry collected in ... [more ▼]

In this paper, we provide alternative measures of the brain drain by defining skilled immigrants as those arrived in the receiving country after age 12, 18 or 22. We use data on age of entry collected in a sample of OECD countries and then estimate the age-of-entry structure in the remaining host countries. The corrected brain drain rates are obviously below the global rates calculated in Docquier and Marfouk (2006). 1 [less ▲]

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See detailBrain Drain and LDC's Growth: winners and losers
Beine, Michel UL; Docquier, Frédéric; Rapoport, Hillel

in Economic Journal (2007), 118

We present an empirical evaluation of the growth effects of the brain drain for the source countries of migrants. Using recent US data on migration rates by education levels (Carrington and Detragiache ... [more ▼]

We present an empirical evaluation of the growth effects of the brain drain for the source countries of migrants. Using recent US data on migration rates by education levels (Carrington and Detragiache, 1998), we find empirical support for the "beneficial brain drain hypothesis" in a cross-section of 50 developing countries. At the country-level, we find that most countries combining low levels of human capital and low migration rates of skilled workers tend to be positively affected by the brain drain. By contrast, the brain drain appears to have negative growth effects in countries where the migration rate of the highly educated is above 20% and/or where the proportion of people with higher education is above 5%. While the number of winners is smaller, these include nearly 80% of the total population of the sample. [less ▲]

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See detailSize Matters: Central Bank Interventions on the Yen/Dollar Exchange Rate
Beine, Michel UL; Szafarz, Ariane

in Cahiers Economiques de Bruxelles (2007), 49(1), 5-36

This paper explores the effects of the recent interventions of the Bank of Japan on the level and volatility of the yen/dollar exchange rate. A special attention is devoted to the prominent features ... [more ▼]

This paper explores the effects of the recent interventions of the Bank of Japan on the level and volatility of the yen/dollar exchange rate. A special attention is devoted to the prominent features affecting the signal conveyed by these interventions. The results show a clear duality: small unilateral interventions are counterproductive while large and isolated ones influence the FX market in the desired directions. It is also found that the perverse effect is avoided through coordinated operations. [less ▲]

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See detailDo Central Bank Interventions increase exchange rate forecasts heterogeneity? New evidence from survey data
Beine, Michel UL; Bénassy, A.; Mc Donald, R.

in Journal of the Japanese & International Economies (2007), 21(1), 38-65

We analyze the relationship between interventions and volatility at daily and intra-daily frequencies for the two major exchange rate markets. Using recent econometric methods to estimate realized ... [more ▼]

We analyze the relationship between interventions and volatility at daily and intra-daily frequencies for the two major exchange rate markets. Using recent econometric methods to estimate realized volatility, we employ bipower variation to decompose this volatility into a continuously varying and jump component. Analysis of the timing and direction of jumps and interventions imply that coordinated interventions tend to cause few, but large jumps. Most coordinated operations explain, statistically, an increase in the persistent (continuous) part of exchange rate volatility. This correlation is even stronger on days with jumps. [less ▲]

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See detailCentral Bank Intervention and Exchange Rate Volatility, Its Continuous and Jump Components
Beine, Michel UL; Lahaye, Jérôme; Neely, Christopher J. et al

in International Journal of Finance and Economics (2007), 12(2), 201-223

We analyze the relationship between interventions and volatility at daily and intra-daily <br />frequencies for the two major exchange rate markets. Using recent econometric methods to <br />estimate ... [more ▼]

We analyze the relationship between interventions and volatility at daily and intra-daily <br />frequencies for the two major exchange rate markets. Using recent econometric methods to <br />estimate realized volatility, we employ bipower variation to decompose this volatility into a <br />continuously varying and jump component. Analysis of the timing and direction of jumps <br />and interventions imply that coordinated interventions tend to cause few, but large jumps. <br />Most coordinated operations explain, statistically, an increase in the persistent (continuous) <br />part of exchange rate volatility. This correlation is even stronger on days with jumps. [less ▲]

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See detailEconomic Integration and the Diversification of Regional Exports: Evidence from the Canadian-US Free Trade Agreement
Beine, Michel UL; Coulombe, Serge

in Journal of Economic Geography (2007), 7(1), 93-111

We investigate the impact of Canada–U.S. trade integration on the degree of export diversification of the Canadian regions. Trade integration is captured through the decrease of trade-weighted tariffs ... [more ▼]

We investigate the impact of Canada–U.S. trade integration on the degree of export diversification of the Canadian regions. Trade integration is captured through the decrease of trade-weighted tariffs that were boosted by implementation of the Canadian–U.S. Free Trade Agreement. We found strong evidence to support integration’s long-run impact on the patterns of absolute exports diversification. Significantly, this new finding remains robust to the exclusion of the primary sectors and to the potential presence of unit root in the data. Our results lead us to support a positive long-run relationship between trade integration and export diversification. [less ▲]

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See detailWhy do central bank intervene secretly? Preliminary evidence from the BoJ
Beine, Michel UL; Bernal, Oscar

in Journal of International Financial Markets, Institutions & Money (2006), 17(3), 291-306

This paper empirically investigates the main determinants of secret interventions in the foreign exchange (FX) market. Using the recent experience of the Bank of Japan, we estimate a model that explains ... [more ▼]

This paper empirically investigates the main determinants of secret interventions in the foreign exchange (FX) market. Using the recent experience of the Bank of Japan, we estimate a model that explains the share of secret to reported interventions in the FX market. Two sets of determinants are clearly identified: the first is related to the probability of detection of the central bank orders by market participants; the second to the central bank’s internal decision to opt for secrecy. Our estimations support the arguments of current microstructure theories that rationalize the use of secret interventions. [less ▲]

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