Migrant wages, remittances and recipient labour supply in a moral hazard model (2009)
Naiditch, Claire, Vranceanu, Radu
This paper analyzes the interaction between migrants income and remittances and between remittances and the labor supply of residents. The model is cast as a two-period game with imperfect...
Migrant wages, remittances and recipient labour supply in a moral hazard model (2009)
Naiditch, Claire, Vranceanu, Radu
This paper analyzes the interaction between migrants income and remittances and between remittances and the labor supply of residents. The model is cast as a two-period game with imperfect...
Migratory Equilibria with Invested Remittances (2009)
Naiditch, Claire, Vranceanu, Radu
This paper analyzes international migrations when migrants invest part of their income in their origin country. This investment contributes to increase capital intensity and wages in the origin...
Migratory Equilibria with Invested Remittances (2009)
Naiditch, Claire, Vranceanu, Radu
This paper analyzes international migrations when migrants invest part of their income in their origin country. This investment contributes to increase capital intensity and wages in the origin...
BANKS RISK RACE: A SIGNALING EXPLANATION (2009)
Besancenot, Damien, Vranceanu, Radu
Many observers argue that the abnormal accumulation of risk by banks has been one of the major causes of the 2007-2009 nancial turmoil. But what could have pushed banks to engage in such a risk...
BANKS RISK RACE: A SIGNALING EXPLANATION (2009)
Besancenot, Damien, Vranceanu, Radu
Many observers argue that the abnormal accumulation of risk by banks has been one of the major causes of the 2007-2009 nancial turmoil. But what could have pushed banks to engage in such a risk...
WHY BUSINESS SCHOOLS DO SO MUCH RESEARCH: A SIGNALING EXPLANATION (2008)
Besancenot, Damien, Faria, Joao, Vranceanu, Radu
Criticism is mounting on business schools for their excessive focus on research and for neglecting teaching. We show that if students have imperfect information about a school's overall capabilities...
Multiple equilibria in a firing game with impartial justice (2008)
Besancenot, Damien, Vranceanu, Radu
In many European countries, a majority of employees are hired under very protective labor contracts that restrict the ability of the employer to dismiss them. In particular, employees can take to...
WHY BUSINESS SCHOOLS DO SO MUCH RESEARCH: A SIGNALING EXPLANATION (2008)
Besancenot, Damien, Faria, Joao, Vranceanu, Radu
Criticism is mounting on business schools for their excessive focus on research and for neglecting teaching. We show that if students have imperfect information about a school's overall capabilities...
Multiple equilibria in a firing game with impartial justice (2008)
Besancenot, Damien, Vranceanu, Radu
In many European countries, a majority of employees are hired under very protective labor contracts that restrict the ability of the employer to dismiss them. In particular, employees can take to...
MIGRATORY POLICY IN DEVELOPING COUNTRIES: HOW TO BRING BEST PEOPLE BACK? (2008)
Besancenot, Damien, Vranceanu, Radu
This paper analyzes the decision of a migrant to return or stay within the framework of a signaling model with exogenous migratory costs. If employers have only imperfect information about the type...
MIGRATORY POLICY IN DEVELOPING COUNTRIES: HOW TO BRING BEST PEOPLE BACK? (2008)
Besancenot, Damien, Vranceanu, Radu
This paper analyzes the decision of a migrant to return or stay within the framework of a signaling model with exogenous migratory costs. If employers have only imperfect information about the type...
UNE ANALYSE ECONOMIQUE DES POLITIQUES D'’INCITATIONA LA PUBLICATION (2007)
Besancenot, Damien, Vranceanu, Radu
Cet article présente une formalisation élémentaire du "marché" des publications académiques dans un contexte d’information incomplète sur la qualité des contributions de chaque auteur....
UNE ANALYSE ECONOMIQUE DES POLITIQUES D'’INCITATIONA LA PUBLICATION (2007)
Besancenot, Damien, Vranceanu, Radu
Cet article présente une formalisation élémentaire du "marché" des publications académiques dans un contexte d’information incomplète sur la qualité des contributions de chaque auteur....
