Monetary policy

adjusted (SA) data for the monthly reporting of national monetary developments, with renewed statistical tools. Before the start of the single currency in 1999, the Banque de France already calculated seasonally adjusted data, using a rather old method, X11-ARIMA. Due to the shortcomings of this means, the Banque de France has developed a new method of seasonal adjustment, using both TRAMO-SEATS and X12-ARIMA, and defining a specific revision policy for each SA series. This paper aims at presenting and

WP/09/53 Credit Market in Morocco: A Disequilibrium Approach Laurence Allain and Nada Oulidi © 2009 International Monetary Fund WP/09/53 IMF Working Paper Middle East and Central Asia and Monetary and Capital Markets Departments Credit Market in Morocco: A Disequilibrium Approach Prepared by Laurence Allain and Nada Oulidi Authorized for distribution by Joël Toujas-Bernaté and Daniel Hardy March 2009 Abstract This Working Paper should not be reported as representing the views of

did not include Cash. Therefore, when resuming my research in 2008, I investigated the rules that provided for the exchange of Cash. Such provisions appear in public monetary law through the “legal tender” rules which apply exclusively to coins and banknotes issued by States. More over, the legal concept does not solely belong to monetary law, “legal tender” provisions can be tracked down in various branches of law. Such findings led me to carry out a positive law transdisciplinary[3] analysis of the

par l’examen des autres données disponibles. 25 En effet, les coûts de transport sont le plus souvent définis comme tout ce qui explique la valeur fab d’une The Economist (1998). PIB 1960 : Nations, U. (1982), p. 3 ; PIB 1998 : International Monetary Fund (2002a), p. 157 ; exportations marchandise et sa valeur caf. Cf. infra. 26 27 mondiales en valeur : World Trade Organisation). 9 La tendance historique est par exemple démentie par une des sources la plus souvent citée : un court

croissance de la production. Le coefficient « q » se définit comme le rapport entre la valeur boursière des entreprises et le coût de renouvellement du capital. Un ratio élevé signifie que la J. Tobin (1969), « A general equilibrium approach to monetary theory », Journal of Money, Credit and Banking, feb. n°1, p. 15-29. 5 276 valeur boursière est élevée par rapport au coût de renouvellement et les nouveaux investissements productifs sont donc peu onéreux par rapport à la valeur boursière

6.5 A. B. C. 6.6 A. B. C. D. E. Problématique Réglementations Difficultés et problèmes Trade Related Intellectual Property Rights (TRIPS) Problématique Réglementation Contrôle et règlement des litiges Structure organisationnelle de l‟OMC Trade Policy Review Mechanism (TPRM) Dispute Settlement Body (DSB) Problèmes en suspens Mise en application des résultats de l‟Uruguayround Normes écologiques et sociales Concurrence et OMC Investissements directs et OMC Echec du « Millenium-Round » La politique

Bank, Policy Research Department, Washington, D.C. Amara, Fouad. 1993. « Soldes Budgétaires et Activité Economique : Formes Réduites et Analyse des Effets (Le Cas de l’Economie Marocaine sur la Période 1970-1992) », Revue Marocaine de Droit et d’Economie du Développement, N° 31. Arrow, K.J. et M. Kurz. 1970. Public Investment, the Rate of Return, and Optimal Fiscal Policy. Baltimore, The Johns Hopkins Press. Aschauer, David. 1989a. « Is Public Expenditure Productive?  », Journal of Monetary Economics

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workshop”. China now has a formed financial system which falls under the regulation and supervision of the Peoples Bank of China; which acts as Chinas central bank, while state banks provide its main support. This bank also operates by separating policy-related finance and commercial finance, and enjoys the cooperation of various financial institutions that operate with the same functions. The Chinese financial system is composed of several different key elements. State commercial banks; under

“Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking,” International Finance, Vol. 3, p. 261–72. Saleh M. Nsouli and Connel Fullenkamp, 2001, “The Regulatory Framework for E-Banking,” keynote address at “e-Lebanon: Banking, Payments, and ICT” conference, Beirut, Lebanon, June 6–8. Andrea Schaechter, 2002, “Issues in Electronic Banking: An Overview,” IMF Policy Discussion Paper No. 02/6 (Washington: International Monetary Fund). Finances & Développement /