For some years, real estate and finance have become more and more interlinked. The application of the powerful tools developed in finance for this field of knowledge seems promising ; mortgage valuation method developed by Kau, Keenan, Muller, Epperson (1992) being a major example of this. This...

This thesis first presents India’s economy and financial system’s recent history and current issues. Then, with an emphasis on the recent turmoil period, it studies the question of financial integration in various markets: equity markets are dealt with in the 1st chapter, CDS spreads are...

This paper takes full advantage of daily quoted prices of microfinance stocks from their issuance, and draws a global picture of worldwide microfinance equity from the viewpoint of a profit-oriented investor. We construct microfinance country equity indices and an international global...

In Madagascar, Orange introduced its mobile banking services in September 2010. Mobile-banking (m-banking) is a system that allows users to conduct a number of financial transactions through a mobile phone. The existing body of literature suggests that the use of m-banking services may have a...

In 50 years, Africa has seen little progress in development. Our work analyzes a factor able to explain this singular path: the structure of financial systems. After deepening the concept of financial development and providing a better understanding of the relationship between the real and...

This paper is the first to draw a global picture of worldwide microfinance equity by taking full advantage of daily quoted prices. We revisit previous findings showing that investors should consider microfinance as a self-standing sector. Our results are threefold. First, microfinance has become...

This paper proposes an extension of the Granger (1969) causality definition to panel data models with fixed coefficients. Given the heterogeneity of the data generating process, four definitions of causality relationships are proposed. A procedure of nested tests is then defined and a...