Search results for "G18"
showing 10 items of 11 documents
Contrainte de crédit et convergence vers la frontière technologique: Qu'en est-il des pays de la Zone CFA ?
2014
EnglishThis work aims to study the effects of credit-market imperfection on the convergence of the cfa zone to the frontier growth rate. It focuses on the fact that a less efficient credit market is a constraint that prevents these countries to benefit from technology transfer and causes them to deviate from the frontier of growth. The empirical approach based on generalized method of moments (gmm) in dynamic panel shows that a low level of financial development significantly slow the rate of convergence of these countries. francaisCe travail a pour objectif d’etudier les effets de l’imperfection du marche du credit sur la convergence des pays de la communaute financiere africaine (cfa) ver…
Spreads of bonds issued by sub-sovereign European governments
2017
[EN] This paper identifies the factors that affect the spread of fixed and variable type bonds in the primary and secondary markets issued by sub-sovereign European governments. The analyses of both markets will be done separately to compare whether the determinants in the primary market coincide with those in the secondary market. The analyses will examine the period between February 2008 and December 2013 using data panel estimations. The conclusions are that both markets are approximately identical behavior and the signs of the variables matched what was expected in nearly every case. Also, we concluded that the most important in determining the spread sub-sovereign variable is the sprea…
Financial crises in Spain: lessons from the last 150 years
2012
Financial crises are not unique to current financial systems. Are crises alike? Have they become more frequent, longer lasting and more severe since the 20th century? What does history tell us? The objective of this paper is to study the financial crises that have occurred in Spain over the last 150 years. We consider different types of crises (banking, currency and stock market crises), together with all their possible combinations, estimate their frequency by period and measure their length and depth. The main conclusion we obtain is that Spanish crises have been more frequent than in the rest of the world and have been more severe and more complex since 1973, as the 2007 crisis is confir…
How do Banking Crises Impact on Income Inequality?
2012
We show that banking crises have an important effect on income distribution: inequality increases before banking crisis episodes and sharply declines afterwards. We also find that, while a large government size does not per se seem to reduce inequality, a rise in financial depth (i.e. better access to credit provided by the banking sector) contributes to a more equal distribution of income.
Globalization of Monitoring Practices: The Case of American Influences on the Dismissal Risk of European CEOs
2013
Accepted version of an article from the Journal of Economics and Business This study examines globalization of monitoring practices by focusing on how American (U.S.) influences on European firms impact the dismissal risk for these firms' CEOs. Specifically, we argue that the stronger short term orientation of the American corporate governance system increase the dismissal performance sensitivity faced by European CEOs, indirectly and directly. The former materializes via European firms cross-listing on U.S. exchanges, the latter results from European firms hiring U.S. independent board members. Both influences are expected to result in increased dismissal performance sensitivity. Based on …
PARAMETER ESTIMATION FOR FRACTIONAL ORNSTEIN-UHLENBECK PROCESSES: NON-ERGODIC CASE
2011
We consider the parameter estimation problem for the non-ergodic fractional Ornstein-Uhlenbeck process defined as $dX_t=\theta X_tdt+dB_t,\ t\geq0$, with a parameter $\theta>0$, where $B$ is a fractional Brownian motion of Hurst index $H\in(1/2,1)$. We study the consistency and the asymptotic distributions of the least squares estimator $\hat{\theta}_t$ of $\theta$ based on the observation $\{X_s,\ s\in[0,t]\}$ as $t\rightarrow\infty$.
Prolonging in utero-like oxygenation after birth diminishes oxidative stress in the lung and brain of mice pups☆
2013
Background Fetal-to-neonatal transition is associated with oxidative stress. In preterm infants, immaturity of the antioxidant system favours supplemental oxygen-derived morbidity and mortality. Objectives To assess if prolonging in utero-like oxygenation during the fetal-to-neonatal transition limits oxidative stress in the lung and brain, improving postnatal adaptation of mice pups. Material and methods Inspiratory oxygen fraction (FiO2) in pregnant mice was reduced from 21% (room air) to 14% (hypoxia) 8–12 h prior to delivery and reset to 21% 6–8 h after birth. The control group was kept at 21% during the procedure. Reduced (GSH) and oxidized (GSSG) glutathione and its precursors [γ-glut…
Theoretical and Methodological Considerations on the Public Offers
2013
This paper describes the most important characteristics of the public offers, both from the theoretical and methodological view. The European Union emphasizes clarity and transparency. The author focuses on specific provisions of European Directive and Romanian law and regulations related to voluntary and mandatory takeover bids, on characteristics such as price, offeror and offeeree right, offer timetable.
The adoption of the Euro by Romania
2013
As Romania has joined the European Union, the European currency must be adopted even though it may raise some problems regarding conversion, the impact on goods and services expenses on the interior market having a direct effect on the population and the national economy because we don’t know which the trajectory of the Euro will be. This paper takes a look at the advantages and disadvantages of the adoption of the unique currency in our country taking into account the time factor and the behaviour we must have regarding the Euro, establishing the issues we must take a close look at when the initial term of adoption must be respected.
Transparencia y nuevas tecnologías en las Cooperativas de crédito
2004
An international reaction was required to the financial scandals of recent years, and some States started to reform corporate governance. Two main systems were used – self-regulation through good governance codes, and legislative measures to achieve transparency in financial markets. The principle of transparency is based on two premises – corporate governance and business information in the framework of new technologies. This study analyses the enforcement of the new Spanish legislation on transparency in credit cooperatives from a dual perspective – that of organisational structure, and members’ rights to information and the use of new technologies.