bluuebunny/crossref_metadata_2025 huggingface dataset:
La volatilité, conséquence ou cause de l'instabilité des marchés financiers ?
Authors: Leclair Alain , Pardo Carlos
Published: April 2013

Volatility : consequence or cause of financial instability ?

Based on a study from the AFG, this article lists different causes of financial market's volatility. To conclude, authors explain that very short term volatility doesn't matter if prices' fluctuations are quickly corrected. Moreover, financial system efficiency can't be judged only on asset prices stability. The question of a good risk mutualisation is also important. Authors support that recent or future volatility refIects a flexibility taking part in efficiency and solidity of the financial system. Debate on volatility must be analysed keeping in mind the role of financial sphere and its relationship with the real economy.

JEL classifications : G12, G14, G2
La neutralisation des mouvements et de l'impact des prix d'actifs doit-elle être du ressort de la politique monétaire ?
Authors: Levieuge Grégory
Published: April 2013

Cet article s'interroge sur le rôle de la politique monétaire dans la neutralisation des mouvements et de l'impact des prix d'actifs. Étudiant l'importance des principaux canaux de transmission des prix d'actifs

à la sphère réelle, l'analyse conduit à souligner que la force de répercussion des chocs financiers dépend de la structure initiale des bilans des agents, et en particulier des banques, dont le comportement n'est pas étranger à l'amplification des chocs. Ce constat oriente la discussion sur deux types de politique : une cible de prix d'actifs d'une part, une mesure réglementaire d'ordre prudentiel et contracyclique d'autre part. Suivant cette voie, l'argumentaire s'appuie sur l'étude de Levieuge (2003) pour expliquer en quoi la politique monétaire est moins compétente que la politique prudentielle pour traiter et surtout prévenir les déséquilibres macroéconomiques imputables aux mouvements des prix d'actifs.

Classification JEL : E3, E5, G18, G21
L’Europe bancaire en mouvement… !
Authors: Pujals Georges
Published: April 2013

The moving European banking system

The European banking sector is now evolving. It does not really know where it goes but the general feeling is that it should soon change. The painstaking description of past events and the analysis of European and international banking framework allow to draw some strong trends which would highlight future developments. After presenting principal lessons of past period, this article deals with some challenges and prospects for the European banking future. It analyses with details the national and European « trends » which are sustainable for the European banking consolidation.

JEL classification : F36, G21
Le système bancaire italien : caractéristiques et paradoxes : Interview
Authors: Merle Christian
Published: April 2013

Italian banking system : features and paradox

First, this interview presents challenges and objectives of most important Italian banks and also describes the Italian banking system’s features. During the last decade, this system has known a large wave of reorganization which has allowed to improve the profitability of the banking sector. But the system’s structure remains parcelled. In a second part, the interview deals with the likely developments like cross-border agreements particularly with French banks.

JEL classification : F36, G21
Les restructurations bancaires en Europe : les banques coopératives
Authors: Juvin Hervé
Published: April 2013

Banking reorganization in Europe : mutual banks

Banking co-operation is a significant European feature. 48% of the total assets managed by mutual banks in the world are European. Co-operative system has obviously succeeded in the banking sector. It seems that Europe has implemented an original answer for accounting, financing and management of firms and non financial agents. The co-operative answer : a successful answer. This article describes this part of the banking European sector and concludes on its future.

JEL classification : G21
Les banques postales en Europe : vers la banalisation ?
Authors: Doulazmi Abderrahim
Published: April 2013

Postal banks in Europe : are they becoming commonplace ?

The future of European Postal financial services is closely linked to the ongoing restructuring process of the European banking. In several countries, there is a general trend towards these financial services becoming commonplace, almost becoming ordinary banks. However, these financial services conserve some specific characteristics, fruit of their own particular history : a geographically wide presence thanks to sometimes exclusive access to a capillary network and, in some cases, an appealing but incomplete offer of financial products. Partnerships are therefore being developed between postal and banking players. This article highlights the main stakes for the postal financial services in Europe and examines some national experiences in this area. Middle and long term scenarios are proposed by analyzing options available to players.

JEL classification : F36, G21
Les accords de coopération : passé ou futur ?
Authors: Pillet-Will Alexis
Published: April 2013

Co-operation agreements : more or less en vogue ?

The writer shows that the rebirth of the European banks until the end of the 80’s has seen the emergence of co-operation agreements among those banks. The banks formed clubs, quite informal, their main task being to encourage better personal knowledge between executives of the member banks. Some of the agreements, first of all the one signed between BNP and Dresdner Bank, were exclusive, universal and all-embracing, covering all business areas and paved the way for a forthcoming merger among equals. Today’s trend seems quite different and shows that co-operation agreements are less en vogue. This is due to the willingness of the banks to be stronger on a stand alone basis, on their domestic market, generating thereby a wave of acquisitions, sometimes unfriendly, within the national borders. This is also due to the opening of the world markets favoured by the huge progress of the information technologies as well as the need to get access to all the international customers without the intermediary of local players.

