This article studies the impact of monetary policy on real economy in Europe through a particular transmission mechanism: the credit channel. The credit channel is based on the existence of information asymmetries in financial markets that change the agents financing conditions. According to the...

Les ménages français ont, comme leurs homologues européens, réduit leur effort d’épargne au bénéfice de leur consommation. Leurs choix de placements se sont orientés vers les produits bancaires liquides au détriment de l’assurance-vie.

The present working paper aims to examine theoretically and empirically the long run relationship of the exchange rate pass-through to import prices. Using a heterogeneous panel approach to estimate the ERPT for four developing countries. Our methodology consists of a no stationary panel...

La disponibilité d’un modèle de simulation est d’un grand secours pour le décideur public car un tel outil remplit des fonctions aussi importantes que celles de support à la définition des programmes économiques et financiers, d’instrument de dialogue avec les partenaires au...

This paper intends to watch and teach the macroeconomic processes with a joint view on monetary policy. It endorses the main ideas expressed by the three equations model of the New Neo-Keynesian Synthesis and to which it adds one loanable funds equation.This widening to credit questions has...

The purpose of this paper is to analyze the dynamic response of a small subset of variables to exchange rate shocks by using a new method based on a set of theory-consistent sign restrictions for the purpose of identifying shocks over time (1995Q1–2019Q1) in the Moroccan economy. It is...

The excess of banks liquidity in the CEMAC zone, following the banking restructuring, brought the monetary authorities to undertake a certain number of reforms. The object of this article is, besides the determination of the explanatory factors of the excess of banks liquidity, to appreciate the...

Résumé La monnaie est souvent considérée comme un instrument permettant de projeter pouvoir et influence. L’article retrace l’évolution des rapports de force et des hiérarchies monétaires dans la corne de l’Afrique où se sont mêlés les intérêts français, anglais et italiens en...

According to the theory of the optimal currency area (OCA), the choice of a country to join a monetary union is a relevant decision if the different members fulfill a set of criteria. In this context, the possible decision of Morocco to join the planned monetary union of ECOWAS requires a subtle...

The originality of this paper is to provide the first analysis of the money multiplier in CEMAC zone. The money and its evolution is connected to the macroeconomic, monetary and financial situation. We have found that the money supply and the monetary base are linked in the long run in all the...