This study extends the traditional set of central bank's interventions to include official announcements in order to provide empirical evidence on two pivotal questions: (i) are FX authorities able to influence market expectations with different instruments? (ii) how should interventions be...

The global financial crisis that began in the summer of 2007 has brought the financial industry to centre stage. While most current analysis focuses on the way finance can be regulated in the topical context of the economic crisis, this book aims to show how financial activities actually shape...

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...

Présente les mécanismes régulateurs des marchés financiers et leurs limites. A la question de savoir si le marché boursier est l'ennemi de la croissance, cet exposé montre que son rôle est de faciliter l'allocation de l'épargne entre entreprises, entre secteurs, entre pays, mais aussi de...

Analyse l'épargne mondiale et explore les voies qui permettraient d'améliorer le fonctionnement des marchés boursiers et financiers, afin de rééquilibrer le partage de l'épargne entre Etats-Unis, Europe et pays pauvres et d'assurer un développement plus équitable au niveau mondial....

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 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...

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...

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...