Publications

by members of

Centre for European Research in Microfinance (CERMi)
Centre Emile Bernheim
Solvay Business School
Université Libre de Bruxelles
Bruxelles, Belgium

Working papers

2008

1. Oscar Bernal & Kim Oosterlinck & Ariane Szafarz, 2008. "Observing bailout expectations during a total eclipse of the sun," Working Papers CEB 08-015.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
2. Xavier De Scheemaekere & Ariane Szafarz, 2008. "The Special Status of Mathematical Probability: A Historical Sketch," Working Papers CEB 08-017.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
3. Marie Brière & Ariane Chapelle & Ariane Szafarz, 2008. "No contagion,only globalization and flight to quality," Working Papers CEB 08-018.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
4. Pierre-Guillaume Méon & Ariane Szafarz, 2008. "Labour market discrimination as an agency cost," Working Papers CEB 08-019.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
5. Marek Hudon, 2008. "Norms and Values of the Various Microfinance Institutions," Working Papers CEB 08-006.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
6. Marc Labie & Anaïs Périleux, 2008. "Corporate Governance in Microfinance : Credit Unions," Working Papers CEB 08-003.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
7. Koen Rossel-Cambier, 2008. "Combined Micro-Finance: Selected Research Questions from a Stakeholder Point of View," Working Papers CEB 08-004.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
8. Beatriz Armendariz & Nigel Roome, 2008. "Empowering women via microfinance in fragile states," Working Papers CEB 08-001.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]

2007

1. André Farber & Roland Gillet & Ariane Szafarz, 2007. "A General Formula for the WACC: A Reply," Working Papers CEB 07-004.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
2. Ariane Szafarz, 2007. "Hiring People-like-Yourself: A Representation of Discrimination on the Job Market," Working Papers CEB 07-021.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
3. Marie Brière & Ariane Szafarz, 2007. "Crisis-Robust Bond Portfolios," Working Papers CEB 07-030.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
4. Ariane Szafarz, 2007. "Hiring People-like-Yourself: A Representation of Discrimination on the Job Market," Working Papers DULBEA 07-21.RS, Université libre de Bruxelles, Department of Applied Economics (DULBEA). [Downloadable!]
5. Sriram M S, 2007. "Rural Management Education in India: A Retrospect," IIMA Working Papers 2007-04-01, Indian Institute of Management Ahmedabad, Research and Publication Department. [Downloadable!]
6. Sriram M.S., 2007. "Productivity of Rural Credit: A Review of Issues and Some Recent Literature," IIMA Working Papers 2007-06-01, Indian Institute of Management Ahmedabad, Research and Publication Department. [Downloadable!]
7. Annabel Vanroose, 2007. "Microfinance: Are its promises ethically justified?," Working Papers CEB 07-014.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
8. Marek Hudon & Hans Dieter Seibel, 2007. "Microfinance in post-disaster and post-conflict situations: Turning victims into shareholders," Working Papers CEB 07-002.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
9. Marek Hudon, 2007. "Social Justice with Credits to the Poor," Working Papers CEB 07-003.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
10. Marek Hudon, 2007. "Should Access to Credit be a Right ?," Working Papers CEB 07-008.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
11. Marek Hudon, 2007. "Use of Donor Funds in the Financing of MFIs," Working Papers CEB 07-020.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
12. Laurent Gheeraert & Ritha Sukadi, 2007. "Remittances and Domestic Investment: An Analysis of the Role of Financial Sector Development," Working Papers CEB 07-039.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
13. Koen Rossel-Cambier & Tom Olsen & Niloufar Pourzand, 2007. "Investing in knowledge for evidence-based social policies for children: two case studies of knowledge dissemination initiatives in the Eastern Caribbean," Working Papers CEB 07-040.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
14. Eijkel, Remco van & Hermes, Niels & Lensink, Robert, 2007. "Group lending and the role of the group leader:Theory and evidence from Eritrea," Research Report 07004, University of Groningen, Research Institute SOM (Systems, Organisations and Management). [Downloadable!]

