This paper studies how financial development affects the relation between average growth and growth volatility through liquidity crises. We .first establish in a micro model that imperfect enforceability creates a short term bias in contracts financing long term investments. This can generate...

Based on the methodology adopted by Eichengreen and Luengnaruemitchai (2004), Luengnaruemitchai and Ong (2005), Borensztein and al. (2006), and Eichengreen and al. (2006), this study analyse the development of local bond markets. We show that the development of bond markets is a phenomenon with...

The objective of our work is to show the importance of a healthy institutional framework in the finance-growth relation. In this context, we start by presenting, a theoretical lighting on this subject while trying to define the concept of the governorship and to determine its various...

This paper addresses the question whether the substantial financial flows received by emigration countries in the four decades running up to World War I contributed to domestic financial development in peripheral Europe. We quantify a sizable and significant relation between remittances and...

Les revenus des migrants peuvent agir sur la croissance et le développement financier des économies bénéficiaires, notamment d’Afrique, sous réserve d’une formalisation accrue des circuits de transferts et de la mise en oeuvre de réformes structurelles ciblées dans les pays récepteurs.

Sur la base d’une enquête qualitative, l’article montre que la participation des investisseurs français sur les marchés obligataires locaux des pays émergents est en expansion mais reste freinée par une perception encore forte du risque associé.

Cet article fournit une évaluation empirique de la relation entre le développement financier et la croissance économique, en prenant en compte l’instabilité financière. L’analyse porte sur un échantillon de 71 pays et couvre la période 1960-2004. Les résultats obtenus à l'aide d'une...

This paper addresses the macroeconomic impact of international financial integration. I first provide empirical evidence that foreign banking penetration can be associated with a contraction of banking credit, especially in countries with poor credit markets. Second I present a model in which...