Download or read book L int gration financi re des march s de capitaux written by Philippe Protin and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book L int gration financi re des march s de capitaux written by Philippe Protin and published by . This book was released on 1998 with total page 740 pages. Available in PDF, EPUB and Kindle. Book excerpt: CETTE THESE EST CONSACREE A L'ANALYSE THEORIQUE ET EMPIRIQUE DE L'INTEGRATION FINANCIERE DES MARCHES DE CAPITAUX. LA PREMIERE PARTIE PROCEDE A UNE REVUE DE LA LITTERATURE SUR LE PHENOMENE. LE PREMIER CHAPITRE PRESENTE, DEFINIT ET MESURE L'INTEGRATION FINANCIERE. PAR REFERENCE A LA LOI DU PRIX UNIQUE, DEUX ACTIFS DE MEMES CARACTERISTIQUES, MAIS APPARTENANT A DEUX PAYS DIFFERENTS, SONT INTEGRES S'ILS ONT LE MEME RENDEMENT ANTICIPE. CECI IMPLIQUE QUE LES PRIMES DE RISQUE ASSOCIEES AUX FACTEURS INTERNATIONAUX (COMMUNS) SONT IDENTIQUES. LES DEUX CHAPITRES SUIVANTS PRESENTENT UNE REVUE DE LA LITTERATURE SUR L'INTEGRATION FINANCIERE DANS LE CADRE DES DEUX MODELES D'EVALUATION QUI CONSTITUENT LE PARADIGME DE LA THEORIE DE LA FINANCE INTERNATIONALE : LE MEDAF ET L'APT. CETTE PARTIE PERMET EGALEMENT D'ETUDIER L'IMPACT DES BARRIERES A L'INVESTISSEMENT INTERNATIONAL SUR LE CHOIX DE PORTEFEUILLE ET D'EXAMINER LES DIFFERENTES FORMES D'INTEGRATION PARTIELLE QUE SONT LA SEGMENTATION PAR ZONE, PAR COUT D'ACCES ET PAR AGENTS. IL RESSORT DE CETTE REVUE DE LA LITTERATURE UNE CONCLUSION AMBIGUE D'APRES LAQUELLE LE DEGRE D'INTEGRATION EST VARIABLE SELON LES MARCHES, LES PERIODES ET LES APPROCHES CONSIDERES. L'OBJECTIF DE LA SECONDE PARTIE DE CE TRAVAIL EST DONC D'EXAMINER EMPIRIQUEMENT L'HYPOTHESE D'INTEGRATION FINANCIERE AINSI QUE SON EVOLUTION SUR LA PERIODE 19731995 A PARTIR D'UN ECHANTILLON INTERNATIONAL DE 230 ACTIFS. POUR CE FAIRE, IL EST NECESSAIRE DE VERIFIER QUE LES OPERATIONS D'ARBITRAGE CONDUISENT A L'EGALITE DES RENDEMENTS DES ACTIFS PRESENTANT LES MEMES CARACTERISTIQUES. CES ETUDES SONT CONDUITES DANS LE CADRE DES DEUX MODELES THEORIQUES : LE MEDAF ET L'APT. LES RESULTATS OBTENUS NE VALIDENT PAS L'HYPOTHESE D'INTEGRATION DES SIX MARCHES ETUDIES SUR LA PERIODE 1973-1995 ET CE, QUEL QUE SOIT LE MODELE RETENU. ENFIN, CONCERNANT L'EVOLUTION DU DEGRE D'INTEGRATION FINANCIERE, LES RESULTATS NE VALIDENT PAS L'HYPOTHESE SELON LAQUELLE LES MARCHES SONT DAVANTAGE INTEGRES AUJOURDH'HUI.
