This chapter discusses the declared exchange-rate policies of East Asian central banks and compares these with the de facto policies. Central banks that officially proclaim a fixed or managed exchange rate tend to intervene more in foreign exchange markets than central banks which officially follow a floating regime. However, even central banks that have implemented inflation-targeting frameworks with floating rates appear to carry out interventions. Several countries that self-describe their exchange-rate regime as “managed floating” appear to have been heavily engaged in foreign exchange-market interventions.
This chapter discusses the declared exchange-rate policies of East Asian central banks and compares these with the de facto policies. Central banks that officially proclaim a fixed or managed exchange rate tend to intervene more in foreign exchange markets than central banks which officially follow a floating regime. However, even central banks that have implemented inflation-targeting frameworks with floating rates appear to carry out interventions. Several countries that self-describe their exchange-rate regime as “managed floating” appear to have been heavily engaged in foreign exchange-market interventions.
Dans le cadre d'une mission d'étude prochaine, un cabinet international recherche :
• Un expert en analyse de la structure du marché de transport des marchandises ;
• Un expert en analyse de l'économie politique.
Les experts doivent remplir les conditions ci-après :
1 - Expert en analyse de la Structure du marché de transport des marchandises :
L'expert en analyse de la structure du marché du transport de marchandises doit satisfaire ou dépasser les qualifications minimales requises suivantes :
• Connaissance avancée de l'analyse de la structure du marché économique.
• Maîtrise et expertise dans les principes économiques, les concepts et les pratiques, et modélisation de concepts économiques complexes.
• Expérience de la préparation de rapports complets à l'adresse d'auditoires techniques et de direction qui fournissent des recommandations dans des domaines complexes et critiques de l'analyse de la structure du marché.
• Au moins cinq (5) ans d'expérience dans la réalisation de l'analyse de la structure du marché dans des contextes internationaux, y compris des contextes de revenu inférieur et de faible revenu moyen. Cette expérience doit comprendre l'analyse de la structure du marché du secteur du transport de marchandises et doit comprendre à la fois la recherche sur le terrain et les examens de la littérature.
• Formation : Une maîtrise en économie ou un domaine étroitement lié qui comporte une composante importante d'analyse quantitative.
• Compétence linguistique en français.
En outre, les qualifications suivantes sont privilégiées pour l'expert en analyse de la structure du marché du transport de marchandises :
• Soit un doctorat en économie avec cinq (5) ou plus d'expérience démontrée dans l'analyse de la structure du marché appliquée aux pays à revenu intermédiaire inférieur et inférieur ; ou une maîtrise en économie avec huit (8) ans ou plus d'expérience démontrée similaire. • Publications dans des domaines d'économie pertinents.
• Expérience de l'analyse du secteur du transport de marchandises au Bénin et au Niger, dans un pays de l'UEMOA ou dans tout autre contexte ouest-africain.
2 - Expert en analyse de l'économie politique :
L'expert en analyse de l'économie politique doit satisfaire ou dépasser les qualifications minimales requises suivantes :
• Connaissance avancée de l'analyse de l'économie politique.
• Au moins cinq (5) ans d'expérience dans la recherche sur l'économie politique sectorielle ou problématique dans des contextes internationaux. Cette expérience doit comprendre à la fois la recherche sur le terrain et les revues de littérature.
• Expérience de recherche qui comprend des acteurs de haut niveau (p. ex. hauts fonctionnaires), des intervenants de niveau intermédiaire (p. ex. banques et grandes organisations de la société civile, ou OSC) et des acteurs au niveau du sol (p. ex. autorités traditionnelles, petites OSC et groupes communautaires).
• Au moins cinq (5) années d'expérience ont mené des recherches empiriques qualitatives et quantitatives rigoureuses dans des contextes à revenu faible et moyen inférieur, y compris des entrevues avec des informateurs clés, des groupes de discussion, des examens de documents, des observations directes et des enquêtes.
• Expertise avancée dans l'analyse du secteur des transports.
• Capacité démontrée de fournir des conseils et des recommandations clairs et exploitables et de solides aptitudes à la communication écrite et verbale en anglais et en Français.
• Formation : Diplôme d'études supérieures dans un domaine des sciences sociales, par exemple les sciences politiques, la sociologie, l'anthropologie, l'économie politique ou l'histoire.
• Compétence linguistique en français.
En outre, les qualifications suivantes sont préférées pour l'expert en analyse de l'économie politique :
• Soit un doctorat dans un domaine des sciences sociales avec cinq (5) ou plus d'expérience démontrée dans l'analyse de l'économie politique dans les pays à revenu intermédiaire inférieur et inférieur ; ou un diplôme de Master avec huit (8) ou plus d'expérience démontrée similaire.
• Publications dans les domaines pertinents des sciences sociales.
• Expérience et expertise du pays acquises grâce à au moins cinq années de recherche ou de résidence en cours au Bénin et/ou au Niger.
