This paper provides an analysis of co-movements between real and financial variables in three new EU member countries (the Czech Republic, Hungary and Poland) and the euro area. It focuses on the co-movement between real credit granted to firms and real industrial output on the one hand, and...

The present paper contributes to the body of knowledge on search frictions in credit markets by demonstrating their ability to explain why the net interest margins of banks behave countercyclically. During periods of expansion, a fall in the net interest margin proceeds from two mechanisms: (i)...

The recent observed decline of business cycle variability suggests that broad macroeconomic risk may have fallen as well. This may in turn have some impact on equity risk premia. We investigate the latent structures in the volatilities of the business cycle and stock market valuations by...

Cet article examine les effets des plans d’épargne salariale sur l’épargne retraite volontaire. Nous construisons un modèle dynamique de maximisation d’utilité, pour déterminer les équations de demande de l’épargne salariale d’une part et de l’épargne classique d’autre...

Les effets des investissements directs étrangers, souvent provenus des pays développés, sur le pays hôte, des pays en développement pour la plupart de temps, sont mitigés. Certains économistes trouvent que les IDE sont bénéfiques pour l’économie d’accueil à cause de la création...

This paper traces R. G. Hawtrey’s main contributions to the theory of the lender of last resort national both (LLR) and international (ILLR). This theory is a continuation of one of the traditions of the classical period, started by Henry Thornton (1802) , that differs in important points from...

Approval of the quantity theory, of the Humean price-specie-flow mechanism (PSFM) and of lender of last resort analysis are characteristics of British monetary orthodoxy in the 1870s. But this does not mean that this orthodoxy achieved a synthesis between the Banking School and the Currency...

In this paper, we investigate the relative importance of drivers to pension funds’ asset allocation choices. We specifically test if the contrast between regulatory approaches of public and private Defined Benefits (DB) pension funds in the US, Canada and the Netherlands have an impact on the...