651 research outputs found
Estimating Equilibrium Real Exchange Rates in the Franc Zone
No full textThis paper estimates the degree of real exchange rate misalignment in 12 CFA (Communauté Financière Africaine) franc zone countries over the period 1960--99. Allowing for contemporaneous error co-variances, due to observed cross-sectional dependence, we use seemingly unrelated regressions equation estimations to estimate the equilibrium real effective exchange rate and degree of misalignment in each country. We find significant differences across member-states, however, the largest economies--Cameroon, C�te d'Ivoire and Senegal--showed some striking similarities. Just prior to the 1994 devaluation, these three economies were much more overvalued compared with the smaller member-states, some of which were either marginally misaligned or virtually in equilibrium. In 1994, only C�te d'Ivoire is exactly in equilibrium as a result of the devaluation. Our analysis of misalignment for the period after 1994 suggests that some challenges lie ahead for the CFA franc zone, if fixed parity is to be maintained. Copyright 2008 The author 2008. Published by Oxford University Press on behalf of the Centre for the Study of African Economies. All rights reserved. For permissions, please email: [email protected], Oxford University Press.
LTAG analysis for pied-piping and stranding of wh-phrases
No full textIn this paper we propose a syntactic and semantic analysis of complex questions. We consider questions involving pied piping and stranding and we propose elementary trees and semantic representations that allow to account for both constructions in a uniform way
Yannick Bruneton, « Situation actuelle de la sinoglossie dans les milieux bouddhiques coréens », 12 juin 2019
No full textVidéoconférence de Yannick Bruneton « Situation actuelle de la sinoglossie dans les milieux bouddhiques coréens » 12 juin 2019 11:00 11:30 Salle 2 - Marcelin Berthelot Collège de Franc
Analyses et datations archéomagnétiques des fours de l'atelier de potiers gallo-romains de Sallèles-d'Aude
No full textLanos Philippe, Garcia Yannick, Chauvin Annick, Laubenheimer Fanette. Analyses et datations archéomagnétiques des fours de l'atelier de potiers gallo-romains de Sallèles d'Aude.. In: 20 ans de recherches à Sallèles d'Aude. Colloque des 27-28 septembre 1996 (Sallèles d'Aude) Besançon : Institut des Sciences et Techniques de l'Antiquité, 2001. pp. 69-92. (Collection « ISTA », 760
French Exchange Rate Management in the mid-1920\'s lessons drawn from new evidence
No full textThis paper challenges the conventional view of the existence of a pure floating regime in France during the mid-1920’s. Our study of the archives of the Bank of France and the French Ministry of Finance, as well as a thourough examination of the exchange rates (FRF/USD) and (FRF/GBP) during the 1920\'s reveal that the French authorities did intervene on several occasions. How ever from these first direct actions, as well as some over abortive attempts, several lessons can be drawn about the effectiveness of interventions on a ‘modern’ echange rate market.Exchange rate Expectations Speculation Bank of France French Treasury Intervention Dirty floating Signalling effect, Credibility
Relative financial benefits of Swiss Franc and Euro-denominated mortgage loans in Poland
No full textThis paper evaluates financial benefits obtained by private clients of banks in Poland resulting from Swiss franc- and euro-denominated mortgage loans against Polish zloty mortgages. As fx mortgage loans were commonly used in period 2005-2009 and quickly dominated Polish banking sector (as well as sectors in many other CEE countries), they became a fundamental element of banks’ assets and a source of risk for borrowers. The main goal of the paper is to evaluate if fx mortgage loans, are more cost-efficient, than loans taken in domestic currency (PLN). To assess the financial benefits, the author proposed mathematical model of repayment of mortgage loans taken in the period 12.2004-12.2012 based on variable interest rates and actual exchange rates. Upon the data obtained from the model, the author used eight ratios for assessments of benefits. The analysis of benefits of fx borrowers was conducted per borrower, per period (month) as well as in form of cumulated benefits for all borrowers and all months of crediting. Upon the research one may find that since 2005 most beneficial in Poland are mortgage loans denominated in euro. They are generally more cost-effective than loans denominated in Polish zloty and most popular in period 2005-2009 fx loans in Swiss franc. The investigation of relative benefits showed also that the most commonly used fx loans denominated in Swiss currency are globally more expensive for borrowers than domestic currency loans. The exception are 30-years loans taken in 2009 and 2011
The impact of the strong euro on the real effective exchange rates of the two Francophone African CFA Zones
