Photo Antonia Lopez Villavicencio

Antonia Lopez Villavicencio

Professeur(e)
  • Email
  • Tél. professionnel 0140977822
  • Bureau à Paris Nanterre (Bât. + num.) G607A
  • Research group

      Macroéconomie Internationale, Banque et Econométrie Financière

  • Theme(s)
    • Econométrie appliquée
    • Economie internationale
    • Macroéconomie
    • Macroéconomie financière
    • Finance internationale

2021-12 "Macroeconomic effects of EU value chain participation"

Mariam Camarero, Antonia Lopez Villavicencio, Cecilio Tamarit

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Abstract
In this paper we analyze some macroeconomic effects derived from the participation of EU countries in global and regional value chains over the period 1990-2019. By employing local projections, we show that the impact of value chain participation on economic performance depends crucially on the country's position in the production chain. While backward participation is linked to better economic performance, forward participation leads to declining domestic output and a rise in unemployment. Moreover, we find evidence of important heterogeneity among EU countries, with peripheral and CEE countries being more sensitive to shocks in the participation indicators. Our results are robust to different controls.
Classification-JEL
F14; F15; F62; C32
Mot(s) clé(s)
Global Value Chains, EU; local projections, VAR
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2019-26 "The mental health consequences of globalisation"

Maria Cervini, Antonia Lopez Villavicencio

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Abstract
Micro evidence for employed workers has led to the claim that globalisation, i.e. higher trade exposure, has far-reaching implications for mental health problems in some advanced countries. Evidence for other aspects of globalisation at the cross-country level is scarce. Using information on depression and anxiety, combined with proxies for different dimensions of globalisation, we undertake a detail analysis in a large sample of countries. We go beyond the simple impact of globalisation in observable labor market outcomes and show that more globalized counties experience higher mental distress than less globalized countries. In particular, we show that even though trade globalisation reduces mental health disorders at the country-level, the positive influence of social globalisation prevails over the economic dimension. Hence, our results complement documented consequences of globalisation on mental health outcomes by showing that factors involving cross-border movement of cultures and openness of media play a major role.
Classification-JEL
F60, I1, C33
Mot(s) clé(s)
Mental Health, globalisation, anxiety, depression
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2019-16 "Exchange rate pass-through to import prices: Accounting for changes in the Eurozone trade structure"

Antonia Lopez Villavicencio, Valérie Mignon

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Abstract
This paper assesses whether the emergence of new trading partners (i.e., China and Eastern Europe) as suppliers reduces the exchange rate pass-through (ERPT) in Eurozone countries which differ regarding their external exposure. Using bilateral data on import prices at the two-digit sector level, we find that (i) pass-through is complete in many cases, (ii) ERPT from China is higher than from the United States, and (iii) there is no compelling evidence of a generalized link between ERPT and the increasing integration of some emerging markets in European imports. We also show that the launch of the single currency has not provoked a sufficient change in the part of trade exposed to exchange rate fluctuations and, therefore, has not affected the pass-through. Overall, the trend of liberalization in new players' markets has not altered the competitive environment such as to induce exporters of other countries to absorb exchange rate depreciations.
Classification-JEL
E31; F31; F4; C22
Mot(s) clé(s)
Exchange rate pass-through; import prices; China; Eastern Europe; Eurozone
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