L’étude analyse les principaux déterminants du taux de change réel et modélise les effets de la politique de change du Cameroun sur ses équilibres externe et interne. Après une brève revue de la littérature sur les travaux sur les taux de change réel. Les techniques d’analyse de la...

Recueil d'exercices et de QCM corrigés pour faciliter l'acquisition des compétences minimales, dans le domaine de la finance internationale : les marchés de contrats à terme et d'options, le marché des changes, le taux de change, la gestion du risque de change, du risque de prix de...

The present article provides an unorthodox model exchange rate dynamics based on conventions that prevail among market participants. We build a theoretical model that highlights the mechanisms underlying the formation of market conventions. We then test this model empirically on the euro/dollar...

This paper highlights the role of capital outflows in creating periods of turbulence by forcing emerging economies to raise massive funds abroad. First, we present stylised facts related to the capital outflows from the emerging economies. Then, we carry out a breakdown of the balance of...

Le terme de « gouvernance » trouve son origine dans l’ancien français et, d’après « Le Robert », désignait l’action de piloter un navire en manœuvrant le gouvernail. Acclimaté outre Atlantique, le concept resurgit dans les années quatre-vingt-dix pour désigner la gestion des...

The alleged undervaluation of the renminbi has been the subject of intensive academic research over the past few years. Using equilibrium exchange rate models many authors have concluded that the renminbi is undervalued by 15 to 30% against the US dollar. Yet China has been experiencing strong...

This article adopts the asymmetric DCC with one exogenous variable (ADCCX) model developed by Vargas (2008), by updating the concept of ‘volatility surprise’ to capture cross-market relationships. Current methods for measuring spillovers do not focus on volatility interactions, and neglect...

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 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...

In the late 1990s, controversies among academics and policymakers were focused to a large extent on the "pros and cons" of adopting a monetary regime of complete and official dollarization in many emerging countries. Conversely, towards the mid-2000s de-dollarization is one of the main themes of...