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...

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...

The purpose of this paper is to analyze the impact of the Bank of Japan's official interventions on the JPY/USD parity during the period 1992–2004. The novelty of our approach is to combine two recent advances of the empirical literature on foreign exchange interventions: (i) drawing on...

The future emergence of a European monetary zone is set to transform the configuration of the international monetary system and the roles of the dollar, the Euro and the yen within this system. This book addresses this issue with discussion of: * exchange rate policies pursued in the principal...

The World Bank and the International Monetary Fund launched a joint initiative in September 1999, setting the fight against poverty at the heart of development policies. Under this initiative, developing countries wishing to apply for financial aid from either of the organizations, or for debt...

In the first section of this paper, the author demonstrates the crucial significance of anchoring symbolically a currency in the representation of a social whole, not least when practical and technical problems bound up with the creation of a new unit of account and the associated means of...

This paper examines jointly the empirical relevance of the mean-reversion and the PPP hypotheses in the exchange rate dynamics under the EMS. Given the non-stationarity and the non-linearities characterizing the foreign exchange rate dynamics, this question is studied using a MS-ECM model: it...