CURRICULUM VITAE (this version: September 2017)
Damien Cubizol
Nationality: French
Date of birth: March 7th, 1987 Contact information:
-Phone: +33(0)4 73 17 74 47; +33(0)6 48 29 11 96
-E-mail: damien.cubizol@gmail.com ; damien.cubizol@uca.fr Current positions:
Lecturer (Maître de conférences) in Economics at University of Clermont Auvergne, France Researcher at CERDI (Center for Studies and Research on International Development, CNRS) -Research fields: Macroeconomics and international finance, emerging economies (particularly the Chinese economy), dynamic stochastic general equilibrium models, panel data econometrics and time series analysis.
Past positions:
-2015-2017: Temporary teaching and research position (ATER), Sciences Po Toulouse;
research affiliate at GATE-CNRS;
-2012-2015: PhD fellowship, University of Lyon and GATE-CNRS (PhD studies: Oct. 2012-Sept. 2016);
-2014: research fellow at Beijing Normal University (6 months).
Education
Oct. 2012-Sept. 2016: Ph.D. in Economics, University of Lyon / GATE-CNRS -3 years research grant from the French Ministry of Education and Research -6 months research grant from Rhône-Alpes region at Beijing Normal University -thesis: Capital misallocation in emerging economies: the case of China
-supervisors: Aurélien Eyquem (University of Lyon, GATE-CNRS and IUF) and Céline Gimet (Sciences Po Aix and CHERPA)
-jury members: Stéphane Auray, Sylvie Démurger, Gilles Dufrénot and Jérôme Héricourt
2012: MSc. in Monetary Macroeconomics and Finance, University of Lyon and Ecole Normale Supérieure Lyon
2008-10: Bachelor in Economics, Business, and Law, IAE University of Lyon
2004-07: Engineering studies (undergraduate), National Institute of Applied Sciences (INSA Lyon)
References
-Prof. Aurélien Eyquem, University of Lyon, GATE-CNRS and IUF: eyquem@gate.cnrs.fr (PhD supervisor)
-Prof. Céline Gimet, Sciences Po Aix and CHERPA: celine.gimet@gmail.com (PhD co-supervisor)
-Dir. Sylvie Démurger, CNRS (GATE): demurger@gate.cnrs.fr (President of the thesis committee)
Research
Fields:
Macroeconomics and international finance
Emerging economies (particularly the Chinese economy)
Dynamic stochastic general equilibrium models
Panel data econometrics and time series analysis
Research articles (see abstracts at the end of the CV):
Transition and capital misallocation: the Chinese case (1st chapter of the thesis), Journal of International Money and Finance, forthcoming;
Unbalanced credit distribution in emerging economies and FD) 2nd chapter of the thesis), GATE-CNRS Working paper;
Rebalancing in China: a taxation approach (3rd chapter of the thesis), job market paper;
Work in progress (see abstracts at the end of the CV):
A study of Chinese stock markets’ volatility using high frequency data , preliminary work (in collaboration with Beijing Normal University);
Financial development and capital flows: a sectoral approach ;
Ramsey policies applied to the Chineseeconomy .
Research visits:
2016: Beijing Normal University (2 weeks)
2014: Beijing Normal University (6 months)
Conferences and seminars:
2016 and 2017:
ADRES Conference 2017 (Toulouse School of Economics)
3rd International Conference on the Chinese Economy (Tsinghua University, Beijing)
23rd International Conference on Computing in Economics and Finance (Fordham University, New York)
6th and 7th SEBA-GATE Workshops (GATE, Lyon, and SEBA, Beijing)
Presentations at open-days of CERDI and EconomiX laboratories (Clermont-Ferrand and Paris)
LEREPS PhD Workshops 2016 and 2017 (Toulouse)
RES PhD meeting 2017 (Westminster Business School, London) 2014 and 2015:
4th PhD Conference in International Macroeconomics and Financial Econometrics (University of Paris-Nanterre)
13th T2M Conference (Humboldt University, Berlin)
13th Infinity Conference (Ljubljana University)
32nd GDRE Workshop (Nice, ISEM)
2nd Lyon-Turin PhD Workshop (Collegio San Alberto, Turin)
5th SEBA-GATE Workshop (Fudan University, Shanghai)
11th Doctoriales MACROFI (Sciences Po Aix)
63rd AFSE congress (ENS Lyon)
Internal seminars at GATE-CNRS (Lyon)
Teaching
2017-2018: Lecturer (Maître de conférences) at University of Clermont Auvergne, France, Financial markets (Bachelor), Macroeconomic dynamics (Bachelor),
Development policies (Master, taught in English), International economic issues (Bachelor) and Macroeconometrics (Master, taught in English).
