bluuebunny/crossref_metadata_2025 huggingface dataset:
L'Ostal de l'Ychairie à Puy l'Evêque (Lot)
Authors: Séraphin Gilles
Published: April 2013

The Ostal of Ychairie at Puy-1'Evêque.

At the gateway to the fourteenth century, a large number of nobles, who were subject to the authority of the Bishop of Cahors, lived in the fortified city of Puy-l'Evêque (department of Lot) . Guiral-Ychier del Pech, a knight of minor lineage whose family is attested since the eleventh century, is thought to have built, on the fringes of noble quarter and the « bourg », an important noble mansion to which he gave his name : l'Ostal de l'Ychayrie. The construction of the dwelling over a cellar and the wide windows, hierarchically arranged and decorated with family portraits, are among the exterior signs of the building's aristocratic character. Another major element of that architectural rhetoric is the great staircase that seems to express the change in relations that is brought about, through the ostal, between the two levels of the fortified city. Usually externalised, in the conventional plan of the palatial great hall or castle court, it is here internalised and inscribed in a monumental arcade. Such an interiorisation seems to prefigure a conception that does not really catch hold until the fifteenth century, namely the lodgings accompanied by a spiral staircase enclosed in a tower.
La grand-chambre de l'hostal des Carcassonne à Montpellier
Authors: Sournia Bernard , Vayssettes Jean-Louis
Published: April 2013

The great hall of the hostal of the Carcassonne family at Montpellier.

An exceptional recent discovery has provided an unexpected and fascinating addition to our knowledge of the great medieval patrician residences in Montpellier. It concerns wall paintings and a decorated ceiling with various heraldic and iconographic motifs that can be attributed to the Carcassonne family, an important bourgeois house that prospered in Montpellier during the century and a half when that city was part of the kingdom of Aragon and then Majorca. The oft repeated heraldic charge that allows this attribution is a «talking-heraldry» bell with handle, covered with fleurs de lys. A frieze picturing the story of Saint Eustache, patron saint of drapers, alludes to the professional activity of the masters of the house : the fashioning of scarlet cloth, a great speciality which Montpellier exported at that time as far as the Near East, and which was the basis of its fortune. A dendrochronological analysis has situated the construction of the residence around 1370. This discovery confirms the important role of the great capitalises in Montpellier in the transformation of the residential dwellings in the central quarters of the city. It also helps us to understand how international exchange led to bonds between the patrician architecture of that city and other mercantile centres in the western Mediterranean.
Jean Poldo d'Albenas (1512- 1563), un antiquaire « studieux d'architecture »
Authors: Lemerle Frédérique
Published: April 2013

Le Discours historial de l'antique cité de Nîmes publié par Jean Poldo d'Albenas (Lyon, 1559/1560) est une réussite éditoriale exceptionnelle, due autant à la qualité du propos qu'à la modernité de l'illustration. La place accordée à l'architecture, à travers les nombreuses planches qui reproduisent le plan de la cité, le tracé de son enceinte, et surtout les antiquités les plus remarquables (« Maison carré », temple dit de Diane, amphithéâtre, pont du Gard) révèle une vision archéologique tout à fait neuve, sans équivalent en France à cette date. Elle atteste aussi la familiarité de Poldo avec les recueils de dessins italiens et plus largement sa connaissance approfondis de la théorie architecturale la plus récente. L'antiquaire renvoie à Vitruve mais encore à Alberti et à Philandrier dont les Annotationes sur le De Architectura venaient de paraître dans une version augmentée (Lyon, 1552). L'érudition du XVIIe siècle ne parvint pas à surpasser une publication qui avait su allier au texte humaniste une illustration irréprochable.
Les vitraux du bras nord du transept de la cathédrale du Mans et les relations franco-anglaises à la fin de la guerre de Cent Ans
Authors: Gatouillat Françoise
Published: April 2013

