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...

The overly accommodating monetary policy is often accused of creating surplus liquidity and bubbles on the asset markets. In particular, it could have contributed to strong capital inflows in emerging countries, which may have had a significant impact on financial stability in these countries,...

Microfinance institutions (MFIs) target poor people, excluded from the banking system. By giving them starting capital, they should thus enable a greater number of women to create their own business, but also in sectors traditionally reserved for men due to the initial capital they require. Our...

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...

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...

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...

The huge presence of foreign banks in CEECs leads to a strong dependence to banking foreign claims. They may be cross-border claims or claims of foreign subsidiaries located in the host country. Are foreign banks a factor that attracts foreign claims in the host country? Does their presence...

French but also European economies are driven by micro, small and medium enterprises. However, evidence shows that micro-enterprises, representing 99 per cent of all newly created businesses, suffer from a lack of external resources, especially those created by socially excluded persons....