The expansion of global liquidity, resulting from the unconventional monetary policies implemented by the major Central Banks over the past several years, has contributed to the debate on the cross-border impact of those measures. This paper examines the impact of global excess liquidity on...

The Central and Eastern European countries have used since the beginning of the transition of many monetary and exchange rate strategies to fight against inflation. One can find the full spectrum of regimes, from free floating, currency board, monetary anchors, inflation targeting, through...

The overly accommodating monetary policy is often accused of creating surplus liquidity and bubbles on the asset markets. In particular, it could have contributed to strong capital inflows in emerging countries, which may have had a significant impact on financial stability in these countries,...

The overly accommodating monetary policy is often accused of creating surplus liquidity and bubbles on the asset markets. In particular, it could have contributed to strong capital inflows in emerging countries, which may have had a significant impact on financial stability in these countries,...

We draw on portfolio theory and international diversification in order to analyse strategies allowing to reduce emerging economies' exposure to exchange-rate risk. We show in particular that it may be efficient for an investor, in terms of maximising the return-to-risk ratio, to build up a...

We have drawn on portfolio theory and international diversification in order to analyse strategies that help reduce emerging economy exposure to exchange-rate risk. We show that it may be efficient for an investor, by taking into account the several components of the global risk, to build up a...

Credit rating agencies (cras) have come under intensive scrutiny, having failed to assess the risk of mortgage-related structured products involved in the subprime crisis of 2008. Since 2010, the steady downgrading of European sovereign debt has also led to much criticism. This article focuses...

This study investigates the direct link between the implementation of the 1988 Basel capital requirement in Japan and the shrinkage of banks' foreign assets, particularly in Thailand in the 1990s. The empirical analysis proceeds in two stages. The first stage investigates the hypothesis that the...

La crise financière de 2008-2009, qui a notamment frappé les banques de l’UE-15, souligne combien les pays d’Europe centrale et orientale (PECO) sont vulnérables à l’arrêt soudain des entrées de capitaux de ces banques, fortement créancières ainsi qu’aux crises de balance des...