In many poor countries, the problem is not that governments do not invest, but that these investments do not create productive capital. So, the cost of public investments does not correspond to the value of the capital stocks. In this paper, we propose an original non parametric approach to...

Periods for european convergence Real convergence of european economies is disputed in recent studies which suggest an opposition between real and nominal convergence. This paper enlarges the perspective and considers real convergence over différents periods covering twelve decades. Results for...

The authors provide various estimates of the government net capital stocks for a panel of 26 developing countries over the period 1970-2001. Two kinds of internationally comparable series of public capital stocks are presented. The first estimates are based on the standard perpetual inventory...

The effect of debt on private investment is theoretically undetermined. Indeed, according to the theory, the relation between debt and private investment can either be negative (debt overhang) or positive (accelerator effect on economic growth, hence on private investment). Our study consists in...

L’objet de cette article est de porter une appréciation sur l’évolution de la compétitivité extérieure du Cameroun et donc sur sa politique de change. Il étudie la relation entre le système de change et les performances macro-économiques du Cameroun, pays membre de la Zone Franc sur...

By its nature, bank money is endogenous, but its issuing is risky and presupposes the presence of banks' shareholders' funds. Shareholders' funds give banks the means of dealing with the difficulties involved in the process of money creation and which are inherent to the banking activity:...

There is a duality of money : it is endogenous and exogenous. Therefore it is important to distinguish between monetary creation and money supply. Buying and selling means the exchange of goods and debts, which is very different from barter. In doing so the economic agents are asked to take two...

There is not a single classical approach to the lender of last resort, but several classical approaches to the lender of last resort. They have been successively developed by Baring, Thornton, the Banking School, Bagehot and Hawtrey. If these approaches converge in stressing that the lender of...