Monetary policy

est la mesure de première recourt lors d’une crise économique et, les américains s’en servirent pour restaurer leur économie. Robert Brenner nous le confirme en déclarant: « Meanwhile, between 1970 and 1973, it resorted to ultra-expansionary monetary policy not only to stimulate the economy, but also to push down the value of the dollar. By thus reneging on the US’s obligation to convert dollars into gold and moving to floating exchange rates, Nixon freed the US government from the requirement to

identify those differences to try to understand what is going to be the impact of the crisis in this area. The unique European currency The Euro-system protects and guarantees the financial stability in Europe. Without the Euro and the unique monetary policy, economies like Spain, Italy, Greece and Ireland would have proceed to a massive devaluation of their currency what would have lead a destabilization of the entire economy in Europe. So the euro protects us from a rate of exchange crisis but not

beaucoup d’hésitations, le levier des anticipations des marchés. _____________________ (1) In V. Reinhart, The Governance, Communication, and Conduct of the Federal Reserve's Monetary Policy, Remarks at the Second U.S. Monetary Policy Forum, New York, February 29, 2008. (2) In Frederic S. Mishkin : « Housing and the Monetary Transmission Mechanism », Jackson Hole Symposium, Federal Reserve Bank of Kansas City, 2007. (3) In Chairman Ben S. Bernanke, Outstanding Issues in the Analysis of Inflation,

creates pillars, which respect national identities and are generating new divisions of competencies. The Union is not a finished system. It is a system, which depends on the further development of integration, also on the development of common european policy. A system, which includes (implicates) member states is being created. At the same time, its federative nature becomes clearer. On this basis and in the relation to those elements the Union becomes a subject of constitutionality, which is identifiable

advantages and disadvantages of doing business regarding risk and opportunities which coexist. Historical and political context in both countries Before choosing to invest in a country, it is important to understand the policy which applies. Indeed, the policy led by the local government determines the legal environment in which any enterprise (foreign or not) has to deal with doing business. 1 Venezuela The Venezuela’s history is extremely colourful. The country (with other South

leads to inflation but he defended the fact that government has just to intervene on the monetary policy by controlling supply of money as well as interest rates to insure the well being of economy. The deregulation of the market is now calls into question as governments have had to intervene to bail out companies. To the interventionist Keynesian economy, governments have to insure graduated fiscal policy and invest on infrastructures to contribute towards the increase of demands and the increase

pp. 27-42. Borio, C. (1995) : « The structure of credit to the non-government sector and the transmission mechanism of monetary policy : a cross-country comparison », Financial structure and the monetary policy transmission mechanism, Banque des Règlements Internationaux, Bâle, mars, pp. 59-105. Boyd, J. et M. Gertler (1993) : « US commercial banking : trends, cycles, and policy », O. Blanchard et S. Fischer (sous la direction de), NBER Macroeconomics Annual, pp. 319-368. Comité de Bâle sur le contrôle

international», Revue d'Economie politique, 104 (1), Janvier-Fevrier. BALASSA, B. (1985), « Exports, Policy Choices, and Economic Growth in Developing Countries after the 1973 Oil Shock », Journal of Development Economics, Volume 18, Issue 1, May-June, Pages 23-35. BALDWIN, R. E. and SEGHEZZA, E., (1996), «Growth and European Integration: Towards an Empirical Assessment », Centre for Economic Policy Research, Discussion Paper: 1393, , Page 36. BARRO, R. et SALA-I-MARTIN X. (1996), « La croissance économique

gambling B. Prudential Regulation Once markets are sufficiently competitive that gambling must occur in the free market competitive equilibrium, some form of prudential regulation is necessary. A consensus has emerged among both economists and policy makers that a minimum capital requirement combined with effective monitoring of banks by a central regulator forms an effective basis for prudential regulation of banks. This consensus found its expression in the Basle Accord which requires a minimum

(2010) “The “Thin Film Of Gold”: Monetary Rules and Policy Credibility In Developing Countries”, NBER Working Paper n° 13918 (avril) Flandreau (M.), Le Cacheux (J.) et Zumer (F.) (2008) “Could the world go back to the gold standard?”, Financial Times, 1er novembre Zoellick (R.) (2010) “The G20 must look beyond Bretton Woods II”, Financial Times, 7 novembre “Stability Without a Pact? Lessons from the European Gold Standard, 1880-1914”, Economic Policy 13/26, 115-162 Banque de France