The Wim Meeusen prize rewards the best paper presented by a young scholar during the International Conference & summer school in "Economics of Global Interactions: New Perspectives on Trade, Factor Mobility and Development, held at Bari in September.

Silvia's paper, co-authored with Evie Graus, exploits a quasi-natural experiment in West Africa to examine how conflict-induced trade diversion affects local development in countries competing with those affected by conflict.
 

Congratulation to Silvia! 

Discover his research on the lasting impact of Roman political integration, the economic effects of immigration, and the role of workplace diversity in productivity.

Watch the video to learn more about his research.
 

Augmentation des moyens dans l'enseignement obligatoire mais diminution dans l'enseignement supérieur

L'article met en évidence un paradoxe. Alors que les moyens par étudiant dans l'enseignement obligatoire ont progressé (en termes réels, c’est-à-dire, déduction faite de l’inflation) de manière significative sur la période (+14%), ceux de l'enseignement supérieur ont fortement diminué en termes réels (-12%). Cette évolution résulte de la forte croissance du nombre d'étudiants dans le supérieur, insuffisamment accompagnée sur le plan budgétaire.

Budget parmi les plus élevés des pays européens comparables

Pour évaluer la pertinence de ces choix, l'auteur mobilise à la fois les enseignements de la littérature scientifique sur les rendements de l'investissement éducatif et les comparaisons internationales des moyens par étudiant. Ces analyses montrent que les moyens consacrés à l'enseignement obligatoire de la FWB figurent aujourd'hui parmi les plus élevés des pays européens comparables, alors que ceux alloués à l'enseignement supérieur se situent nettement en retrait de ceux des partenaires européens.

Disparités entre hautes écoles et universités

L'étude souligne également les disparités apparues au sein même de l'enseignement supérieur. Alors que les hautes écoles et autres établissements du supérieur hors université ont progressivement retrouvé leurs niveaux de financement (en termes de moyens par étudiant) de 2006, par ailleurs comparables à ceux observés dans des pays européens similaires, les universités continuent à subir une dégradation importante de leurs moyens par étudiant. Selon les estimations présentées, ceux-ci demeurent inférieurs de quelques 25% à leur niveau de 2006.

Gestion en silos

Pour expliquer cette situation, l'auteur pointe une gestion budgétaire des différents niveaux d’enseignement en «silos» étanches, sans perspective d’ensemble. L’analyse révèle que cette situation – unique en Europe – procède essentiellement d’une logique «politique» induite par le fait que les gouvernements successifs de la FWB ont à gérer un budget dont près de 75% est absorbé par les seules dépenses d’enseignement.

Adapter les ressources aux besoins réels des différents niveaux d'enseignement

L'article plaide dès lors pour une «politique budgétaire intégrée» couvrant l'ensemble du système éducatif. Une telle approche permettrait de mieux adapter les ressources aux évolutions démographiques et aux besoins réels des différents niveaux d'enseignement. Au vu des constats dressés et de l’analyse présentée, le refinancement des universités devrait désormais constituer une priorité des politiques éducatives de la Fédération Wallonie-Bruxelles.

On en parle dans la presse

• Enseignement : vingt ans de choix budgétaires à contre-courant, L'Echo, 10/09/2026
• Budget, le déséquilibre croissant entre l’enseignement supérieur et obligatoire, Le Soir, 10/09/2026
• Deux ministres, un budget scindé et des choix paradoxaux: comment la FWB définance l'enseignement supérieur au profit de l'obligatoire depuis 20 ans,10/09/2026 La Libre Belgique (version papier)

  Photo : UCLouvain/ Nicolas Leurident

Between macroeconomic modelling, applied research, and international institutions, Luis Herrera has built a career at the intersection of academia and public policy. A graduate of UCLouvain, he is now a Senior Economist at the Financial Stability Department of the Banco de España, after previous experiences at the European Central Bank and the International Monetary Fund. Looking back on the years that shaped his trajectory, he describes a demanding PhD journey, carried out between the pandemic and major European institutions, that taught him how to turn broad economic questions into concrete tools for policymaking.

At first, nothing seemed to predestine Luis Herrera for a PhD. When he began his undergraduate studies in Economics, academic research was not even on his radar. It was only during his bachelor’s thesis, focused on public debt sustainability using a general equilibrium model, that his perspective on economics began to change. Beyond the theories and the numbers, he discovered a deeper interest in understanding the mechanisms shaping economic policy.

“This project sparked my curiosity, both about macroeconomics itself and about the quantitative tools needed to study these questions rigorously.”

Encouraged by his professors, he then joined the Research Focus Master’s in Economics at UCLouvain, a demanding programme designed as a gateway to research. As the programme progressed, one thing became increasingly clear to him: he did not want to stop there.

“By the end of the master’s, I didn’t feel ‘done’. On the contrary, I was even more motivated to keep learning and to apply these techniques to relevant economic questions.”

The academic environment itself also played a key role in his decision to continue at LIDAM. He particularly highlights the flexibility offered by UCLouvain, including the opportunity to take courses at other Belgian universities, as well as the quality of the academic supervision.

A PhD shaped by uncertainty and international opportunities

Like many doctoral researchers of his generation, Luis Herrera began his PhD during the Covid-19 pandemic. The first months were marked by isolation, remote work, and the difficulty of maintaining a stable research rhythm.

“At the beginning, the hardest aspect wasn’t only working remotely, but also losing the routines and the usual academic environment.”

Over time, however, a new balance emerged. Regular online meetings with his supervisors helped him stay connected to his research and continue progressing steadily. Looking back, he sees this period as highly formative, particularly because it taught him how to work independently while maintaining close collaboration with his supervisors.