JEL classification : F36, G21, G34
Les attentes des salariés en matière d'épargne salariale
Authors: Chanu Pierre-Yves
Published: April 2013

Employees’ wishes as regards company savings plan

This article deals with the main expectations of the French Comité intersyndical de l’épargne salariale (CIES) as regards company savings plan’s managers. The first employees’ wish is obviously the service’s quality. It first implies a wide range of financial products. Moreover, the costs’ transparency is a real issue as regards company savings plan. The third sensitive issue concerns funds management’s control by employees’ representatives. At last, the author raises the question of the socially responsible investment.

JEL classification : D91, G11, G23, G28
Gestion d'actifs et dérivés de crédit : opportunités et incertitudes
Authors: Michaud François-Louis
Published: April 2013

Asset management and credit derivatives : opportunities and uncertainties

The qualified success of credit derivatives results from the very promising possibilities they offer in terms of investment opportunities and portfolio diversification. However, the market is still in its infancy : volumes represent a small fraction of the underlying credit, risk is being transferred on a thin population of credits and liquidity increases only gradually. Those products also bring new challenges, insofar as they not only modify the way borrowers are selected and monitored, but also strengthen relationships between market segments and affect the spreading of risks within the financial system. It is therefore not a surprise that regulators have paid considerable attention to the development of this market, acknowledging its potential benefits, as well as underlying the importance of thorough risk management and post-market processes and calling for enhanced market information.

JEL classification : G11, G12, G14, G28
La gestion alternative : les vertus de la dissidence
Authors: Lhabitant François-Serge
Published: April 2013

La gestion alternative a connu ces dernières années une croissance exponentielle. Elle représente aujourd’hui plus de 1 000 Md$ d’encours, et se développe désormais en Europe avec l’ouverture progressive des hedge funds au grand public. Dans cet article, l’auteur illustre les grandes caractéristiques des fonds alternatifs, leurs principales stratégies et leurs performances historiques. Il examine également les risques cachés de la gestion alternative, ainsi que les dangers liés à l’application d’outils issus de la théorie moderne du portefeuille pour gérer des portefeuilles alternatifs.

Classification JEL : G11, G23
Les enjeux de la multigestion
Authors: Roy Daniel
Published: April 2013

The multi-management’s challenges

The increase in importance of multi-management appears to be unavoidable. It is part of a more global process of a development of open architecture models, which goes against the European vertical integration Model. Multi-management is one of the solutions the sector has chosen ; to be able to cope with the deep industrial changes it has had to overcome since early 2000. This evolution enables the Asset managers, who face the necessity of having to focus on their core business, to have access to a wider range of distribution opportunities. It offers final investors and BtoC distributors an outstanding possibility to outsource asset management through its capacity to select funds according to the quality of the investment management, and assemble them in order to create the most efficient asset allocation model and to control the combination therefore created. In this regard, multi-management is the kind of open architecture the more in adequation with the expectations of the majority.

JEL classification : G11, G23
Gestion d'actifs : les économies d'échelle existent, mais faut-il les rechercher à tout prix ?
Authors: Négiar Didier , Hoyos Gomez Andrès
Published: April 2013

Are economies of scale to be expected in asset management ?

The Asset Management industry in Europe is « normalizing ». Since 2003, growth and performance indicators are comparable to those of other banking and financial activities, and remain below the peaks observed in the 90s. In this context, the opportunity to capture economies of scale appears high in the management agenda. Is it worthwhile to consistently consolidate and standardize teams and infrastructure across locations ? Does external growth bring the expected synergies ? This article analyzes the cost structure from different angles (geography, activity cost drivers, complexity of operating model), and draws upon an annual survey we conduct with European asset managers. It shows that although size remains a relevant driver, it is insufficient to explain by itself the cost position of an asset manager - in particular due to the importance of « complexity costs », and draws the arbitrages and implications for the strategy, operations and organization of asset managers.

JEL classification : G23, L11
L’asset management en Chine et en Inde : des marchés émergents à fort potentiel à moyen/long terme
Authors: D'Allest Christian
Published: April 2013

Chinese and Indian asset management : emerging markets with huge medium-/long-term potential

This interview presents great features and development’s perspectives of Chinese and Indian markets for an asset manager. Moreover it deals with these emerging market’s fragilities and the incentives to now invest in. Two notes about Chinese and Indian asset management’s markets follow this interview and explain there development.

JEL classification : G23, G28, O53
La bulle « Internet », un remake de la bulle de 1929 ?
Authors: Bisciari Patrick , Durré Alain
Published: April 2013

La bulle Internet présente des similitudes avec la bulle financière de 1929, notamment des variations substantielles des cours en termes réels sur les marchés d’actions de New York, à la hausse puis à la baisse. Cet article propose une comparaison de certains aspects de ces deux épisodes. Il fait ainsi ressortir trois différences majeures dans le cas de la bulle Internet par rapport à celle de 1929. Premièrement, si la hausse des cours réels a duré plus longtemps et a, partant, été d’une ampleur plus importante, la correction subséquente a été bien moins impressionnante. Deuxièmement, l’effondrement des bénéfices réels par action a contribué à porter le rapport cours-bénéfice (P/E) à des sommets historiques. Troisièmement, le P/E a donné un signal plus précoce et plus intense de surévaluation exubérante et, quatre ans après le point haut atteint par le S&P 500, une surévaluation est toujours présente.

