Macroeconomics

collatéral est un actif transférable ou une garantie servant de gage au remboursement d'un prêt si le bénéficiaire de ce dernier ne satisfaisait pas à ses obligations de paiement. (5) A. Shleifer et R.W. Vishny (2010), Fire Sales in Finance and Macroeconomics, http://www.economics.harvard.edu/faculty/shleifer/files/FireSalesinFinanceandMacroeconomics55.pdf. (6) N. Kiyotaki et J. Moore (1997), “Credit cycles”, Journal of Political Economy, (105) 2, p. 211-248. (7) Phénomène dit du “debt overhang”, voir

bearish in its own way." “All bull markets resemble one another, but each bear This variation on Tolstoy's famous aphorism about happy families holds eerily true for the current bear market. Unlike previous bear markets, typically ascribed to macroeconomic factors, the "decline of America", or the impossibility of economic growth, the current trend centers on a distinctly microeconomic factor: systemic conflicts of interest. Of the many recent conflicts of interest, by the far the most costly (to

EASTERLY W., "Inflation Crises and Long-run Growth," Journal of Monetary Economics, February 1998,No 41, pp. 3–26. BURDEKIN, R. Cand al. "When does inflation hurt economic growth? Different nonlinearities for different economies", Journal of Macroeconomics, Septembre 2004, No 26 pp. 519–532. CANER, M. and HANSEN, B. E. . "Instrumental Variable Estimation of a Threshold Model", Econometric Theory , Octobre 2004, No 20: pp 813–843. CASELLI, F., ESQUIVEL, G. and LEFORT, F. . "Reopening the Convergence

développement des régions économiques du Maroc, Ministère des Finances et de la Privatisation, mai. [ 8 ]. Fontagné L. et Guérin J.L (1997), l’ouverture catalyseur de la croissance, N0 71 ; 3ième trimestre. [ 9 ]. Fischer, S. (1993), The Role of Macroeconomic Factors in Growth, Journal of Monetary Economics, Vol32. [ 10 ]. R2 (R-squared) : Ce coefficient de détermination multiple mesure la réduction de la variation totale de la variable dépendante due aux (multiples) variables indépendantes ; R2 Ajusté

pouvant la corriger. Summary All over the world, the strongest financial systems have been weakened by the international financial crisis. This situation pushed economists, regulators, and legislators to reconsider the monetary strategy, macroeconomic policy and globally most principals on which modern financial models are based, chiefly Basel II accords. However, Basel II framework was basically designed to enhance global regulation capital adequacy and risk management, and thus to prevent

Quel système monétaire international pour une économie mondiale en mutation ? Fan Gang, Wang Bijun and Huang Yiping (2010), “Intraregional Cross-Holding of Reserve Currencies: A Proposal for Asia to deal with the Global Reserve Risks”, China Macroeconomic Research Center, National School of Development, Peking University, Working Paper No. 01, November 24. Fonds Monétaire International (2001), “SDR Department”, chapitre 3 de Financial Organization and Operations of the IMF, Pamphlet Series n°45

because they are needed both for corporate strategies and for long term public policies to secure a sustainable development. In addition, models which are presently constructed to simulate shocks, such as computable general equilibrium models or macroeconomic models based on expectations, all require long term baseline scenarios. Therefore the construction of long term world growth scenarios remains necessary, in spite of the uncertainty attached to the results. The forecast is constructed using a neo-classical

et cyclicité des investissements de R&D : Évidence pour la France », Note d’étude et de recherche 198, Banque de France. Aghion, P. et I. Marinescu (2007), « Cyclical Budgetary Policy and Growth: What Do we Learn from OECD Panel Data? », NBER Macroeconomics Annual 2007, vol. 22, pp. 251-278. Ahrend, R., J. Arnold et F. Murtin (2009), « Prudential Regulation and Competition in Financial Markets », Document de travail du Département des affaires économiques de l’OCDE, no 735. Arnold, J. (2008), « Do

louis@uqam.ca † UQAM et CIRPÉE. What is the impact of government policy on economic activity in Quebec and Canada? Do taxes have a distorsive effect? Does spending stimulate activity? Is the net outcome positive, neutral or negative from a macroeconomic perspective? We address these questions here. We attempt to clarify the relative merits of several empirical strategies and then propose a series of answers in the context of Quebec and Canada, for which we measure, in particular, the quantitative

304, de capital (Basilea II) y sus alcances en la regulación para la banca de pp. 46-62. desarrollo, Lima, ALIDE-BID-FOMIN. MARCONI R. et MOSLEY P., 2005, « Bolivia during the global crisis 1998-2004: SERVET J.-M., 2006, Banquiers aux towards a macroeconomics of microfi- pieds nus : La microfinance, Paris, nance », Sheffield Economic Research Odile Jacob. Paper Series, (2005007), University of TRIGO J., LEE P. et RHYNE E., 2004, SuperSheffield. visión y Regulación de las MicrofinanMARCONI R. (Coord