Interest rates behaved highly atypically from 2004 to 2006. While the US central bank raised its policy rate at every meeting, long-term interest rates remained so remarkably stable that former Fed Chairman Alan Greenspan described their behaviour as a "conundrum". Comparing long-term rates to...

La finance est aujourd'hui au cœur de la polémique : certains la rendent responsable de la plus grave crise économique depuis la grande dépression des années trente alors que d'autres estiment qu'elle impose un véritable diktat aux États et que son emprise sur l'économie est devenue...

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...

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 post-crisis financial reforms address the need for systemic regulation, focused not only on individual banks but also on the whole financial system. The regulator principal objective is to set banks' capital requirements equal to international minimum standards in order to mimimise systemic...

Today, the main problem in financing economies is linked to liquidity problems of banks. The paradox is that the world has never had so many liquidities at its disposal and rarely has economic players found themselves under such obligations. Economic stimulus goes through this mobilisation of...

The post-crisis financial reforms address the need for systemic regulation, focused not only on individual banks but also on the whole financial system. The regulator principal objective is to set banks' capital requirements equal to international minimum standards in order to mimimise systemic...

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...