Microfinance and Entrepreneurship in Cameroon

Mardi | 2010-11-02 B103 Serge MESSOMO ELLE – libre The objective of this paper was to examine the role of microfinance institutions oncreation and expansion of microenterprises in Cameroon using the Schumpeter model and theVerstraete and Fayolle model of definitions of entrepreneurship. Creation of organization wasassociated with creation of microenterprise business organizations and expansion was associatedwith identification of business opportunity, value creation and innovation. The study uses ninemicrofinance institutions from Cameroon to assess the relationship between microfinanceinstitutions services and creation […]

A Non-Newtonian Examination of the Theory of Exogenous Economic Growth

Mardi | 2010-10-19 B103 Diana-Andrada FILIP – Cyrille PIATECKI – libre The development of the newtonian calculus has unexpectedly bea look-in in such away that the additive derivative approach ofNewtonand Leibnitz could have been replaced by a multiplicative one,more adapted to growth phenomenon. In this paper, we have triedto present how a non-newtonian calculus could be applied to repostulateand analyse the neoclassical exogenous growth model.

Latent Multilateral Trade Resistance Indices: Theory and Evidence

Mardi | 2010-06-22 B103 Wilfried KOCH – James P. LeSAGE – Cem ERTUR Anderson and van Wincoop (2003) make a convincing argument that traditionalgravity equation estimates are biased by the omission of multilateral resistance terms.They show that these multilateral resistance terms are implicitly de ned by a system ofnon-linear equations involving all regions’ GDP shares and a global interdependencestructure involving trade costs. We show how linearizing the system of non-linearrelationships around a free trade world leads to an interdependence structure […]

Adoption of Inflation Targeting and Tax Revenue Performance in Emerging Market Economies : An Empirical Investigation

Mardi | 2010-06-15 B103 Yannick LUCOTTE – Grégory LEVIEUGE Inflation targeting is a monetary policy framework which was adopted by several emerging countries over the last decade. Previous empirical studies suggest that inflation targeting has significant effects on either inflation or inflation variability in emerging targeting countries. But, by reinforcing the disinflation process and so, by reducing drastically seigniorage revenue, the adoption of this monetary policy framework could also affect the design of fiscal policy. In a recent paper, Minea […]

Outliers Correction and Distributional Timing of Higher Moments for RobustAsset Allocations

Mardi | 2010-06-08 B103 Bertrand MAILLET – P. MERLIN – libre We propose a new methodology for abnormal return detection and correction, andevaluate the economic impacts of outliers on asset allocations with higher-order mo-ments (Cf. Maillet and Merlin, 2010). Indeed, extreme returns and outliers greatlya ect empirical higher-order moment estimations (Cf. Kim and White, 2004). We thusextend the outlier detection procedures of Franses and Ghijsels (1999) and Charles andDarn e (2005) with an Arti cial Neural Network – GARCH model […]

Predicting Financial Distress in a High-Stress Financial World

Mardi | 2010-06-01 B103 Adrian POP – Jérome COFFINET – Muriel TIESSET – Sébastien GALANTI The current global crisis offers a unique opportunity to investigate the leadingproperties of market indicators in an increasingly stressed environment and their usefulnessfrom a banking supervision perspective. One pool of relevant information that hasbeen overlooked so far in the empirical literature is the market for bank’s exchange-tradedoption contracts. In this paper, we first extract early-warning indicators from the pricesof the most actively traded option contracts […]