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ULiège (4)


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dissertation (4)


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English (3)

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2024 (2)

2019 (1)

2018 (1)

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Dissertation
The current crisis of Lebanon: Is the Lebanese crisis a crisis of an emerging economy or a developing economy?
Authors: --- ---
Year: 2024 Publisher: Liège Université de Liège (ULiège)

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Abstract

Lebanon's severe economic crisis, rooted in post-civil war reconstruction funded by public borrowing, led to chronic deficits and massive public debt. The crisis is exacerbated by Lebanon's rentier economy, which relies heavily on external resources like remittances and international aid, and a fixed exchange rate policy that maintains social peace and living standards artificially. The government plays a central role in sustaining economic rents through debt and currency policies, benefiting a privileged few while underinvesting in productive sectors. Structural issues, such as an unbalanced trade deficit, underdeveloped industrial and agricultural sectors, and heavy reliance on the service sector, deepen socio-economic disparities. The review highlights the widespread poverty affecting vulnerable populations and the middle class's struggle, underscored by inadequate public services and increasing external dependencies. The thesis aims to uncover the systemic weaknesses and external influences that have contributed to the crisis, assess the sustainability of Lebanon's economic model, and provide insights into potential pathways for economic recovery and development.


Dissertation
Trade promotion effect of international migration : evidence from Belgium
Authors: --- --- ---
Year: 2018 Publisher: Liège Université de Liège (ULiège)

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Abstract

In this paper we investigate the causal effect of international migration on trade flows, using
panel data on bilateral trade flows and immigrants in Belgian regions between 2005 and 2016.
After controlling for a wide set of fixed effects, we find a positive effect of immigrant stocks
on Belgian region’s bilateral trade; this effect being stronger for imports than for exports.
However, this effect is mainly due to immigrants from non-EU countries. These results are in
line with the literature. Using an instrumental variable approach based on migration enclaves,
we were able to confirm our findings and also interpret the effect of immigration on Belgian
region’s bilateral trade as a causal effect.


Dissertation
Impact de l'euro sur les échanges commerciaux des pays membres de la zone euro : cas de la Belgique.
Authors: --- --- ---
Year: 2019 Publisher: Liège Université de Liège (ULiège)

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Abstract

Dans cette étude nous avons analysé l’effet de l’euro sur les échanges commerciaux entre la
Belgique et les autres pays membres de la Zone Euro. Tout comme les études antérieures,
nous avons utilisé le modèle de gravité augmenté de la variable binaire EURO, avec les
données longitudinales relatives au commerce extérieur belge au cours de la période allant de
2000 à 2017. Après avoir contrôlé les facteurs non observables par l’inclusion d’un grand
nombre d’effets fixes, nous avons trouvé un effet positif et statistiquement significatif de
l’euro sur les échanges commerciaux belges. Les coefficients estimés de cet effet sont entre
5% et 18% pour les exportations, et entre 15% et 28% pour les importations belges. Ces
résultats montrent que l’euro a un effet causal sur les échanges commerciaux entre la
Belgique et les autres pays de la Zone Euro, et sont en totale cohérence avec la majorité des
études et avec les études récentes relatives à l’effet commercial de l’euro. Toutefois, cet effet
diminue au cours du temps, à cause d’autres facteurs (à l’exemple de l’innovation de la
technologie financière), qui permettent de promouvoir plus le commerce entre les membres de
la ZE, que la monnaie unique.


Dissertation
How does the Ricochet Covid-19 Government-Backed Loan influence Belgian Small and Medium Enterprises?
Authors: --- --- ---
Year: 2024 Publisher: Liège Université de Liège (ULiège)

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Abstract

Small and Medium-sized Enterprises (SMEs) are crucial to the Belgian economy, representing 99.9% of all enterprises and employing over 1.1 million individuals. Despite their importance, SMEs often struggle with financing, a challenge worsened by the Covid-19 pandemic. In response to these challenges, the Belgian Government has launched various policy initiatives at both federal and regional levels. One such measure, implemented in the Walloon region, is the “Ricochet-recovery” loan, distinguished by its 0% interest rate, making it an appealing option for businesses seeking financial support.

This study investigates the impact of the “Ricochet-recovery” loan on the credit spreads and financial health of Belgian SMEs. By utilising a dataset of 9,263 SMEs from 2017 to 2022, the research employs a Difference-in-Differences (DiD) approach to compare financial outcomes between eligible and non-eligible firms. The findings indicate that the loan policy significantly reduced credit spreads for eligible SMEs, suggesting improved creditworthiness and lower borrowing costs. Additionally, the study highlights enhanced financial access for eligible firms, both before and after the policy enactment.

These results demonstrate the effectiveness of targeted financial interventions in supporting SMEs during economic downturns. Policymakers can use these insights to design future policies that ensure SMEs receive necessary support, maintaining financial stability and fostering a resilient economic environment.

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