France has seen a marked deterioration in its export performance in the last 10 years or so. Previous empirical research pointed out that weak export performance was due to i) vigorous domestic demand; ii) lower mark-ups due to head-to-head competition with Germany; iii) low non-price...

The forthcoming EU enlargement raises a series of questions related to the new entrants’ entry to Exchange Rate Mechanism II and their subsequent adoption of the single currency. In this paper, the issue of how to determine the central parity for the acceding countries with which to enter...

This paper presents an empirical investigation of the disequilibrium hypothesis on the Polish loan market in the 1990s. Using data over this period of deep transition, we estimate a disequilibrium model with a standard maximum likelihood method. However, the estimates are highly...

We study the impact of the bank lending channel and loan market disequilibrium on the efficiency of the monetary policy transmission in Poland since 1994. First, we develop a simple credit-augmented model with an interest rate control, flexible prices and an imperfect nominal wage indexation....

L’objectif du papier est de fournir une première analyse exploratoire des déterminants macroéconomiques des primes de taux. L’optique retenue est celle des choix de portefeuille opérés par les banques à leur actif. Dès lors, les primes de taux sont calculées en comparant un actif...

A la suite des travaux de Dale et Haldane (1993), nous effectuons une analyse critique des fondements théoriques du canal étroit du crédit. La conclusion du modèle fondateur de Bernanke et Blinder (1988a,b), à savoir que l’existence d’une imparfaite substituabilité entre titres et...