References of "Beine, Michel 50000696"
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See detailNetwork Effect in International Migration: Does Education Matter More than Gender?
Beine, Michel UL; Salomone, Sara

in Scandinavian Journal of Economics (2013), 115(2), 354-380

In this paper, we analyze the impact that networks have on the structure of international migration flows. In particular, we investigate whether diaspora externalities are different across education ... [more ▼]

In this paper, we analyze the impact that networks have on the structure of international migration flows. In particular, we investigate whether diaspora externalities are different across education levels and gender. Using new data that include both dimensions, we analyze the respective impact that networks have on the proportion of each category of migrant. Therefore, in contrast to the preceding body of literature on the macro determinants of international migration, we can identify the factors that influence the selection in terms of skills and in terms of gender. We find that network effects vary by education level, but not by gender. [less ▲]

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See detailFinancial Integration and Remittances
Beine, Michel UL; Lodigiani, Elisabetta; Vermeulen, Robert John Gerard UL

in Regional Science & Urban Economics (2012), 42(5),

Migrant remittances increased strongly since the 1980s, becoming an important and reliable source of funds for many developing countries. Therefore, there is a strong incentive for receiving countries to ... [more ▼]

Migrant remittances increased strongly since the 1980s, becoming an important and reliable source of funds for many developing countries. Therefore, there is a strong incentive for receiving countries to attract more remittances, especially through formal channels that turn out to be either less expensive and/or less risky than informal ones. One way of doing so is to increase their country's financial openness, but this policy option might also generate additional costs in terms of macroeconomic volatility. In this paper we investigate the link between remittance receipts and financial openness. We statistically test for the existence of such a relationship with a sample of 66 mostly developing countries from 1980–2005. Empirically we use a dynamic generalized ordered logit model to deal with the categorical nature of financial openness policy. We apply a two-step method akin to two stage least squares to deal with the endogeneity of remittances and potential measurement errors. We find a strong positive statistical and economic effect of remittances on financial openness. [less ▲]

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See detailDoes the Canadian economy suffer from Dutch disease?
Beine, Michel UL; Bos, Charles S.; Coulombe, Serge

in Resource and Energy Economics (2012), 34(4), 468-492

We argue that the failure to disentangle the evolution of the Canadian currency from the U.S. currency leads to potentially incorrect conclusions regarding the case of Dutch disease in Canada. We propose ... [more ▼]

We argue that the failure to disentangle the evolution of the Canadian currency from the U.S. currency leads to potentially incorrect conclusions regarding the case of Dutch disease in Canada. We propose a new approach that is aimed at extracting both currency components and energy- and commodity-price components from observed exchange rates and prices. We first analyze the separate influence of commodity prices on the Canadian and the U.S. currency components. We then estimate the separate impact of the two currency components on the shares of manufacturing employment in Canada. We show that between 33 and 39 per cent of the manufacturing employment loss that was due to exchange rate developments between 2002 and 2007 is related to the Dutch disease phenomenon. The remaining proportion of the employment loss can be ascribed to the weakness of the U.S. [less ▲]

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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 detailA Panel Data Analysis of the Brain Gain
Beine, Michel UL; Defoort, Cécily; Docquier, Frederic

in World Development Forum (2011), 39(4)

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

In this paper, we revisit the impact of skilled emigration on human cap- ital accumulation using new panel data covering 147 countries on the period 1975-2000. We derive testable predictions from a stylized theoretical model and test them in dynamic regression models. Our empirical analysis predicts con- ditional convergence of human capital indicators. Our ndings also reveal that skilled migration prospects foster human capital accumulation in low-income countries. In these countries, a net brain gain can be obtained if the skilled emigration rate is not too large (i.e. does not exceed 20 to 30 percent depend- ing on other country characteristics). On the contrary, we find no evidence of a signi ficant incentive mechanism in middle-income and, unsuprisingly, in high-income countries. [less ▲]

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See detailIntegration and Stock Market Co-Movement between Emerging Economies
Beine, Michel UL; Candelon, Bertrand

in Quantitative Finance (2011), 11(2), 299-312

In this paper, we investigate the impact of trade and financial liberalization on the degree of stock market co-movement among emerging economies. Using a sample of 25 developing countries observed over ... [more ▼]

In this paper, we investigate the impact of trade and financial liberalization on the degree of stock market co-movement among emerging economies. Using a sample of 25 developing countries observed over 15 years, we estimate the impact of reforms which aim at opening these countries to trade and financial channels to the rest of the world. The estimation of time-varying cross-country correlations allows the econometric investigation to be performed using a panel data framework, raising hence the quality of the statistical inference. Our results offer strong support in favor of a positive impact of trade and financial liberalization reforms on the degree of cross-country stock market linkages. [less ▲]

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See detailDiasporas
Beine, Michel UL; Docquier, Frederic; Ozden, Caglar

in Journal of Development Economics (2011), 95

Migration flows are shaped by a complex combination of self-selection and out-selection mechanisms, both of which are affected by the presence of a diaspora abroad. In this paper, we analyze how existing ... [more ▼]

Migration flows are shaped by a complex combination of self-selection and out-selection mechanisms, both of which are affected by the presence of a diaspora abroad. In this paper, we analyze how existing diasporas (the stock of people born in a country and living in another one) affect the size and human-capital structure of current bilateral migration flows. Our analysis exploits a bilateral data set on international migration by educational attainment from 195 countries to 30 OECD countries in 1990 and 2000. Based on simple microfoundations and controlling for various determinants of migration, we found that diasporas increase migration flows and lower their average educational level. Interestingly, diasporas explain majority of the variability of migration flows and selection. This suggests that, without changing the generosity of family reunion programs, education-based selection rules are likely to have moderate impact. Our results are highly robust to the econometric techniques, accounting for the large proportion of zeros and endogeneity problems. [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 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 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 detailThe impact of central bank intervention on exchange-rate forecast heterogeneity
Beine, Michel UL; Bénassy, A.; Mac Donald, R.

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

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

in Journal of International Financial Markets, Institutions and 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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