Classification JEL : G10, C32, C53
« Ex post » vs « Ex ante » : le cas de l’économie du droit de la faillite
Authors: Chopard Bertrand
Published: April 2013

Bankruptcy law : justification and reform

This article deals with the Law and Economics approach of bankruptcy law. The author presents this field of research in two parts. First, he studies the conditions of ex post efficiency in the sense that stakeholders select the issue which maximizes the value of the financially distressed firm. In other words, the author justifies the existence of bankruptcy rules as a way of coordinating stakeholders on the optimal issue. Second, he studies the impact of bankruptcy rules on debtors’ and creditors’ ex ante behaviours, that is to say before the financial distress. At this time, he considers both alternative models of bankruptcy resolution and the impact of current bankruptcy rules on stakeholders’ strategies. Based on these new considerations, the author tries to explain the diversity of various national bankruptcy systems.

JEL Classification : G33, K29
L'assurance retraite
Authors: de Saint-Martin Alain
Published: April 2013

Debates lead to divide retirement thought, considered as a public solidarity, and insurance thought, confined to financial interests of pension funds. An historical survey reminds that insurance’s techniques and institutions played a great role in management of elderly risk. Their efficiency was a determining factor in the success of the industrial revolution and the emergence of retirement thought. The analysis of current systems’ crisis shows that it is first due to a lack of risk management’s adaptability to the life-expectancy context. The need of future retirement’s financing and implemented reforms broaden the insurers’ future prospects. They will have to take up technical, financial, marketing or trading challenges in order to capture this still potential market. This evolution demands a consistent European regulations framework.

JEL classification : G22, J26
Le rôle de l'actuaire dans le monde
Authors: Berthon Jean
Published: April 2013

Si les opérations d’assurance se sont d’abord développées dans le domaine du transport maritime, elles n’ont pas donné lieu, à ces époques, à des études que l’on puisse qualifier d’actuarielles. Il fallut attendre pour cela l’introduction du calcul des probabilités et son application à la survenance des événements assurables. Cette application se fit sur la vie humaine et ce n’est que beaucoup plus tardivement que l’on appliquât les méthodes actuarielles aux assurances non-vie. Pour comprendre le rôle de l’actuaire dans le monde, il faut donc essayer de se situer dans le contexte de l’analyse historique avant d’aborder les développements des dernières décennies pour s’interroger ensuite sur les évolutions probables de la profession.

Classification JEL : G22
Les captives de réassurance : une nouvelle approche de la gestion des risques
Authors: Mahot Bertrand , Jimenez Christian
Published: April 2013

Captives were created until 1970’ s and were imagined to optimize risks management of great industrial, financial or insurance firms. After taking lots of initiatives and capturing a large growing part of worldwide insurance premiums, doubt and stabilization came. Captives had to evolve into less favourable contexts and their development came up against serious problems. Today, challenges of their risks management became so determining for firms that captives can play a great role in the implementation of their strategies after a real change.

JEL classification : G22, G34
L’assurance aux États-Unis : des risques variés dans un cadre rigide
Authors: Kaltwasser Perrine , Salzmann Bernard
Published: April 2013

Natural disasters, terrorist risks, rising healthcare costs and the impact of ageing on retirement benefits are the greatest challenges for the American insurers, of which results have been constantly improving since 2002. The sector in the United States is primarily regulated by the States and greatly influenced by external factors such as the tort system. Since 2004, the industry business practices are under the scrutiny of judges and regulators. But the reforms of the tort system and of the outdated regulation are slow moving processes.

JEL classification : G22, G28, I18
Les nouvelles normes comptables IAS
Authors: Vincensini Charles
Published: April 2013

Although 2005 is the year of accounting conversion to new standards, they are still subjected to debates, implementation difficulties and changes. Insurance «enjoys» exceptional measures from IASB. The implementation of the standard concerning liabilities is delayed to a second period roughly set in 2007. Several reasons explain this specific situation. The objectives, principles and methods’ dogmatism is based on presuppositions which aren’t obvious. So insurance market is now encouraged to wait by the two implementation periods of IFRS. The author analyses if «liabilities’ fair value» is able to solve these issues and imagines conceivable solutions.

JEL classification : G22, M41
Y a-t-il un risque juridique en assurance ?
Authors: Kullmann Jérôme
Published: April 2013

La notion de risque juridique en assurance doit être entendue en fonction de la notion de risque au sens du contrat d’assurance, c’est-à-dire un événement incertain, postérieur à la conclusion de ce dernier, dont la réalisation est susceptible de provoquer une chance de gain ou de perte pour l’assureur, le réassureur, l’intermédiaire... et leurs partenaires que sont les souscripteurs, les assurés et les bénéficiaires. Cet événement doit être de nature juridique, soit une modification du sens d’un mot ou du contenu d’une règle, qui, objectivement, déjoue les prévisions initiales des parties. Ayant ainsi admis la réalité d’un risque juridique dans le domaine de l’assurance, cet article revient sur les manifestations du «mal», avant d’aborder le sujet nettement plus complexe des mesures qui permettraient de le prévenir ou de le guérir.

