This paper first reviews the mainstream literature concerning the explanatory factors of fdis in the ceecs and specifically the exchange rate effects. We then present an empirical analysis of medium and long term exchange rate effects over the period 1995/2002, comparing us and eu investors...

Based on an interdisciplinary approach, this article aims at elucidating what can be called the nature of money. To define it, we first distinguish between the generic properties of every money and its different and non specifically monetary uses. Then currency is grasped through its three...

The part of literature concerning monetary theory which focuses on payments system corresponds to a specific tradition. This article seeks to state the peculiar place held in it by James Steuart when, in the XVIII th century, cash payments and partial money keep on ruling. Among the very first...

This paper analyzes strategic interactions between the European Central Bank and member countries of the euro area in a model where governments have private information about the current state of their economy. We study the consequences of such information asymmetries on fiscal and monetary...

This paper surveys the empirical studies about shock asymmetries in the context of the European Union enlargement, and the new membership of Slovenia to the Euro area. Overall the evidence appears rather mixed due to different approaches on three levels : the choice of the sample, the selected...

This paper uses over-the-counter currency options on the Hong Kong dollar to estimate the expected probability and intensity of a Hong Kong dollar devaluation over a one-month horizon, from February 1997 to the end of 1998. Addressing the issue of the determinants driving these anticipations, it...

Hume?s analysis of economics is generally remembered for one point: its supposedly quantitative approach to money. But the chapters on money and credit only prove truly incisive when replaced within their philosophical corpus. Hume argues that the process of civilization entails a number of...

The paper presents analytical critics of the model of private fiat monies proposed by Hayek in The Denationalisation of Money, and in doing so it formulates the concept of « monetary brand name ». On the one hand, this model of competition between floating banking monies without outside...

In this paper we examine whether the weights of the forecasted macroeconomic variables in the valuation of sovereign risks has changed after the adoption of the Bâle 2 new regulation framework (around the years 2005/2006 when the new rules begun to be implemented in Europe). For purpose of...

This paper looks into the role of gold as a safe haven or a hedge against stock losses. We extend the existing literature in two ways. First, we consider crisis periods successively defined by recessions and bear markets. Second, we use a bivariate arma-garch-x model to estimate the conditional...