Le secret bancaire et l'entraide internationale

Parmi les indicateurs de la mondialisation, le secret bancaire est au centre d'un débat animé en ce moment historique, caractérisé par la globalisation de l'économie, les exigences de sécurité croissantes, l'urgence de la lutte contre le blanchiment des capitaux provenant d’activités criminelles et l’internationalisation expansive des réseaux bancaires. La tendance vers le renforcement de la coopération internationale, met en discussion la forte sauvegarde du secret bancaire de plusieurs pays. La question dirimante est plutôt claire. Il s'agit, effectivement, de savoir jusqu'à quel point le secret, dans sa conception la plus inextensible et inflexible, devient par contre un instrument décisif pour contourner les règles communes,faire une concurrence déloyale sur les marchés et assurer des véritables crimes, par exemple de type terroriste. Pour faire évoluer les situations jugées problématiques, la démarche parallèle des trois organismes BÂLE, l’OCDE puis le GAFI est d’autant plus significative, qu’elle a été inspirée par les préoccupations exprimées au sein du G7 sur les dangers que présenteraient pour l’économie internationale certaines activités financières accomplies sur et à partir de ces territoires. L’ordre public justifie aussi la mise en place de mesures particulières en vue d’enrayer le blanchiment des capitaux provenant du trafic des stupéfiants. Selon les pays, des systèmes plus ou moins ingénieux tentent de concilier la nécessaire information des autorités publiques et le droit au secret bancaire, élément avancé de la protection de la vie privée dont le corollaire est, entre autres, l’article 7 et 8 de la Charte canadienne des droits et libertés et l’article 8 de la Convention européenne de sauvegarde des droits de l’homme et des libertés fondamentales du citoyen, et donc de l’atteinte à ces libertés. Nous le verrons, les prérogatives exorbitantes dont bénéficient l’État, l’administration ou certains tiers, par l’exercice d’un droit de communication et d’échange d’information, constituent une véritable atteinte au principe sacré de la vie privée et du droit à la confidentialité. Cette pénétration de l’État ou de l’administration au coeur des relations privilégiées entre la banque et son client trouve certainement une justification irréfutable lorsque la protection est celle de l’intérêt public, de la recherche d’une solution juridique et judiciaire. Mais cela crée inévitablement des pressions internes et des polémiques constantes,indépendamment de l’abus de droit que l’on peut malheureusement constater dans l’usage et l’exercice de certaines prérogatives.

The Impact of Recycling on the Long-Run Stock of Trees

Interest in recycling of forest products has grown in recent years, one of the goals being to conserve the stock of trees or possibly increase it to compensate for positive externalities generated by the forest and neglected by the market. This paper explores the issue as to whether recycling is an appropriate measure to attain such a goal. We do this by considering the problem of the private owner of an area of land, who, acting as a price taker, decides how to allocate his land over time between forestry and some other use, and at what age to harvest the forest area chosen. Once the forest is cut, he makes a new land allocation decision and replants. He does so indefinitely, in a Faustmann-like framework. The wood from the harvest is transformed into a final product which is partly recycled into a substitute for the virgin wood, so that past output affects the current price. We show that in such a context, increasing the rate of recycling will result in less area being devoted to forestry. It will also have the effect of increasing the harvest age of the forest, as long as the planting cost is positive. The net effect on the flow of virgin wood being harvested to supply the market will as a result be ambiguous. The main point however is that recycling will result in a smaller, not a larger, stock of trees in the long run. It would therefore be best to resort to other means if the goal is to increase the stock of trees.

