Apres une description rapide des caracteristiques respectives des echantillons de certificats de depot, cette note examine successivement les comportements selon les differents types d'emetteurs et de souscripteurs, et les consequences de ces distinctions sur les arbitrages operes sur le marche...

Si les stocks ou encours de credits detenus par les banques sont bien connus et permettent une mesure de differents risques bancaires, il n'existe en revanche aujourdh'hui en matiere de credit aucune information d'ensemble sur la production. En d'autres termes, peu de donnees sont disponibles au...

Depuis le debut des annees 1990, l'investissement total des secteurs marchands (SQS-EI, administrations privees, etablissements de credit et entreprises d'assurance) semble connaitre un niveau plus failbe que celui que conduirait a prevoir la dynamique qui prevalait dans les annees 1980. Les...

This paper shows how interbank market fragmentation disrupts monetary policy implementation. Fragmentation is defined as the situation where some banks are cut from the interbank loan market. The paper incorporates fragmentation in an otherwise standard theoretical model of monetary policy...

A stable net external position requires that the trade balance responds negatively to changes in the net external position. If financial integration makes financing external imbalances less costly, we expect slower external adjustment in more integrated economies. The study estimates...

This paper investigates the sources of current account imbalances accumulated within the European Monetary Union before the Great Recession. First, it documents that starting in 1996, before the actual introduction of the euro, countries in the euro area periphery experienced increasing current...

Episodes of large capital inflows in small open economies are often associated with a shift of resources from the tradable to the non-tradable sector and sometimes lead to balance-of-payments crises. This paper builds a two-sector dynamic model to study the evolution of the sectoral structure...

Monetary authorities in emerging markets are often reluctant to raise interest rates when dealing with credit booms driven by capital inflows, as they fear that an increase attracts even more capital and appreciates the currency. A number of countries therefore use reserve requirements as an...

Rapid credit growth in the EU new Member States, acceding and candidate countries has raised the issue of financial stability in the region. This rapid credit growth has been accompanied by the deterioration in the current account balance and the large-scale distribution of foreign currency...