2006

1. Michel Beine & Pierre-Yves Preumont & Ariane Szafarz, 2006. "Sector diversification during crises: A European perspective," Working Papers DULBEA 06-07.RS, Université libre de Bruxelles, Department of Applied Economics (DULBEA). [Downloadable!]
2. Ariane Chapelle & Ariane Szafarz, 2006. "Control consolidation with a threshold: An algorithm," Working Papers CEB 06-007.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
3. Roland Gillet & Robert Goffin & Isabelle Nagot & Ariane Szafarz, 2006. "Stratégies d'investissement en actions et fonds à capital garanti," Working Papers CEB 06-008.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
4. Annabel Vanroose, 2006. "The uneven development of microfinance: A Latin-American perspective," Working Papers CEB 06-021.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
5. Marek Hudon, 2006. "Subsidies and financial performances of the microfinance institutions: Does management matter?," Working Papers CEB 05-015.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
6. Marek Hudon & Bernard Lietaer, 2006. "“Natural Savings”: A New Microsavings Product for Inflationary Environments. How to Save Forests with Savings for and by the Poor?," Working Papers CEB 06-014.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
7. Marek Hudon, 2006. "Fair interest rates when lending to the poor: Are fair prices derived from basic principles of justice?," Working Papers CEB 06-015.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
8. Marek Hudon & Tchakodo Ouro-Koura, 2006. "Etude des facteurs contingents du taux de remboursement au sein d’une institution de microfinance : le cas du Togo," Working Papers CEB 06-016.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
9. Marek Hudon & Daniel Traca, 2006. "On the Efficiency Effects of Subsidies in Microfinance: An Empirical Inquiry," Working Papers CEB 06-020.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
10. Hermes, N. & Smid, P. & Yao, L., 2006. "Capital Budgetting Practices: A comparative Study of the Netherlands and China," Research Report 06E02, University of Groningen, Research Institute SOM (Systems, Organisations and Management). [Downloadable!]

2005

1. Thibault Biebuyck & Ariane Chapelle & Ariane Szafarz, 2005. "Les leviers de contrôle des actionnaires majoritaires," Working Papers DULBEA 05-03.RS, Université libre de Bruxelles, Department of Applied Economics (DULBEA). [Downloadable!]
2. Ariane Chapelle & Ariane Szafarz, 2005. "Controlling Firms through the Majority Voting Rule," Working Papers DULBEA 05-05.RS, Université libre de Bruxelles, Department of Applied Economics (DULBEA). [Downloadable!]
3. André Farber & Roland Gillet & Ariane Szafarz, 2005. "A general formula for the WACC," Working Papers CEB 05-012.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
4. Ariane Chapelle & Ariane Szafarz, 2005. "Controlling firms through the Majority Voting Rule," Working Papers CEB 05-004.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
5. Gillet, Roland & Szafarz, Ariane, 2005. "L'efficience informationnelle des marches: une hypothèse, et au-delà?," Economic Literature ULB 2013-669, Université libre de Bruxelles, Libraries. [Downloadable!]
6. Sriram M S, 2005. "Expanding Financial Services Access for the Poor: The Transformation of SPANDANA," IIMA Working Papers 2005-04-03, Indian Institute of Management Ahmedabad, Research and Publication Department. [Downloadable!]
7. Sriram M S & Kumar Radha, 2005. "Conditions in Which Microfinance has Emerged in Certain Regions and Consequent Policy Implications," IIMA Working Papers 2005-05-03, Indian Institute of Management Ahmedabad, Research and Publication Department. [Downloadable!]
8. Sriram M S, 2005. "Recommendations of the Task Force on Revival of the Co-operative Credit Structure: Implementation Issues," IIMA Working Papers 2005-12-02, Indian Institute of Management Ahmedabad, Research and Publication Department. [Downloadable!]
9. Hermes, Niels & Lensink, Robert & Mehrteab, Habteab T., 2005. "Does the group leader matter? The impact of monitoring activities and social ties of group leaders on the repayment performance of groupbased lending Eritrea," Research Report 05E05, University of Groningen, Research Institute SOM (Systems, Organisations and Management). [Downloadable!]

