Based on multivariate Markov-switching models, this paper presents new results on the interactions between global imbalances, credit spreads, housing markets, macroeconomic variables, commodities and equities during Q1-1987/Q1-2011. We show that rising global imbalances and the uncontrolled...

Introduction to the special issue of the EJHET in relation with the 2011 Fisher Conference organized in Lyon 2 University, France, by the laboratories LEDa, PHARE and TRIANGLE

This paper provides an analysis of co-movements between real and financial variables in three new EU member countries (the Czech Republic, Hungary and Poland) and the euro area. It focuses on the co-movement between real credit granted to firms and real industrial output on the one hand, and...

We present a model to analyze different equilibria that exist in an economy in which agents can choose the means of payment to use in trade ; i. e., inside or outside money. Our approach departs from the usual explanation of competition as a phenomenon related to money functions (means of...

I present a model in which credit and outside money can be used as means of payment in order to analyze how access to credit affects welfare when credit markets feature limited participation. Allowing more agents to use credit has an ambiguous effect on welfare because it may make...

The optimal inflation rate is an outstanding issue in monetary theory and policy. Previous work attempting to rationalize positive inflation targets chosen by central banks is subject to a major criticism, since its conclusions depend on the assumption that only one currency is available to...

Nous analysons la relation entre évolution de la qualité de crédit et cycle économique. Nous débutons par une présentation de faits stylisés puis présentons des modèles économétriques de sensibilité au cycle pour les taux de défaut et les ratios upgrades/downgrades. Dans un second...

The banking sector is currently undergoing two major reforms: the introduction of IFRS on the accounting level and the reform of the Basel accord as regards safety and soundness regulation. As far as measuring loans granted by banking institutions is concerned, both accounting standards and...