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"Commodities are basic goods used in commerce and are most often used as inputs in the production of other semi-finished or finished materials. They are very important products in our lives today and constitute non-negligible sources of income for many countries. This book serves as a guide to the marketing of these goods and provides scholars and commodity market participants with useful concepts, tools and guidelines to better organize and operate commodities exchanges. Issouf Soumaré explains in detail commodities exchanges, from conceptualization of the exchange to its operationalization. He describes the architecture of a typical commodities exchange, looking at its trading and clearing functions, the warehouse receipt system and the regulatory framework. The book also presents practices of commodities exchanges around the world and discusses commodity products and instruments traded on these exchanges, their pricing and usage. This book is very useful and timely, as many emerging countries are setting up commodities exchanges. Academics interested in commodities and their marketing as well as industry professionals such as commodity traders, commodity exporters, risk managers, clearing officers, market makers, commodity producers, agricultural cooperatives, commodity processors, bankers, warehouse operators, and regulators will find this a useful reference."--Publisher's website

Using a partial equilibrium model, this paper makes a first attempt to provide an explanation based on rational behaviour for the basic big puzzle of why workers have large holdings of the shares of their employer in their defined contribution (DC) pension plans. The primary explanations in the literature seem to be behavioural ones that involve sub‐optimal behaviour. This paper attempts to see how far a standard optimizing setting in a principal–agent type framework can go in explaining the same phenomenon. It uses an incentive approach involving two agents, senior managers and workers to show how portfolio weights can be voluntarily shifted away from what would be first best in the absence of an incentive problem.

En 1994 au Rwanda, près d'un million de Tutsi ont trouvé la mort. Quatre ans après le génocide, en 1998, une dizaine d'écrivains sont partis au pays dans le cadre du projet ""Rwanda, écrire par devoir de mémoire"". Ainsi est née la littérature du génocide des Tutsis. Cet ouvrage tente d'analyser les oeuvres issues de ce projet, en particulier de souligner les différentes techniques narratives utilisées.

Résumé La plupart des centres urbains ont atteint aujourd'hui une phase où il s'agit avant tout de trouver des solutions durables au délabrement des équipements, aux disparités intra-urbaines et à l'extension de la pauvreté urbaine. Cet article propose une brève analyse d'une approche particulière de lutte contre la pauvreté menée par plusieurs organisations de la société civile à Yeumbeul, un quartier défavorisé dans la banlieue de Dakar, au Sénégal.

Most urban areas have today reached a stage where the essential need is to come up with lasting remedies for their dilapidated facilities, intra–urban disparities, and the spread of urban poverty. This article offers a brief analysis of the particular approach to poverty reduction adopted by several civil society organisations in Yeumbeul, a deprived neighbourhood on the outskirts of Dakar in Senegal.

Quelles possibilités d'inser tion pour des populations marginalisées socialement, économiquement, culturellement et politiquement, comme le sont celles originaires du Sahel ? Leur dénuement leur laisse-t-il d'autre choix , dans un premier temps, que celui de la solidarité communautaire ?

AbstractThis paper proposes a stochastic multi-period pricing model based on the default option value with insurance cycle to examine the interactions among pricing, surplus allocation and solvency for a multiline insurer. The proposed innovative model captures the dynamic aspects of capitalization and the impact of dynamic premium setting on the insurer's solvency and risk management. We derived the equilibrium premium for different insurance contract designs. Our results show that the allocation of surplus per line affects the default of the other lines and depends on the correlation between the solvency ratio and the loss ratio of the line. The presence of the insurance cycle can boost solvency provided that the insurer adopts the right underwriting strategy. Based on the correlation between the solvency ratio and the loss ratio of the line, the insurer can make strategic decision about fair pricing. This makes it possible to reconcile the objectives of pricing with the insurer's solvency and its strategic decision-making in a long-term perspective.