2004

1. Kim Oosterlinck & Ariane Szafarz, 2004. "One Asset, Two Prices: The case of the Tsarist Repudiated Bonds," Economic History 0409001, EconWPA. [Downloadable!]
2. Kim Oosterlinck & Ariane Szafarz, 2004. "One Asset, Two Prices: The case of the Tsarist Repudiated Bonds," Working Papers CEB 04-022.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
3. Roland Gillet & Ariane Szafarz, 2004. "L’efficience informationnelle des marchés. Une hypothèse, et au-delà?," Working Papers CEB 04-004.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
4. Sriram M S, 2004. "Microfinance and the State: Exploring areas and structures of collaboration," IIMA Working Papers 2004-01-03, Indian Institute of Management Ahmedabad, Research and Publication Department. [Downloadable!]
5. Sriram M S & Parhi Smita, 2004. "Financial Status of Rural Poor: A Study in Udaipur District," IIMA Working Papers 2004-02-01, Indian Institute of Management Ahmedabad, Research and Publication Department. [Downloadable!]
6. Pathak Akhileshwar & Sriram M S, 2004. "Community at the Core: A Study of Sarvodaya Nano Finance Limited," IIMA Working Papers 2004-10-04, Indian Institute of Management Ahmedabad, Research and Publication Department. [Downloadable!]
7. Sriram M S, 2004. "Building Bridges Between the Poor and the Banking System: A Study of Sanghamithra Rural Financial Services," IIMA Working Papers 2004-05-02, Indian Institute of Management Ahmedabad, Research and Publication Department. [Downloadable!]

2003

1. Michel Beine & Ariane Szafarz, 2003. "The Design of Effective Central Bank Interventions: The yen/dollar case," Working Papers CEB 03-008.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
2. Ariane Chapelle & Marie-Paule Laurent & Ariane Szafarz, 2003. "L'effet de l'âge de l'investisseur sur le niveau de risque de son portefeuille," Working Papers CEB 03-006.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
3. Chapelle, Ariane & Szafarz, Ariane, 2003. "Ownership and control: dissecting the pyramid," Economic Literature ULB 2013-765, Université libre de Bruxelles, Libraries. [Downloadable!]
4. Beine, Michel & Szafarz, Ariane, 2003. "The design of effective Central Bank interventions: the yen/dollar case," Economic Literature ULB 2013-767, Université libre de Bruxelles, Libraries. [Downloadable!]
5. Koen Rossel-Cambier, 2003. "The Health Workforce and Workforce Performance," Working Papers CEB 03-012.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
6. Hermes, Niels & Lensink, Robert & Teki, Habteab Mehrteab, 2003. "Peer monitoring, social ties and moral hazard in group lending programmes: evidence from Eritrea," Research Report 03E36, University of Groningen, Research Institute SOM (Systems, Organisations and Management). [Downloadable!]
7. Le, K.N. & Hermes, N. & Lanjouw, G., 2003. "Irreversible investment and uncertainty : an empirical study of rice mills in the Mekong river delta, Vietnam," Research Report 03E40, University of Groningen, Research Institute SOM (Systems, Organisations and Management). [Downloadable!]

2002

1. Ariane Chapelle & Ariane Szafarz, 2002. "Ownership and Control: Dissecting the Pyramid," Working Papers CEB 03-002.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
2. Thibault Biebuyck & Ariane Chapelle & Ariane Szafarz, 2002. "Les leviers de contrôle des actionnaires majoritaires," Working Papers CEB 03-001.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
3. Sriram M S, 2002. "Information Asymmetry and Trust: A Framework for Studying Micro-Finance in India," IIMA Working Papers 2002-09-02, Indian Institute of Management Ahmedabad, Research and Publication Department. [Downloadable!]
4. Agrawal Rajesh & Raju K V & Reddy K Prathap & Shrinivasan R & Sriram M S, 2002. "Member-funds and Cooperative Performance?," IIMA Working Papers 2002-10-01, Indian Institute of Management Ahmedabad, Research and Publication Department. [Downloadable!]
5. Sriram M S & Updhyayula Rajesh, 2002. "The Transformation of Microfinance in India: Experiences, Options and Future," IIMA Working Papers 2002-12-01, Indian Institute of Management Ahmedabad, Research and Publication Department. [Downloadable!]

2001

1. Hermes, Niels & Lensink, Robert, 2001. "The impact of foreign bank entry on domestic banking markets: a note," Research Report 01E62, University of Groningen, Research Institute SOM (Systems, Organisations and Management). [Downloadable!]

2000

1. Hermes, Niels & Lensink, Robert, 2000. "Foreign direct investment, financial development and economic growth," Research Report 00E27, University of Groningen, Research Institute SOM (Systems, Organisations and Management). [Downloadable!]
2. Hermes, N. & Lensink, R., 2000. "Capital flight and the uncertainty of government policies," Research Report 00C30, University of Groningen, Research Institute SOM (Systems, Organisations and Management). [Downloadable!]