Andrew J. Oswald, David De Meza, A Goodall, David Lab, Steve Nickell, Mark Stewart, ...
Scientific-funding bodies are increasingly under pressure to use journal rankings to measure research quality. Hiring and promotion committees routinely hear an equivalent argument: “this is...
Dollar Debt in Developing Countries: Too Much of a Good Thing? (2006)
Besancenot, Damien, Vranceanu, Radu
In the early 2000s, many developing countries in Eastern Europe, Latin America and Asia presented substantial corporate dollar debts. This paper suggests an explanation for this worrisome phenomenon,...
Dollar Debt in Developing Countries: Too Much of a Good Thing? (2006)
Besancenot, Damien, Vranceanu, Radu
In the early 2000s, many developing countries in Eastern Europe, Latin America and Asia presented substantial corporate dollar debts. This paper suggests an explanation for this worrisome phenomenon,...
Dollar Debt in Developing Countries: Too Much of a Good Thing? (2006)
Besancenot, Damien, Vranceanu, Radu
In the early 2000s, many developing countries in Eastern Europe, Latin America and Asia presented substantial corporate dollar debts. This paper suggests an explanation for this worrisome phenomenon,...
Dollar Debt in Developing Countries: Too Much of a Good Thing? (2006)
Besancenot, Damien, Vranceanu, Radu
In the early 2000s, many developing countries in Eastern Europe, Latin America and Asia presented substantial corporate dollar debts. This paper suggests an explanation for this worrisome phenomenon,...
Opening the Black Box: Moral Foundations of Management Knowledge (2006)
Purpose of the Workshop For some time, a complex stream of more or less directly connected confidence crises has been confronting both managerial practice and the communities producing and diffusing...
Opening the Capital Account of Transition Economies: How Much and How Fast (2002)
Daianu, Daniel, Vranceanu, Radu
In the late eighties, many developing countries followed the example of the most advanced countries and opened their capital account (K.A.) in an attempt to reap new gains from increased integration...
Subduing High Inflation in Romania. How to Better Monetary and Exchange Rate Mechanisms? (2001)
Daianu, Daniel, Vranceanu, Radu
Romania's overall economic performance during the first ten years of transition can be termed so far as disappointing: the country has not been able to deliver steady growth, low unemployment and low...
Public Finance and Low Equilibria in Transition Economies; The Role of Institutions (2000)
Daianu, Daniel, Vranceanu, Radu
This paper develops two stylised models of the transitional economy that challenge to some extent, the conventional approach to policy-reforms. In the first model, the absence of market-oriented...
Is the ECB so special? A qualitative and quantitative analysis
Fourçans, André, Vranceanu, Radu
This paper analyses the European Central Bank (ECB) monetary policy over the period 1999-2005, both from a qualitative and a quantitative perspective, and compares it with the Federal Reserve Bank....
Public Finance and Low Equilibria in Transition Economies; The Role of Institutions
This paper develops two stylised models of the transitional economy that challenge to some extent, the conventional approach to policy-reforms. In the first model, the absence of market-oriented...
Subduing High Inflation in Romania. How to Better Monetary and Exchange Rate Mechanisms?
Romania's overall economic performance during the first ten years of transition can be termed so far as disappointing: the country has not been able to deliver steady growth, low unemployment and low...
Opening the Capital Account of Transition Economies: How Much and How Fast
In the late eighties, many developing countries followed the example of the most advanced countries and opened their capital account (K.A.) in an attempt to reap new gains from increased integration...
Socially Efficient Managerial Dishonesty
Besancenot, Damien, Vranceanu, Radu
As a reaction to the corporate scandals of the early 2000s, the US Administration dramatically tightened sanctions against managers who disclose misleading financial information. This paper argues...
Can Incentives for Research Harm Research? A Business Schools Tale
Besancenot, Damien, Vranceanu, Radu
The paper develops a simple model of the market for academic publications in business and economics. The supply of papers is presented as the outcome of a game between researchers and schools’...
Transferts des migrants et offre de travail dans un modèle de signalisation
Naiditch, Claire, Vranceanu, Radu
This paper analyses the impact of migrant remittances on the supply of labour of beneficiaries in a developing country. The model is cast as a two period game between a resident and an altruistic...
