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We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level. Our empirical analysis shows that euro area investors (in particular investment funds and households) actively rebalanced away from securities targeted under the Public Sector Purchase Programme and other euro-denominated debt securities, towards foreign debt instruments, including `closest substitutes', i.e. certain sovereign debt securities issued by non-euro area advanced countries. This rebalancing was particularly strong during the first six quarters of the programme. Our analysis also reveals marked differences across sectors as well as country groups within the euro area, suggesting that quantitative easing has induced heterogeneous portfolio shifts.

Exports and Imports --- Investments: General --- Investments: Stocks --- Money and Monetary Policy --- Industries: Financial Services --- International Investment --- Long-term Capital Movements --- International Policy Coordination and Transmission --- Monetary Policy --- International Financial Markets --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Investment & securities --- Finance --- International economics --- Monetary economics --- Securities --- Mutual funds --- Capital flows --- Stocks --- Unconventional monetary policies --- Financial institutions --- Balance of payments --- Monetary policy --- Financial instruments --- Capital movements --- United States

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This paper provides a dataset on the currency composition of the international investment position for a group of 50 countries for the period 1990-2017. It improves available data based on estimates by incorporating actual data reported by statistical authorities and refining estimation methods. The paper illustrates current and new uses of these data, with particular focus on the evolution of currency exposures of cross-border positions.

United States --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- International Factor Movements and International Business: General --- Open Economy Macroeconomics --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Investment --- Long-term Capital Movements --- Monetary economics --- Currency --- Foreign exchange --- International economics --- Currencies --- Foreign currency exposure --- Exchange rates --- International investment position --- Money --- External position --- Foreign exchange market --- Investments, Foreign

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How do communication costs affect the production of new ideas and inventions? To answer this question, we study the introduction of the Uniform Penny Post in Great Britain in 1840. This reform replaced the previous system of expensive distance-based postage fees with a uniform low rate of one penny for sending letters anywhere in the country. The result was a large spatially-varied reduction in the cost of communicating across locations. We study the impact of this reform on the production of scientific knowledge using citation links constructed from a leading academic journal, the Philosophical Transactions, and the impact on the development of new technology using patent data. Our results provide quantitative causal estimates showing how a fall in communication costs can increase the rate at which scientific knowledge is exchanged and new ideas and technologies are developed. This evidence lends direct empirical support to an extensive theoretical literature in economic growth and urban economics positing that more ideas can emerge from communication between individuals.

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Through the substantial expansion of digitalization in the economy in recent years, Enterprise Resource Planning (ERP) systems have lately drawn significant attention and become more and more popular among various types of organizations. However, practical evidence has shown that many ERP implementation projects still do not achieve their planned objectives and end up failing. In that context, KPMG Luxembourg noticed a real market opportunity locally which has led the firm to focus on the development of its ERP consultancy services. 
By highlighting the required competencies and skills of external consultants to favor success in such implementation projects, this report aims at providing valuable information and human resources-based tools for the progression of KPMG’s business activities in this realm. First, an extensive literature review focused on the roots and consequences of ERP implementation failures put forward numerous critical failure factors. These factors were classified into eight categories: “organizational”; “project management”; “human resources”; “managerial”; “vendor and consultant”; “processes”; “technical” and “culture and environment”. From then on, three of the most significant factors linked to external consultants were selected for in-depth analysis. To be the basis for relevant best practices and actions for KPMG Luxembourg, these three factors were studied from the perspective of key/critical success factors, i.e. “formal project management”, “effective education and training” and “successful ERP (software package) selection”. The results underlined suitable methodologies, models and advice. Following this theoretical research, a connection with the concept of “skills management” was made and the detailed methodology pursued during the internship was presented. This methodology resulted in the production of three HR tools (i.e. a competency framework; a skills matrix and a responsibility assignment matrix) for the SAP Advisory practice at KPMG Luxembourg. Recommendations were also formulated in the form of an action plan regarding the proper implementation of these frameworks.

Enterprise Resource Planning --- ERP --- Critical Success Factors --- Critical Failure Factors --- Skills Management --- Competency Framework --- Skills Matrix --- Responsibility Assignment Matrix --- SAP --- Sciences économiques & de gestion > Gestion des ressources humaines --- Sciences économiques & de gestion > Gestion des systèmes d'information --- Sciences économiques & de gestion > Stratégie & innovation