Année : 2012

How Far Away is an Intangible ? Services FDI and Distance

Mardi | 2012-02-07 B103 Ronald B. DAVIES – Amélie GUILLIN Foreign direct investment (FDI) in services has grown significantly in recent years. Evidence of spatial relationships in FDI decisions have been provided for goods manufacturing by utilizing physical distance-based measures of trade costs. This paper investigates spatial interactions for services FDI using several distance measures, including physical distance, genetic distance, and transport time. Across different measures of distance, the traditional determinants of outbound FDI activity remain valid for services. We […]

Coping with the Recent Financial Crisis, did inflation Targeting Make any Difference?

Mercredi | 2012-01-18 B103 Armand FOUEJIEU AZANGUE Countries have faced one of the greatest economic shocks recently. The effects of the financial crisis went largely among the financial markets and hit the real economy. The aim of this study is to investigate whether inflation targeting helped countries which implement this monetary policy strategy to perform better during the 2008/2009 financial crisis. Based on the literature, we first present some arguments suggesting that inflation targeters can be expected to do better […]

A Theoretical and Empirical Comparison of Systemic Risk Measures: MES versus CoVar (article non disponible)

Mercredi | 2012-01-11 B103 Sylvain BENOIT – Gilbert COLLETAZ – Christophe HURLIN – Article non disponible In this paper, we propose a theoretical and empirical comparison of two popular systemic risk measures – Marginal Expected Shortfall (MES) and Delta Conditional Value at Risk (CoVaR) – that can be estimated using publicly available data. First, we assume that the time-varying correlation completely captures the dependence between …rm and market returns. Under this assumption, we derive three analytical results: (i)we show that […]