Spread

trade. It can't be stopped and the fact is that there will certainly be winners, but also losers. So, does globalization increase inequalities ? To start with, it's important to notice that the globalization allows an increasing influx and spread of information, technical know-how and education between the countries. For example, new techniques in medicine and health knowledge can be taught worldwide and consequently save people. Secondly, globalization is the source of a cultural mix, as

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crises du Système Monétaire Européen, la crise des high tech et la crise des Subprimes, le modèle du Chapitre 3 est généralement meilleur que le modèle du premier chapitre. Au "pic" de chaque crise correspond un maximum du rôle de la monnaie. Plus les spreads de mesure de risque augmentent, plus le rôle de la monnaie dans la production est important. En conséquence, la monnaie peut avoir un rôle dans la résolution ou l’amplification des crises. Slide 18: La crise des Subprimes (1) Afin d’illustrer ces

It could be one of the most ambitious computer projects ever conceived. An international group of scientists are aiming to create a simulator that can replicate everything happening on Earth - from global weather patterns and the spread of diseases to international financial transactions or congestion on Milton Keynes' roads. Nicknamed the Living Earth Simulator (LES), the project aims to advance the scientific understanding of what is taking place on the planet, encapsulating the human actions

the day of the credit event. Usually the periodic fees are paid on the 20th of March, June, September and December. CDS markets are quoted in basis points (bp) paid annually, and are a measure of the reference entity’s credit risk (the higher the spread the greater the credit risk). Basically, the CDS buyer obtains the right to sell bonds issued by the company for their face value when a credit event occurs and the CDS seller agrees to buy the bonds for their face value in case of a credit event

their subject matter from ordinary life. Realists were influenced by the spread of democracy in Europe and North America. Middle and lower class citizens were becoming increasingly important. Detailed settings became important as a means of establishing the realistic nature of main characters and places. Dialect became popular as did an emphasis on local color. 2. Realists placed an emphasis on characters. As democracy spread, so did the importance of the individual. As individuals became more important

Arts. • Its aim : to express the sensations and visions that creates drugs (LSD widely spread at that time ) What is Psychedelism ??? • Greek etymology : “Soul manifesting “ • An expression of the counter-culture movement. • Generally associated to the Californian hippie movement. • Influences in Music, Literature and Arts. • Its aim : to express the sensations and visions that creates drugs (LSD widely spread at that time ) LSD : Lysergic acid diethylamide, a non-addictive drug. Used by psychiatrics

Les CDS, comment ça marche ? La prime L’acheteur de CDS verse périodiquement une prime à l’assureur en paiement de ceux-ci. La prime est appelée « spread ». C’est la valeur du CDS qui varie sur les marchés financiers en fonction de l’offre et de la demande. Plus la situation de l’État grec se dégrade, plus la valeur de ce spread augmente. • Les CDS sont donc un indicateur de la perception du risque de non-remboursement par les marchés. Le déclenchement des CDS Comme tout contrat

Datast ream Graphique 1 PIB (GA en %) Irlande P o rtugal Grèce Espagne 20 15 10 5 0 -5 -10 98 99 00 01 02 03 04 05 06 07 08 09 10 8 6 4 2 0 -2 -4 -6 -8 Source : Dat astream Graphique 2 CPI (GA en %) 8 6 4 2 0 1000 Graphique 3 Spreads souverains contre Bund (en pb) Espagne Irlande 1000 800 800 600 Grèce P o rtugal 600 Irlande Espagne P o rtugal Grèce -2 -4 -6 -8 400 Sources : Dat astream, NATIXIS 400 200 200 98 99 00 01 02 03 04 05 06

l'information est transmise sur le marché et la relation entre processus d'information et volatilité du marché (jonction avec la théorie de l'efficience). Lyons (1993), par exemple, rapporte des preuves sur le fait que le volume affecte la fourchette "bid-ask spread" à travers l'information signalée par le volume de transaction aussi bien que le désire des teneurs de marché de contrôler l'inventaire des différentes devises. Notons que la microstructure du marché sera plus explicite dans le chapitre suivant