Essais sur des questions internationales en économie de l'environnement

Cette thèse est constituée de trois articles. Le premier étudie le problème de pollution globale dans un contexte environnemental incertain. Le deuxième article traite des accords internationaux sur l'environnement. Le troisième article montre comment la libéralisation du commerce peut affecter le bien-être et les taxes sur la pollution dans un monde où les pays sont hétérogènes et la pollution transfrontalière. Dans le premier article, je considère un monde dans lequel les pays souffrent uniformément de la pollution globale. Ils font face à une menace continuelle de voir les dommages causés par cette pollution globale s'accroître subitement de façon irréversible. Je caractérise le niveau des émissions, le stock de pollution, et le niveau de bien-être actualisé en équilibres coopératif et non-coopératif. L'objectif visé est d'analyser l'impact de ce type d'incertitude sur les équilibres issus des comportements stratégiques des pays. Je trouve que cette incertitude peut avoir un effet significatif sur ces équilibres. Les pays réduisent leurs émissions pour atténuer leur exposition à cette menace. Plus la menace est grande, plus les pays ajustent leurs émissions afin de réduire le stock de pollution globale. Cependant, en dépit du fait que cette incertitude diminue le bien-être net initial, elle peut à long terme avoir un effet net positif sur le bien-être. Le deuxième article étend la classe des modèles dynamiques standards traitant des accords internationaux sur l'environnement au cas où la durée de la période d'engagement à de tels accords est un paramètre que l'on peut varier de façon exogène. Nous y étudions les évolutions dans le temps de la taille des coalitions stables, du stock de pollution et du taux d'émissions en fonction de la durée d'engagement. Nous montrons que la longueur de la période d'engagement a un effet très significatif sur l'équilibre. Trois intervalles de durée d'engagement sont identifiés pour lesquels l'équilibre et sa dynamique diffèrent considérablement. Alors que pour des durées de la période d'engagement très longues on observe des coalitions stables constituées d'un petit nombre de pays, si ces durées sont suffisamment courtes on peut observer un niveau de coopération élevé. Les durées d'engagement entre ces deux extrêmes sont caractérisées par une relation inverse entre la durée de la période d'engagement et la taille des coalitions stables. Ces faits portent à croire qu'il faudrait accorder une attention toute particulière au choix de la durée d'engagement lors de l'élaboration de tels accords internationaux. Le troisième article s'inscrit dans un contexte où les activités de production des pays potentiellement hétérogènes génèrent de la pollution qui peut traverser les frontières et nuire au bien-être des pays impliqués. Dans chacun de ces pays, l'état impose des taxes sur la pollution aux firmes polluantes et des tarifs à l'importation afin de corriger cette distorsion. Ce papier a pour but d'évaluer les effets que pourrait avoir une diminution des tarifs douaniers sur la production, les taxes sur la pollution et le bien-être de ces pays. La littérature existante a étudié ce problème, mais seulement dans le cadre d'un commerce bilatéral entre pays identiques. Cet article fournit un cadre d'analyse plus réaliste dans lequel les pays ne seront pas nécessairement identiques et où le commerce pourra être multilatéral. Il devient alors possible de mettre en évidence le biais introduit en négligeant ces deux facteurs. Dans ce nouveau contexte, je montre qu'une réduction des tarifs d'importation n'augmente pas nécessairement la production; elle peut aussi nuire au bien-être, même si la pollution est purement locale.

"Préservation du stock osseux acétabulaire lors de l'arthroplastie de la hanche : étude clinique randomisée et étude de modélisation par ordinateur "

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal.

Top trading with fixed tie-breaking in markets with indivisible goods

We study markets with indivisible goods where monetary compensations are not possible. Each individual is endowed with an object and a preference relation over all objects. When preferences are strict, Gale's top trading cycle algorithm finds the unique core allocation. When preferences are not necessarily strict, we use an exogenous profile of tie-breakers to resolve any ties in individuals' preferences and apply Gale's top trading cycle algorithm for the resulting profile of strict preferences. We provide a foundation of these simple extensions of Gale's top trading cycle algorithm from strict preferences to weak preferences. We show that Gale's top trading cycle algorithm with fixed tie-breaking is characterized by individual rationality, strategy-proofness, weak efficiency, non-bossiness, and consistency. Our result supports the common practice in applications to break ties in weak preferences using some fixed exogenous criteria and then to use a 'good and simple' rule for the resulting strict preferences. This reinforces the market-based approach even in the presence of indifferences because always competitive allocations are chosen.

Fundamental Approach to Valuation of Securities -A Study with reference to Information Technology(IT) Sector Shares in Indian Stock Market

Department of Applied Economics,Cochin University of Science and Technology

Financial crisis: theory and practice

In the last 50 years, we have had approximately 40 events with characteristics related to financial crisis. The most severe crisis was in 1929, when the financial markets plummet and the US gross domestic product decline in more than 30 percent. Recently some years ago, a new crisis developed in the United States, but instantly caused consequences and effects in the rest of the world. This new economic and financial crisis has increased the interest and motivation for the academic community, professors and researchers, to understand the causes and effects of the crisis, to learn from it. This is the one of the main reasons for the compilation of this book, which begins with a meeting of a group of IAFI researchers from the University of Barcelona, where researchers form Mexico and Spain, explain causes and consequences of the crisis of 2007. For that reason, we believed this set of chapters related to methodologies, applications and theories, would conveniently explained the characteristics and events of the past and future financial crisis This book consists in 3 main sections, the first one called "State of the Art and current situation", the second named "Econometric applications to estimate crisis time periods" , and the third one "Solutions to diminish the effects of the crisis". The first section explains the current point of view of many research papers related to financial crisis, it has 2 chapters. In the first one, it describe and analyzes the models that historically have been used to explain financial crisis, furthermore, it proposes to used alternative methodologies such as Fuzzy Cognitive Maps. On the other hand , Chapter 2 , explains the characteristics and details of the 2007 crisis from the US perspective and its comparison to 1929 crisis, presenting some effects in Mexico and Latin America. The second section presents two econometric applications to estimate possible crisis periods. For this matter, Chapter 3, studies 3 Latin-American countries: Argentina, Brazil and Peru in the 1994 crisis and estimates the multifractal characteristics to identify financial and economic distress. Chapter 4 explains the crisis situations in Argentina (2001), Mexico (1994) and the recent one in the United States (2007) and its effects in other countries through a financial series methodology related to the stock market. The last section shows an alternative to prevent the effects of the crisis. The first chapter explains the financial stability effects through the financial system regulation and some globalization standards. Chapter 6, study the benefits of the Investor activism and a way to protect personal and national wealth to face the financial crisis risks.

