This paper provides an analytical grid of the Lebanese monetary policy over the recent period, through the three main constraints with which the Bank of Lebanon is confronted: public debt, the dollarization of the economy and the fixed exchange rate. The analysis shows that the Bank of Lebanon...

This paper examines the circumstances under which it is beneficial for small countries in a currency union to peg their currency to a large one (euro zone for example). For these purposes, we provide a three-country theoretical model extending the two-country model by Ricci (2008). The...

[eng] Can central bank independence be counterproductive ? An open economy illustration.. . This paper shows that, in a static two-country game theoretic model, delegating the monetary policy to an « independent » central bank may be counter-productive. The decision to delegate or not must be...

[fre] Taux de marché et coût du crédit dans une économie partiellement désintermédiée. . Cet article étudie la relation entre les taux de marché et le coût des crédits dans une économie où les entreprises ont la possibilité d'arbitrer entre financements bancaires et financements de...