Only the north rose of the cathedral at Le Mans has preserved glass with figures. The three windows that accompany it originally had a row of portraits with heraldic bearings, described in a manuscript of 1798, which gives détails of an earlier state. The manuscript allows us to identify most of the people and reconstruct the entire programme. The rose was offered by Charles VII, king of France, whose portrait still exists, and his in-laws in Anjou. Other window were given by Jeanne de Laval, widow of du Guesclin, by the local clergy, and by the English, among whom figure Edmund Beaufort, régent of France after 1435. A study of this surprising series tends to nuance the perception we have of the two camps in the closing years of the Hundred Years' War. Not only was the work completed in a city occu- pied from 1425 to 1448, but works of art laced with political propaganda in favour of the Valois were not excluded.
« Ad instar capelle regie parisiensis » : la Sainte-Chapelle de Bourges, le grand dessein du duc de Berry
Authors: Raynaud Clémence
Published: April 2013

« Ad instar capelle regie Parisiensis » : Die Sainte-Chapelle von Bourges, dasgrofle Vorhaben des Herzogs von Berry, von Clémence Raynaud

Als er Papst Klemens VII. um die Erlaubnis bat, in seinem Palast in Bourges eine Kapelle zu gründen, « ad instat capelle regie Parisiensis », beabsichtigte Jean de Berry nicht nur, ein Bauwerk nach dem Vorbild der Kapelle des Königspalastes zu errichten : die Gründungsurkunden zeigen nämlich, dass es dem Herzog gelang, eine regelrechte Kopie der Pariser Institution einzurichten. An der Sainte-Chapelle von Bourges wurde der Dienst von einem Kapitel von fünfundvierzig Klerikern versehen, sie genoss aile Privilegien, die auch die Gründung von Ludwig dem Heiligen besafe, und so erscheint sie als das religiose Hauptvorhaben des Fürsten, der in den Jahren 1390-1400 dieses Bauvorhaben in koniglichem Ausmafs zu begiinstigen scheint. Das Bauwerk, das ausgeführt wurde, bevor der Tod seines Sohnes Johann die Zukunft der Apanage vernichtete, war das wahrzeichenartige Hauptwerk eines Programmes, das darauf abzielte, aus der Hauptstadt des Berry ein politisches und künstlerisches Zentrum allerersten Ranges zu machen.
Les aménagements liturgiques de la prieurale de Souvigny et les tombeaux des saints abbés de Cluny, Mayeul et Odilon
Authors: Gautier Marc-Édouard
Published: April 2013

Die liturgischen Einrichtungen der Prioratskirche von Souvigny und die Gräber der heiligen Abte von Cluny, Majolus und Odilo, von Marc-Edouard Gautier

Archäologische Beobachtungen, alte und meist unveröffentlichte Quellen und Pläne erlauben es, die räumliche Aufteilung der Prioratskirche von Souvigny seit dem 14. Jahrhundert zu rekonstruieren. Der liturgische Chor, der dreimal verkleinert wurde, wird in seinen verschiedenen Abmessungen lokalisiert. Das Langhaus war in drei funktionelle Zonen unterteilt : fur die Pfarrei, fur die sekundären Kapellen, die heute verschwunden sind, aber datierbar und lokalisierbar, und fur die Wallfahrt zu den Gräbern der heiligen Äbte von Cluny, Majolus und Odilo, dem eigentlichen Herzstuck der Kirche. Diese Rekonstruktion erlaubt es, eine Lokalisierung des Grabdenkmales vorzuschlagen, das die Gisants der heiligen Äbte trug und in der Franzosischen Revolution zerstort wurde. Die jungsten archäologischen Entdeckungen und neue Quellen erweitern unsere Kenntnis über den Zugang zu den Reliquien, den Aufbau und die Geschichte der den heiligen Äbten geweihten Altare und stellen die Idee einer gemeinsamen Grablege der beiden Äbte erneut in Frage.
La fouille des tombeaux des saints abbés de Cluny, Mayeul et Odilon et les pèlerinages à Souvigny
Authors: Chevalier Pascale , Maquet Arlette
Published: April 2013