EUROPEAN DEFENCE FIRMS: THE INFORMATION BARRIER ON PRIVATE FINANCE*
Damien Besancenot, Radu Vranceanu
After the fall of the Berlin Wall, European governments adopted a hands-off policy towards the defence industrial base, in an attempt to increase the sector’s efficiency and...
International Remittances and Residents' Labour Supply in a Signaling Model
Naiditch, Claire, Vranceanu, Radu
This paper analyzes the impact of remittances sent by altruistic migrants on the labor supply of residents. The model is cast as a two-period game with asymmetric information about the residents'...
The moral layer of contemporary economics: A virtue-ethics perspective
This paper questions whether the contemporary science of economics and its recommendations are built on sound moral foundations as assessed from a virtue-based definition of ethical behaviour. We...
Pays de l'Est : le cout d’une candidature a l'Union europeenne monetaire
Damien Besancenot, Radu Vranceanu, Thierry Warin
Pour de nombreux pays d’Europe centrale et orientale la monnaie europeenne n’est pas seulement une nouvelle devise de reference. A plus ou moins longue echeance, elle represente leur future...
Credibility costs in the monetary integration game
Damien Besancenot, Radu Vranceanu
Euro candidates are expected to maintain the value of their currency within the fluctuation band of the new exchange rate mechanism for at least two years. This paper highlights some unpleasant...
Why Business Schools Do So Much Research: A Signaling Explanation
Besancenot, Damien, Faria, Joao Ricardo, Vranceanu, Radu
Criticism is mounting on business schools for their excessive focus on research and for neglecting teaching. We show that if students have imperfect information about a school’s overall...
Financial Instability under Floating Exchange Rates
Besancenot, Damien, Vranceanu, Radu
At the end of the nineties, many developing countries featured an open capital market and relied heavily on dollar-debt financing of their economy. This paper analyses whether, in this context, clean...
Manager Unethical Behavior During The New Economy Bubble
This paper investigates factors that brought about the surge in manager unethical behavior within the US economy. Key structural causes are the weak internal control, perverse incentives related to...
Excessive Liability Dollarization in a Simple Signaling Model
Besancenot, Damien, Vranceanu, Radu
If a dollar denominated external debt comes with so many risks, why do emerging economies allow for such an imbalance to accumulate ? The explanation provided in this paper builds on a simple...
Multiple Equilibria in a Firing Game With Impartial Justice
Besancenot, Damien, Vranceanu, Radu
In many European countries, a majority of employees are hired under very protective labor contracts that restrict the ability of the employer to dismiss them. In particular, employees can take to...
The Information Limit to Honest Managerial Behavior
Besancenot, Damien, Vranceanu, Radu
In the last years of the Internet bubble, many managers provided fraudulent financial statements with the aim at inflating the market value of their firms. Is this shortage of honesty an accident or...
The Ethical Dimension of Economic Choices
In general, capitalist countries display sustained growth, dynamism and innovation, and a high adaptability in response to external shocks. Yet in the last twenty years discontent over the notorious...
Financial Instability under a Flexible Exchange Rate
Damien Besancenot, Radu Vranceanu
Many governments in developing countries contemplate the possibility of increasing the flexibility of their exchange rates despite having accumulated substantial dollar-denominated debt. Using a...
EMU: Optimal Fiscal Strategy and the Punishment Effectiveness.
Vranceanu, Radu, Warin, Thierry
This paper investigates the ability of the Stability and Growth Pact to prevent governments in the "euro zone" from running excessive budget deficits. It is shown that in a static two-country game,...
ECB Monetary Policy Rule: Some Theory and Empirical Evidence
Fourçans, André, Vranceanu, Radu
This paper estimates different monetary policy rules for the ECB with montly data during the period 1999.04-2002.02. The results show that the ECB exhibits a rather conservative behavior: a 1...
Le financement public du secteur de la défense, une source d'inefficacité
Besancenot, Damien, Vranceanu, Radu
Continental European countries used to finance defence firms with public money. In the last few years, many governments aimed at implementing a hands-off policy towards the defence sector, which...
