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We analyze the effect of central bank transparency on cross-border bank activities. Based on a panel gravity model for cross-border bank claims for 21 home and 47 destination countries from 1998 to 2010, we find strong empirical evidence that central bank transparency in the destination country on average increases cross-border claims. Using interaction models, we find that the positive effect of central bank transparency on cross-border claims is only significant if the central bank is politically independent. Central bank transparency and credibility are thus considered as complements by banks investing abroad.

We estimate a three-country model using 1995 2013 data for Germany, the Rest of the Euro Area (REA) and the Rest of the World (ROW) to analyse the determinants of Germany s current account (CA) surplus after the launch of the euro. Our results suggest that the German surplus reflects a succession of distinct shocks. Mono-causal explanations of the surplus are thus insufficient. The most important factors driving the German surplus were positive shocks to the German saving rate and to ROW demand for German exports, as well as German labour market reforms and other positive German aggregate supply shocks. The key shocks that drove the rise in the German CA tended to worsen the REA trade balance, but had a weak effect on REA real activity. Our analysis suggests these driving factors are likely to be slowly eroded, leading to a very gradual reduction of the German CA surplus. An expansion in German government consumption and investment would raise German GDP and reduce the CA surplus, but the effects on the surplus would be weak.

The homogenization of environments (E) encouraged by modern society and by the productivist model of agriculture has resulted in the homogeneity of genotypes (G) thereby reducing GxE interaction to a parasitic source of inaccuracy (a residual). As this model is called into question and new societal values are affirmed, agriculture is diversifying to fit contrasted environments and may be represented by four models defined by two axes, one socio economic (individual logics vs. collective governance), and the other agroecological (analytical vs. systemic approaches). Models differ by (i) the objectives (from yield improvement to farmers empowerment), (ii) specific expectations concerning genotypes (from inherited genetic resources to varieties that represent genetic, ethical and social progress), (iii) a specific representation of the environment (from E, a simple interaction between the agroecological environment (M) and cultivation system (C ), to E including a range of socioeconomic components (Actors competences (A), Outlets (O), Legislation (L), , Society (S) ) and (iv) particular relations between G and E (from GxE to GxMxCxA under evolving constraints represented by LxOxS). Taking these diverse objectives into account has changed the way plant improvement is envisaged. Thus depending on the model concerned, the order, interest and status of the five classic stages of plant improvement (setting objectives, creating variability, selecting, evaluating and disseminating) may be called into question. Between the existing analytical model and a holistic model that remains to be developed, lies the challenge of ensuring the sustainability, efficiency and acceptability of plant breeding and resulting innovations. From a simple "noticing" that we attempt to reduce the GxE interaction has become an " objective " that we try to predict and valorize. Structuring the different components of E, G and GxE, enables us to extend the basic concept of representativeness both of the cultivation conditions and of the socioeconomic "positions" of the involved actors.

International treaties and national legislations organize and secure genetic resources exchanges,but, at the same time , they make them more and more complex and restrictive. Meanwhile, the exploration and exploitation of plant germplasm resources have become easier and cheaper with present - day high - throughput, low - cost genotyping technologies, efficient phenotyping systems, and powerful tools for bioinformatics and statistical analyses. Cotton genetic resources are more and more needed for continued progress in yield, fibre quality, pest resistance, adaptation to climate change and marginal environments. Many traits of high breeding value are present in the cotton germplasm resources, some being already exploited, some under intensive research efforts, and probably many others we can expect to be present. In the new regulatory context limiting or impeding germplasm exchanges, solutions for pursuing and developing the study, the valorisation and the protection of cotton germplasm collections can benefit from the new scientific tools and international cooperation.

Adopted during the first International Congress of Ethnobiology (1988), the Belem Declaration acknowledged for the first time biologists' responsibility to better address the needs of indigenous and local populations and recommended compensating them for the utilization of their biological resources and knowledge. Since then, the Convention on Biological Diversity (1992) and its recently adopted Nagoya Protocol on Access and Benefit Sharing (2010), along with the International Treaty of the FAO (2001), have generalized the principle of channeling returns-whether monetary or non-monetary-back to a range of designated groups, whether bilaterally or through collective means such as a benefitsharing fund. These principles are implemented through a set of mechanisms such as prior informed consent or material transfer agreements that formalize the practices of access, exchange and use of genetic resources and associated knowledge. The current contribution aims to analyze the effect that these regulations have on scientists' behavior related to the acquisition and contribution of genetic resources for food and agriculture (GRFA). The paper explores in particular the connection between the importance of genetic diversity in scientists' research activities and GRFA sourcing strategies and behavior. The analysis goes beyond current research to examine institutional, economic, and attitudinal explanations for patterns in scientists' use of genebanks. It is based on a survey that covers GRFA exchange and use practices in two different countries (US and France) and four different types of organizations (university, national research institute, company, and government). The analysis covers individual as well as project level, such that it is possible to investigate some portion of the collaborative network of the scientists, their exchange behavior and the institutional context within which they conduct research. Findings will inform current understanding about access, exchange and use behavior of researchers. Conclusions will discuss implications for practice and policy.

