Sovereign bonds are usually priced under the assumption that only the sovereign issuer may be responsible of their repayment. In some cases however, bondholders may legitimately expect to be repaid by more than one agent. For example, when a country breaks-up, successor states may agree to...

Solvency II, la nouvelle réglementation du secteur des assurances, est en préparation au sein de la Commission Européenne. La version définitive du texte est prévue fin 2008 pour une mise en application au sein des entreprises début janvier 2010. Solvency II se base sur 3 piliers, à...

La connaissance du déchet est primordiale si l’on souhaite déterminer le mode de traitement le mieux adapté en tenant compte des circonstances locales et avec l’objectif essentiel d’un développement durable. En effet, en fonction de la composition d’un déchet, le choix d’une...

Although studies of the Paris stock exchange are quite numerous, its functioning during the Second World War has been overlooked. Based on archives from both the French brokers (Compagnie des Agents de Change) and from the occupying forces, this paper describes the market microstructure, the...

This paper investigates whether the Lisbon objective regarding the level of the European R&D intensity can be fulfilled. It first explains why the R&D intensity varies significantly across country. The countries with the highest R&D intensity ratio satisfy at least one of the following criteria:...

Intervening in the FX market implies a complex decision process for central banks. Monetary authorities have to decide whether to intervene or not, and if so, when and how. Since the successive steps of this procedure are likely to be highly interdependent, we adopt a nested logit approach to...