2015-2017: Temporary teaching and research position (ATER), Sciences Po Toulouse (renewed contract)
-teaching assistant (chargé de travaux dirigés) in Macroeconomics (1st year students, principles of macroeconomics, monetary and fiscal policies);
-supervisor of workshops on Economics (2nd year students, various subjects chosen by students).
2013-2015: Teaching assistant (chargé de travaux dirigés) at University of Lyon, International macroeconomics and finance, (3rd year students,
international trade, international monetary system, financial crisis and regulation).
2006-2013: Tutoring in Mathematics, Economics and Physics-Chemistry.
Other activities
2016 :
Presentation of the International Associated Laboratory L)A - )nequalities in China (GATE and Beijing Normal University) at the French Embassy in Beijing;
Participation to the elaboration of a MOOC C’est quoi l’éco? ), ENS Lyon, interviews of economists at Economics Days 2016 Lyon ;
2013-2015:
Alternate delegate of PhD students at GATE-CNRS administration board (2013-2014);
Support to the organization of 63rd ASFE workshop and 11th conference Theories and Methods in Macroeconomics (T2M), ENS Lyon;
Referee for Revue Française d’Economie;
Presentations of PhD studies at University of Lyon, 2013-2015;
Participation to courses at Barcelona Macroeconomics summer school CRE)–
Universitat Pompeu Fabra);
2011:
Internship at BNP Paribas Arbitrage (Prime Brokerage operations, Paris, 6 months):
risk analysis, statistics and international settlements;
2005-2010:
Various summer jobs (Boiron laboratories and Eoliance).
Languages and Computing
Languages: -French: native speaker -English: fluent
-Chinese: basics/intermediate -Spanish: basics/intermediate
Computing: -Matlab and Dynare (for DSGE simulations) -Stata, R, E-Views and Rats (for empirical studies) -programming in Visual Basic, C, and SQL
-LateX and Excel; Reuters and Bloomberg.
Abstracts of research articles
Transition and capital misallocation: the Chinese case (1st chapter of the thesis), Journal of International Money and Finance, forthcoming;
This paper demonstrates that the allocation of household savings to State-Owned Enterprises (SOEs) in China, and not to the increasing share of private firms, explains a part of the drop in the consumption share and of the patterns of capital flows during China's transition. The contribution is to explain these two elements in a dynamic general equilibrium model with TFP growth that differentiates FDI and foreign assets. In addition to other frictions, financial intermediation and SOEs have the crucial role by misdirecting household savings. It modifies firms' labor and capital intensiveness, and creates shifts in savings accumulation and capital flows. Moreover, the increasing share of credit-constrained private firms hinders wage growth, and returns on household savings are low to finance SOEs; these two elements reduce the consumption share. With a calibration adapted to the Chinese economy and deterministic shocks, the model also matches to a large extent the data for a variety of stylized facts during China’s transition.
Unbalanced credit distribution in emerging economies and FD) 2nd chapter of the thesis), GATE-CNRS Working paper;
This article is an empirical study. It reveals that a non-optimal credit distribution between sectors slows the increase in inward FDI in emerging economies. A first global and dynamic approach relies on GMM and Bayesian techniques, utilizing a sample of 40 emerging countries over the period 1988- 2008. Then, a sectoral approach is implemented for 1992-2012 on manufacturing sectors and strengthens the negative effect on inward FDI; however, the difference in financial dependence between sectors does not have clear effects. These results deepen the research showing that local credit constraints can change the decision of a foreign firm to expatriate a part of its production in this country. The analysis also sheds light on the presence of a credit bias toward the public sector in some emerging economies (particularly China, Russia, United Arab Emirates, Venezuela and Vietnam).
