Banking School Vs Currency School

des billets (35% : encaisse métallique doit représenter 35% des billets émis) * * Le billet inconvertible en or : papier monnaie : * Banking school VS currency school (Ricardo) : à quelle hauteur doit-on couvrir les billets par l’encaisse ? * Currency : sévère, couverture forte des billets émis par l’encaisse métallique * Banking : grande permissivité car pour permettre de trouver de l’argent facilement * On s’est rendu compte que lors de périodes difficiles (guerre) : beaucoup

l’échéance de la dette est postérieure à la date où la décision d’investir doit être prise, les actionnaires ne prendront cette décision que si « l’état de la nature » à ce moment là est tel que la VAN du projet (VS – I) est supérieure à la VAN du montant à rembourser (D0). Si (VS – I) < D0, les actionnaires renonceront à entreprendre le projet bien que sa VAN soit positive, car ils supporteront alors l’entier coût de l’investissement, alors que les retours sur investissement seront captés essentiellement

growth is expected to weaken somewhat in 2011, before picking up in 2012 (Table 1). Real GDP is estimated to have expanded by 3.9 percent in 2010, once again led by strong domestic demand in developing countries. Restructuring and right-sizing in the banking and construction sectors, combined with necessary fiscal and household consolidation, will continue to drag on growth in many highincome economies and developing Europe and Central Asian countries. At the same time, growth is projected to slow in

arising from investments outside the country is not counted. 2 Making international economic comparisons: - Population - GDP - World biggest oil company by turnover/revenues To be able to make comparisons internationally, a common currency is necessary ✓ The US $ is the standard basis for making international financial and economic comparisons ✓ But exchange rates change everyday and can vary by a lot over time so such movements distort comparisons 3 International

Amendements», Journal of Financial and Quantitative Analysis, Vol. 25, n° 2, pp. 143-167. Allayannis G. et Ofek E., 2001, «Exchange-Rate Exposure, Hedging, and the Use of Foreign Currency Derivatives», Journal of International money and Finance, Vol. 20, n° 2, pp. 273-296. Allayannis G. et Weston J., 2001, «The Use of Foreing Currency Derivatives and Firm Market Value», Review of Financial Studies, Vol. 14, n° 1, pp. 243-276. Ang J., Cole R. et Lin J., 2001, «Agency Costs and Ownership Structure», Journal

are playing an increasingly significant role in global markets. Nevertheless, like many other investment vehicles, sovereign wealth funds have generally infused capital at levels below thresholds that would trigger review and approval by federal banking agencies (typically, less than 10% of voting shares). Conclusion The early months of 2008 revealed further complications to the conditions facing the global economy at the end of 2007, heightening uncertainty among investors regarding the near-term

d’une augmentation du risque de non remboursement des crédits accordés en Tunisie. TITLE : THE IMPACT OF BANK GOVERNANCE AND RELATIONSHIP BANKING ON CREDIT RISK : THE CASE OF TUNISIAN BANKS Summary This research aims to analyse the internal determinants of Tunisian bank risk. We particularly focus on the role of bank governance and relationship banking. Based on a sample of 10 Tunisian listed banks during 1998-2009, we examine the impact of ownership concentration and board characteristics

reference dans le camp des anti bullionistes). Real-bill doctrine et la banking school C’est le secteur réel qui commande les prix et la monnaie doit suivre l’évolution du secteur réel en réduisant l’émission monétaire on bride le secteur réel. (Cette théorie se trouvait chez Smith). Les banques doivent être libre d’émettre en fonction de la demande Les banques s’autorégulent pour éviter la faillite Bullionistes et la currency school Ricardo en fait partie. En 1809 il publie un article sur « The Price

trillion[12] (4th) |  -  | Per capita | $3,015[12] (127th) | GDP (nominal) | 2009 estimate |  -  | Total | $1.235 trillion[12] (11th) |  -  | Per capita | $1,032[12] (142nd) | Gini (2004) | 36.8[13] (79th) | HDI (2010) | 0.519[14] (medium) (119th) | Currency | Indian rupee () (INR) | Time zone | IST (UTC+5:30) |  -  | Summer (DST) | not observed (UTC+5:30) | Date formats | dd/mm/yyyy (AD) | Drives on the | left | ISO 3166 code | IN | Internet TLD | .in | Calling code | 91 | Non-numbered

private donations. WORDWORK (p. 16) wordfile-p.16-1a Corrigé 1/a, 2/c, 3/c, 4/a, 5/b, 6/c, 7/a, 8/c. wordfile-p.16-1b 1/d, 2/f, 3/e, 4/j, 5/i, 6/a, 7/h, 8/g, 9/c, 10/b. wordfile-p.16-2 A. 1/c, 2/d, 3/e, 4/b, 5/a. B. 1. cash dispenser, withdraw, 2. currency, 3. borrow, loan, 4. tip, coins, 5. refund. C. 1/e, 2/a, 3/d, 4/b, 5/f, 6/c. (p. 16) Corrigé teamfile-p16-1 1. Keith Waterman. Sociologist. Make Money by Giving it Away. 2. Bill Gates; giving a lot of money to charity (or co-founding Microsoft is