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Elsa Leromain.

Elsa Leromain

Associate

Expertise: International Trade

Email:
elsa.leromain@uantwerpen.be
Connect:
Website
Links:
CEP Trade
University of Antwerp

Biography

Elsa Leromain is an Assistant Professor at the University of Antwerp. He is an Associate at the Centre for Economic Performance (CEP) at the London School of Economics and a CESifo affiliate. She obtained her PhD from Paris School of Economics (PSE).

Current areas of research include:

  • Trade Policy: Impact of trade policy changes on firms and workers
  • Trade Policy and the Environment: Phytosanitary leakage and border adjustment
  • Spatial inequalities: Economic inequalities and their implication for political outcomes

Publications

Journal article
Import liberalization as export destruction? Evidence from the United States

In trade models with scale economies import liberalization reduces exports within industries by shrinking real market potential. We find this export destruction mechanism reduced US export growth following the permanent ... Read more...

Holger Breinlich, Elsa Leromain, Dennis Novy and Thomas Sampson

01 July 2026

Blog
Post-Brexit trade policy hit supply chains and workers

After Brexit, firms in the UK found their supply chains disrupted. Holger Breinlich, Elsa Leromain and Martina Magli show that subsequent declines in trade led to less employment and lower pay for workers - with firms im... Read more...

Holger Breinlich, Elsa Leromain and Martina Magli

26 June 2026

CEP discussion papers
Mind the break-up: when policy disrupts firms' supply chains

This paper examines how policy-induced supply-chain shocks affect firms? performances, using the UK-EU Trade and Cooperation Agreement (TCA) as a source of exogenous variation. Using UK microdata on firm-level goods and ... Read more...

Holger Breinlich, Elsa Leromain and Martina Magli

15 May 2026

Journal article
The ripple effect: trade linkages and the stock market response to the Russia?Ukraine war

This paper investigates how firms' international linkages to Russia and Ukraine affected investors' expectations following the escalation of the Russian-Ukrainian war. For this, we perform an event study around the Russi... Read more...

Marcus Biermann and Elsa Leromain

01 July 2025

Blog
How has the Russian invasion of Ukraine affected global financial markets?

As Russia's war against Ukraine continues to unfold, its global economic impact remains uncertain. Evidence from the stock market indicates that firms with strong trade or ownership ties to Russia are more likely to face... Read more...

Marcus Biermann and Elsa Leromain

25 May 2023

CEP discussion papers
The indirect effect of the Russian-Ukrainian war through international linkages: early evidence from the stock market

This paper investigates how firms' international linkages to Russia and Ukraine affected investors' expectations following the escalation of the Russian-Ukrainian war. For this, we perform an event study around the Russi... Read more...

Marcus Biermann and Elsa Leromain

26 January 2023

Journal article
Voting under threat: evidence from the 2020 French local elections

We study how COVID-related risk affected participation across the French territory in the March 2020 local elections. We document that participation went down disproportionately in towns exposed to higher COVID-19 risk. ... Read more...

Elsa Leromain and Gonzague Vannoorenberghe

01 December 2022

Blog
Import liberalisation as export destruction: evidence from the United States

Holger Breinlich, Elsa Leromain, Dennis Novy and Thomas Sampson look at US-China trade relations to examine how import liberalisation brings down import costs and increases competition, but can also lead to lower export ... Read more...

Holger Breinlich, Elsa Leromain, Dennis Novy and Thomas Sampson

11 April 2022

Journal article
The Brexit vote, inflation and UK living standards

This article studies how voting for Brexit affected living standards in the United Kingdom. Using heterogeneity in exposure to import costs across product groups, we analyze how the depreciation of sterling caused by the... Read more...

Holger Breinlich, Elsa Leromain, Dennis Novy and Thomas Sampson

01 February 2022

Blog
Covid and voting: how turnout in the 2020 French local elections fell

How did the pandemic affect turnout in French elections in March 2020? Elsa Leromain (LSE) and Gonzague Vannoorenberghe (Universite Catholique de Louvain) find that participation fell, especially in towns more exposed to... Read more...

Elsa Leromain and Gonzague Vannoorenberghe

13 September 2021

CEP discussion papers
Voting under threat: evidence from the 2020 French local elections

We study how Covid-related risk affected participation across the French territory in the March 2020 local elections. We document that participation went down disproportionately in towns exposed to higher Covid-19 risk. ... Read more...