This paper reviews Thailand's structural changes, the 1997 crisis experience, and recovery and lessons from the crisis. The paper then discusses the impacts of the subprime crisis on the Thai economy and the policy responses to date. The paper ends by discussing strategies to rebalance growth by reducing the dependence on exports as the main growth engine. The recovery from the 1997 crisis left Thailand more dependent than ever on exports as the main engine of growth, with the ratio of exports to gross domestic product (GDP) increasing from a precrisis level of about 38% to about 65% recently. The lessons learned from the 1997 crisis led to a more risk-averse financial system, and this helped Thailand avoid the direct impacts of the subprime crisis. However, being highly dependent on exports, Thailand, along with other export oriented East Asian economies, is now heavily affected by the indirect impacts of the subprime crisis, especially in the export industries. Exports and GDP have dropped sharply over the past two quarters. The government has been using fiscal stimulus and monetary easing measures to try to improve the economy. These measures are mostly short-term in nature, and if the subprime crisis is protracted, then the sustainability of the fiscal stimulus will be called into question. In the medium- to long-term, Thailand needs to move to a more balanced growth path, depending less on exports (although exports will still be important) and more on other, domestic sources of growth. The paper concludes by discussing a number of policy strategies that will contribute to a more balanced growth path.

Abstract. This paper empirically investigates the impact of floating exchange rate on balance of payment in Nigeria during 1986 – 2016. Unit root test, cointegration test, VEC Granger causality/Exogeneity Wald test and Vector Error Correction Model (VECM) were econometric tools used to establish the relationship between exchange rate and balance of payment. The results showed a positive and statistically significant relationship in both short-run and long-run between balance of payment and exchange rate of the Nigerian Economy during the period under review. The VEC Granger Causality/Block Exogeneity further revealed that the major determinants of exchange rate are real GDP and money supply. It further reveals that the nexus among the variables runs from government expenditure to real GDP and money supply to exchange rate, and then to Balance of Payment. Therefore it was recommended amongst other things that the policy of exchange rate depreciation should be maintained but with government intervention guide. Government through Central Bank of Nigeria (CBN) should apply expenditure reducing monetary policies through money supply and domestic credit to promote favourable BOT which invariably stabilizes BOP.Keywords. Floating exchange rate, Balance of payments, VECM.JEL. F10, F30, F31.

Euro-interest rates are well-known to be persistent, as are their differentials across countries for a given maturity. The international CCAPM implies that the rates are persistent because forecasts of national consumption growth or inflation are persistent too. We examine this prediction for a panel of countries. The standard CCAPM with power utility is augmented to allow for external habit, government consumption, and adaptive learning. In all cases, we find little evidence that the persistence in Euro-rates is consistent with the CCAPM.

Abstract. This study tests the hypothesis that institution building leads to FDI inflows and promotes economic growth rates. We also compare the estimation results when multiple institutional variables are used, and examine whether broad legal and institutional stability is important and whether specific articles are important for FDI inflows. The results of the verification revealed that (1) institution building leads to FDI inflows and promotes economic growth rates, (2) robust results are obtained regardless of multiple legal and institutional indicators, and (3) among the legal systems, the specific deregulation of capital account regulations, laws affect FDI inflows and economic growth, and (4) the combination of an increase in broad-based legal system stability and the relaxation of capital account regulations together will promote FDI and economic growth. In other words, it is confirmed that investor and public confidence in the government and judiciary for the stability of the extensive legal system, including the protection of property rights, will bring about an inflow of foreign direct investment. (5) While FDI inflows are critical to economic growth, the study found that among institutional factors, improvements in legal and institutional capacity, in particular, are highly effective in bringing about economic growth through a rise in FDI. The importance of both capital account regulations, which are indicators that have a direct impact on foreign investors considering FDI, and legal system indicators, which show the degree of legal compliance by domestic residents, indicates that relaxing capital account regulations alone is not enough to fully promote FDI inflows. It means that the degree of legal compliance of domestic residents must be high to further promote FDI inflows. In other words, FDI inflows will bring economic growth through the maturation of the rule of law.Keywords. FDI; Barro regression; Economic Growth; Institution.JEL. O47; F30; F33; O43.

Warum wurde die Finanz- und Wirtschaftskrise 2008/2010 in Deutschland so schnell überwunden? Sicher ist, dass die wirtschaftliche Ausgangslage in Deutschland besser war als in anderen Ländern. Ausreichend analysiert ist auch die Wirksamkeit einzelner Instrumente, wie etwa der Infrastrukturmaßnahmen. Offen ist aber, nach Ansicht von Horst Zimmermann, Prof. em. Universität Marburg, welchen Beitrag das Zusammenwirken der zahlreichen Instrumente geleistet hat.

Taking advantage of key recent advances in long-run economic and financial data, we analyze the statistical properties of global long-maturity real interest rates over the past seven centuries. In contrast to existing consensus, we find that real interest rates are in fact trend stationary and exhibit a persistent downward trend since the Renaissance. We investigate structural breaks in real interest rates over time and find that overall the Black Death and the 1557 "Trinity default" appear as consistent inflection points. We further show that demographic and productivity factors do not represent convincing drivers of real interest rates over long spans. (JEL E43, F30, N20)