This article reports on a round table panel discussion entitled « Sovereign Debt Crisis and the Future of the Eurozone », which took place at the 29th International Symposium on Money, Banking and Finance, at the University of Nantes, June 28-29, 2012. The panel was chaired by Andy Mullineux...

Using a new database of actual import price data rather than unit value indices, we analyze the impact of currency-invoicing decision of exporting firms on the extent of exchange rate pass-through (ERPT) for several Euro-area countries during the period of June 2005 to July 2013. Mainly, we use...

[fre] L'analyse statistique comparée des structures de financement des entreprises industrielles aux Etats-Unis, au Royaume-Uni, au Japon, en R.F.A. et en France, sur la période 1971-1983, permet de vérifier, dans une certaine mesure, les conclusions des théories faisant état de...

[eng] Monetary policy, bank capital and market liquidity . The implementation of the Basel II Capital Accord highlights the role of bank capital in the conduct of monetary policy. The paper studies the three types of instances that central banks may face. In normal times, the distribution of...

[eng] Common Risk Factors on the International Stock, Bond and Exchange Markets . by Olivier De Bandt . This paper finds a «predictability» of yield spreads on the stock, bond and exchange markets in the United States, Japan, Germany and the United Kingdom for the 1980: 1-1994:5 period....

Cet article propose un modèle de croissance endogène dans lequel on introduit des intermédiaires financiers en concurrence imparfaite et une rémunération du capital soumise à un choc macroéconomique. Les anticipations rationnelles des ménages sur le risque de faillites bancaires (dont...

The paper investigates, from the welfare and growth point of view, the determination of the optimal capacity of the banking system. For that purpose, we consider an overlapping generation model with endogenous growth. There is horizontal differentiation and imperfect competition in the banking...

[eng] Structural VAR modeling: application to France's monetary policy by Catherine Bruneau and Olivier De Bandt . This paper discusses the purposes and limits of "structural" VAR modeling. It explains the choices that modelers have to make at different stages of the procedure. An illustration...

To explain the existence of "stop-loss" rules in financial institutions, we develop a principal/agent model, where an investment firm relies on a trader to invest in a risky asset like a future contract. When the trader faces a limited liability constraint, the investment firm may increase its...