Elsa Leromain and Gonzague Vannoorenberghe

30 July 2021

CEP discussion papers
Import liberalization as export destruction? Evidence from the United States

How does import protection affect export performance? In trade models with scale economies, import liberalization can reduce an industry's exports by cutting domestic production. We find this export destruction mechanism... Read more...

Holger Breinlich, Elsa Leromain, Dennis Novy and Thomas Sampson

30 June 2021

Journal article
Critically important: the heterogeneous effect of diplomatic tensions on trade

With global value chains interlocking todaya??s economies, what is the impact of diplomatic tensions on international trade? We exploit variation in monthly data on imports, a measure of imported input use in the domesti... Read more...

Julian Hinz and Elsa Leromain

01 September 2020

Journal article
Voting with their money: Brexit and outward investment by UK firms

We study the impact of the 2016 Brexit referendum on UK foreign direct investment. Using the synthetic control method to construct appropriate counterfactuals, we show that by March 2019 the Leave vote had led to a 17% i... Read more...

Holger Breinlich, Elsa Leromain, Dennis Novy and Thomas Sampson

01 May 2020

CEP discussion papers
Exchange rates and consumer prices: evidence from Brexit

This paper studies how the depreciation of sterling following the Brexit referendum affected consumer prices in the United Kingdom. Our identification strategy uses input-output linkages to account for heterogeneity in e... Read more...

Holger Breinlich, Elsa Leromain, Dennis Novy and Thomas Sampson

10 December 2019

Blog
Elections britanniques : quels enjeux pour le Brexit ? (Policy Brief)

Utilite de l?article : A l?approche des elections britanniques, l?incertitude quant a la tournure que prendra le Brexit est toujours importante. Cet article expose les scenarios possibles a ce jour ainsi que leurs conseq... Read more...

Elsa Leromain

10 December 2019

CEP discussion papers
Voting with their money: Brexit and outward investment by UK firms

We study the impact of the 2016 Brexit referendum on UK foreign direct investment. Using the synthetic control method to construct appropriate counterfactuals, we show that by March 2019 the Leave vote had led to a 17% i... Read more...

Holger Breinlich, Elsa Leromain, Dennis Novy and Thomas Sampson

24 July 2019

CentrePiece - The magazine of the Centre for Economic Performance
In brief... Globalisation and its discontents

CEP's Trade Week brought together researchers and policy-makers to discuss the recent trend towards protectionism, its causes and directions for future policy. Josh De Lyon and Elsa Leromain report.... Read more...

Josh De Lyon and Elsa Leromain

01 July 2019

CentrePiece - The magazine of the Centre for Economic Performance
In brief... Brexit and outward investment by UK firms

Media reports have highlighted that some UK firms have started to move production abroad in anticipation of Brexit. CEP analysis confirms that there has indeed been a substantial increase in outward investments. The shif... Read more...

Holger Breinlich, Elsa Leromain, Dennis Novy and Thomas Sampson

01 July 2019

CEP Brexit analysis Papers
Voting with their money: Brexit and outward investment by UK firms

Foreign direct investment (FDI) has grown rapidly in recent decades. Through FDI, firms headquartered in the UK can own and operate subsidiaries throughout the world. FDI opportunities give firms a choice between investi... Read more...

Holger Breinlich, Elsa Leromain, Dennis Novy and Thomas Sampson

11 February 2019

Journal article
The economic effects of Brexit: evidence from the stock market

We study stock market reactions to the Brexit referendum on 23 June 2016 in order to assess investorsi?? expectations about the effects of leaving theEuropean Union on the UK economy. Our results suggest that initial sto... Read more...

Holger Breinlich, Elsa Leromain, Dennis Novy, Thomas Sampson and Ahmed Usman

01 December 2018

CEP discussion papers
The economic effects of Brexit - evidence from the stock market

We study stock market reactions to the Brexit referendum on 23 June 2016 in order to assess investors? expectations about the effects of leaving the European Union on the UK economy. Our results suggest that initial stoc... Read more...

Holger Breinlich, Elsa Leromain, Dennis Novy, Thomas Sampson and Ahmed Usman

07 September 2018

CEP Brexit analysis Papers
The Brexit vote, inflation and UK living standards

The vote to leave the European Union (EU) was an unanticipated shock to the UK economy that increased uncertainty and reduced the country?s expected future openness to trade, investment and immigration with the EU. Our r... Read more...

Holger Breinlich, Elsa Leromain, Dennis Novy and Thomas Sampson

20 November 2017

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