Les personnes intéressées et remplissant les conditions requises sont priées d'envoyer (par voie électronique et au plus tard Vendredi 02 Octobre 2020 à 12h 00 heure de Cotonou) à l'adresse suivante affisben@gmail.com :
• Une lettre d'intention dument signée et comprenant nom, prénoms, adresse physique, adresse électronique et numéro de téléphone ;
• Un curriculum vitae qui aborde de manière explicite et détaillée toutes les qualifications listées ci-dessus
This paper empirically examines the link between the cost of sovereign borrowing and climate risk for 40 advanced and emerging economies. Controlling for a large set of domestic and global factors, the paper shows that both vulnerability and resilience to climate risk are important factors driving the cost of sovereign borrowing at the global level. Overall, we find that vulnerability to the direct effects of climate change matter substantially more than climate risk resilience in terms of the implications for sovereign borrowing costs. Moreover, the magnitude of the effect on bond yields is progressively higher for countries deemed highly vulnerable to climate change. Impulse response analysis from a set of panel structural VAR models indicates that the reaction of bond yields to shocks imposed on climate vulnerability and resilience become permanent after around 12 quarters, with high risk economies experiencing larger permanent effects on yields than other country groups.
This paper empirically examines the link between the cost of sovereign borrowing and climate risk for 40 advanced and emerging economies. Controlling for a large set of domestic and global factors, the paper shows that both vulnerability and resilience to climate risk are important factors driving the cost of sovereign borrowing at the global level. Overall, we find that vulnerability to the direct effects of climate change matter substantially more than climate risk resilience in terms of the implications for sovereign borrowing costs. Moreover, the magnitude of the effect on bond yields is progressively higher for countries deemed highly vulnerable to climate change. Impulse response analysis from a set of panel structural VAR models indicates that the reaction of bond yields to shocks imposed on climate vulnerability and resilience become permanent after around 12 quarters, with high risk economies experiencing larger permanent effects on yields than other country groups.
This paper empirically examines the link between the cost of sovereign borrowing and climate risk for 40 advanced and emerging economies. Controlling for a large set of domestic and global factors, the paper shows that both vulnerability and resilience to climate risk are important factors driving the cost of sovereign borrowing at the global level. Overall, we find that vulnerability to the direct effects of climate change matter substantially more than climate risk resilience in terms of the implications for sovereign borrowing costs. Moreover, the magnitude of the effect on bond yields is progressively higher for countries deemed highly vulnerable to climate change. Impulse response analysis from a set of panel structural VAR models indicates that the reaction of bond yields to shocks imposed on climate vulnerability and resilience become permanent after around 12 quarters, with high risk economies experiencing larger permanent effects on yields than other country groups.
This paper empirically examines the reaction of global financial markets across 38 economies to the COVID-19 outbreak, with a special focus on the dynamics of capital flow across 14 emerging market economies. Using daily data over the period 4 January 2010 to 30 April 2020 and controlling for a host of domestic and global macroeconomic and financial factors, we use a fixed effects panel approach and a structural VAR framework to show that emerging markets have been more heavily affected than advanced economies. In particular, emerging economies in Asia and Europe have experienced the sharpest impact on stocks, bonds, and exchange rates due to COVID-19, as well as abrupt and substantial capital outflows. Our results indicate that fiscal stimulus packages introduced in response to COVID-19, as well as quantitative easing by central banks, have helped to restore overall investor confidence through reducing bond yields and boosting stock prices. Our findings also highlight the role that global factors and developments in the world’s leading financial centers have on financial conditions in EMEs. Importantly, the impact of COVID-19 related quantitative easing measures by central banks in advanced countries, which helped to lower sovereign bond yields and prop up stock markets at home, extended to EMEs, notably in relation to stabilizing capital flow dynamics. Going forward, while the ultimate resolution of COVID-19 may be expected to lead to a market correction as uncertainty declines, our impulse response analysis suggests that there may be some permanent effects on financial markets and capital flows as a result of COVID-19, particularly in EMEs.
This paper empirically examines the reaction of global financial markets across 38 economies to the COVID-19 outbreak, with a special focus on the dynamics of capital flow across 14 emerging market economies. Using daily data over the period 4 January 2010 to 30 April 2020 and controlling for a host of domestic and global macroeconomic and financial factors, we use a fixed effects panel approach and a structural VAR framework to show that emerging markets have been more heavily affected than advanced economies. In particular, emerging economies in Asia and Europe have experienced the sharpest impact on stocks, bonds, and exchange rates due to COVID-19, as well as abrupt and substantial capital outflows. Our results indicate that fiscal stimulus packages introduced in response to COVID-19, as well as quantitative easing by central banks, have helped to restore overall investor confidence through reducing bond yields and boosting stock prices. Our findings also highlight the role that global factors and developments in the world’s leading financial centers have on financial conditions in EMEs. Importantly, the impact of COVID-19 related quantitative easing measures by central banks in advanced countries, which helped to lower sovereign bond yields and prop up stock markets at home, extended to EMEs, notably in relation to stabilizing capital flow dynamics. Going forward, while the ultimate resolution of COVID-19 may be expected to lead to a market correction as uncertainty declines, our impulse response analysis suggests that there may be some permanent effects on financial markets and capital flows as a result of COVID-19, particularly in EMEs.
