Annoucements, Financial Operations of Both ? Generalizing Central Banks’ FXReaction functions

Mardi | 2010-05-25 B103 Oscar BERNAL – Jean-Yves GNABO – Yannick LUCOTTE This paper generalizes the reaction functions of central banks’ FX interventions to include oral inter-ventions alongside actual ones. Using Japanese data for the 1991-2004 period, we estimate an orderedprobit model explaining the occurrence of each type of intervention and evaluating the extent to whichoral and actual interventions are substitutes or complements. In addition, the effectiveness of interven-tions is examined using an event-study approach. Our results indicate that the […]

Crisis, Capital Controls and Covered Interest Parity: Evidence from China in Transformation.

Mardi | 2010-05-18 B103 Jinzhao CHEN – libre This paper aims to investigate the e®ectiveness of capital controls in China for bothshort-term and long-term, with a special attention to the period of ¯nancial turbulencebursted in the summer of 2007. On one side, we employ a two regime threshold autore-gressive model to study the Renminbi yield di®erential between the onshore interest rateand the o®shore Non Deliverable Forward-implied one for the period of 2006-2009; onthe other side, we distinguish (and measure) the […]

Are Funding Sources Important for Microfinance Institutions? Some Preliminaries Results in West Africa

Mardi | 2010-05-04 B103 nasser ARY TANIMOUNE – M.-P. CLOUTIER – Christian RIETSCH The West African Economic and Monetary Union (WAEMU) is experiencing growingintermediation activities from microfinance institutions known as Decentralized Financial Structures (DFS). Meanwhile, DFS have encountered various developments constraints and among others, one the actual requirement is their sustainability in a long-term perspective.Based on Data Envelopment Analysis (DEA) from 1998 to 2003, this paper explores the efficiencies of microfinance institutions depending of their funding sources. The preliminaries results […]

Croissance, Investissement et Corruption : une analyse sur PSTR

Mardi | 2010-04-27 Leila ALI AGA – libre Version ProvisoireCet article étudie à partir d’un échantillon de 101 pays entre1996 et 2006, la relation entre la croissance, l’investissement etla corruption. A l’aide de la méthodologie des panels à transitionlisse (PSTR), nous montrons qu’il existe une non linéarité entrela croissance et l’investissement par rapport à la corruption, ca-ractérisée par une transition lisse entre les deux régimes extrêmes.Plus précisement, les résultats obtenus suggèrent que la sensibi-lité de la croissance par rapport à […]

The FORWAST project : Design of Future Waste Policies for a Cleaner Europe

Mardi | 2010-04-20 B103 B. BRANDT – H. BUSCHMANN – Hans DAXB ECK – Bruno LEMIERE – J. SCHMIDT – S. VAXELAIRE – J. VILLENEUVE – B. WEIDEMA – libre In the wider context of sustainable development and environment protection, theconnections between the use of natural resources, their accumulation in the economyand waste generation and management, need to be more clearly understood. Wastemanagement policies may affect potentially all sectors. Their influence on the use ofnatural resources must also account for […]