1999

1. Hermes, Niels & Salverda, Wiemer & Hoen, Herman. W. & Ahrens, Joachim, 1999. "State, society and development : lessons for Africa?," CDS Research Reports 199907, University of Groningen, Centre for Development Studies (CDS). [Downloadable!]

1998

1. Lensink, Robert & Hermes, Niels & Murinde, Victor, 1998. "Capital flight and political risk," Research Report 98C34, University of Groningen, Research Institute SOM (Systems, Organisations and Management). [Downloadable!]

1997

1. Koen Rossel-Cambier, 1997. "Sustainable Disarmament for Sustainable Development," Working Papers CEB 97-002.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
2. Hermes, Niels, 1997. "New explanations of the economic success of East Asia : lessons for developing and Eastern European countries," CDS Research Reports 199703, University of Groningen, Centre for Development Studies (CDS). [Downloadable!]

1996

1. Flôres Junior, Renato Galvão & Szafarz, Ariane, 1996. "Processus Stochastiques En Finance (1ère Partie)," Economics Working Papers (Ensaios Economicos da EPGE) 292, Graduate School of Economics, Getulio Vargas Foundation (Brazil).
2. Flôres Junior, Renato Galvão & Szafarz, Ariane, 1996. "Processus Stochastiques En Finance (2ème partie)," Economics Working Papers (Ensaios Economicos da EPGE) 295, Graduate School of Economics, Getulio Vargas Foundation (Brazil).
3. Hermes, Niels & Lensink, Robert, 1996. "Financial reform and information problems in capital markets: an empirical analysis of the Chilean experience, 1983-1992," Research Report 96C37, University of Groningen, Research Institute SOM (Systems, Organisations and Management). [Downloadable!]
4. Beatriz Armendariz de Aghion & Christian Gollier, 1996. "Peer Grouping in An Adverse Selection Model," Discussion Papers 96-24 ISSN 1350-6722, University College London, Department of Economics. [Downloadable!]

1993

1. Hermes, N. & Lensink, R., 1993. "Is there a Long Run Influence on Financial Development on Economic growth in Latin America," Papers 543, Groningen State, Institute of Economic Research-.
2. Hermes, N. & Lensink, R., 1993. "The Financial Sector and Its Influence on Economic Growth: Evidence from 14 Latin American Countries, 1963-1989," Papers 531, Groningen State, Institute of Economic Research-.

1992

1. Hermes, N., 1992. "Financial Development of Economic Growth: A Survey of the Literature," Papers 504, Groningen State, Institute of Economic Research-.
2. Béatriz Armendariz de Aghion, 1992. "On the Pricing of LDC Debt: An Analysis Based on Historical Evidence from Latin America," OECD Development Centre Working Papers 52, OECD Development Centre. [Downloadable!]

1991

1. Renault, E. & Szafarz, A., 1991. "True Versus Spurious Instantaneous Causality," Papers 9103, Universite Libre de Bruxelles - C.E.M.E..
2. Broze, L. & Gourieroux, C. & Szafarz, A., 1991. "Computation of multipliers in multivariate rational expectations models," Papers 9116, Catholique de Louvain - Center for Operations Research and Economics.
3. Béatriz Armendariz de Aghion, 1991. "Long-Term Capital Reflow Under Macroeconomic Stabilization in Latin America," OECD Development Centre Working Papers 38, OECD Development Centre. [Downloadable!]
4. Béatriz Armendariz de Aghion, 1991. "Buybacks of LDC Debt and the Scope for Forgiveness," OECD Development Centre Working Papers 39, OECD Development Centre. [Downloadable!]

1990

1. Broze, L. & Gourieroux, C. & Szafarz, A., 1990. "Computation of Multipliers in Multivariate Rational Expectations Models," Papers 9103, Institut National de la Statistique et des Etudes Economiques-.

1988

1. Roland, G. & Szafarz, A., 1988. "The Ratchet Effect And The Planner'S Expectations," Papers 8802, Universite Libre de Bruxelles - C.E.M.E..
2. Adam, M.C. & Szafarz, A., 1988. "On The Definition Of Speculative Bubbles," Papers 8806, Universite Libre de Bruxelles - C.E.M.E..