Rebalancing in China: a taxation approach (3rd chapter of the thesis), job market paper;
The rebalancing of the Chinese economy is analyzed through a heterogeneous taxation of various types of firms. Based on a two-country dynamic general equilibrium model, the paper applies tax
reforms to raise consumption, reduce some firms' overinvestment (overcapacities) and maintain a high level of welfare.
First, to reduce overcapacities, taxation may allow reallocating a part of the labor force to firms that are not overinvesting. This reallocation of the labor force is currently in progress in China, but it is a critical issue because it creates significant shifts in migrations and in unemployment rates in some sectors.
Second, for some reforms in the model, it is necessary to correct the distortions in factor costs (capital and labor) that lead to domestic imbalances, that is, to increase SOEs' loan repayments and to reduce the wage differential between foreign firms and domestic firms (public and private). Firms' credit cost is a key channel because it impacts both firms' investment and household consumption (through returns on savings).
Third, reforms that enhance consumption or reduce the investment rate both raise welfare gains for households. Moreover, in this framework, the rebalancing of the domestic demand does not require the readjustment of the external financial position because the aggregate savings rate remains high and the supply of domestic assets is reduced.
Finally, another theoretical framework proposes a heterogeneous taxation of consumption across home and foreign goods to enhance consumption.
Work in progress:
A study of Chinese stock markets’ volatility using high frequency data , preliminary work (in collaboration with Beijing Normal University);
This paper analyzes the volatility of Chinese stocks with time series econometrics applied to a high- frequency database. It evaluates the impact of government announcements on the volatility of Chinese stocks during financial instability periods.
Financial development and capital flows in emerging economies: a sectoral approach ;
This empirical study deepens the causality link between financial development and inward FDI in emerging economies. The work relies on a specific sectoral FDI database (manufacturing and tertiary sectors) and on various indexes of financial development (stock market capitalization, liquid liabilities and credit by financial institutions for example). Moreover, the impact of the difference in financial dependence between sectors is measured, and quantile estimations analyze the distribution of this impact across the panel.
Ramsey policies applied to the Chineseeconomy ;
DSGE simulations are implemented to analyze trilemma issues in China (the link between the degree of capital mobility, the exchange rate regime and the degree of monetary policy independence). In this framework, optimal Ramsey policies are applied to maximize welfare.
Master thesis (supervisors: Camille Cornand and Céline Gimet):
Global imbalances, financial development, and financial integration .
The mechanisms of external imbalances between the United States (U.S.) and Asian emerging countries are studied through a dynamic model with partial equilibrium on capital markets. The model is based on Caballero, Farhi, and Gourinchas (2008) and sheds light on the mechanisms of global imbalances, through low interest rates, growth trends and heterogeneous financial developments. The contributions are the addition to the model of capital controls on Asian capital outflows, and particularly the analysis of different solutions and scenarios that can reduce global
imbalances. The first scenarios are a floating exchange rate between the U.S. dollar and Renminbi, capital controls on Asian capital outflows, and an increase in financial development in emerging economies. Then, the analysis focuses on the consequences of an increase in the U.S. sovereign debt, a reduction of the U.S. assets’ quality, and a rise respectively a decrease) in the propensity to consume in Asia (respectively the U.S.). As a result, only capital controls, a higher financial development in Asian emerging economies, and a strong decrease in the U.S. propensity to get indebted, substantially reduce external imbalances.
The relations between the variables of the theoretical model are tested empirically with simple panel regressions, through different groups of countries with similar characteristics. The main objective is to observe and verify in each group the link between the balance of payments, financial development and financial integration. Moreover, the analysis highlights that these financial variables in emerging economies explain a significant part of the U.S. external deficit.
(Reference: Caballero, R. J., E. Farhi, and P.-O. Gourinchas (2008). An Equilibrium Model of Global Imbalances and Low Interest Rates. American Economic Review 98 (1), 358–93.)
