The Asian currency crises have been introduced by many economists as evidence that almost any country could be vulnerable to speculative attacks and to contagion effects, even with apparently good economic fundamentals. These financial crises have also been interpreted by other economists as...

[fre] Indicateurs d'alerte et crises de change Analyse comparée des économies d'Europe centrale et orientale ( 1990-1997) et d'Amérique latine et d'Asie de l'Est (1971-1997). . Cet article a pour objet d'évaluer la fiabilité d'un ensemble d'indicateurs de vulnérabilité à une crise de...

Financial stability is paramount to the proper functioning of open markets and is deeply affected by financial fragmentation. Both financial stability and financial fragmentation have unintended consequences on optimal currency areas. In this paper, we survey the original optimal currency areas...

Since the financial crisis, governments and central banks have launched a consolidation of financial systems which focuses on building a macroprudential framework. In section 1, we define the content of macroprudential rules and principles which underlie their adoption. In Section 2, we study...

We analyse the determinants of banks' balance-sheet and leverage-ratio dynamics and their role in increasing financial fragility. Our results are twofold. First, we show that there is a value of bank's leverage that minimises financial fragility. Second, we show that this value depends on the...