La détection de phénomènes de bulles de prix dans le secteur immobilier, c’est-à-dire de surévaluation des biens immobiliers par rapport à leur valeur fondamentale, est un enjeu de stabilité financière. En effet, la correction brutale de ces bulles peut être un facteur significatif de...

This paper presents the main features of macroprudential policy with a focus on the French case. We first recall the ultimate objective of this policy, which is to prevent and to mitigate systemic risk, i.e. the risk of “widespread disruptions to the provision of financial services that have...

In the context of the recent deceleration of growth in emerging Europe, we reassess empirically the effect of foreign direct investment (FDI) inflows on economic growth in Central and Eastern European countries (CEECs) through an analysis carried out over the period 1993-2013. In a first step,...

From 1945 to the 1970s, rather than steering interest rates, European central banks used a variety of quantitative instruments to attain their targets in terms of monetary aggregates and credit, and as part of selective credit policies. A number of the tools currently being referred to as...

Dans le contexte de la crise économique et financière qui a limité les sources de financement des pays d’Europe centrale et orientale et apporté un nouvel éclairage au processus de convergence dans l’UE, il peut être utile de retracer l’évolution de la politique de cohésion, d’en...