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Date	Type	Description
221 31/12/2014	Article	REF 116 The changing African finance The Experience of a Multinational Regulator: CIMA Free access Jean-Claude NGBWA This article presents a progress report on the integration of the insurance market in the states member of CIMA, its achievements and the new challenges ahead. With the setting of… JEL classification : G22 O16 O55
222 31/12/2014	Article	REF 116 The changing African finance Fundamental Criticism on SRISK Free access Franck BANCEL Nicolas DARBO Henri PHILIPPE The SRISK measures the need for recapitalization of a financial institution conditional to a market shock of great importance. Widely disseminated in the academic community, in… JEL classification : G21 G28
223 31/12/2014	Article	REF 116 The changing African finance North-African Financial Systems: Contrasting Changes and Faltering Integration Free access Nabil JEDLANE Dhafer SAÏDANE The treaty establishing the Arab Maghreb Union was signed on February 17, 1989 by the five Maghreb heads of State in Marrakech. Yet Maghreb financial integration has not been… JEL classification : F15 G21 G34 O16 O55
224 31/12/2014	Article	REF 116 The changing African finance Donors’ Activities to Support Financial Development in Africa: The Example of the Agence Française de Développement Free access Vincent CAUPIN Jean-Marc GRAVELLINI Claude PÉRIOU Given the crucial role of banking and financial sectors in promoting economic activity in Africa, donors support the emergence of solid and perennial financial systems. To this… JEL classification : G21 O16 O55
225 31/12/2014	Article	REF 116 The changing African finance Is Banking Regulation Efficient in the West African Economic and Monetary Union? Free access Pascal H. DANNON Frédéric LOBEZ This paper investigates empirically the impact of bank regulation on the risk of default of WAEMU banks over the period 2000-2010. Our results suggest that banks which have… JEL classification : G21 G28 O16 O55
226 31/12/2014	Article	REF 116 The changing African finance Financial Development in Sub-Saharan Africa: The Challenge for Sustained Growth Free access Enrique GELBARD Anne-Marie GULDE Rodolfo MAINO Deep and efficient financial sectors are important in supporting growth. Against this general finding of the literature we take stock of changes in financial development in… JEL classification : E41 E63 F31 G20 O16 O55
227 31/12/2014	Article	REF 116 The changing African finance The Cost of Financing in Africa: Policies to Reduce Cost and Enhance Financial Inclusion Free access Paola GRANATA Katie KIBUUKA Yira MASCARÓ This paper analyzes the cost of financing in Africa and identifies policies to reduce this cost and enhance financial inclusion in the region. After a brief overview of financial… JEL classification : G21 G23 G28 O16 O55
228 31/12/2014	Article	REF 116 The changing African finance Investment Funds, an Essential Source of Long-Term Capital for African Businesses Free access Luc RIGOUZZO Considering the huge investment opportunities offered by these demographic, urban and economic changes, the African continent has become a key destination for private equity… JEL classification : F21 G11 G24 O16 O55
229 31/12/2014	Article	REF 116 The changing African finance Shaping Cross-Border Banking in Africa Free access Aaron Daniel MMINELE This article begins with a brief overview of the growth of cross border banking in Africa. Then, after highlighting some aspects of the context in which these banks operate, the… JEL classification : G21 G28 O16 O55
230 31/12/2014	Article	REF 116 The changing African finance Banking in Africa: A Progress Report Free access Thorsten BECK Robert CULL This paper discusses recent progress in financial deepening across Sub-Saharan Africa. Using an array of different data, we document that African banking systems are shallow but… JEL classification : G20 G30 O16 O55
231 31/12/2014	Article	REF 116 The changing African finance Trends and Developments in the Sub-Saharan International Sovereign Bond Market Free access Amadou N. R. SY Before 2006, only South Africa had issued a foreign-currency denominated sovereign bond in Sub-Saharan Africa. From 2006 to 2014, twelve other countries have issued a total of $15… JEL classification : F30 F34 G24 O16 O55
232 31/12/2014	Article	REF 116 The changing African finance Rated Africa: Ratings and the Development of African Financial Markets Free access Patrick RALEIGH Africa has become increasingly integrated to the global financial and economic system in recent years. This article considers the role of credit ratings in that trend. Ratings… JEL classification : G24 O16 O55
233 31/12/2014	Article	REF 116 The changing African finance The New Faces of Microfinance in Africa Free access Jacques ATTALI Africa’s future partially relies on its capacity to develop a more inclusive economic and financial sector. The African microfinance ecosystem is very different today than it was… JEL classification : G21 O16 O19 O55
234 31/12/2014	Article	REF 116 The changing African finance Do Bankers Ration More Credit? Free access Sylvie CIEPLY Has credit rationing increased in France over the last ten years? This article looks for an answer by comparing the results of the same survey carried out in 2000 and 2012 on two… JEL classification : D82 G21
235 31/12/2014	Article	REF 116 The changing African finance Financial Inclusion in Sub-Saharan Africa: Stylized Facts and Determinants Free access Samuel GUÉRINEAU Luc JACOLIN As a main component of financial development, financial inclusion fosters economic growth in developing countries by delivering at an affordable cost a wide array of financial… JEL classification : G21 G28 O16 O55
236 31/12/2014	Article	REF 116 The changing African finance Deepening African Capital Markets for Infrastructure Finance Free access Cédric Achille MBENG MEZUI Africa’s infrastructure needs are huge and it is essential to meet for sustainable economic growth across the continent. Investment in infrastructure plays a fundamental role in… JEL classification : G20 O16 O18 O55
237 30/09/2014	Article	REF 115 The housing markets and their financing Housing Financing in France and the Financial Crisis Free access Jérôme COFFINET Jérémi MONTORNÈS This paper analyzes the main changes in the housing financing in France during the period 2003-2013. Relying mostly on the data made available at the Banque de France, it recalls… JEL classification : E32 E44 G01 G21 R21
238 30/09/2014	Article	REF 115 The housing markets and their financing Fair Value Accounting and Model Price: An International Comparison of the Banks’ Trading Portfolios Structure and of their Risk/Return Ratio Free access Laurent CLERC Didier MARTEAU At the onset of the financial crisis in 2007, “fair value” accounting came under fire for its pro-cyclical effects. Seven years on, fair value remains the sole method of… JEL classification : G15 G21 G28 M48
239 30/09/2014	Article	REF 115 The housing markets and their financing Housing Markets and Macroprudential Policies in Europe Free access Olivier de BANDT Dominique DURANT Recently, real estate and notably housing markets have been found as the preferred area for testing the potentials of macroprudential policies. After an analysis of international… JEL classification : G21 G22 G28
240 30/09/2014	Article	REF 115 The housing markets and their financing Housing, Credit and Macroprudential Supervision Free access Sanvi AVOUYI-DOVI Claire LABONNE Rémy LECAT Advanced countries now benefit from a macroprudential institutional framework. This article presents available monitoring tools for the analysis of the housing market as well as… JEL classification : G21 G28 R31 R51