Yet the defining moments of his PhD were undoubtedly his experiences within major international institutions. During his doctorate, he completed internships at the European Central Bank and later at the International Monetary Fund. These experiences reinforced his desire to work on research directly connected to real-world policy challenges.

“These experiences strengthened my ability to connect academic research with policy-relevant questions.”

After his first internship, he returned to the ECB for the final two years of his dissertation, immersing himself in the world of European macroprudential policy discussions. He credits the flexibility and support of his supervisors at UCLouvain for making this possible.

“A PhD taught me how to turn complex economic questions into research that can inform policymaking.”

When research directly informs public policy

Today, as a Senior Economist at the Financial Stability Department of the Banco de España, Luis Herrera works at the intersection of research and policymaking. His daily work combines macroeconomic modelling, real-time economic monitoring, and research production directly relevant for policy discussions.

“A large part of my work consists of translating economic questions into model-based exercises, running scenarios, and interpreting what the mechanisms imply for policy trade-offs.”

His PhD remains central to his professional practice. Beyond the technical expertise it provided, he emphasises the intellectual reflexes developed during those years: structuring a question, identifying key assumptions, managing uncertainty, and communicating complex results clearly.

“The PhD gave me a way of thinking. It taught me how to take a broad policy issue and turn it into a precise research question.”

That analytical mindset remains one of the most valuable legacies of his doctoral journey.

“You need to enjoy the process, not only the outcome.”

For students hesitating about starting a PhD, Luis Herrera’s advice is to reflect carefully on what truly motivates them. In his view, a doctorate is a unique intellectual experience, but also a demanding one, shaped by uncertainty and perseverance.

“A PhD can be incredibly rewarding, both intellectually and personally. But you need to enjoy the process itself, not only the idea of obtaining the degree at the end.”

Looking back today, he says he would make the same choice again without hesitation.

“There are always small things you might do differently once you’ve gone through the process. But when it comes to the important part, yes, I would absolutely choose the same path again.”

Pursuing a PhD often means embracing uncertainty as much as intellectual discovery. For Jing-Rong Zeng, now a Postdoctoral Fellow at the Paris School of Economics, this journey has been shaped by international mobility, funding challenges, and a gradual but profound transformation into an independent researcher. Her story offers valuable insights for future PhD candidates and the LIDAM community.

Why pursue a PhD and why at LIDAM?

For Jing-Rong Zeng, the decision to pursue a PhD was guided by three key factors: funding, timeline, and alignment of research interests.

After completing her undergraduate studies in Taipei, followed by master’s degrees in Barcelona and Tilburg, she was looking for a research environment that matched her academic ambitions.

“I am interested in development economics and political economy. LIDAM offered a strong concentration of faculty working in these areas, which made it the right fit for me.”

The support of her supervisor, Professor Joseph Gomes, and the possibility of applying for competitive research funding through FNRS were also decisive. Thanks to her prior research training, she was able to move directly into the thesis phase, a flexibility offered by LIDAM and the Economics School of Louvain.

Navigating challenges and learning resilience

Jing-Rong’s PhD experience was marked early on by uncertainty, particularly around funding.

Despite several unsuccessful applications to FNRS grants, she was able to continue her research thanks to the strong support of her supervisor, who helped her identify alternative funding sources.

“It was a stressful period, but it taught me how to deal with uncertainty something that is inherent to any research career.”

Another challenge she reflects on today is the sense of isolation she experienced in the early stages of her PhD.

“I was working quite independently and didn’t always know how to reach out when I was stuck. In hindsight, engaging earlier with others and collaborating more would have made a big difference.”

Understanding what research really means

Beyond technical skills, Jing-Rong emphasizes that a PhD is fundamentally about learning how to think and operate as a researcher.

Research, she explains, goes far beyond reading papers and running analyses. It also involves communication, collaboration, and project management.

“The PhD helped me understand that doing research is multidimensional. You need to connect your work to broader questions, communicate it clearly, and navigate institutional constraints such as funding.”

One of her key takeaways is learning to accept uncertainty while building confidence in her own abilities, a balance that defines early academic careers.

Entering the academic job market

Like many economists, Jing-Rong transitioned to her current position through the international academic job market.

In the final year of her PhD, she followed this structured and highly competitive process, which remains the primary pathway into postdoctoral and academic positions in economics.

A postdoc: continuity with greater autonomy

Today, as a Postdoctoral Fellow at the Paris School of Economics, Jing-Rong continues to focus on research, but with increased independence.

Her daily work combines individual research and collaborative projects, often in close interaction with colleagues and her postdoctoral supervisor.

The skills developed during her PhD remain central to her work:

• identifying relevant research questions
• conducting rigorous analysis
• communicating findings effectively
• collaborating across institutions

“A PhD in economics gives you a highly transferable skill set that is valuable not only in academia, but also in policy institutions and beyond.”

Advice to those considering a PhD

For prospective PhD candidates, Jing-Rong encourages careful reflection before making the decision.

Key questions to consider include:

•  How many years are you willing to commit?
• What are your funding conditions?
• What are your career expectations after the PhD?

She also highlights the increasing competitiveness of the academic job market, while stressing the broader value of PhD training.

“If your expectations, funding, and personal circumstances are aligned, then a PhD is absolutely worth pursuing. It is a unique opportunity to explore a topic in depth.”

Would she do it again?

Without hesitation.

“Even though the experience was different from what I had imagined at 20, it turned out to be extremely rewarding.”

She particularly values the international exposure she gained during her time at LIDAM and across Europe, an experience that continues to shape her academic trajectory.