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...

In this paper, we use the segmented conditional ICAPM (International Capital Asset Pricing Model) to study the emerging stock markets integration. To address this issue, we apply the asymmetric multivariate version of GARCH-BEKK with structural break of the variance. It allows to specify the...

Ce travail analyse les effets des investissements directs étrangers sur les investissements domestiques. L’étude empirique est construite sur la base du modèle théorique d’Agosin et Mayer (2001). Deux hypothèses nous intéressent particulièrement : (i) l’une stipule que les firmes...

Thirty years after its implementation by the World Bank (WB) in Sub-Saharan Africa (SSA), the empirical evidences point out the very mixed results privatization has produced, particularly in the infrastructures sector. Despite of this, the WB has intensified its support to infrastructures...