Monetary policy

* La diversification et gestion des risques ; * La mobilisation de l’épargne ; * La facilitation des échanges de biens et services. 1 Demirgüç-Kunt. A et Levine. R (2008) : « Finance, Financial Sector Policies, and Long-Run Growth », World Bank, Policy Research Working Paper, N°4469, p. 4. 21 Même si l’ensemble des systèmes financiers fournit et occupe ces fonctions, il existe de grandes différences quant à leur accomplissement, selon qu’il s’agit d’un système financier développé ou non. Le développement

accompagne la baisse de l’inflation (en %) 1999 2001 2003 1 0 1985 1987 1989 1991 1993 1995 1997 Taux directeur (échelle de droite) Indice des prix à la consommation 1999 2001 2003 Taux directeur Cf. Bernanke (B.) (2000) : “Japanese monetary policy: a case of self-induced paralysis” Banque de France • Focus • n° 2 • 5 décembre 2008 4 L’impact macroéconomique des crises bancaires • En baissant son taux directeur à 2,50 % début 1987, la Banque du Japon n’aurait fait que prendre en compte

living. But we must also admit that the growing role of market forces increases the risk of errors on the part of investors. The crises that have shaken financial markets in 1997-98 show what may be the cost of an about-face for investors when economic policy failures combine unfortunately errors markets. We must recognize that globalization does not benefit equally to each other: there can be, and indeed there are losers and winners. The problem is not new. Technological advances and rapid changes

the realization of a Common Market, thanks to the liberalization of the exchanges and the development of common economic policies. Since this date, more and more fields were shared, giving rise to common policies, such as the common agricultural policy. In parallel, the European Union widened geographically, passing from 6 to 25 member states. The notion of enlargement refers to the process by which new States adhere to the European Union (UE). Since 1957, there were five enlargements; in

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Journal of Monetary Economics 15 (1985) 145-161. North-Holland THE EQUITY PREMIUM A Puzzle* Rajnish MEHRA Columbia University, New York, N Y 10027, USA E d w a r d C. P R E S C O T T Federal Reserve Bank of Minneapolis University of Minnesota, Minneapolis, MN 5545.5, USA. Restrictions that a class of general equilibrium models place upon the average returns of equity and Treasury bills are found to be strongly violated by the U.S. data in the 1889-1978 period. This result is robust to

universitaires de France, 1ère Edition, avril, 2011. Descartes & Cie. 8. AVOUYI-DOVI.S, SASSENOU.M, 1992: « Croissance endogène : une application à l’industrie manufacturière française ». 9. BALDWIN.R.E, 1989: « The Growth Effect of 1992 ». Economic policy, Octobre. 10. BARRO.R, 1990: « Government Spending in a simple model of Endogenous Growth », journal of political economy, vol.98, N°5, S103-S125. 11. BARRO.R, 1991: « Economic Growth in a cross section of countries». Quarterly Journal of Economics

addressed by critical scholarship in International Relations: not immigration, but emigration; and in particular a whole range of state practices orientated toward governing ‘‘domestic’’ populations abroad. While in a small number of western countries policy makers and social scientists are concerned about migrants as those ‘‘who arrive,’’ most of the world’s governments are more concerned with migrants as those ‘‘who leave.’’ In the past 10 years, ‘‘diaspora policies’’ that is policies of states aimed

Herzegovina, Croatia, Serbia and Montenegro and the Former Yugoslav Republic of Macedonia. 3 Ethnic conflict contributed to redefining the relationship between the EU and the US. Only then did the EU start to design its own common foreign and security policy, independently of NATO. For example, 80% of approximately 50,000 NATO soldiers deployed in the Balkans are members of European armies. See Sophia Clement, The Balkans and Beyond: the European Perspective on Future Regional Stability, East European

explain why Chinese people gamble as much as they do. The transition from poverty to prosperity, the widening gap between the poor and rich and the hunger for achievement can all explain to a certain extent why Chinese people take such excessive monetary risks when they gamble in Macau. However, many nationally representative studies have found a large percentage of Chinese people in Hong Kong, Macau and Singapore gamble for fun and entertainment, and not for money. Very few studies, however, have