International audience Ten years after the 2008-09 global financial crisis, most advanced economies have recovered and global economic growth has taken hold. However, partly due to accommodative financial conditions, financial risks are on the rise while inflation remains subdued. This revives the d...

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This thesis is concerned with the role of interbank competition in Africa. During the past decade, African banking systems have witnessed profound changes in their structure with some implications on the level of competition. Although the traditional view argues that intensified competition encourag...

In 2008-2009, a severe economic crisis struck the world economy. Many macroeconomists assumed that the global financial crisis would change the prevalent way of economic thinking. This paper considers this idea and raises the question if a paradigm change in the German debate on macroeconomic policy...

This paper aims at investigating first the (possibly time-varying) empirical relationship between the level and conditional variances of price and financial stability, and second, the effects of macro and policy variables on this relationship in the United States and the Eurozone. Three empirical me...

The targeting of inflation as the sole objective of monetary policy is based on the assumption of high financial efficiency, which the systemic crisis has invalidated. Monetary policy needs to be reconfigured in an uncertain world where currency is endogenous and financial stability is a prominent r...

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This special topic poll, conducted January 13-15, 1997, is part of a continuing series of monthly polls that solicit public opinion on the presidency and on a range of other political and social issues. This data collection was undertaken to assess public opinion prior to President Bill Clinton's se...

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By its decision of 12 September 2012, the German Federal Constitutional Court removes the obstacles that the Fondamentale Law could raise to the ratification of the Treaty establishing the European Stability Mechanism (TIMES) and the Treaty on Stability, Coordination and Governance in the Economic a...

This paper reviews the literature on corporate disclosure. Policymakers often support corporate disclosure but more contrasted views have emerged in the academic literature, showing that even if disclosure can actually benefits to shareholders, it is costly and it may trigger pernicious effects. Dis...

While the economica theory presents ambiguous propositions on the relationship between market structure and the stability of the bancario system, some models, such as the one of competition-fragility developed by Allen que Gale (2004), suggest that increasing competition leads to greater risks for b...

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The COVID-19 pandemic has created an unprece­dented surge in food insecurity and demand for free food. In response, Foodshare, the regional food bank serving Greater Hartford, Connecticut, created a drive-through distribution program to meet the immediate food needs of residents. Our team at Foodsha...

I. A financial system under stress until the end of the last decade in Germany, the banking sector, corporate governance and the financial system as a whole have been characterised by high stability. The key features were the dominance of banks across the financial sector, the important role of non-...

This paper studies a model of the interest-rate channel of monetary policy in which a low policy rate lowers the cost of capital for firms thereby spurring investment, but also induces destabilizing “carry trades” against their assets. If the public sector does not have sufficient fiscal capacity to...

Madagascar among less advanced countries in a precarious situation has benefited aids from many donors, bilateral and multilateral, traditional or new ones, to finance its development program implementation.Since its independence, it has not stopped receiving such public aids for development. Howeve...

Ma thèse se compose de trois chapitres sur la stabilité financière des grandes banques. Dans le premier chapitre, je décris un modèle avec un système bancaire dans lequel la banque de dépôts collecte les dépôts des ménages et les prête à la banque d'investissement, et la banque d'investissement four...

We build an infinite-horizon dynamic deterministic general equilibrium model with imperfect markets (because of borrowing constraints), in which heterogeneous agents invest in capital or/and financial asset, and consume. There is a representative firm who maximizes its profit. Firstly, the existence...

Recent economic and financial crises have prompted discussion of economic policy requirements dictated by international financial institutions to borrowing countries. Such economic policy prescriptions have modified the organization of the cotton system in Beninwith structural adjustment programs si...

This study is structured around the observation of a gap between the pursuit of apolitical project of a federal nature, the single currency, and implementation tools based onbelonging to a centralized state, the ante budgetary control. This situation results first of lackof trust between them, but t...

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'titreb Summary’/titreb The creation of the European Monetary Union gives an experimental dimension to the acquisition and testing of credibility by a central bank. The theoretical models underlying the concept of credibility reduce the institutional set-up to a very simple pattern and the collectiv...

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