This paper is a critical survey of the currency crisis literature. Theoretical and empirical analysis generally fail to anticipate currency crisis because of the complex nature of such crisis and because of the prevailing role of speculators. The main weakness of this research is its incapacity...

In order to diversify their risks, firms facing increased demand uncertainty in their domestic market may choose to increase their investment abroad by transferring production to the more stable host economies. Using a gravity model, we test the assumption that foreign direct investment is...

The rapid growth of barter is one of the most surprising phenomena in Russia: As a percentage of industrial sales it steadily increased from 5% in 1992 to nearly 55% in 1998. Unknown in CEEC's transition countries, barter is only one aspect of the Russian economy's demonetisation [process, along...

Determinants of Capital Inflows into Asia: What about Carry Trade Strategies? One of the factors explaining the capital inflows in Asia between 2003 and 2007 is the carry trade strategies with the yen as the funding currency. The aim of this article is to evaluate the impact of domestic and...

CEECs are characterised by a significant presence of foreign banks and by a marked dependence upon financing from foreign bankers. We show that this situation leaves these countries open to two types of financial risk, which have grown throughout the present decade. The first relates to the...

Le troc en Russie est engendré par une contrainte de liquidité qui diffère selon la situation économique des entreprises. Pour celles dont la situation financière est relativement bonne mais qui sont confrontées à des problèmes d'anti-sélection et n'ont pas accès au crédit bancaire,...

Démonétisation en Russie. Un arbitrage favorable au maintien de l'emploi La démonétisation de l'économie russe est le produit d'une politique monétaire restrictive conjuguée au maintien de la contrainte budgétaire douce. L'État, qui autorise les arriérés fiscaux ou l'acquittement...

CEECs are characterised by a significant presence of foreign banks and by a marked dependence upon financing from foreign bankers. We show that this situation leaves these countries open to two types of financial risk, which have grown throughout the present decade. The first relates to the...

Based on a unique database including almost 4000 credit files from 33 microfinance institutions (MFIs) located in Aquitaine, this paper intents to fulfill three objectives : identify MFIs operating in the region, evaluate to what extent these MFIs satisfy social needs and finally how the...