Note The EMF has been created, long live the EMF!
Philip Hall and Adrian Paturle give an update on the operation of ESM: European leaders have largely been inspired by the IMF...
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Note Strategic tasks of central banks: focus on the ECB
Beyond the traditional measures and in a context of systemic risk, we wonder about what specifically should be the strategic tasks of a central bank
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Note The true nature of the derivative contract on French debt
The multiplication of misinterpretations related to the launch of the derivative contract on French debt leads to an apolitical analysis produced by a market professional to avoid amalgam and populism: This is a simple and useful contract, which was traded in the past in (...)
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Note The factors that determine the carbon price: an econometric analysis
Emission allowances are both physical and financial assets. As for any asset, it then becomes possible to study the potential gap between the value observed on the market and the value dictated by fundamentals…
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Note EDHEC-Risk Institute suggests a new dynamic approach for measuring the market exposures of stock portfolios
Multi-factor models are standard tools for analysing the performance and the risk of equity portfolios. In addition to analysing the impact of common factors, equity portfolio managers are also interested in analysing the role of stock-specific attributes in explaining (...)
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Note Golden parachutes: as their importance to CEOs increases, shareholders lose out in takeovers
A 10 per cent increase in the importance of the parachute relative to the merger pay package is linked to a five per cent fall in acquisition premium
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Note What is penalizing the industrialized countries?
The dynamics of Western countries are inadequate because, two years after leaving the recession behind, their economies still seem unable to implement a sturdy, autonomous trajectory of growth, explains Philippe Waechter, chief economist at Natixis (...)
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Note Financial markets and self-fulfilling prophecies
This phenomenon is equivalent to the change from a brutal economic and financial equilibrium to another, not because the fundamentals of the macroeconomic environment would justify it, but because there was a change for good or bad reasons of market (...)
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Note What is Structured Finance ?
If the current crisis (labelled as the subprime crisis) has highlighted the complexity of structured finance along with the necessity of developing more sophisticated risk management tools, it appears that a great deal of misunderstanding still prevails among economic and (...)
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Note 10 proposals to rebuild finance and monetary macroeconomics
Rethink monetary policy and its objectives, reform our accounting and prudential environment, review the return on equity standards, regulate the prices of certain assets...
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Note Building Minimum Variance Portfolios with low risk, low drawdowns and strong returns
This paper provides an introduction to the STOXX Minimum Variance Indices and aims to achieve three things : i) an overview of minimum variance investing ii) the methodology for the construction and maintenance of the STOXX Minimum Variance Indices, highlighting the unique (...)
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Note Signs of global liquidity tightening for emerging markets
Global liquidity conditions may have begun to tighten for emerging market economies (EMEs), according to updated data from the Bank for International Settlements. BIS General Manager Jaime Caruana detailed highlights from the latest global liquidity indicators, a measure of (...)
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Note M&A in Asia shows signs of maturity
The number of Asian M&A deals completed in the first quarter of 2017 is the highest number deals in recent history according to Willis Towers Watson’s Quarterly Deal Performance Monitor (QDPM). Asian acquirers completed 80 deals in Q1 compared to 62 the same quarter in (...)
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Note Infrastructure investment to be a key driver of growth in emerging markets post COVID-19 crisis, sigma says
Emerging markets will invest an estimated 3.9% of GDP (USD 2.2 trillion annually) in infrastructure over next 20 years. There will be strong growth in investment in renewable energy, smart and resilient infrastructure. Emerging Asia will invest an estimated USD 1.7 trillion (...)
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Note German life insurers hope for respite as investment yields scrape floor
With no sign of a tightening in European monetary policy, low investment yields will continue to put pressure on German life insurers, many of whom sold overgenerous life policies even as signs were emerging that the European economy was entering a prolonged period of (...)
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