This paper develops a partial equilibrium model of a banking firm to analyze how provisioning rules influence loan market fluctuations. We show that a backward-looking provisioning system amplifies the pro-cyclicality of loan market fluctuations. We demonstrate that, in a forward-looking...

A panel of 186 European banks is used for the period 1992-2004 to determine if banking behaviors, induced by the capital adequacy constraint and the provisioning system, amplify credit fluctuations. We find that poorly capitalized banks are constrained to expand credit. We also find that loan...

Non-foreign direct investment capital inflows in China were particularly strong in 2003 and 2004. They have led to a rapid accumulation of international reserves and they may have provided excess liquidity to the Chinese economy. This paper investigates how the central bank of China managed the...

This article investigates the characteristics of US and Canadian pension funds that allocate assets to hedge funds. The typical pension fund that invests in hedge funds is a large sophisticated pension fund that diversifies its portfolio across numerous classes of investments, private equity in...

Mutual funds industry has been sought by French politicians as mediation between the popular savings and company’s investments through the financial markets. Questioning the link between finance and industry requires analyzing the effectiveness of this mediation. This article intends firstly...

Purpose – The purpose of this paper is to highlight the potentials offered by New Product Committees for the development of responsible innovation in the financial services industry; and to provide grounds for policy recommendations. Design/methodology/approach – The paper takes the form of...

Purpose - The purpose of this paper is to highlight the potentials offered by New Product Committees for the development of responsible innovation in the financial services industry; and to provide grounds for policy recommendations. Design/methodology/approach - The paper takes the form of...

[fre] Le concept de place financière renvoie traditionnellement à un ensemble géographiquement intégré. Mais le développement des nouvelles technologies de l’information et de la communication a eu pour conséquence une désintégration verticale des activités financières. Ceci...

[fre] L’exemple de la multigestion montre l’importance de savoir s’il existe réellement des styles de gestion pouvant différencier les pratiques des gérants. Cet article propose une classification et une analyse des styles de gestion fondées sur un questionnaire adressé aux gérants...