This paper sets out an analytical framework for optimal asset allocation of sovereign wealth, based on the theory of contingent claims analysis applied to the sovereigns economic balance sheet. A country solves an asset-liability management problem involving its sources of income and its...

This paper sets out a new analytical framework for optimal asset allocation of sovereign wealth, based on the theory of contingent claim ana lysis (CCA) applied to the sovereign’s economic balance sheet. A country solves an asset-l iability management (ALM) problem between its sources of...

This paper addresses management of sovereign wealth from the perspective of the theory of contingent claims. Starting with the sovereign's balance sheet, we frame sovereign fund management as an asset-liability management (ALM) problem, covering all public entities and taking explicit account of...

Since the 1970s, the world follows a triple evolution in favor of democratization, opening and decentralization. Brazil has been following this movement with a democratic and decentralizing constitution and by the adoption of market-friendly policies. However, since the Real Plan (1993), Brazil...

A travers l'analyse de la conception et de la mise en œuvre d'un projet d’administration, ce cas vise à mettre en lumière les problèmes et enjeux de la déclinaison et du pilotage d'une stratégie dans le contexte public. Après avoir présenté les composantes et enjeux du pilotage...

Since the 1994 devaluation, growth resumed in Mali without any significant decrease of poverty. This may be explained by the high level of inequality, which has increased in the recent period. The poverty reduction strategy described in the PRSP relies mainly on increasing the supply of primary...

The economic crisis which began in 2008 caused a decline of global savings, while emerging and developed economies have considerable needs in long-term investments. In France, three fields are identified: integrating young people into the labour market and financing their projects, supporting...