Buyer information and brand Choice behavior in markets with asymmetries

This thesis Entitled Buyer information and brand choice behaviour in markets with asymmetries.The period of transition set in by globalization and liberalization has ensued a onsiderable degree of homogeneity with western societies with respect to quantity and quality of goods and services.The study is aimed at finding out how the buyers adapt to the prevalent complex and dynamic market configuration by taking an archetypical situation of information gathering and brand- choice decision of select household consumer durables.The study was based on a set of 301 sample respondents who were either first time purchasers or repeat purchasers for household use, of the items under study in the sample area comprising of rural, urban and semi-urban areas. Data were collected using interview schedule and analysis of the same was done with standard statistical computer programs.Buyer confidence as perceived by buyers with respect to information acquisition and brand-choice represents the felt competence to effectively function in the market.In general, lower levels of education, income and occupation showed lower levels of search. The oldest were also low searchers. The repeat purchasers of the product searched less than the first purchasers. The most important source of information was word of mouth or information from others followed by television advertisements. The least important source of information was billboards, displays and similar forms of advertisements.The second factor is characterized by items representing ‘social attributes’ like, use by many others, use by peers, recommendation by significant others and reputation of the brand. The third factor represents ‘susceptibility to incentives and promotions’.

A Comparative Study Of The Organisation And Management Of Notihed Markets In Bangladesh With The Organisation And Management Of Regulated Markets In West Bengal India

For improving agricultural marketing, which has been discussed in the previous chapter, the Government has intervened in different ways. The direct regulatory role through the regulation of markets and market practices is one of the ways in which governmental intervention can improve agricultural marketing. This study is an enquiry of the direct regulatory role of the government through regulation of markets and market practices. By restructuring the operational methods and redesigning the existing physical markets, this system gives direct benefit to the cultivating class and protects them from the market manipulations of organised and powerful private traders. If traders do not continue their trade for the time being they will not be affected financially, because they are resourceful or financially solvent. On the other hand, Cultivators must sell their produce immediately after harvesting for the lack of additional facilities or to satisfy other needs for which finance is required. Another important reason is that Cultivators/farmers are not organised and because of lack of their organisation, they sell their produces individually. In this situation, a farmer is helpless when astute traders indulge in manipulations at the time of purchase of the produces. So it is the government's obligation to protect the interest of the farmers. Protection of the farmer/cultivator is necessary not only from the point of social justice but also from that of economic growth. If the farmers are assured of a remunerative or incentive price for their produce, they will get the inspiration to produce more and through more production, economy will be developed and the nation as a whole will be benefitted. This study will examine the management system of the markets through the direct regulatory role played by the governments to control markets and market practices in West Bengal and Bangladesh.

Predictability Of Share Prices In India: A Study Of The Applicability Of Technical Analysis

In spite of the far longed practices of technical analysis by many participants in Indian stock market, none have arrived at the exact position of technical analysis as a tool for foretelling share prices. There is no evidence supporting that one has established its definite role in predicting the behaviour of share price and also to see the extent of validity (how far reliable) of technical tools in Indian stock market. The problem is the vacuum in the arena of securities market analysis where an unrecognised tool is practised, i.e., whether to hold on to technical analysis or to drop it. Again, as already stated in this chapter, its validity need not continue forever. It may become futile as happened in developed markets. Continuous practice of a tool, which is valid only during discontinuous times is also an error. The efficacy of different market phenomena in terms of their ability to foretell the extent and direction of the price movements and reliability thereof remain as not yet proved in. This requires further study in this area so that this controversy may be settled. A solution to the problem requires enquiring and establishing the applicability of technical analysis, if any, there is in the Indian stock market. The study has the following two broad objectives for the purpose of confirming the applicability, if any, of technical analysis in the Indian stock market. The first objective is to ascertain the current validity of ‘traditional holding with respect to patterns’ and the second objective is to ascertain the ‘consistent superiority’, if any, of technical indicators over non-signal strategies in return generation. The study analyses the five patterns, which are widely known and commonly found in publications. They are: (1) Symmetrical Triangles, (2) Rising Wedges, (3) Falling Wedges, (4) Head and Shoulders Top and (5) Head and Shoulders Bottom.

