¡§Save for a rainy day¡¨, a well known theory proposed in Campbell(1987), indicates that the current consumption depends on the rational prospect of future economy. Nevertheless, within a highly developed economy, individual¡¦s consumption is often affected by various factors, for instance, the rate of time preference, interest rates and inflation, ¡Ketc. Therefore, a rational representative consumer should take all possible information available to them into consideration in making decisions regarding optimal consumption; meanwhile, this will in turn affects a country¡¦s current accounts and domestic credit as well. Based on the viewpoints of consumption-smoothing and permanent income hypothesis, we modify Ghosh(1995a)¡¦s methodology to incorporate one of the most important macroeconomic variables, ¡§money¡¨ into the intertemporal approach to the current account to explore its influence in explaining the difference between theoretically predicted and actual current accounts. In this study, four major industrialized countries: Canada, Japan, the US and UK are investigated by adding money as one of the key elements in explaining their current accounts dynamics. According to the empirical findings, not only the national cash flow (output minus investment and government expenditure) as stated in the literatures but money stock also reflect their influential effects in determinating the dynamic behavior of current accounts also. Therefore, money dose play a crucial role in our extensive method in explaining what traditional method can not explain. Further, we used six kinds of test which are introduced by Diebold and Mariano¡]1995¡^to compare which estimation model has better explaining power to forecast the actual current account. As a whole, the current accounts of these four major industrialized countries indeed acts as a buffer to smooth consumption in facing fluctuations of shocks to national cash flow and money stock.

Cette thèse comprend quatre essais en macroéconomie internationale et théorie monétaire. Elle est constituée de deux parties. Les deux premiers chapitres, coécrits avec François Geerolf, étudient les conséquences macroéconomiques des cycles immobiliers sur les comptes courants (chapitre 1) et sur les dynamiques de l'emploi (chapitre 2). La seconde partie de cette thèse s'intéresse aux conséquences des récentes transformations intervenues dans les systèmes bancaires sur les mécanismes de la création monétaire. Ces transformations semblent en effet conduire à une privatisation de la monnaie. Le chapitre 3 étudie empiriquement la réalité d'une telle privatisation. Je développe dans le chapitre 4 un modèle pour analyser les conséquences de ces transformations sur la création monétaire et sur les mécanismes de propagation du risque. / This thesis includes four essays in international macroeconomics and monetary theory. It is divided into two parts. The two first chapters, coauthored with François Geerolf, investigate the macroeconomic consequences of housing cycles on current accounts (chapter 1) and employment dynamics (chapter 2). The second part of this thesis studies the consequences of modern banking features on money creation mechanisms, notably with the development of private payment arrangements and the globalization of banking. Chapter 3 looks at the issue empirically. In chapter 4, I develop a model to investigate the consequences of these modern banking features for the provision of money and for risk propagation mechanisms.

The aim of this diploma thesis is a selection of the best current account. This thesis describes how the bank system functions in the Czech Republic. The characteristics of the banking institutions which provide current accounts and the characteristics of the compared current accounts are presented in this thesis. The Monte Carlo method and the methods multi-criteria assessment of variants are described theoretically. The selection is based on the methods of the operational research. The first part of the practical chapter focuses on the Monte Carlo method which selects the best account by charges for different types of clients. The methods of multi-criteria assessment of variants, specifically methods TOPSIS and PROMETHEE, are also applied. The calculations are carried out by add-in SANNA for MS Excel. In conclusion, both approaches to solution are compared and the current account according to the preferences of each client type is recommended.

The aim of this thesis is to compare the theoretical results of evaluation of current accounts with the practical results of the survey. In the theoretical part were described the selected methods of multi-criteria decision analysis, that makes it possible to evaluate current accounts according to several criterias. It was also carried out a survey which aimed to identify whicg current accounts are used by respondents and what are the conditions for their use. In the practical part were a compared of theoretical and practical results. In conclusion are evaluated the best products and compiled an overview of evaluation accounts used by respondents.

