The huge presence of foreign banks in CEECs leads to a strong dependence to banking foreign claims. They may be cross-border claims or claims of foreign subsidiaries located in the host country. Are foreign banks a factor that attracts foreign claims in the host country? Does their presence...

French but also European economies are driven by micro, small and medium enterprises. However, evidence shows that micro-enterprises, representing 99 per cent of all newly created businesses, suffer from a lack of external resources, especially those created by socially excluded persons....

La crise financière de 2007-2008 qui a notamment frappé les banques de l'UE-15 souligne la vulnérabilité des PECO à l'arrêt soudain des entrées de capitaux de ces banques, fortement créancières, ainsi que leur vulnérabilité aux crises de balance des paiements. Les PECO sont, en fait,...

We draw on portfolio theory and international diversification in order to analyse strategies allowing to reduce emerging economies' exposure to exchange-rate risk. We show in particular that it may be efficient for an investor, in terms of maximising the return-to-risk ratio, to build up a...

Microfinance institutions (MFIs) target poor people, excluded from the banking system. By giving them starting capital, they should thus enable a greater number of women to create their own business, but also in sectors traditionally reserved for men due to the initial capital they require. Our...

The overly accommodating monetary policy is often accused of creating surplus liquidity and bubbles on the asset markets. In particular, it could have contributed to strong capital inflows in emerging countries, which may have had a significant impact on financial stability in these countries,...

This paper focuses on the relationships between remittances, elections, and government consumption as a percentage of GDP. We combine data from the National Elections across Democracy and Autocracy (NELDA) dataset compiled and discussed in Hyde and Marinov (2012) and the World Development...

This paper focuses on the relationships between remittances and the share of individuals working for less than 2$ US per day. It is based on an original panel dataset containing information related to remittances in about 80 developing countries and to the number of workers being paid less than...