The post-crisis financial reforms address the need for systemic regulation, focused not only on individual banks but also on the whole financial system. The regulator principal objective is to set banks' capital requirements equal to international minimum standards in order to mimimise systemic...

Today, the main problem in financing economies is linked to liquidity problems of banks. The paradox is that the world has never had so many liquidities at its disposal and rarely has economic players found themselves under such obligations. Economic stimulus goes through this mobilisation of...

This thesis contributes to the analysis and measure of systemic risk through four chapters. In the first chapter, we discuss the notion of systemic risk and detail the methodological issues of modeling. The second chapter proposes a structural model of solvency contagion. Within an equilibrium...

Because IPO mechanisms determine both the initial trading price and the allocation of newly-listed firms' shares, they have financial and strategic consequences for shareholders. For that reason, it is of interest to analyse the relative advantages and disadvantages of the different procedures...

Analyse polémique des instructions administratives sur la finance islamique

In this article, tests for globalization and contagion are separated using an ex ante definition of crises, and contagion tests are neutralized with respect to globalization effects. A large database is constructed to study the stability of correlation matrices for four asset classes : equities,...

We analyze empirically the determinants of Eurozone Treasury bills yields. Market microstructure as well as macroeconomic variables are found to significantly impact yields. Secondary trading in a centralized transparent electronic limit order book enhances liquidity and thus reduce yields....

Globalization probably had less impact on regional inequalities than fiscal distortions

Depuis 1995 le processus euroméditerranéen est en panne. Ce retard pourrait être facteur de tensions économiques, mais surtout politique et sociales. Débat sur la feuille de route des 5 pays du nord et des 5 pays du sud de la Méditerranée qui pourraient constituer la charpente d'une...

The organization of securities markets has not benefited from the feigned attempts of reform presented by authorities since the outbreak of the current crisis. However, speculative opportunities like the risks incurred also depend on the markets on which one operates. The Markets in Financial...