Classification JEL : G22, K12
Marchés du CO₂ en Europe et aux États-Unis : Regards croisés
Authors: Conil-Lacoste Jean-François , Sandor Richard
Published: April 2013

Cette interview à deux voix revient sur le développement des marchés du dioxyde de carbone aussi bien en Europe qu’aux États-Unis. Ainsi Richard Sandor, Président directeur général du Chicago Climate Exchange, présente comment ce dernier est né d’une initiative privée, quel a été son développement et comment il envisage l’avenir. Jean-François Conil-Lacoste, Directeur général de Powernext SA, revient, quant à lui, sur la création de Powernext Carbon et son positionnement sur le marché. Chacun des deux interviewés donne enfin son point de vue sur les évolutions nécessaires à une meilleure coordination des politiques de lutte contre le réchauffement climatique.

Classification JEL : G15, Q54
Changements récents observés sur les marchés de capitaux aux États-Unis
Authors: Schapiro Mary L.
Published: April 2013

Recent developments in the US capital markets

The US capital markets are in the process of undergoing significant structural changes. Regulation NMS will more tightly interweave the national market system ; the recently announced transactions by The Nasdaq Stock Market, Inc. and the New York Stock Exchange portend greater consolidation of trading markets in the United States ; NASD’s facility for reporting transactions in the corporate debt market raises issues concerning greater transparency and best execution in that market ; and the Securities and Exchange Commission’s recent proposals on self-regulation will potentially change the governance process of self-regulatory organizations (SROs), require more on-going accountability in the discharge of an SRO’s regulatory responsibilities, and raise issues concerning the proper roles of commercial markets and regulation. This paper seeks to present an overview of these recent events.

JEL classification : G18, G28
Une nouvelle organisation des marchés : les enjeux de la Directive MIF
Authors: Prada Michel
Published: April 2013

Si la Directive MIF constitue une étape majeure dans la restructuration de l’exécution des transactions dont les marchés réglementés ne sont plus que l’une des nombreuses modalités, la mise en oeuvre d’un marché financier unique en Europe ne peut plus aujourd’hui faire l’économie d’une réflexion approfondie sur la partie post-marché, c’est-à-dire sur la compensation et le règlement-livraison où des gains d’efficience sont attendus par l’ensemble des participants de marché. La structuration de l’industrie du post-marché, le caractère de utility

que peuvent revêtir certaines des entités opérant dans ce secteur et leur gouvernance sont parmi les nombreuses questions qui devront être débattues dans les prochains mois dans la perspective d’une consolidation de ces activités au niveau européen. Cet article revient ainsi sur la nouvelle organisation des marchés financiers, ainsi que sur les enjeux, qu’implique la Directive MIF.

Classification JEL : F36, G18, G28
Liquidité, coût du capital et organisation de la négociation des valeurs boursières
Authors: Foucault Thierry
Published: April 2013

Dans cette note, nous présentons certains des arguments avancés dans la littérature académique en ce qui concerne la façon dont (1) l’organisation des échanges boursiers et (2) plus généralement la liquidité du marché financier peuvent influencer le coût du capital et

in fine la valeur des entreprises cotées en Bourse.

Classification JEL : G14
Infrastructures post-marché : quels sont les risques de déstabilisation du système financier ?
Authors: Beau Denis
Published: April 2013

L’importance du rôle des systèmes de compensation, de règlement de titres et de paiement crée néanmoins des risques de nature systémique, dans la mesure où un défaut de fonctionnement, ou l’incapacité d’un utilisateur à remplir ses obligations sont susceptibles d’entraîner des défaillances en chaîne. Cet article présente les risques qui font de ces infrastructures des vecteurs potentiels de déstabilisation du système financier et les principales caractéristiques des politiques actuellement mises en oeuvre pour les maîtriser.

Classification JEL : G2, G28
Le champs du risque opérationnel dans Bâle II et au-delà
Authors: Nouy Danièle
Published: April 2013

L’importance croissante prise par le risque opérationnel a conduit le Comité de Bâle à décider d’en imposer la couverture par des fonds propres. Cette décision suppose d’être capable de le mesurer avec précision, ce qui n’est pas sans poser des difficultés compte tenu de la nature particulière de ce risque. Une définition du risque opérationnel centrée sur ses manifestations visibles, les pertes, a ainsi été retenue. Toutefois, cette définition s’est traduite par l’exclusion de certaines composantes du risque opérationnel. Afin de capter ces éléments de nature avant tout qualitative, une approche globale, davantage centrée sur les causes et la prévention, est nécessaire. C’est ce que prévoient le pilier 2 de la réforme de Bâle II, mais aussi certaines évolutions réglementaires françaises récentes, en matière, par exemple, de plan de continuité, de conformité ou d’externalisation.

