A balanced economic development is essentially based on self-financing of investment cycle. The efficient use of energy resources and raw materials could rise by increasing the renewal of fixed capital, which is meaning also a shift to a higher technological level. From this correlation is...

We use a French firm-level panel data set over the period 1993-2004 to analyze the relationship between credit constraints and firms' R&D behavior over the business cycle. Our main results can be summarized as follows: (i) the share of R&D investment over total investment is countercyclical...

Les mesures en faveur de la concurrence pourraient avoir dans les PME un impact contrasté sur leur niveau d’innovation ; cependant, un accompagnement des PME en phase basse de cycle pourrait favoriser leur effort permanent d’innovation.

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...

This paper studies how financial development affects the relation between average growth and growth volatility through liquidity crises. We .first establish in a micro model that imperfect enforceability creates a short term bias in contracts financing long term investments. This can generate...

This paper addresses the macroeconomic impact of international financial integration. I first provide empirical evidence that foreign banking penetration can be associated with a contraction of banking credit, especially in countries with poor credit markets. Second I present a model in which...

Sur la base d’une enquête qualitative, l’article montre que la participation des investisseurs français sur les marchés obligataires locaux des pays émergents est en expansion mais reste freinée par une perception encore forte du risque associé.

Cet article fournit une évaluation empirique de la relation entre le développement financier et la croissance économique, en prenant en compte l’instabilité financière. L’analyse porte sur un échantillon de 71 pays et couvre la période 1960-2004. Les résultats obtenus à l'aide d'une...

This paper presents a comparison of econometric models used for economic forecasting, focusing on Madagascar’s Gross Domestic Product (GDP). The models analyzed include OLS, ARIMA, ARIMAX and VAR, each with its advantages and limitations. The OLS model is selected for its robust performance...

This work examines the impact of social investments and poverty in the D.R.Congo. The general equilibrium approach was used. To this end, a recursive dynamic computable general equilibrium model was built and calibrated based on the 2013 Social Accounting Matrix. Three scenarios were considered...