The aim of this paper is to analyse the adjustment process of real effective exchange rates towards their equilibrium level for the cfa zone countries over the period 1985-2007. Accordingly, we estimate a panel smooth transition error correction model in order to take into account non-linear...

In this paper we examine whether the weights of the forecasted macroeconomic variables in the valuation of sovereign risks has changed after the adoption of the Bâle 2 new regulation framework (around the years 2005/2006 when the new rules begun to be implemented in Europe). For purpose of...