This paper empirically examines the reaction of global financial markets across 38 economies to the COVID-19 outbreak, with a special focus on the dynamics of capital flow across 14 emerging market economies. Using daily data over the period 4 January 2010 to 30 April 2020 and controlling for a host of domestic and global macroeconomic and financial factors, we use a fixed effects panel approach and a structural VAR framework to show that emerging markets have been more heavily affected than advanced economies. In particular, emerging economies in Asia and Europe have experienced the sharpest impact on stocks, bonds, and exchange rates due to COVID-19, as well as abrupt and substantial capital outflows. Our results indicate that fiscal stimulus packages introduced in response to COVID-19, as well as quantitative easing by central banks, have helped to restore overall investor confidence through reducing bond yields and boosting stock prices. Our findings also highlight the role that global factors and developments in the world’s leading financial centers have on financial conditions in EMEs. Importantly, the impact of COVID-19 related quantitative easing measures by central banks in advanced countries, which helped to lower sovereign bond yields and prop up stock markets at home, extended to EMEs, notably in relation to stabilizing capital flow dynamics. Going forward, while the ultimate resolution of COVID-19 may be expected to lead to a market correction as uncertainty declines, our impulse response analysis suggests that there may be some permanent effects on financial markets and capital flows as a result of COVID-19, particularly in EMEs.
Incendie cet après-midi à Fidjrossè, un quartier de Cotonou. Un transformateur de la Société béninoise d'énergie électrique (SBEE) a pris feu aux environs de 13 heures. Une situation qui a plongé les habitants dans le noir. L'incendie a été maîtrisé grâce aux sapeurs-pompiers.
Dans un entretien accordé à Frissons radio, le directeur régional 1 de la SBEE, Roger Gbegan, fait savoir que des déclenchements ont été enregistrés, et seraient dus à ce transformateur. A l'en croire, c'est un vieux transformateur qui a déjà fonctionné pendant des années, et les dysfonctionnements observés sur lui, ne devraient pas étonner. Dès que ce transformateur sera changé, il y aura une accalmie totale dans la zone, a annoncé le directeur régional 1 de la SBEE.
Face à la situation de coupure de courant dans la zone, Roger Gbegan a rassuré que les équipes de la SBEE sont déjà à pied d'œuvre pour alimenter les populations.
F. A. A.
Une opération a été menée par une équipe de la préfecture du Littoral ce vendredi 25 septembre 2020 au marché Dantokpa. L'opération a permis de libérer les espaces situés aux alentours du Collège d'Enseignement Général.
Menée sous la supervision du chargé de mission du Préfet du Littoral, Emmanuel Armand Hinvi, l'opération a permis de libérer les espaces illégalement occupés par les femmes du marché et autres. Selon Emmanuel Armand Hinvi, l'opération « répond à un besoin majeur que constitue l'assainissement de notre cadre de vie ». « Ce n'est pas une opération pour faire du mal à nos populations », a-t-il ajouté.
Des dispositions seront prises pour empêcher tout individu de s'installer à nouveau sur les lieux.
A.A.A
This collection provides a comprehensive review of the tools and methodologies for Environmental Risk Analysis used by a few dozen financial institutions, including banks, asset managers and insurance companies. These tools and methodologies cover a wide-range of environmental/climate scenario analyses and stress tests as well as environmental, social and governance analysis and natural capital risk assessment, that can be used to analyze the potential impact on financial institutions from transition and physical risks associated with climate and other environmental factors.
This collection provides a comprehensive review of the tools and methodologies for Environmental Risk Analysis used by a few dozen financial institutions, including banks, asset managers and insurance companies. These tools and methodologies cover a wide-range of environmental/climate scenario analyses and stress tests as well as environmental, social and governance analysis and natural capital risk assessment, that can be used to analyze the potential impact on financial institutions from transition and physical risks associated with climate and other environmental factors.
This collection provides a comprehensive review of the tools and methodologies for Environmental Risk Analysis used by a few dozen financial institutions, including banks, asset managers and insurance companies. These tools and methodologies cover a wide-range of environmental/climate scenario analyses and stress tests as well as environmental, social and governance analysis and natural capital risk assessment, that can be used to analyze the potential impact on financial institutions from transition and physical risks associated with climate and other environmental factors.
Plusieurs cadres de l’entreprise publique des Moulins d’El Harrouch, relevant de l’entreprise SMIDE, ont été placés sous contrôle judiciaire pour leur implication dans une affaire de corruption. Selon plusieurs sources concordantes, le juge d’instruction auprès du Tribunal d’El Harrouch, wilaya de Skikda, a placé sous contrôle judiciaire, mercredi dernier, le directeur des Moulins d’El Harrouch […]
L’article Skikda : Des responsables des Moulins d’El Harrouch impliqués dans une affaire de corruption est apparu en premier sur .