It has been documented that an increase in the demand for safe assets induces the private sector to create more money-like claims. Focusing on private repos backed by U.S. Treasury securities, I show that an increase in the demand for safe assets leads to a decreases in the issuance of Treasury...

Corruption has challenged the legitimacy of political institutions that exist today and has led to political unrest in Kenya over the years. Bad governance and a lack of transparency in the public sector is one of the main contributors of corruption in Kenya. This paper delves into corruption...

The changes occurring in enterprises’ environments exert a substantial influence on their functioning. The ever growing dominance of the financial sphere vis-à-vis the real one has increased the scale of potential threats. The last crisis, which, in the opinion of many people, has already...

This paper sets forth a new perspective to address some problems that arise from the mixed governance nature of a state-owned bank. Firstly, it stresses that the principle of subsidiarity is at the root of decision-making processes in which the bank involves itself on the grounds of political...

This paper provides evidence that international economic integration changes the real effect of domestic financial institutions. Using a cross-country panel we show that domestic financial development has a smaller effect on growth in countries that are open to trade and capital flows than among...

In this turbulent and complex environment, the manager finds it more and more difficult to identify and/or to define a good strategy aiming at optimizing the good governance of his/her enterprise so as to sustain its profitability and its growth over a long period of time. In order to achieve...

This paper reviews a considerable number of cases concerning the application of State aid rules to the EU banking sector. The relevance of the financial crisis which hit the lending industry in the '90s determined the Commission to a significant number of State aid reviews of national measures...

This article reviews the use in the flotation of Standard Life plc of the prospectus passport for cross-border offers of securities within the EU that was introduced by the Prospectus Directive (2003). The Standard Life flotation was a major test for the new law on prospectuses and, overall, it...

Advocates of financial regulation, Arestis and Demetriades, argue that financial liberalisation does not impact on financial market efficiency and the allocation of investment. Results in this study find that Czech, Hungarian and Polish firms are subject to scrutiny when applying for credit. The...

Although credit history scoring offers benefits to lenders and borrowers, failure to consider situational circumstances raises important statistical issues that may affect the ability of scoring systems to accurately quantify an individual's credit risk. Evidence from a national sample of credit...