The "Read or Write" Dilemma in Academic Production: A European Perspective
Besancenot, Damien, Huynh, Kim, Vranceanu, Radu
This paper investigates the production of research in business and economics. A scholar's income is positively related to the quantity and quality of research. In turn, the quality of a paper depends...
SUBDUING HIGH INFLATION IN ROMANIA. HOW TO BETTER MONETARY AND EXCHANGE RATE MECHANISMS?
Daianu, Daniel, Vranceanu, Radu
Romanian overall economic performance during the first ten years of transition can be termed so far as disappointing: the country has not been able to deliver steady growth, low unemployment and low...
Dollar Debt in Developing Countries: Too Much of a Good Thing?
Damien Besancenot, Radu Vranceanu
In the early 2000s, many developing countries in Eastern Europe, Latin America and Asia presented substantial corporate dollar debts. This paper suggests an explanation for this worrisome phenomenon,...
Dollar Debt in Developing Countries: Too Much of a Good Thing?
Damien Besancenot, Radu Vranceanu
In the early 2000s, many developing countries in Eastern Europe, Latin America and Asia presented substantial corporate dollar debts. This paper suggests an explanation for this worrisome phenomenon,...
MIGRANT WAGES, REMITTANCES AND RECIPIENT LABOUR SUPPLY IN A MORAL HAZARD MODEL
Claire Naiditch, Radu Vranceanu
This paper analyzes the interaction between migrants income and remittances and between remittancesand the labor supply of residents. The model is cast as a two-period game with imperfect...
MIGRANT WAGES, REMITTANCES AND RECIPIENT LABOUR SUPPLY IN A MORAL HAZARD MODEL
Claire Naiditch, Radu Vranceanu
This paper analyzes the interaction between migrants income and remittances and between remittancesand the labor supply of residents. The model is cast as a two-period game with imperfect...
A model of working time under utility competition in the labor market
François Contensou, Radu Vranceanu
working hours, insiders' rationing, labor demand, fixed labor costs, J23, J32,
Can incentives for research harm research? A business schools' tale
Besancenot, Damien, Vranceanu, Radu
This paper develops a simple model of the market for academic publications in business and economics. The supply of papers is presented as the outcome of a game between researchers and schools' deans...
Asset Prices and Assymetries in the Fed's Interest Rate Rule : a Financial Approach
Romaniuk, Katarzyna, Vranceanu, Radu
Financial Newspapers have for long suggested that the Fed tends to provide additional Liquidity when the Stock Market thumbs. We provide a theoretical Explanation for this Behaviour that builds on...
Money in the Inflation Equation: the Euro Area Evidence
Fourçans, André, Vranceanu, Radu
The ECB is the only major central bank that still emphasizes the role of money in monetary policy management. In this paper, we bring some support to this approach. Taking into account Euro area data...
UNE ANALYSE ECONOMIQUE DES POLITIQUES D'INCITATIONA LA PUBLICATION
Damien Besancenot, Radu Vranceanu
Cet article présente une formalisation élémentaire du "marché" des publications académiques dans uncontexte dinformation incomplète sur la qualité des contributions de chaque auteur....
Multiple equilibria in a firing game with impartial justice
Damien Besancenot, Radu Vranceanu
In many European countries, a majority of employees are hired under very protective labor contracts thatrestrict the ability of the employer to dismiss them. In particular, employees can take to...
WHY BUSINESS SCHOOLS DO SO MUCH RESEARCH: A SIGNALING EXPLANATION
Damien Besancenot, Joao Faria, Radu Vranceanu
Criticism is mounting on business schools for their excessive focus on research and for neglecting teaching. We show that if students have imperfect information about a school's overall capabilities...
UNE ANALYSE ECONOMIQUE DES POLITIQUES D'INCITATIONA LA PUBLICATION
Damien Besancenot, Radu Vranceanu
Cet article présente une formalisation élémentaire du "marché" des publications académiques dans uncontexte dinformation incomplète sur la qualité des contributions de chaque auteur....