Download or read book Diversification internationale int gration financi re et effet de contagion written by Kais Fadhlaoui and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Cette thèse étudie l'intégration/segmentation entre les marchés des capitaux développés et émergents et ses implications sur les gains potentiels de la diversification internationale. Les résultats ont montré que l'accroissement de l'intégration des marchés n'a pas significativement réduit les gains de diversification internationale. Ces gains sont significativement important surtout pour les marchés émergents. Cependant, il faut tenir compte des transmissions des chocs entre les marchés. En effet, les mouvements des marchés développés et particulièrement du marché américain sont contagieux. Les chocs sont transmis rapidement et affectent significativement les marchés développés et émergents. Les crises qui affectent les marchés émergents ne sont pas transmises significativement au niveau international. Ces crises sont caractérisées par le développement d'un puissant effet de contagion qui affecte négativement les gains potentiels de la diversification internationale du portefeuille
Download or read book Les nouveaux march s financiers et leurs instruments written by Noël Gauthier and published by FeniXX. This book was released on 1987-12-31T23:00:00+01:00 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: La profondeur des mutations des systèmes financiers occidentaux a été telle, au cours des dernières années, que le processus ainsi engagé devient irréversible. Cette évolution, particulièrement rapide en France, a permis de lever de nombreuses contraintes réglementaires et a favorisé l'innovation financière ; elle représente, pour les entreprises, tout à la fois une chance et un défi. Une chance, car l'innovation financière se traduit pour l'entreprise par : — un accès direct au marché de l'argent ; — une réduction des coûts de l'intermédiation financière ; — une amélioration des échanges avec les marchés financiers étrangers ; — un développement de nouveaux outils de gestion financière ; — une plus grande mobilité des capitaux. Un défi, car l'innovation financière exige des adaptations de comportement face : — au renforcement du rôle des taux d'intérêt et des marchés ; — à l'accroissement des volatilités tant des cours que des taux ; — au déplacement du risque de crédit des banques vers les entreprises ; — à l'électronisation des flux monétaires ; — à l'utilisation des nouveaux instruments financiers. La maîtrise de cette évolution passe par une transformation des habitudes de la gestion financière traditionnelle. D'une conception essentiellement statique, fondée sur des mises en place durables -de financement ou de placement - la gestion doit passer à une conception mobile, fondée sur le suivi des marchés et l'utilisation des nouveaux instruments. Une telle démarche nécessite l'intégration de l'économie de marché dans la « chose financière » : tout financement, tout placement devient un produit à part entière, susceptible d'être acheté ou vendu à tout moment (c'est un titre négociable). Aucune condition financière ne doit plus être considérée comme immuable. Certes, il y aura toujours des taux d'origine rattachés à tel crédit ou tel placement ; mais les nouveaux outils financiers permettent de s'éloigner de la base initiale, c'est-à-dire de déconnecter le crédit, autrement dit la liquidité, des taux d'intérêt, pour améliorer à tout moment la « rentabilité financière ». Ainsi, à côté des techniques traditionnelles, doivent être mises en place des techniques nouvelles, permettant d'adapter la gestion aux innovations et à l'accroissement des risques financiers.
Download or read book L int gration des march s des capitaux written by Fabrice Connin and published by . This book was released on 1992 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essais sur l int gration des march s financiers internationaux written by Stéphane Guibaud and published by . This book was released on 2005 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation bears on international financial markets integration. First, we review the broad stylized facts on international financial integration and the explanations that have been proposed to account for its llimited extent. Chapter 2 builds a model with default risk and iceberg costs on transfers. It shows that trade integration can have a positive impacts on international risk-sharing through its impact on the wilingness to pay of creditors. Chapter 3 presents a dynamic general equilibrium model of asset pricing with two Lucas trees and taxes on the repatriation of dividends that can match many characteristics of international financial markets interms of prices, returns, portfolios and flows. In chapter 4 we analyze data on bilateral equity holdings and show that ceteris peribus investors tend to dislike those foreign assets that are highly correlated with their domestic assets.
Download or read book Int gration financi re comouvements et politique mon taire written by Julien Idier and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: La fin du XIXème siècle a été marquée par d'importantes mutations des marchés financiers de par leur développement, libéralisation et enfin concentration dans une dynamique transfontalière. Un fait saillant de ces mutations est l'accélaration progressive des comouvements de prix d'actifs, la foi entre segments de marchés, mais également entre pays. Si l'ouverture des marchés de capitaux favorise une allocation optimale des ressources et des risques, cette même ouverture fait également planer un risque systémique, à l'échelle du globe de par l'intensification de ces comouvements observés en période de crise. Le premier objectif de cette thèse est d'utiliser plusieurs techniques innovantes de l'économétrie financière (notamment les modèles multiffractals) qui permettent de prendre en compte à la fois les dynamiques de long terme entre différents actifs (liées par exemple à l'avènement de la zone euro) sans pour autant négliger les dynamiques de très court terme. Un second objectif est de mettre en évidence l'apport pour les décideurs politiques de l'utilisation des données à haute fTéquence. Nous montrons que l'utilisation de ces données permet notamment un éclairage nouveau sur l'évaluation d cadre opérationnel de la Banque Centrale Européenne et de son interaction avec l'ensemble des marchés financiers.
