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...

Approval of the quantity theory, of the Humean price-specie-flow mechanism (PSFM) and of lender of last resort analysis are characteristics of British monetary orthodoxy in the 1870s. But this does not mean that this orthodoxy achieved a synthesis between the Banking School and the Currency...

We point out that the two and half years of negotiation (1692-1694) between a group of investors and the English government, who led to the establishment of the Bank of England, aimed to guarantee the liquidity of a new public debt and not to establish a bank. We analyze the evolution of the...

This report focuses on the principles presiding over the implementation of the LOLF, which, the authors note, is part of a movement towards ‘the substitution of managerial functioning for legal functioning’ based on two major principles: the improvement of public sector management and...

We assess the nature of the European sovereign crisis in the light of a model borrowed from the second generation of currency crises. We bring the theory to the data to empirically test the presence of self-fulfilling dynamics and to identify what may have driven the market sentiment during this...

Since 1997, governments of Burkina Faso and Mali have decided to introduce results-oriented programme budgeting alongside the traditional state budget. This reform was implemented with insufficient coordination with others reforms in progress: Public Expenditure Review (PER), Sector- Wide...

Using the structural unobserved component (UC) modeling, this study analyzes the Senegalese economic growth path after 5 decades of independence by focusing on the potential output, the GDP cycle and the type of shocks on the GDP. Empirical evidence suggests that an inventory cycle mainly drives...