Cette etude propose une methodologie d'evaluation des opportunites sectorielles boursieres. En partant du principe qu'il existe des relations stables de long terme entre les variations boursieres et les fondamentaux macroeconomiques ou sectoriels, tant reels que financiers, une modelisation des...

Futures exchanges raise margins in environments characterized by recent substantial increases in futures price volatility, and they raise margins in contracts that have recently shown the largest volatility increase. Volatility then tends to fall. This reduction is smaller - especially the...

We model systemic risk in an interbank market. Banks face liquidity needs as consumers are uncertain about where they need to consume. Interbank credit lines allow banks to cope with these liquidity shocks while reducing the cost of maintaining reserves. However, the interbank market exposes the...

The purpose of this paper is to analyze what factors are driving the retirement savings of European individuals and whether there are marked differences in retirement preparation among a sample of European countries. Our evidence is based on a sample of 6,036 individuals from eight European...

The topic of energy security has become an issue of high salience over the last few years. As fears about the stability of the world’s energy resources grow, policymakers tend to merge the security concerns into the climate change policies that they are considering. There are currently three...

The government of India initiated pro-market reforms in the 1990s, after almost five decades of socialist planning. These and subsequent policy reforms are credited as the drivers of India’s radical economic transformation. Prior to reforms, private investment was strictly regulated and...

Purpose – The relationship between state and peasants are reflected as the distribution of the economic benefits to each party. The purpose of this paper is to explore the essential change of the relationship from the fiscal term since the beginning of the new century....

This paper examines the efficiency of the Canadian treasury bill market as measured by the performance of the expectations model of the term structure of interest rates. In particular, market efficiency is shown to depend upon certain institutional features of the treasury bill auction process....

This paper addresses the issue of the optimal behaviour of the Lender of Last Resort (LOLR) in its microeconomic role regarding individual financial institutions in distress. It has been argued that the LOLR should not intervene at the microeconomic level and let any defaulting institution face...

The paper identifies the operational programs through SMEs benefit by financing from structural funds, present the main features of financing, the terms, eligibility criteria but also the problems meet in accessing the funds.