Download or read book Dynamique de l int gration financi re des march s boursiers mergents written by Hery Naivo Razafitombo and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Globalisation des march s de capitaux et choix de portefeuilles internationaux written by Nicolas Cœurdacier and published by . This book was released on 2005 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: These last twenty years, cross-border asset trade has increased tremendously (finacial globalization). This thesis analyzes the determinants of asset trade between countries, from a theoretical and empirical point of view. In particular, it is shown that financial globalization and trade globalization are complementary. Empirically, trade in goods between countries increases trade in assets between countries. The conditions under which such complementarity is possible are determined theoretically. Moreover, this thesis look wether international asset allocation is consistent with standard portfolio choice theory. Finally, it analyzes the impact of financial integration on other economic variables such as the synchronization between markets, the cost of capital and the risk-sharing between countries.
Download or read book L int gration des march s financiers en Europe written by Aurélien-Maël Navatte and published by . This book was released on 2005 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Cr ation d un espace financier europ en written by Comisión de las Comunidades Europeas and published by Luxembourg : Office des publications officielles des communautés européennes. This book was released on 1988 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Monetary and Financial Integration The European Dimension written by D.E. Fair and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers collected in this volume are those presented at the thirteenth Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Luxembourg in October 1986. The Society issupported byalargenumberofcentralbanksandcommer cial banks, byother financial and business institutions, by treasury officials and by academics and others interested in monetary and financial prob lems. Since its establishment in 1963 it has developed as a forum for the exchange of information, research results and ideas, valued by academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major 'activity of SUERF is to organize and conduct Colloquia on subjects of topical interest to its mem bers. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume. Volumes were not produced for Colloquia held at Tarragona, Spain in October 1970 under the title 'Monetary Policy and New Develop ments inBanking'andatStrasbourg, France inJanuary 1972underthe title 'Aspects ofEuropean Monetary Union'. The previous SUERF Colloquium, at Cambridge in March 1985, had as its subject 'Shifting Frontiers in Financial Markets'
Download or read book Fiscal Policy Taxation and the Financial System in an Increasingly Integrated Europe written by D.E. Fair and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers collected in this volume are those presented at the sixteenth Colloquium arranged by the Societe Universitaire Europeenne de Re cherches Financieres (SUERF), which took place in Lisbon in May 1991. The Society is supported by a large number of central banks and commer cial banks, by other financial and business institutions, and by personal subscriptions from academics and others interested in monetary and financial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume. Volumes were not produced for Colloquia held at Tarragona, Spain in October 1970 under the title 'Monetary Policy and New Developments in Banking' and at Strasbourg, France in January 1972 under the title 'Aspects of European Monetary Union'.
Download or read book Annales d conomie et de statistique written by and published by . This book was released on 2007 with total page 818 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Institutions in Europe under New Competitive Conditions written by D.E. Fair and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers collected in this volume are those presented at the fifteenth Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Nice in October 1989. The Society is supported by a large number of central banks and commercial banks, by other financial and business institutions and by personal subs criptions from academics and others interested in monetary and financial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, r~esearch results and ideas among academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume. Volumes were not produced for Colloquia held at Tarragona, Spain in October 1970 under the title 'Monetary Policy and New Developments in Banking' and at Strasbourg, France in January 1972 under the title 'Aspects of European Monetary Union'.
Download or read book Political Economy of Financial Integration in Europe written by Jonathan Story and published by MIT Press. This book was released on 1997 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely volume traces the political, financial, and economicsteps toward financial union in Europe, focusing on the politicaleconomy of the process--notably the dynamics of a Europe ofsovereign states. Few aspects of the great European integration project have been as difficult and fraught with political conflict as the creation of a single financial market and monetary union. It is clear, however, that monetary union and financial integration are now on the front-burner in Europe, and will remain so until at least the year 2000. This timely volume traces the political, financial, and economic steps toward financial union in Europe, focusing on the political economy of the process--notably the dynamics of a Europe of sovereign states. It is the first integrated view of the issue, combining political, economic, and financial perspectives. Authoritative, comprehensive, and accessible, the volume is essential reading for students, researchers, policy makers, journalists, and anyone who needs to know about financial integration in Europe.