1986

1. Broze, Laurence & Gourieroux Christian & Szafarz A, 1986. "Reduction and identification of simultaneous equations models with rational expectations," CEPREMAP Working Papers (Couverture Orange) 8601, CEPREMAP.
2. Broze, Laurence & Gourieroux Christian & Szafarz A, 1986. "Identification & consistent estimation of multi-variate linear models with rational expectations of current variables," CEPREMAP Working Papers (Couverture Orange) 8617, CEPREMAP.

1985

1. Ariane Szafarz, 1985. "L'Evolution du concept de probabilité mathématique de Pascal à Laplace. Article paru dans Technologia, 1985, 8, 3, pp.67-75," Working Papers CEB 07-006.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]

1984

1. Broze, Laurence & Gourieroux Christian & Szafarz A, 1984. "Solutions of dynamic linear rational expectations models," CEPREMAP Working Papers (Couverture Orange) 8421, CEPREMAP.
2. Ariane Szafarz, 1984. "Richard von Mises: L'échec d'une axiomatique - publié dans Dialectica, vol. 38, N°4, 1984, pp. 311-317," Working Papers CEB 07-005.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]

Undated

1. Renato G. Flores & JrAriane Szafarz, . "Testing the Information Structure of eastern European Markets: The Warsaw Stock Exchange," Ace Project Memoranda 96/7, Department of Economics, University of Leicester.

Journal articles

2008

1. Ariane Szafarz, 2008. "An alternative to statistical discrimination theory," Economics Bulletin, Economics Bulletin, vol. 10(5), pages 1-6. [Downloadable!]
2. Gonenc, Halit & Hermes, Niels, 2008. "Propping: Evidence from new share issues of Turkish business group firms," Journal of Multinational Financial Management, Elsevier, vol. 18(3), pages 261-275, July. [Downloadable!] (restricted)

2007

1. Niels Hermes & Robert Lensink, 2007. "The empirics of microfinance: what do we know?," Economic Journal, Royal Economic Society, vol. 117(517), pages F1-F10, 02. [Downloadable!] (restricted)

2006

1. Michel Beine & Ariane Szafarz, 2006. "Size matters: Central bank interventions on the Yen/Dollar exchange rate," Brussels Economic Review/Cahiers Economiques de Bruxelles, Editions du DULBEA, Université libre de Bruxelles, Department of Applied Economics (DULBEA), vol. 49(1), pages 5-20.

2005

1. Hermes, Niels & Lensink, Robert & Mehrteab, Habteab T., 2005. "Peer Monitoring, Social Ties and Moral Hazard in Group Lending Programs: Evidence from Eritrea," World Development, Elsevier, vol. 33(1), pages 149-169, January. [Downloadable!] (restricted)

2004

1. Le Khuong Ninh & Niels Hermes & Ger Lanjouw, 2004. "Investment, uncertainty and irreversibility," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 12(2), pages 307-332, 06. [Downloadable!] (restricted)
2. Lensink, Robert & Hermes, Niels, 2004. "The short-term effects of foreign bank entry on domestic bank behaviour: Does economic development matter?," Journal of Banking & Finance, Elsevier, vol. 28(3), pages 553-568, March. [Downloadable!] (restricted)
3. Philippe Aghion & Beatriz Armenda'Riz de Aghion, 2004. "Croissance endogene et reduction de la pauvrete," Economie Internationale, CEPII research center, issue 4Q, pages 27-38. [Downloadable!]

2003

1. Niels Hermes & Robert Lensink, 2003. "Foreign direct investment, financial development and economic growth," The Journal of Development Studies, Taylor and Francis Journals, vol. 40(1), pages 142-163, January. [Downloadable!] (restricted)

2001

1. Hermes, Niels & Lensink, Robert, 2001. "Capital flight and the uncertainty of government policies," Economics Letters, Elsevier, vol. 71(3), pages 377-381, June. [Downloadable!] (restricted)
2. N. Hermes & R. Lensink, 2001. "Changing the Conditions for Development Aid: A New Paradigm?," The Journal of Development Studies, Taylor and Francis Journals, vol. 37(6), pages 1-16, August. [Downloadable!] (restricted)

