'The role of Financial Liberalization in Development: Weaknesses and Corrections'

During the 80’s and 90’s, the increase in financial instability shook up the idyllic vision of the financial liberalization in developed nations. The difficulties borne by the banking sectors spread out in some Asian and Latin American countries as systemic crises. The deregulation of the financial sector has really affected their banks. We try to carry out an examination of the the financial liberalization process through a review of the literature. We analyze at first endemic weaknesses, then we study some institutional and conceptual solutions. We try to identify the micro-economic banking dimension as a driving force for the growth. The role of banking system is described in a development process usually facing the apology of the stock market.financial development, banking, credit

'The role of Financial Liberalization in Development: Weaknesses and Corrections'

During the 80’s and 90’s, the increase in financial instability shook up the idyllic vision of the financial liberalization in developed nations. The difficulties borne by the banking sectors spread out in some Asian and Latin American countries as systemic crises. The deregulation of the financial sector has really affected their banks. We try to carry out an examination of the the financial liberalization process through a review of the literature. We analyze at first endemic weaknesses, then we study some institutional and conceptual solutions. We try to identify the micro-economic banking dimension as a driving force for the growth. The role of banking system is described in a development process usually facing the apology of the stock market.financial development, banking, credit

Forecasting portfolio-Value-at-Risk with mixed factorial hidden Markov models

This paper is concerned with the statistical modeling of the latent dependence and comovement structures of multivariate financial data using a new approach based on mixed factorial hidden Markov models, and their applications in Value-at-Risk (VaR) valuation. This approach combines hidden Markov Models (HMM) with mixed latent factor models. The HMM generates a piece-wise constant state evolution process and the observations are produced from the state vectors by a mixture of factor analyzers observation process. This new switching specification provides an alternative, compact, model to handle intra-frame correlation and unobserved heterogeneity in financial data. For maximum likelihood estimation we have proposed an iterative approach based on the Expectation-Maximisation (EM) algorithm. Using a set of historical data, from the Tunisian foreign exchange market, the model parameters are estimated. Then, the fitted model combined with a modified Monte-Carlo simulation algorithm was used to predict the VaR of the Tunisian public debt portfolio. Through a backtesting procedure, we found that this new specification exhibits a good fit to the data, improves the accuracy of VaR predictions and can avoid serious violations when a financial crisis occurs.</p

Experimental characterization and numerical modeling of micromechanical damage under different stress states

The use of HSLA steels for the manufacture of automotive components is interesting from an engineering point of view. This family of steels, while possessing high strength, also has good formability and can be used in forming manufacturing processes. In some forming processes such as blanking, shear strain localization occurs, which causes damage and results in the final fracture of the material. This paper presents an experimental study based on in situ tests to understand and identify the physical mechanisms of ductile damage under two stress states: tension and shear. Different macroscopic tests were performed to calibrate a damage model based on a micromechanical approach. This damage model is based on the Gurson–Tvergaard–Needleman theory and presents recent improvements proposed by Nahshon and Hutchinson and by Nielsen and Tvergaard so as to better predict fracture under a wide range of stress states, especially with low levels of stress triaxiality. These extensions have made the identification of the material parameter more complicated. In this work an identification strategy has been proposed using tests on specimens with different shapes. The identified parameter values are validated and the fracture model show good predictive capability over a wide stress state range

Numerical integration of an advanced Gurson model for shear loading: Application to the blanking process

A new extension of the Gurson damage model has been proposed recently to predict ductile fracture under shear dominated loads. The aim of this work is to verify the ability of this approach to simulate, in an accurate way, the damage evolution in shearing processes. An implicit stress integration algorithm is then developed to implement the new model in a finite element code. The numerical procedure is checked through simulations of shear and uniaxial tension tests on a single elements. The extended Gurson damage model is tested and applied to the punching process to compare its predictive ability with the original approach. The obtained numerical results are in good agreement with experimental results of the punching process, showing better ductile fracture predictions compared to the original Gurson model

Concurrence spatiale, différenciation verticale et comportement bancaire

A banking spatial competition model is developed to activate the horizontal and vertical parameters of differentiation in a two- dimensional space. Banking competition has become more relevant given the vertical differentiation elements related to some financial assets features. We consider a model in which spatial competition including vertical differentiation sets banks into a geometrical variable space linked with the regulation of deposit interest rates and financial transformation intensity. Thus we can rehabilitate in some case the Hotelling minimum differentiation principle applied to banking space and the financial changes based on the relation between financial imitation and financial innovation.Banking, spatial competition

Experimental and numerical analysis of micromechanical damage in the punching process for High-Strength Low-Alloy steels

Sequential sheet metal forming processes can result in the accumulation of work hardening and damage effects in the workpiece material. The mechanical strength of the final component depends on the “evolution” of these two characteristics in the different production steps. The punching process, which is usually in the beginning of the production chain, has an important impact on the stress, strain and damage states in the punched zones. It is essential that the influence of these mechanical fields be taken into account in the simulation of the forming sequence. In order to evaluate the evolution of each phenomenon, and in particular damage accumulation in the forming process, it is essential to characterize the punching process. The objective of this work is to understand and identify the physical damage mechanisms that occur during the punching operation and to establish relevant numerical models to predict the fracture location. The effect of the punch–die clearance on mechanical fields distribution is also discussed in this work