Multiple equilibria in a firing game with impartial justice
Damien Besancenot, Radu Vranceanu
In many European countries, a majority of employees are hired under very protective labor contracts thatrestrict the ability of the employer to dismiss them. In particular, employees can take to...
WHY BUSINESS SCHOOLS DO SO MUCH RESEARCH: A SIGNALING EXPLANATION
Damien Besancenot, Joao Faria, Radu Vranceanu
Criticism is mounting on business schools for their excessive focus on research and for neglecting teaching. We show that if students have imperfect information about a school's overall capabilities...
MIGRANT WAGES, REMITTANCES AND RECIPIENT LABOUR SUPPLY IN A MORAL HAZARD MODEL
Claire Naiditch, Radu Vranceanu
This paper analyzes the interaction between migrants income and remittances and between remittancesand the labor supply of residents. The model is cast as a two-period game with imperfect...
MIGRATORY POLICY IN DEVELOPING COUNTRIES: HOW TO BRING BEST PEOPLE BACK?
Damien Besancenot, Radu Vranceanu
This paper analyzes the decision of a migrant to return or stay within the framework of a signaling model withexogenous migratory costs. If employers have only imperfect information about the type of...
Financial distress and banks' communication policy in crisis times
Besancenot, Damien, Vranceanu, Radu
This short paper analyzes banks' communication policies in crisis times and the role of imperfect information in enhancing banks' distress. If banks differ in their exposure to risky assets, fragile...
Migratory policy in developing countries: how to bring best people back?
Besancenot, Damien, Vranceanu, Radu
This paper analyzes the decision of a migrant to return or stay within the framework of a signaling model with exogenous migratory costs. If employers have only imperfect information about the type...
Migrant wages, remittances and recipient labour supply in a moral hazard model
Naiditch, Claire, Vranceanu, Radu
This paper analyzes the interaction between migrants' income and remittances and between remittances and the labour supply of residents. The model is cast as a two-period game with imperfect...
Strategic managerial dishonesty and financial distress
Besancenot, Damien, Vranceanu, Radu
This paper analyzes the effect of stricter sanctions against fraudulent disclosure in an economy where commercial lenders have only an imperfect information about the type of the firm they trade...
Migratory equilibria with invested remittances
Naiditch, Claire, Vranceanu, Radu
This paper analyzes international migrations when migrants invest part of their income in their origin country. This investment contributes to increase capital intensity and wages in the origin...
Migratory Equilibria with Invested Remittances
Claire Naiditch, Radu Vranceanu
This paper analyzes international migrations when migrants invest part of their income in their origin country. This investment contributes to increase capital intensity and wages in the origin...
Migratory Equilibria with Invested Remittances
Claire Naiditch, Radu Vranceanu
This paper analyzes international migrations when migrants invest part of their income in their origin country. This investment contributes to increase capital intensity and wages in the origin...
Multiple equilibria in a firing game with impartial justice
Besancenot, Damien, Vranceanu, Radu
In this paper, we argue that firms' firing strategies and the judicial strategy of dismissed employees depend to a large extent on labor judges' ability to shed light on the various cases. The model...
Why business schools do so much research: A signaling explanation
Besancenot, Damien, Faria, Joao Ricardo, Vranceanu, Radu
Criticism is mounting on business schools for their excessive focus on research and the relative neglect of teaching quality. This paper shows that if students have imperfect information about...
Four Myths and a Financial Crisis
The main driving force of the financial crisis of 2007-2009 was a rapid deterioration of the trust of private agents in the quality of financial institutions. In turn, this loss of confidence...
BANKS RISK RACE: A SIGNALING EXPLANATION
Damien Besancenot, Radu Vranceanu
Many observers argue that the abnormal accumulation of risk by banks has been one of the major causes of the 2007-2009 nancial turmoil. But what could have pushed banks to engage in such a risk...
Banks’ risk race: a signaling explanation
Besancenot, Damien, Vranceanu, Radu
Many observers argue that the abnormal accumulation of risk by banks has been one of the major causes of the 2007-2009 financial turmoil. But what could have pushed banks to engage in such a risk...