The aim of this diploma thesis is to devise general evaluation procedure of current accounts for associations and then to compare the theoretical results with the results of the questionnaire survey. The aim of the questionnaire survey is to find out what accounts the associations use and why. The theoretical part of this thesis is focused on the scientific discipline called multi-criteria decision making, its basic terminology, the methods of setting the criterions' weights and selected multi-criteria decision making methods. Finally, the associations are described according to valid legislation. In the practical part, selected accounts for specific clients are evaluated by using three multi-criteria decision making methods and the questionnaire survey is evaluated too. The conclusion is dedicated a comparison of the theoretical evaluation results with the questionnaire survey results and the author's own view of this issue. Familiarization of the author with the associations' activities during a personal meeting with them is the main benefit of this thesis for the author. The finding that the accounts of some of them are not as advantageous as they were before is the benefit for the associations. Some of them decided to visit their bank and change the account to the account recommended by the author.

Ce travail de recherche est dédié à l’analyse des décisions de financement des Très Petites Entreprises (TPE)françaises. Le premier chapitre de cette thèse décrit le cadre de l’étude, à savoir les TPE. Le second chapitre revisite les principales théories de la structure financière à la lumière des spécificités des TPE, et motive l’utilisation du cadre théorique du financement hiérarchique. Le troisième chapitre propose un test de la théorie du financement hiérarchique sur un large échantillon de TPE françaises. Le quatrième chapitre propose d’adapter ce modèle aux choix et aux contraintes de financement de la TPE, notamment en y intégrant une hiérarchie infra dettes.Ce chapitre propose également un test empirique portant sur l’arbitrage entre dettes financières et comptes courants d’associés. La principale contribution de cette thèse est certainement la généralisation de la théorie du financement hiérarchique aux TPE françaises. Ces firmes préfèrent le financement interne au financement externe, et la dette à l’émission d’actions. Néanmoins, les firmes en excédent de financement ne cherchent pas à se désendetter rapidement, ce qui peut se traduire par l’anticipation de déficits de financement futurs, d’autant plus difficiles à combler que ces entreprises sont soumises au rationnement de crédit. La théorie du financement hiérarchique ne permet cependant pas d’expliquer la préférence des dirigeants de TPE pour les dettes financières, par rapport aux comptes courants d’associés. Les TPE étant généralement détenues et dirigées par la même personne, il est possible d’analyser ce comportement sous l’angle de la théorie de la diversification.Les actionnaires-dirigeants privilégient la diversification de leur patrimoine personnel à la minimisation des coûts d’asymétrie d’information / This research work is devoted to the analysis of financing decisions of French Very Small Businesses (VSB).The first chapter of this thesis describes the object of the study, namely the VSB. The second chapter revisits the main theories of capital structure in the light of the specificities of VSBs, and motivates the use of the theoretical framework proposed by the Pecking Order Theory. The third chapter tests the Pecking Order Theory on a large sample of French VSBs. The fourth chapter suggests adapting this theory to the evidence of financing choicesand financial constraints of VSBs, particularly by incorporating an infra-debt hierarchy. This chapter also provides an empirical test of the trade off between financial debts and partners' current accounts. The main contribution of this work is certainly the generalization of the Pecking Order Theory to the French VSB universe. These firms prefer internal financing to external financing, and debt to issuing shares. However, firms with excess of financing do not try to reduce debt quickly, which can be translated by the anticipation of future financing deficits, which become even more severe as these businesses are subject to credit rationing.Nevertheless, the Pecking Order Theory still does not provide any explanation for the preference of the VSBs’ managers for financial debt, compared to partners' current accounts. The fact that VSBs are generally owned and managed by the same person makes it possible to analyze their financial behavior under the diversification theory. Share holder-managers prefer diversifying their personal wealth rather than minimizing costs of information asymmetry