2000

1. Hermes, Niels & Lensink, Robert, 2000. "Financial system development in transition economies," Journal of Banking & Finance, Elsevier, vol. 24(4), pages 507-524, April. [Downloadable!] (restricted)
2. Lensink, Robert & Hermes, Niels & Murinde, Victor, 2000. "Capital flight and political risk," Journal of International Money and Finance, Elsevier, vol. 19(1), pages 73-92, February. [Downloadable!] (restricted)
3. de Aghion, Beatriz Armendariz & Gollier, Christian, 2000. "Peer Group Formation in an Adverse Selection Model," Economic Journal, Royal Economic Society, vol. 110(465), pages 632-43, July. [Downloadable!] (restricted)
4. Beatriz Armendáriz de Aghion & Jonathan Morduch, 2000. "Microfinance Beyond Group Lending," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(2), pages 401-420, July. [Downloadable!] (restricted)

1999

1. Flores, Renato & Jorion, Philippe & Preumont, Pierre-Yves & Szafarz, Ariane, 1999. "Multivariate unit root tests of the PPP hypothesis," Journal of Empirical Finance, Elsevier, vol. 6(4), pages 335-353, October. [Downloadable!] (restricted)
2. Armendariz de Aghion, Beatriz, 1999. "On the design of a credit agreement with peer monitoring," Journal of Development Economics, Elsevier, vol. 60(1), pages 79-104, October. [Downloadable!] (restricted)
3. de Aghion, Beatriz Armendariz, 1999. "Development banking," Journal of Development Economics, Elsevier, vol. 58(1), pages 83-100, February. [Downloadable!] (restricted)

1998

1. Renault, Eric & Sekkat, Khalid & Szafarz, Ariane, 1998. "Testing for spurious causality in exchange rates," Journal of Empirical Finance, Elsevier, vol. 5(1), pages 47-66, January. [Downloadable!] (restricted)
2. Lensink, Robert & Hermes, Niels & Murinde, Victor, 1998. "The Effect of Financial Liberalization on Capital Flight in African Economies," World Development, Elsevier, vol. 26(7), pages 1349-1368, July. [Downloadable!] (restricted)

1997

1. Flores, Renato G, Jr & Szafarz, Ariane, 1997. " Testing the Information Structure of Eastern European Markets: The Warsaw Stock Exchange," Economic Change and Restructuring, Springer, vol. 30(2-3), pages 91-105. [Downloadable!] (restricted)
2. Renato Flôres & Ariane Szafarz, 1997. "Testing the Information Structure of Eastern European Markets: The Warsaw Stock Exchange," Economic Change and Restructuring, Springer, vol. 30(2), pages 91-105, May. [Downloadable!] (restricted)

1996

1. Flores, Renato Jr. & Szafarz, Ariane, 1996. "An enlarged definition of cointegration," Economics Letters, Elsevier, vol. 50(2), pages 193-195, February. [Downloadable!] (restricted)

1995

1. de Aghion, Beatriz Armendariz & de Hinestrosa, Patricia Armendariz, 1995. "Debt relief, growth and price stability in Mexico," Journal of Development Economics, Elsevier, vol. 48(1), pages 135-149, October. [Downloadable!] (restricted)

1994

1. Flores, Renato G, Jr & Monteiro, Marcos de B & Szafarz, Ariane, 1994. " Exchange Rate Volatility in High Inflation Economies: An Econometric Study of Poland and Brazil," Economic Change and Restructuring, Springer, vol. 27(3), pages 277-92.

1992

1. Adam, M C & Szafarz, A, 1992. "Speculative Bubbles and Financial Markets," Oxford Economic Papers, Oxford University Press, vol. 44(4), pages 626-40, October. [Downloadable!] (restricted)
2. Renato Galvão Flôres Junior & Ariane Szafarz, 1992. "Minimal identification of dynamic rational expectations systems," Revista Brasileira de Economia, Graduate School of Economics, Getulio Vargas Foundation (Brazil), vol. 46(3), April.

1990

1. Roland, Gerard & Szafarz, Ariane, 1990. "The ratchet effect and the planner's expectations," European Economic Review, Elsevier, vol. 34(5), pages 1079-1098, July. [Downloadable!] (restricted)
2. De Aghion, Beatriz Armendariz, 1990. "International debt : An explanation of the commercial banks' lending behavior after 1982," Journal of International Economics, Elsevier, vol. 28(1-2), pages 173-186, February. [Downloadable!] (restricted)

1984

1. Broze, L. & Szafarz, A., 1984. "On linear models with rational expectations which admit a unique solution," European Economic Review, Elsevier, vol. 24(1), pages 103-111. [Downloadable!] (restricted)

This page was last updated on 2008-10-1.