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Source text - English This article presents new asset-based measures of bank liquidity that capture and quantify the dynamics of liquidity flows within the French banking system between 1993 and 2005. We consider net changes in the “stock” of liquidity in banks’ balance sheets as the result of two simultaneous “flows”: the purchases and sales of liquid assets. Our “flow approach” allows us to assess the intertemporal dimension of liquidity fluctuations within the banking system (expansions, contractions and overall reallocation) on the basis of individual bank data. In turn, these fluctuations lend themselves to an insightful cyclical analysis.
Our main results can be summarised as follows. First, we find substantial evidence of simultaneous liquidity expansion and contraction, as well as extensive balance sheet liquidity reshuffling, in a context where bank liquidity is expanding overall. Second, positive and negative flows procyclically lead the cycle by approximately two quarters. Third, positive output shocks are likely to have a positive and persistent effect on liquidity flows. The liquidity responses to asset price and monetary policy impulses seem in line with the idea that liquidity flows are driven by “funding” versus “profit” motives in the presence of a trade-off between expected returns and interest-rate risk. On the one hand, liquidity is held to ensure the smooth financing of banking activities. On the other hand, banks may hold liquidity so as to maximise expected returns. Liquidity holdings therefore decline when alternative investment opportunities become more attractive.
From a policy perspective, the results suggest that under normal circumstances, the cross-checking of liquidity ratios and liquidity flows could prove useful to design a robust prudential approach to liquidity. Under extreme circumstances, the traditional concept of “bank liquidity” could be complemented by considerations on the liquidity of monetary and other financial markets when emergency liquidity provision is envisaged.
Translation - French Cet article présente les nouvelles mesures de liquidité bancaire basées sur l’actif qui saisissent et quantifient la dynamique des flux de liquidités au sein du système bancaire français entre 1993 et 2005. Nous considérons que les changements nets des « stocks » de liquidités dans les bilans bancaires résultent de deux « flux » simultanés : les achats et les ventes d’actifs liquides. Notre « approche des flux » nous permet d’évaluer la dimension intertemporelle des fluctuations de la liquidité au sein du système bancaire (expansions, contractions et réallocation globale) sur la base de données bancaires individuelles. A leur tour, ces fluctuations se prêtent à une analyse cyclique intuitive.
Nos principaux résultats se résument de la façon suivante. Premièrement, nous trouvons des preuves importantes d’expansion et de contraction simultanées de la liquidité, ainsi qu’un remaniement important des liquidités au bilan, dans un contexte où la liquidité bancaire est en hausse générale. Deuxièmement, les flux positifs et négatifs mènent le cycle d’environ deux trimestres de façon procyclique. Troisièmement, l’impact des rendements positifs peut avoir un effet persistent et positif sur le flux des liquidités. Les réponses des liquidités aux impulsions du prix des actifs et de la politique monétaire semblent correspondre à l’idée que les flux de liquidités sont stimulés par des motifs de « financement » et non de « bénéfices » en présence d’un compromis entre les rendements attendus et le risque des taux d’intérêt. D’une part, les banques peuvent détenir des liquidités pour assurer le financement souple des activités bancaires. D’autre part, les banques peuvent détenir des liquidités pour maximiser les rendements prévus. En conséquence, les liquidités détenues baissent quand d’autres opportunités d’investissement deviennent plus attrayantes.
Dans une perspective de politique, les résultats suggèrent que dans des circonstances normales, la vérification par recoupement des ratios de liquidité et des flux de liquidités pourrait s’avérer utile dans la conception d’une approche prudente et robuste de la liquidité. Dans des circonstances extrêmes, le concept traditionnel de « liquidité bancaire » pourrait être complété par des considérations de la liquidité des marchés monétaires et autres marchés financiers quand il est envisagé de fournir de la liquidité en cas d’urgence.
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Translation education
Graduate diploma - Chartered Institute Of Linguists
Experience
Years of experience: 28. Registered at ProZ.com: Oct 2003.
English to French (Chartered Institute of Linguists, verified) English to French (Institute of Translation and Interpreting) English to French (Society of Authors: Translators Assoc., verified) English to French (MET - Mediterranean Editors and Translators )
Business, more specifically banking, economics, international development, marketing, advertising, human resources, training, retail, ecommerce, websites.
Other fields include creative texts: travel and tourism (ecotourism and sustainable travel), lifestyle, art and culture, food and drink, wellness, fashion and beauty.
"I used Nathalie to translate eLearning computer applications I had developed. She was a complete professional and an intelligent translator in that she sought to understand the context and ensured that menu names and buttons retained their original translation. I would have no hesitation in recommending her." - Shirley Williams, IT Training Consultant at URENCO
"It was a pleasure to work with Nathalie: she is very knowledgeable and her translations reflected the subtleties of the original texts. I would recommend her to anyone who is looking for well-researched translations that are delivered on time." - Danielle Bastiaens, British Museum
"I have been working with Nathalie for several years now on numerous websites/Retail/Ecommerce translation projects. She is a highly-skilled translator, her professionalism and experience make her extremely reliable, as well as her availability and reactivity. A pleasure to work with." - Christel Messonier, Colleague
"Nathalie translated a number of documents for the Coverage Monitoring Network relating to community mobilisation and nutrition in December 2016. She was responsive, efficient and, most importantly, her translations were completed to a high quality." -Elena Gonzalez, Action Against Hunger
"Nathalie Reis has been of tremendous value to our company. Time and time again, she has delivered high-quality French translations of our product and marketing material - always spotless, always on time. A very pleasant translation partner that we will not hesitate to use again in the future." - Sune K Munch, Online Relations Manager at Campfire A/S
"The timescales were always very tight and Nathalie was always flexible, available to discuss terminology throughout and delivered on time" - Siobhan Cooper, Senior Project Manager at 3di
"I have used Nathalie Reis’ translation and proofreading services for almost 20 years and have always been satisfied with her work: accurate, meticulous, always on time. I would not hesitate to recommend Nathalie!" - Peter Charles, OPS Ltd
"Nathalie is a great translator with fantastic style and responsible attitude. We have done jobs several times and every time the outcome has been positive. She is very professional and speedy in response. Most importantly, Nathalie accepts jobs according to her capability, and handle them with care and attention to detail. It is a pleasure working with Nathalie Reis." - Shen Xu, ESOP Project Manager at British Council
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"Nathalie is wonderful to work with. She is a real professional and always gives her best to meet our requirements. She is even willing to go a step ahead in satisfying our needs and ready to learn latest technologies in the industry. I would definitely work with her again as she provides service of highest quality." - Dani Ivanova, Applied Language
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Keywords: marketing, advertising, banking, economics, human resources, training programmes, translation services, english to French, professional, qualified. See more.marketing, advertising, banking, economics, human resources, training programmes, translation services, english to French, professional, qualified, french translator, art books, proofreading, copywriting, transcreation, website translation, business translation, travel, tourism, sustainable travel, ecotourismbusiness translator, french translation, english-french translation, english into french, traduction anglais-francais, traductrice professionnelle, traduction specialisee, traducteur anglais-francais, traduction commerciale, international development. See less.
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