This paper aims at reviewing selected literature on (1) structural financial changes observed in a large sample of transition economies in the Central and/or Oriental Europe during the last two decades, (2) efficiency of this financial liberalization in relative terms (in macroeconomic sense),...

Les taux de croissance du crédit dépassent ou avoisinent 30 à 50 % l’an dans certains pays d’Europe centrale, orientale et du sud-est (pays baltes, Bulgarie, Roumanie, Albanie et Macédoine). Ces taux de croissance élevés sont-ils susceptibles de générer des « excès » de crédit,...

Presumably, foreign banks open subsidiaries and branches in Luxembourg to perform different tasks. This paper studies the balance sheet structure of banks in Luxembourg, testing for differences across groups and across periods. Non-parametric methods yield several findings. First, specialisation...

This study assesses the effect of financial development on income inequality in Côte d'Ivoire, using a multidimensional indicator of financial development that incorporates financial inclusion. We use ARDL and quantile regression methods to regress income inequality (measured by the Gini index)...

This study assesses the effect of financial development on income inequality in Côte d'Ivoire, using a multidimensional indicator of financial development that incorporates financial inclusion. We use ARDL and quantile regression methods to regress income inequality (measured by the Gini index)...

This study examines the impact of information security breaches on the stock returns on French companies. Using the event study methodology, we provide insights on the effect of cyberattack announcements on the market value of French companies from 2009 to 2019. We show that following...

Black et Scholes ont proposé en 1973 un modèle de marché financier qui conduit à une formule simple pour calculer le prix d'une option européenne sur un actif boursier. Bien que les formules de Black-Scholes soient explicites, le modèle repose sur certaines hypothèses qui ne correspondent...

This paper argues in an Austrian-Business Cycle's perspective that all the conditions are met again to have new crisis. The Federal Bank treats, always, a crisis of liquidity excess by low interest rate, i.e. "cheap money policy". When Federal Bank will have to rise its rates, the crisis will...

We apply several recently proposed tests for structural breaks in conditional variance and covariance dynamics. The tests apply to both the class of ARCH and SV type processes and allow for long memory features. We also apply them to data-driven volatility estimators using high-frequency data...