The Democratic Republic of Congo (DRC) has faced persistent current account deficits despite a period of economic growth fueled by Foreign Direct Investment (FDI). This paper uses an Autoregressive Distributed Lag (ARDL) model and the Balance of Payments (BOP) framework to explore the dynamics...

We study the relationships between the real effective exchange rate (REER) of the Tunisian dinar and its determinants/fundamentals, i.e. the ratio of trade balance/GDP, the ratio of public consumption/GDP, the openness rate and the terms of trade. We find that in the most of cases, the variables...

La Banque de France, la revue American Economic Journal : Macroeconomics, l’École d’économie de Paris ainsi que les centres de recherche ECARES et CEPR ont organisé une conférence sur les enseignement macroéconomiques à tirer de la crise financière. Crise de la dette souveraine,...

Most studies on equilibrium exchange rates focus on a limited number of G7 countries. But in a situation of world imbalances, emerging countries can no longer be excluded. The study of all equilibrium exchange rates is delicate. First, the trade model has to be balanced at the aggregate level....

French Abstract: Cet article examine les mesures prises par la Chine en faveur d'une réforme financière, en portant une attention toute particulière à la libéralisation du compte de capital et à l'internationalisation de l'utilisation du renminbi (RMB). Après le ralentissement du rythme...

French Abstract: La crise de la zone euro illustre les carences des mécanismes d'ajustements dans une union monétaire caractérisée par une forte hétérogénéité. Cette situation reflète un diagnostic simple. Au niveau de l'ensemble de la zone, l'euro est proche de son taux d'équilibre....

The current financial and economic crisis is not du to the Dollar paradox. That's why the growing "Global Imbalances" remains an interesting issue. By mixing theories from the litterature of Foreign Direct Investment in China and the Collateral theory developped in [Dooley, Folkerts-Landau,...

This paper shows the relevance of physical infrastructure and financial development for developing countries attractiveness to private capital (Foreign Direct Investments -FDI- and portfolio investments). Contrary to other studies, this analysis is based on “push-pull factors” and the...

This article uses the push-pull factors approach to analyze the determinants of private capital flows (foreign direct investments, portfolio investments, and debt) in West African Economic and Monetary Union (WAEMU) over the period 1970-2003. The results show that (i) infrastructure, trade...

The purpose of this study is to determine the long-run effects of changes in real exchange rate on the nominal (in value) and real (in volume) trade balance for the countries of the African Franc zone. These countries together have a common currency: the CFA franc, whose parity with the euro is...