Thomas Belaich*, Lilie Timricht**

*Why the Popular Front, which resembles closely the New Deal and the NRA, failed in pulling France out of the Depression ? We focus on the monetary depreciation of October 1936 which allowed France to leave the gold standard, although with a considerable lag on other comparable economies. We show that contrary to the US, French farmers did not benefit from the rise in crop prices induced by the monetary depreciation — the "farm channel" of devaluation, which is supposed to be expansionary in agriculture-intensive regions. The farm channel was broken in France — if not negative. We also highlight that prices started to rise before the devaluation, so that it only enhanced a previously inflationary trend, and show the potentially significant role of the "Office National Interprofessionnel du Blé" in single handedly obstructing the farm channel for wheat around devaluation. Hence, we show that the Popular Front implemented contradictory policies right before the devaluation — instead of right after as did Roosevelt in 1933 —, among which the fixation of wheat prices by the ONIB, which added to the 40-hour law contractionary effect and further impeded devaluation benefits by obstructing the farm channel.

**This chapter provides the first global empirical evidence on the relationship between international master’s education and entrepreneurship. Using large-scale longitudinal data from LinkedIn/Revelio, we document that international master’s graduates are systematically more likely than domestic graduates to create firms across the world’s leading destinations for international students. We further show how this entrepreneurial advantage varies across fields of study, gender, origin and destination countries. In addition, we document the geography of post-graduation firm creation, highlighting the international mobility of entrepreneurial activity among former international students. Taken together, the results offer a new global perspective on the economic impact of international student mobility and the contribution of international graduates to entrepreneurship, innovation, and economic growth worldwide.