This paper suggests studying the internationalization process of Moroccan banks from a different angle. Our analysis points out the deployment of the universal banking model whose success promotes the openness of Moroccan banks to African markets. Beyond the economic motivations commonly agreed, we...
The demographic and employment challenges facing the African continent as a whole can only be addressed through the development of the private sector. Specifically, through the creation of new enterprises as well as the development of existing ones, whether they are start-ups, SMEs, or large establi...
This article examines changes in corporate governance, in Europe and in the U.S.A, from the late 1970s to the present. The financial liberalisation and globalisation movements have been associated with a rise of investment funds in the equity capital of large listed companies, in the 1980s and 1990s...
The deregulation of the financial system that began in the United States in the late 1970s and then spread across the world profoundly transformed financial markets, financial institutions and institutional investors. Financial services markets became increasingly integrated, leading to competition...
New risks arise from the digital transformation. With the increase of cyber threats, insurance contracts appear as fundamental tools to improve the resilience of society. While the cyber insurance market is expanding, quantification of the economic impact of this risk is still blurred. It requires s...
With 965 billion USD of revenues in 2018, Global Transaction Banking is a keystone of the banking industry. Three trends, which reinforce each other, are at play in today’s market landscape: the rise of non-traditional players and business models, technological innovation that is unprecedent in term...
This article aims to briefly retrace the history of monetary policies since the post-war period in order to put into perspective and highlight the impact of the financial liberalization process on these policies. We observe that from the 1980s onwards most advanced countries adopted the same model o...
Channeling financial savings to the productive sector is a central concern to finance the growth of the countries of the southern of the Mediterranean shore and to avoid resorting to external debt that could question the macroeconomic balance. Paradoxically, there is a lack of statistics regarding t...
By adopting an expansionary fiscal policy at the end of 2017, the United States returned to twin deficits (fiscal and current). In 2019, the federal budget deficit is projected to reach 5% of GDP, while the current account deficit is projected to be close to 3% of GDP. Having established the existen...
Digitalization of payment has rapidly generalized in China from its emergence in the early 2010 decade. Its uses applications available on smartphones, provided for the most by two digital services providers, Alipay and WeChat Pay. This article relates the emergence of these services in China and tr...
Financial crises have multiplied since the beginning of the process of financial globalisation four decades ago. These successive crises have affected very diverse financial systems, located in developing and emerging countries, as well as in the most developed countries. Recent financial crises hav...
How did France switch to a policy of monetarist inspiration only two years after the election of President Mitterrand in 1981, elected on a left-wing program? Two main types of reasons led her to make this switch. The first is common to all OECD countries from 1973, the second is specific to France....
Public debt management was deeply reformed from 1985 under the impetus of Pierre Bérégovoy, Minister of the Economy and Finance from July 1984 to April 1986. The reforms were continued under his successor Édouard Balladur, then again under Pierre Bérégovoy. These reforms aimed at a double objective,...
Using a sample of 26 countries over the period 1990 to 2013, we empirically examine the correlation between the size of the shadow banking system and the size of traditional financial institutions, namely banks and institutional investors. First of all, we conduct a survey of the entire sample as we...
The goal of this article is to analyze the consequences of the emergence of the Fintech on the forms of financial intermediation. The idea that Fintech is likely to favor decentralized forms of financing (like those characteristic of the financial markets) is discussed. Financing platforms can be an...
At a time when the question of the management of capital flows and the usefulness of controls is once again on the agenda, this article revisits the key drivers of capital account policy since 1970. The structural push towards liberalisation in the 1980's and 90's and the different timing across cou...
Despite a steady increase in their outreach over the past decade, the countries of the Mediterranean basin continue to lag behind their neighbors in terms of breadth, scale, and diversity of their financial sectors. Across the whole region, a huge gap remains between the demand and provision of fina...
In the early 1980s, various reports and analyses promoted the emergence of investment funds. The objective was to attract savings to the financial markets, in order to compete with bank financing, thus reducing the cost of financing and encouraging investment. On the one hand, the size of the asset...
A recent phenomenon, initial coin offerings (ICOs) are a fundraising method that is still emerging but is beginning to take shape, allowing the emergence and the financing of new companies in technological and innovative sectors. The analysis of the global market highlights the still marginal nature...
This paper draws a distinction between wholesale CBDC (WCBDC), accessible only to financial intermediaries, and retail CBDC (RCBDC), accessible to the general public. The issuance of one could be dissociated from the other, implying the possibility of one, two, or no CBDC(s). The paper considers the...
The structure of national accounts clearly indicates that the annual flow of household savings has three allocations: loan repayments, personal contribution for real estate investments and financial investments. Unfortunately, this decomposition of the flow of savings is not now documented. The main...
The digital revolution affects almost every type of financial activity. This phenomenon leads regulators to supervise the new players who are constantly gaining popularity. The public authorities face complex imperatives to reconcile. On the one hand, they want to open the traditional legal framewor...