A study of the evolution and working of regulated markets in Tamilnadu

This study presents a detailed investigation of the origin and development of regulations in agricultural marketing in Tamil Nadu. It evaluates the method and process of regulation practised through the orgahisation of a chain of regulated markets in the State. The study also examines in detail the conceptual frame work behind state intervention and show the original concept has been modified subsequently to suit the changed conditions during the post-independence era of planning for economic development Specific objectives explained in the present study include the following: viz, a) The historical aspects that necessitated state intervention in agricultural marketing in the form of organising regulated markets and their evolution, b) The conceptual and organisational bases of regulated markets in Tamil Nadu. c) The impact of such regulations on the existing trade channels or systems.168 d) The performance and efficiency of regulated markets and their achievements. The study also has suggested some remedial measures to reorganise the present organisational pattern of regulated marketing in Tamil Nadu.

Prevalence of Salmonella in fish and crustaceans from markets in Coimbatore, South India

Seven hundred and thirty fishes and 276 crustaceans collected from various fish markets of Coimbatore, South India, over a period of 2 years (September 1990 to August 1992) were analysed for the prevalence of Salmonella. Fishes (14·25%) and 17·39% of crustaceans were found to be contaminated with Salmonella. Of the different fishes analysed, the highest incidence of Salmonella was seen in Scopelidae (28%) followed by Trachnidae (26·9%). Among crustaceans Portunus pelagicus (33·33%) showed the highest incidence followed by Scylla serrata (28·57%). A well-marked seasonal variation in the incidence pattern was observed in both fishes and crustaceans with a higher incidence during monsoon season followed by post-monsoon and pre-monsoon. The region of the body that showed frequent isolation was the alimentary canal in fishes (41·33%) and gills (35·06%) in crustaceans. Serotyping of the isolates revealed prevalence of Salmonella weltevreden, Salmonella typhi, Salmonella paratyphi B, Salmonella mgulani and Salmonella typhimurium in both fishes and crustaceans. Salmonella senftenberg was isolated only from crustaceans

Prevalence and antimicrobial resistance of Salmonella enteritidis and other salmonellas in the eggs and egg-storing trays from retails markets of Coimbatore, South India

A study was conducted to determine the incidence of Salmonella enterica serovar Enteritidis and other Salmonella serovars on eggshell, egg contents and on egg-storing trays. A total of 492 eggs and 82 egg-storing trays were examined over a period of 1 year from different retail outlets of a residential area of Coimbatore city, South India. Salmonella contamination was recorded in 38 of 492 (7.7%) eggs out of which 29 was in eggshell (5.9%) and 9 in egg contents (1.8%). Around 7.5% of the egg-storing trays were also found to be contaminated with Salmonella. Serotyping of the Salmonella strains showed that 89.7% of the strains from eggshell, 100% of the strains from egg contents and 71.4% of the strains from egg-storing trays were Salmonella Enteritidis. Other serovarvars encountered were S. Cerro, S. Molade and S. Mbandaka from eggshell and S. Cerro from egg-storing trays. Seasonal variations in the prevalence pattern were identified with, a higher prevalence during monsoon months followed by post-monsoon and premonsoon. Further examination of the Salmonella strains was carried out by testing their antimicrobial sensitivity against 10 commonly used antimicrobials. Results revealed high prevalence of multiple antimicrobial resistance among these strains suggesting possible prior selection by use of antimicrobials in egg production

Prevalence and antimicrobial resistance of Salmonella enteritidis and other salmonellas in the eggs and egg-storing trays from retails markets of Coimbatore, South India

A study was conducted to determine the incidence of Salmonella enterica serovar Enteritidis and other Salmonella serovars on eggshell, egg contents and on egg-storing trays. A total of 492 eggs and 82 egg-storing trays were examined over a period of 1 year from different retail outlets of a residential area of Coimbatore city, South India. Salmonella contamination was recorded in 38 of 492 (7.7%) eggs out of which 29 was in eggshell (5.9%) and 9 in egg contents (1.8%). Around 7.5% of the egg-storing trays were also found to be contaminated with Salmonella. Serotyping of the Salmonella strains showed that 89.7% of the strains from eggshell, 100% of the strains from egg contents and 71.4% of the strains from egg-storing trays were Salmonella Enteritidis. Other serovarvars encountered were S. Cerro, S. Molade and S. Mbandaka from eggshell and S. Cerro from egg-storing trays. Seasonal variations in the prevalence pattern were identified with, a higher prevalence during monsoon months followed by post-monsoon and premonsoon. Further examination of the Salmonella strains was carried out by testing their antimicrobial sensitivity against 10 commonly used antimicrobials. Results revealed high prevalence of multiple antimicrobial resistance among these strains suggesting possible prior selection by use of antimicrobials in egg production