No full textThe author estimates the degree of misalignment of the CFA franc since the introduction of the euro in 1999. Using a relative purchasing power parity-based methodology, he develops a monthly panel time series dataset for both the Economic and Monetary Community of Central Africa (CEMAC) zone and the West African Economic and Monetary Union (UEMOA) zone to compute a trade-weighted real effective exchange rate indexed series from January 1999 to December 2004. The author's main finding is that the real effective exchange rate appreciated by close to 8 percent in UEMOA and 7 percent in CEMAC, influenced by volatility in the euro-dollar bilateral exchange rate and conservative monetary policies in the two zones, resulting in a partial loss of competitiveness in export markets. The lower appreciation in Central Africa can be explained by lower inflation in CEMAC than in UEMOA and by the greater trade with higher inflation East Asian countries, partially offset by the peg to the dollar. However, the inclusion of"unrecorded trade"results in an appreciation of only 6 percent in the UEMOA zone and 6 percent in the CEMAC zone due to higher inflation in the two countries with unmonitored cross-border flows, Ghana and Nigeria. Using time series econometrics, an Engle-Granger two stage procedure for cointegration, and an error correction framework, a single equation modeling of the real exchange rate from 1970 to 2005 as a function of terms of trade, economic openness, aid inflows, and a dummy representing the 1994 devaluation, the author finds little statistical evidence of a long-run equilibrium exchange rate that is a vector of economic fundamentals. The dummy explains most of the real exchange rate behavior in the two zones, while openness in UEMOA has contributed to an appreciation of the real effective exchange rate.Economic Stabilization,Economic Theory&Research,Macroeconomic Management,Fiscal&Monetary Policy,Free Trade
The politics of monetary sector cooperation among the Economic Community of West African States members
No full textThe author tries to explain why monetary cooperation and integration have been difficulty to achieve among member states of the Economic Community of West African States (ECOWAS). He shows how different interest groups--both members and nonmembers--have over time influenced policies and positions on various ECOWAS member states. Unfortunately, most negotiations for cooperation among ECOWAS member states have a much better monetary cooperation and integration program, mainly because of France's active support and participation in negotiations, mediation, and consensus building. Unfortunately, Nigeria-which has been the main force behind bilingual regional integration in West Africa--has a different agenda from France. Its promotion of a bilingual economic grouping in West Africa was in part an attempt to reduce France's influence in West Africa, so France is unlikely to allow economic and monetary cooperation and integration along Nigerian lines. The fact that Nigeria is still a weak state does not help. The choice for francophone West African countries is therefore between closer ties with France--which has provided development aid, ensured currency convertibility, and guaranteed monetary stability in those francophone countries--and closer ties with Nigeria (which has done none of the above for itself, much less for its neighbors). The increasing convergence of macroeconomic indices among ECOWAS member countries--which is essential for monetary cooperation and integration--has come about largely because of events outside of ECOWAS or because of externally (International Monetary Fund) imposed structural adjustment programs. France's support is essential for the development of a meaningful ECOWAS.Payment Systems&Infrastructure,Earth Sciences&GIS,Economic Theory&Research,National Governance,Fiscal&Monetary Policy,National Governance,Trade and Regional Integration,Earth Sciences&GIS,TF054105-DONOR FUNDED OPERATION ADMINISTRATION FEE INCOME AND EXPENSE ACCOUNT,Economic Theory&Research
Le salon littéraire : rentrée littéraire 2009. Alain Blottière, Yannick Haenel, Thierry Hesse : Les lundis de l'Arsenal
No full textLa rentrée littéraire de septembre 2009 est marquée par la publication d’un grand nombre de romans touchant à l’Histoire et aux guerres qui la traversent. Cette rencontre sera l’occasion de débattre avec trois romanciers de leurs rapports aux événements qui ont fait la trame du XX e siècle. Ainsi, Le Tombeau de Tommy (Gallimard) d’Alain Blottière se présente comme le journal de bord d’un cinéaste d’aujourd’hui réalisant un long-métrage de fiction inspiré par un des héros de l’Affiche rouge. Yannick Haenel évoque dans Ian Karski (Gallimard) la figure de ce résistant polonais qui a tenté en vain de prévenir les alliés du génocide dont les juifs étaient victimes. Dans Démon (Editions de l’Olivier), Thierry Hesse raconte l’itinéraire d’un journaliste hanté par la Shoah, qui part en Tchétchénie pour éprouver la guerre et retrouver la trace de ses grands-parents juifs.Lieu : Conférences enregistrée dans les auditoriums de la Bibliothèque nationale de Franc
REPERES DE LA PLANIFICATION STRATÉGIQUE SOUTENABLE EN ROUMANIE
No full textThe author presents four important stages of strategical planning in Romania after 1990: Outline of the Transition to a Market Economy in Romania (1990); The National Strategy for the Lead-up to the Accession of Romania to the EU (1995); The National Strategy for Economic and Social Development of Romania, 2000-2004 (2000); The National Strategy for Sustainable Development of Romania on the 2025 Horizon (2004).The author presents the main characteristics of the above-mentioned exercises of strategical sustainable planning as well as the assessment of their impact on the Romanian society at the time they were drawn up and in the future.sustainable development
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