Classification JEL : G28, K23
La mise en place d'un modèle risques opérationnels AMA au sein d'un groupe bancaire international
Authors: Pennequin Maxime
Published: April 2013

The implementation of an AMA model for operational risks management within an international banking group

This article aims at introducing the main characteristics of the AMA model (Advanced Measurement Approach) for operational risk management of the Credit Agricole SA group. It presents its main lessons and finally highlights questions still being discussed (notably correlations). This article is deliberately focused on the quantitative aspects of this model.

JEL classification : G21, G28, K23
L'assurance comme technique de réduction de risques
Authors: Veret Catherine
Published: April 2013

Using insurance to reduce operational risks

This article aims at three main objectives : - to put back insurance in a general approach of risk management ;

- to identify requirements, difficulties and approaches to implement the new Basel 2 prudential regulation in a optimum way for banks ;

- to grasp opportunity to construct a more liquid financing of risks (continuum), more adapted (at assessed risks), more diversified (evolution and extension of « classical insurance »)...

- and in conclusion, to present the contributions of the different stakeholders which would be likely to bring some change in the Basel 2 implementation.

JEL classification : G22, G28, K23
Éléments essentiels pour une bonne gestion du risque opérationnel
Authors: Amadieu Daniel
Published: April 2013

Essential elements for a good operational risk management

By including operational risks on the whole of risks taken into account in the minimum capital requirements, the Basel 2 reform highlights the most known risks, since they always affected any activity and any firm. The analysis of implements suggested by regulations gives opportunity to wonder about the efficiency of tools already implemented by banks. This allows to explain that operational risks were always taken into account by banks. Basel 2 is so an opportunity to deeply analyse a systematic and global approach of operational risk. This analysis allows to draw consequences for the « risks sectors » organization, measurement tools, monitoring of risk and risk/reward approach, as for other types of risks.

Classification JEL : G21, G28, K23
Analyse des risques opérationnels par les réseaux bayésiens
Authors: Condamin Laurent , Naïm Patrick
Published: April 2013

Using Bayesian networks for operational risks analysis

This paper presents a quantification approach for operational risks. This method has been designed and implemented within a French banking group as part of the Basel 2 regulation framework. As only human expertise is generally available when addressing severity risks, we use knowledge based Bayesian networks to define and quantify the significant risk scenarios. These models are then merged into a global risk model. Finally, the global risk model is sampled in a Monte Carlo simulation to calculate the capital charge, evaluate the impact of strategic and commercial objectives or contextual changes on capital charge and identify risk control levers.

JEL classification : C11, G21, G28, K23
État d'avancement des banques françaises en matière de gestion du risque opérationnel
Authors: Mahieddine Yacin , Feghali Rami , Marquer Yves
Published: April 2013

The management of operational risk : where are the French banks ?

Operational risks always existed and banking industry knew their existence. Plans of control and monitoring were implemented to contain them. Nevertheless, Basel II changed the analysis of this risk. The reform’s objective was so to transform a local control of fragmented risks into a global management of operational risks as market or credit risks. Operational risk so became a major concern for the French banks. This preoccupation follows from Basel regular requirements, but banks acknowledge that the operational risk management represents a significant stake to reduce operational losses and therefore minimum capital requirements. Nevertheless, the management plans of French banks remain at various states of implementation.

JEL classification : G21, G28, K23
ISR : stratégie de « niche » ou « mainstream »?
Authors: Azoulay Orith , Zeller Vincent
Published: April 2013

L’ISR doit-il être considéré comme une approche de niche, ou a-t-il vocation à devenir mainstream ? S’agit-il d’une philosophie concernant un public d’happy few ou peut-elle aussi avoir sa place dans la logique d’investissement classique ? Après une première série de mises au point conceptuelles, les auteurs de cet article s’interrogent sur la raison d’être de ces approches et leurs évolutions potentielles, puis identifient les freins et perspectives de progrès.

Classification JEL : G11, G23, M14
ISR : des fonds français « canada dry »
Authors: Vigier Michel
Published: April 2013

French SRI : the absence of real socially responsible policy

Coming from Anglo-Saxon countries where this principle of management is used by certain investors or savers for 80 years, the « ethical » investment and corresponding concerns arrived in France in 2001 with the NRE Law and the Law on company savings plan. However, the French SRI balance sheet remains disappointing :

- the big firms of the French CAC 40 publish a « sustainable development » annex, but the quality of these appendix are variable and the most part of the small and medium enterprises content themselves with doing the minimum ; -managed capital by investment « ethical » funds remains marginal to the French market of asset management. This article deals with this failure and its reasons which are numerous, but turn, in fact, around the absence of real mobilization of the main actors.

