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485 results matching your search
Date	Type	Description
141 30/06/2014	Article	REF 114 Financing SMEs Competitiveness The French Corporate Bond Market: A Leverage for SMEs? Free access Emmanuel BOUTRON Philippe DESSERTINE Béatrice de SÉVERAC The 2008 financial crisis and hardened regulatory requirements have resulted in a more restrictive credit offering to small and middle-size enterprises (SMEs). To finance their… JEL classification : G10 G23 G32 L25
142 30/06/2014	Article	REF 114 Financing SMEs Competitiveness Financial Markets Regulation and Financing of the Real Economy Free access Karl-Peter SCHACKMANN-FALLIS Mirko WEISS The debt capital of real economy enterprises in Germany is provided to a large extent by the banking system via credits, in particular to SMEs. This predominance of the bank-based… JEL classification : G10 G21 G28 L25
143 30/06/2014	Article	REF 114 Financing SMEs Competitiveness The Financing and the Investment Dynamics of French SMEs Free access Jean BOISSINOT Guillaume FERRERO Despite a decrease of the profitability of some firms (especially industrial firms), French SMEs have maintained a relatively high investment rate over the last fifteen years… JEL classification : G01 G21 G31 G32 L25
144 30/06/2014	Article	REF 114 Financing SMEs Competitiveness The Bonds Offerings of German SMEs: Between Mittelstand and Junk Bonds Free access Joël PETEY This article is motivated by the strong increase of the bonds offerings of small and medium (SME) German firms observed between 2008 and 2012. These bonds are in particular… JEL classification : G10 G23 G32 L25
145 30/06/2014	Article	REF 114 Financing SMEs Competitiveness Alternext: A Market with Mixed Results Free access Emmanuel BOUTRON Philippe DESSERTINE Béatrice de SÉVERAC Alternext was set up in 2005 and was intended to help small and medium enterprises (SMEs) finance their development. Using a sample of SMEs that went public on Alternext during… JEL classification : G10 G23 G32 L25
146 30/06/2014	Article	REF 114 Financing SMEs Competitiveness French SMEs: Fragile and Essential Free access Jean-Marc PILLU Yves ZLOTOWSKI SMEs of critical size (between 10 and 150 employees) are key to the French growth dynamic. They represent more than one third of total value added and employment. It turns out… JEL classification : G01 G21 G31 G32 G33 L25
147 30/06/2014	Article	REF 114 Financing SMEs Competitiveness Is the Alternative Investment Market a Model for Financing Small and Medium Capitalizations? Free access Valérie REVEST Alessandro SAPIO The Alternative Investment Market (AIM), a stock market dedicated to small and medium capitalizations, has been created in 1995 by the London Stock Exchange (LSE). The AIM is… JEL classification : G10 G23 G32 L25 M13
148 30/06/2014	Article	REF 114 Financing SMEs Competitiveness Slowdown in SMEs Bank Financing in France Free access Élisabeth KREMP Claude PIOT Within the context of the financial crisis followed by the European sovereign debt crisis, outstanding loans to non-financial companies in the euro area have been on a downward… JEL classification : G01 G21 G31 G32 L25
149 21/03/2014	Article	REF 113 Central Banks Crises and challenges The Euro Area Crisis and the Two ECB Free access Charles WYPLOSZ The ECB reacted swiftly and efficiently when the financial crisis burst in 2007 but it then experienced difficulties to cope with the euro sovereign debt crisis. Up till July 2012… JEL classification : E58 E63 F36 G01
150 21/03/2014	Article	REF 113 Central Banks Crises and challenges Central Banks: Exiting the Crisis Mode Free access Natacha VALLA Innovative monetary policies have been triggered by the 2008-2010 crises. Withdrawing these unconventional policies brings in challenges but central banks should think about the… JEL classification : E42 E52 E58 G18 G21
151 21/03/2014	Article	REF 113 Central Banks Crises and challenges The Changing Role of Central Banks in the Crisis Free access Lorenzo BINI SMAGHI The crisis has exposed central banks all over the world to play a special – and partly new – role in advanced economies. This poses a series of challenges to the institutional… JEL classification : E58 E63 F36 G01
152 21/03/2014	Article	REF 113 Central Banks Crises and challenges Unconventional Monetary Policy: The Israeli Experience Free access Jacob BRAUDE Nathan SUSSMAN Monetary policy in Israel during the global crisis used unconventional measures alongside aggressive cuts in the interest rate. The measures included the purchase of foreign… JEL classification : E58 E61 G01 G15
153 21/03/2014	Article	REF 113 Central Banks Crises and challenges Monetary Policy in the Crisis: Confronting Short-Run Challenges While Anchoring Long-Run Expectations Free access Benoît CŒURÉ The crisis has exposed the balancing act lying at the heart of monetary policy. On the one hand, central banks are key participants in addressing short-term challenges that the… JEL classification : E58 E63 F36 G01
154 21/03/2014	Article	REF 113 Central Banks Crises and challenges Emerging Markets Monetary Policy: The Last Five Years and the Next Five Free access Manoj PRADHAN Before the crisis emerging countries experienced substantial economic growth and their central banks made considerable progress in adopting modern and theoretically sound… JEL classification : E58 G01 O23 O25
155 21/03/2014	Article	REF 113 Central Banks Crises and challenges Fiscal Implications of the ECB’s Bond Buying Program Free access Paul de GRAUWE Yuemei JI The perception that the government bond buying program (OMT) announced by the ECB may lead to future tax burdens on countries, in particular on Germany, is based on an erroneous… JEL classification : E58 E63 F36 G01
156 21/03/2014	Article	REF 113 Central Banks Crises and challenges The Challenges for Central Banks after the Crisis Free access Patrick ARTUS The recent crisis will undoubtedly change central bank behaviour for a long time. Before the crisis, they managed short-term interest rates and looked after being credible in case… JEL classification : E52 E58 G18
157 06/12/2013	Article	REF 112 The European banking system (2) New Perspectives What Have We Learned from the Financial Crisis? Free access Erkki LIIKANEN The relationship between monetary policy and financial stability is reciprocal: financial stability will facilitate successful monetary policy and vice versa. There is now a… JEL classification : E58 F36 G01 G21 G28
158 06/12/2013	Article	REF 112 The European banking system (2) New Perspectives Financial Instrument Valuation in European Banks between 2009 and 2011: Market Value or Model Value? Free access Dominique DUFOUR Grégory HEEM When financial markets are no more active, as in 2008, the question of fair value valuation techniques becomes crucial. IFRS 7 specifies a three-level hierarchy for fair value… JEL classification : G01 G12 G21 G28 M41
159 06/12/2013	Article	REF 112 The European banking system (2) New Perspectives Universal Banks: Successful, yet Under Threat Free access Jan SCHILDBACH Bernhard SPEYER Universal banks are the predominant model of banking in Europe. Under the umbrella of the term “universal banking”, a wide variety of different models co-exist. What is common to… JEL classification : G01 G21
160 06/12/2013	Article	REF 112 The European banking system (2) New Perspectives Banks: What Business Model in the Aftermath of the Crisis? Free access Sylvie MATHERAT The crisis that started in 2008 has not impacted the banks equally and did not reveal any optimal business model. In particular, the liquidity crisis triggered by the downward… JEL classification : G01 G21 G28