1,721,050 research outputs found
La reconstruction de l'Europe de l'Est : Les besoins de financement
No full textSteinherr Alfred, Gros Daniel. La reconstruction de l'Europe de l'Est : Les besoins de financement. In: Revue d'économie financière, n°17, 1991. L’impact des innovations financières sur l’épargne et l’investissement , sous la direction de Michel Aglietta. pp. 131-148
Économie industrielle des institutions bancaires : Réglementation, structure, performance
No full textHuveneers Christian, Steinherr Alfred. Économie industrielle des institutions bancaires : Réglementation, structure, performance. In: Revue d'économie financière, n°27, 1993. L’industrie bancaire. pp. 13-46
Pour l'union économique et monétaire : une réponse au manifeste des économistes allemands
No full textGros Daniel, Steinherr Alfred. Pour l'union économique et monétaire : une réponse au manifeste des économistes allemands. In: Revue d'économie financière. Hors-série, 1992. Le Traité de Maastricht : quelles conséquences pour l'Europe financière ? . pp. 133-136
THE EURO AND CAPITAL MARKETS: A NEW ERA
Full text linkThis paper is organised as follows. Section 2 examines the forces that have changed the financial landscape at the world level over the last two decades. Section 3 summarises the arguments of how the introduction of the euro should add to these broader economic forces in reshaping euro financial markets. Section 4 verifies whether the actual experience since January 1999 has been in line with the ex ante expectations. Most of the analysis will be based on developments of the bond market. Section 5 offers some conclusions.Euro; capital markets; bonds
L’impact de l’Union monétaire européenne sur la zone méditerranéenne
No full textThe impact of European monetary union on the Mediterranean area
The creation of the European economic community is the most important economic fact of this second half of the twentieth century. This article aim is to present some consequences of the introduction of the euro principally on the Mediterranean area. We think that the introduction of the euro will have very important consequences on the countries of the Mediterranean area, so close to the EEC. The EEC constitutes the most important market for the Mediterranean countries and will exert on them important attraction phenomenon. The actually observed integration process, founded on trade, will be stimulated by the liberalisation of financial and commercial regime of these countries and will strength the existing financial relations. We expect that euro will replace dollar in the Mediterranean area as the financial instrument, as the reference currency, and the commercial currency. Main countries concerned by this profound evolution are analysed ; we shed light in this paper on Cyprus and Malta because of their small size, and on Morocco, Tunisia and Turkey because of the structure of their foreign trade.La création de l’Union économique et monétaire européenne est l’événement le plus marquant de l’histoire économique et monétaire de la fin du 20e siècle. Le présent document a pour objet d’examiner certaines conséquences de l’euro sur le plan mondial. Il porte surtout sur la zone méditerranéenne (ZM), car le magnétisme de l’euro aura des effets particulièrement marqués sur les pays de cette zone voisine de l’Union européenne. Celle-ci constitue le marché le plus proche et le plus riche pour les pays méditerranéens et exercera donc sur eux une forte attraction. Le processus d’intégration en cours, fondé sur le commerce, sera stimulé par la libéralisation des régimes commercial et financier de ces pays et enrichie par les relations financières correspondantes que l’existence permanente de l’UEM rendra bien plus intéressantes. Nous nous attendons à ce que l’euro remplace progressivement le dollar US dans la ZM comme instrument financier, comme monnaie de référence (par exemple pour la politique du taux de change) et dans une moindre mesure, comme monnaie de facturation des échanges commerciaux. Parmi les pays de la ZM les plus attirés vers la zone euro il y a d’une part Chypre et Malte du fait de leur taille réduite et, d’autre part, le Maroc, la Tunisie et la Turquie en raison de la structure de leur commerce extérieur.Arjona Roman, Steinherr Alfred. L’impact de l’Union monétaire européenne sur la zone méditerranéenne . In: Revue d'économie financière, n°52, 1999. L'euro et le financement de la croissance en Méditerranée , sous la direction de André Cartapanis et Amina Lahrèche-Revil. pp. 55-74
Manifesto contro la disoccupazione nell'Unione Europea
Full text linkIn this Manifesto, broadly endorsed by a large number of other economists, we propose an array of policies which can reduce unemployment in the European Union to levels comparable to those of other industrial countries. These include supply measures focusing on revival of the long stagnant rate of investment activity, which will have the effect of increasing productivity, demand and employment. However, to insure this result rather than a rise in inflation, we must improve the willingness of firms to offer jobs and of the unemployed to take them by supply measures, accepted by a socially responsible labor., focusing on reforms of the labor market and of the system of unemployment benefits
Emerging Market Financing. Potential and Risks Illustrated with a Study of Mexico
No full textEmerging Market Financing. Potential and Risks Illustrated with a Study of Mexico
Financial crises in the 1990s are different from those that occurred previously. First, private investors play a more important role. Second, spill-over effects to other countries are more pronounced and have become a primary source of concern.
This study shows that the Mexican crisis was a speculative "bubble". Equity valuations were such that the required growth of expected earnings was far beyond any historic reference value. Combined with the external disequilibria, there was, thus, grounds for expecting the bubble to burst.Les flux de capitaux vers les marches emergents : étude du cas mexicain
Les crises financières des années quatre-vingt-dix sont fort différentes des crises précédentes pour deux raisons. Premièrement, les investisseurs privés ont désormais un rôle prépondérant en matière de prêts de fonds. Deuxièmement, les risques de contagion entre marchés régionaux se sont considérablement accrus. Cette étude montre que la crise mexicaine avait la nature d'une «bulle» spéculative. Le taux de croissance espéré des profits implicite dans le prix des actions était déconnecté de la réalité. De surcroît, le potentiel de diversification des actifs financiers mexicains est faible pour un investisseur américain. Compte tenu du déséquilibre extérieur, on pouvait donc s'attendre à partir de 1993 à un éclatement de la bulle.Scattaglia Maria, Steinherr Alfred. Emerging Market Financing. Potential and Risks Illustrated with a Study of Mexico. In: Revue économique, volume 49, n°1, 1998. pp. 87-102
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Liberalizing Cross-Border Capital Flows: How Effective Are Institutional Arrangements against Crisis in Southeast Asia
Full text linkThis paper examines capital controls in two ways. First, it assesses whether capital controls have an economic justification within the context of an economyâÂÂs and, in particular, its financial sectorâÂÂs stage of development. It concludes that capital controls can be justified in countries with an immature financial sector and macroeconomic imbalances. Second, it presents survey of current capital controls in ASEAN+3. It identifies three avenues for making controls more efficient: (i) a tax on capital inflows, or alternatively, a Tobin tax; (ii) a replacement of extensive administrative controls with stricter prudential standards for financial institutions; and (iii) a special treatment for Asian currency unit (ACU) operations, implying selective capital flow liberalization.Economic integration; capital controls; Southeast Asia; ASEAN+3
- …