JEL classification : G11, M14, Q01
Réforme des retraites, marchés financiers et investissement socialement responsable : les affinités électives
Authors: Gonand Frédéric
Published: April 2013

Reform of retirement, financial markets and SRI

Elective affinity seems to link reform of retirement, development of long-term investments and SRI next decades. They so suggest the possibility of an endogenous evolution of financial capitalism which would become more favourable to a long term perspective, without departing from the principle of investors’ rationality.

JEL classification : G23, J26, M14
Le vieillissement de la population active : quel rôle pour l'analyse extra-financière ?
Authors: Guinefort Catherine , Borremans Eric , Carval Morgan
Published: April 2013

The ageing of working population : what role for the extra-financial analysis ?

From an analysis of existent stakes of the ageing of working population, the authors illustrate in this article the way the extra-financial analysis can supplement the traditional financial analysis of firms and bring to the investor a more complete view of medium term risks and opportunities.

JEL classification : G11, J11, J26, M14
La métropole, Joker du développement territorial… sur le papier
Authors: Davezies Laurent
Published: April 2013

La Nouvelle économie géographique consacre la métropole comme « locomotive de la croissance économique ». L’espace devient un facteur crucial de la croissance du fait de l’existence d’économies d’agglomération minimisant les coûts de transaction. La littérature académique se partage désormais entre ces deux seuls thèmes que sont, d’une part, la « métropolisation » et les facteurs de son efficacité et, d’autre part, la « fracture socio-spatiale ». Cet article aborde ainsi les deux grandes questions que pose cette littérature : (1) cette thèse permet-elle de rendre compte des mécanismes et des orientations actuels du développement territorial ? (2) Si ce n’est pas le cas, y a-t-il d’autres facteurs expliquant l’évolution observée ?

Classification JEL : R12, R23, R5
Qui paie la ville ? Logique et efficacité du système de financement
Authors: Rocaboy Yvon
Published: April 2013

Who pays for the city : logic and efficiency of the financing system ?

The city is an area where the public goods are concentrated. The question of their financing arises. The article describes the logic and analyses the efficiency of the local public expenditure financing system in France. It shows, on the one hand, that the multiple exemptions which have been gradually introduced to the system have denatured its logic and, on the other hand, that the complexity of the system causes probably inefficiency as regards local public decisions.

JEL classification : D7, H2, H7
Financement des retraites par capitalisation et équilibre des systèmes financiers : le cas du Royaume-Uni
Authors: Lagoutte Christine
Published: April 2013

Les fonds de pension britanniques se caractérisent par un fort enracinement culturel, une fiscalité et une réglementation avantageuse et un poids économique important. La forte baisse des actions au début des années 2000 n’a pas été sans conséquence sur leurs performances, la stratégie de choix des actifs et les difficultés actuelles et potentielles liées à la satisfaction des engagements à l’égard des adhérents. Les fonds de pension tendent à se désengager des actifs risqués, voire à s’orienter vers un système à cotisations définies. La présente analyse relative à la gestion de portefeuille de 4 grands fonds de pension publics à prestations définies, conclut qu’il existe une déconnexion entre la richesse relative du fonds et l’allocation en actions. À l’aube des départs massifs à la retraite des baby boomers, de telles conclusions laissent supposer qu’on n’assistera pas dans les années prochaines à des ventes intensives d’actions.

Classification JEL : G23, H55, J26
Development aid and carbon market
Authors: Kleiche Mustapha
Published: April 2013

The participation of developing countries in the « carbon » market is made possible only through the Clean Development Mechanism. It has two objectives by allowing developed countries to reduce their emissions at low costs and by contributing to the sustainable development of the developing countries. According to the most recent studies, the developing countries will benefit from CDM market an income and flows of investment associated summing up respectively approximately to $ 1bn and $ 6bn annually over the period 2008-12 ($ 13bn for ODA and $ 70bn for FDI). However, because of the proximity of the commitment period, uncertainties regarding Post-Kyoto, and the complexity nature of the CDM, the current trends in the « carbon » market are not in favour of these countries. Vis-à-vis this situation, the role of a development agency will be to contribute to the reduction of the transaction costs in order to facilitate financial flows and to help them in maximising the sustainable benefits of CDM projects.

JEL classification : F35, K32, Q01, Q25, Q28
The contribution of stock exchanges to the economic restructuring of Central and Eastern Europe
Authors: Rozlucki Wieslaw
Published: April 2013

This paper describes the development of capital markets in new EU accession countries of Central and Eastern Europe both in terms of their current position and the challenges facing them.

JEL classification : G1, G18, P34
The role of equity markets in financing economic activity
Authors: Artus Patrick , Théodore Jean-François
Published: April 2013

This interview deals with the current changes of equity markets, particularly with the significant slowdown of issues on the primary market and the evolution of institutional investors’ portfolios. The authors expose their point of view concerning the increase of private-equity investment and leverage buyout. At last, they expose their opinion on the competitive and global environment linked to a geographical financial centre and on the consolidations of stock exchanges.

