Sukuk, the shari’a-compliant alternative mode of financing to conventional bonds, have considerably expanded over the last decade. We analyze the stock market reaction to two key features of sukuk: type and characteristics of the shari’a scholar certifying the issue. We use the event study...

The aim of this paper is to assess the impact of union bargaining power on inflation and employment in a case of efficiency bargaining, in a context of a strategic game between Central Bank and social partners.

Reputation of financial institutions is crucial for their activity and performance. Participant banks often rely on lead bank’s reputation in making future syndicated loan participation and lending decisions. We apply ordered probit regression techniques to a sample of more than 4,600 loans to...

We consider a heterogeneous labor market in a two-country monetary union. The domestic economy is characterized by a dual labor market with formal and informal sectors as observed in most Southern EMU economies. Among formal workers, wage-levels result from efficiency considerations. In the...

The publication of Donohue and Levitt (2001)’s paper on the impact of legalized abortion on the decline of crime in the US has created a wide debate in the literature. However, the vast majority of papers have been implemented in the US setting, and the few other works were single-country...

This paper explores whether the benefits and costs of affiliation with a business group (BG) are influenced by firm and BG size. We explore empirically this issue using a unique data set on French small businesses ownership. Our results show that affiliation with a BG has a positive influence on...

Based on a gravity analysis, the paper shows that there is a significant relationship between goods and services exports, at least as they are measured in the current account of the BOP. Truly enough several recent works have already, but incidentally, shed some light on this issue. The paper is...

In this paper asymptotically stable risk assessments are studied. They are characterized by not being sensitive with respect to huge additional capital in the very far future. Under the additional hypothesis of being locally continuous from below, these risk assessments are exactly those which...

This paper is based on a general method for multiperiod prudential supervision of companies submitted to hedgeable and non-hedgeable risks. Having treated the case of insurance in an earlier paper, we now consider a quantitative approach to supervision of commercial banks. The various elements...