JEL classification : G14, G24
Fixed income : a new trend towards centralisation of trading on exchanges?
Authors: Garbi Gianluca , Rakotovao Philippe
Published: April 2013

This article considers the differences between equities and bonds that led the former but not the latter to migrate at an early stage to exchange trading. It is clear that an exchange offers important advantages in terms of trading and settlement costs, unified price discovery and symmetric information distribution. However, the distinct nature of bonds made the OTC environment a better venue for their secondary market trading until new IT and subsequent business models made exchange-like benefits available to the bond market.

JEL classification : G14, O33
Open outcry or electronic : it’s the market’s choice
Authors: Newsome James
Published: April 2013

The European stock and commodity exchanges are nearly all electronic. Electronic trading also accounts for most of the volume on the Chicago exchanges. A closer look however, shows that a market traded through numerous widely dispersed computer screens is not necessarily more efficient or more liquid, particularly in the longer-dated months, than an open outcry market that requires substantial physical space, a cadre of highly skilled traders, and a large and highly skilled support staff employed by both the firms represented on the floor as well as the exchange itself. The experience at NYMEX shows that there is a place for both open outcry and electronic trading.

JEL classification : G14, G15, G18
Regulating for tomorrow’s equity markets
Authors: Steil Benn
Published: April 2013

It is clear that thinking about « the right » market structure at the SEC and the European Commission has been profoundly shaped by the proliferation of continuous electronic auction market systems, operated both on and off exchanges, over the course of the last decade. The problem is that continuous electronic auction markets, as useful as they are, have flaws that are apparent to any institutional trader. This article explains what this implies for market regulation.

JEL classification : G14, G18
Alliances, new markets and new products from central counterparties : risks and challenges
Authors: Hémon Christophe
Published: April 2013

Central counterparties, also known as clearing houses, are the focus of ongoing debate in the financial community, as are the operators of Europe’s financial exchanges. This raises the question of why this particular link in the trade processing chain is seen as the key element in reshaping market infrastructures in Europe. The key issues are whether Europe needs a single clearing house and, if so, what governance and business models should apply to it. Once these questions have been answered, there remains the even more complex matter of the intermediate steps required to achieve that goal. For markets, there are still questions about whether concentration or competition at trading level is the best scenario, since each has obvious advantages and drawbacks. But there now seems to be a consensus on the principle of establishing a single clearing house for Europe as soon as possible.

JEL classification : F36, G14, G28
Post-trading infrastructures : considering the risks to financial stability
Authors: Beau Denis
Published: April 2013

The importance of total value of transactions processed annually by clearing, securities settlement and payment systems reflects the lynchpin role played by post-trading infrastructures. With this important role comes systemic risk, however, in the sense that a system malfunction or the failure by one user to meet its obligations in such system could trigger a chain of defaults. This article describes the risks that give these facilities the potential to destabilise the financial system and profiles the policies being deployed to manage these risks.

JEL classification : G2, G28
Self-regulation and operational controls: reflections on the oversight of exchange-traded derivatives
Authors: Corcoran Andrea
Published: April 2013

As capital and derivatives market structures have evolved into electronic, for-profit, demutualized, oftentimes listed companies in the United States and elsewhere, the self-regulating roles of markets, where it existed, has been called into question. This article suggests for debate a view -based on past US experience -that, properly overseen, the self-regulatory « obligation » has been critical to the accountability of markets for maintaining appropriate operational and financial controls and hence to market integrity and confidence. So, the author describes market evolutions, cash/ derivatives differences, self-regulatory functions required by US derivatives markets today, experience with self-regulation, current evaluative initiatives and enhancements to explore.

JEL classification : G2, G28
Banque d’investissement et de marché : la directive MIF
Authors: Tricou Jean
Published: April 2013

Market and investment banking : the Markets in Financial Instruments Directive

During these last ten years in Europe, MiFID is the most founding legislative text for financial actors. This article presents first the new rules of competition that MiFID imposes on all the market activities. Then, it deals with the impact of this directive for the actors : regulated markets, market and investment banking, investors and European regulators.

JEL classification : F36, G24, G28
Le bilan du PASF : point de vue de la Fédération bancaire européenne
Authors: Pébereau Michel
Published: April 2013

The FSAP assessment : the European Banking Federation point of view

Did the realization of the large market of financial services progress ? Incontestably from the point of view of the companies and the institutional investors which profit from the wholesale markets which the process of integration has quite progressed. On the other hand, for the consumers, progress is limited, for the moment, to the introduction of the euro - only for twelve countries, because retail markets are still national markets. For investment banking activities, the progress of the markets integration is quite important. But a real political will to achieve the integration will be necessary. And a lot of things have to be done in the retail financial market area.

JEL classification : F36, G21, G24, G28
Le Plan d’action pour les services financiers : un point de vue britannique
Authors: Mullen Ian
Published: April 2013

The Financial Services Action Plan : a British point of view

This interview introduces the point of view of Ian Mullen, chief executive of the British Bankers’ Association on the FSAP, its advances and its perspectives, particularly concerning regulation. Moreover, this interview deals with the benefits which the financial British area could gained from the adoption of the Markets in Financial Instruments Directive.

JEL classification : F36, G18
Les possibles conséquences d’une application différenciée de la réforme Bâle II aux États-Unis et en Europe
Authors: Bouton Daniel , Amadieu Daniel
Published: April 2013

Le risque de voir la réforme Bâle II appliquée de manière différenciée des deux côtés de l’Atlantique ne peut qu’être préoccupant et ce, à plusieurs titres : risques de distorsions de concurrence, problèmes de comparabilité des états financiers, possibilité d’arbitrages réglementaires géographiques... En outre, une absence de convergence entre les dispositifs américains et européens ne faciliterait guère l’adoption dans le futur d’un cadre réglementaire similaire et cohérent par les pays émergents qui, pour certains, connaissent un développement rapide de leur système bancaire, demain en concurrence directe avec celui des pays membres du G10. Cet article revient ainsi sur les raisons d’une application différente de Bâle II de chaque côté de l’Atlantique et sur les conséquences possibles de cette situation.

Classification JEL : G21, G28, K23
La coopération entre superviseurs bancaires nationaux
Authors: Nouy Danièle
Published: April 2013

Cooperation between national banking supervisors

A very high level of cooperation between national banking supervisors inside the European Union is an undeniable need. For many reasons, the cooperation level that will be reached, in particular for supervisors regulating the same financial company within several Members States, will be the efficient key test of the decentralized system of supervision that political authorities decided to preserve. This cooperation can easily be merged with the convergence of the supervision practices which is the only way to create a real competing environment. Convergence is actually the implementation of the legal practises framework for banking supervision determined by the European institutions ; the cooperation needs an additional level of will to work together and share a true common culture in the single European financial market context.

JEL classification : F36, F42, G28
Pourquoi la Commission européenne s’engage-t-elle à moderniser les règles de TVA concernant les services financiers et d’assurance
Authors: Verrue Robert
Published: April 2013

Why does the European Commission commit itself to modernizing the VAT rules on financial and insurance services ?

Because of developments since the 1970s in the financial and insurance markets, the European VAT rules relating to these services have become obsolete. Moreover, the resulting uncertainty gives rise to increasingly divergent interpretation across Member States. This causes distortions in the Single Market and breaches as the fundamental principle of tax neutrality in VAT. The European Court of Justice is frequently asked to interpret the obsolete provisions on a case by case basis in order to fill the gap created by the failure to update the legislation. This situation is not sustainable. Having completed a wide-ranging public consultation in the first part of 2006, the Commission plans to submit in 2007 a legislative proposal to the Council of the European Union in order to modernize all these rules.

JEL classification : G2, K34
Le besoin d’Europe
Authors: Juncker Jean-Claude
Published: April 2013

À l’heure où l’Union européenne vit une crise profonde, le besoin d’Europe reste aussi actuel aujourd’hui qu’il y a cinquante ans. Ce besoin existe aussi bien dans la « politique interne européenne » que dans la « politique extérieure européenne ». En tant que moteur de l’intégration européenne, le Marché unique dont l’édification se veut la concrétisation des quatre libertés de base du Traité de Rome - la libre circulation des biens, des services, des travailleurs et des capitaux - s’est essoufflé au cours des dernières années. Il convient donc de le réhabiliter à travers un effort de pédagogie et de démystification pour le parfaire et en combler les lacunes notamment dans les domaines des services, des marchés financiers et de l’énergie. Il faut aussi sortir l’Europe sociale de son état embryonnaire. Le dépassement de la crise actuelle réside dans la capacité éventuelle des gouvernants à convaincre à nouveau une large majorité des Européens que la valeur ajoutée offerte par l’Europe a des retombées réelles pour tous ses citoyens.

Classification JEL : F15, N14
Retour à l’esprit de Rome : Interview
Authors: Albert Michel , Le Boucher Éric
Published: April 2013

Dans cet entretien, Michel Albert rappelle le contexte de genèse du Traité de Rome et sa perception en France. Il met en perspective historique les négociations et la nature des compromis auxquels elles ont abouti, en particulier le compromis entre une Europe politique et une Europe économique fondée sur l’idée du marché commun et les enjeux soulevés par ce compromis. Il revient aussi sur les premières années d’application du Traité et rend hommage à ses concepteurs et au travail de la Commission.

Classification JEL : F15, N14
Les frontières de l’Europe, ou le droit des peuples à décider de leur union
Authors: Lamassoure Alain
Published: April 2013

La question des frontières dépend de l’idée que l’on se fait de la vocation de l’Union européenne. À cet égard, deux thèses sont en présence : l’Europe-espace entendue comme un ensemble extensible de pays entretenant des relations pacifiques au sein d’un marché commun, et l’Europe-puissance fondée sur l’idée d’une communauté homogène et politiquement active dont les pouvoirs sont démocratiquement légitimés par les citoyens. C’est cette seconde conception qui a inspiré le projet des pères fondateurs et qui rend donc indispensable la définition des frontières ultimes de l’Union que les dirigeants européens ne peuvent plus éluder.

Classification JEL : F15, N14