Die Ausgrabung der Grabmäler der heiligen Äbte von Cluny Majolus und Odilo und die Wallfahrten nach Souvigny, von Pascale Chevalier und Ariette Maquet

Die Prioratskirche Saint-Pierre in Souvigny (Allier) war im Verlauf einer systematischen Grabung in den Jahren 2001-2002 Schauplatz einer wichtigen archäologischen Entdeckung : das Grabmal der heiligen Äbte Majolus und Odilo von Cluny, die Ende des 11. Jahrhunderts in einem wiederverwendeten Sarkophag des Frühmittelalters zusammengelegt worden waren. Dieser Sarkophag wurde von drei aufeinander folgenden Grabdenkmälern umschlossen und bekront. Die beiden ersteren, romanisch, aus dem 11. und 12. Jahrhundert, bestanden aus einer architektonisch gestaketen, bemalten und von einem großen, holzernen Ziborium bekronten Anlage, sodann aus einer Kammer, abgedeckt von einem parallelepipedformigen Aufbau aus skulptiertem Stein. Das letzte Monument, gotisch, umfasste zwei Gisants (Liegefiguren), die zusammen mit dem gesamten Grabmal in der Französischen Revolution zerstort wurden. Die verschiedenen freigelegten liturgischen Einbauten zeugen ebenfalls von der Bedeutung der Wallfahrt, die durch dieses heilige Grab ausgelost wurde, wie auch von dessen fortschreitender Entwicklung vom 11. bis zum 18. Jahrhundert.
La transición del esclavismo al feudalismo y la villa esclavista
Authors: García Mac Gaw Carlos G.
Published: April 2013

Carlos Garcia Mac Gaw, The transition from slavery to feudalism and the villa, DHA 32/2, 2006, 27-41.

Abstract: This works argues in favour of the opportunity of giving up the concept of the slave mode of production in Roman history, and also questions the idea of a transition from slavery to feudalism. The central role of the slave villa is criticized, given the evidence for the coexistence and intermingling of slave and free work in this productive unit, as well as the persistence of the small peasant property. Primary sources and archaeological reports are used.
Les portraits de couples sur les reliefs funéraires du monde romain et au XXe siècle : les prises, égalité et asymétries
Authors: Peeters Marc C.
Published: April 2013

Marc C. Peeters, Les portraits de couples sur les reliefs funéraires du monde romain et au XXe siècle : les prises, égalité et asymétries, DHA 32/2, 2006, 95-124.

Résumé : Un geste caractéristique de la femme égyptienne dans la statuaire de l'Ancien Empire consiste à tenir l'homme en posant une main sur le bras proche et l'autre sur l'épaule distale. La prise, spécifiquement féminine et asymétrique, est décrite par Wex (1993) comme un geste protecteur. Nous retrouvons cette prise sur les sarcophages romains qui, par ailleurs, présentent un autre geste caractéristique, à savoir la poignée de mains en position frontale ou dextrarum iunctio. La prise est, à la différence de la première, symétrique et égalitaire. Une prise matérialise une relation et circonscrit la position des partenaires dans le couple. C'est ce que nous avons cherché à observer sur les portraits des reliefs funéraires du monde romain en partant des deux prises décrites ci-dessus. Leur évolution a été notée du Ier siècle avant au IVe siècle de notre ère et mise en rapport avec les prises de couples figurant sur des photographies du XXe siècle.
La recreación del pasado en el imaginario griego : el mito de Teseo y su utilización como fuente histórica
Authors: Valdés Guía Miriam
Published: April 2013

Miriam Valdés Guía, La recreación del pasado en el imaginario griego : el mito de Teseo y su utilización como fuente histórica, DHA 35/1, 2009, 11-40.

Resumen : El mito de Teseo de Atenas se asocial en el imaginario ateniense con dos momentos esenciales en la construcción política de la ciudad : el sinecismo y el advenimiento de la democracia. La elaboración del mito del sinecismo posiblemente hunde sus raíces en el arcaísmo ateniense, mientras que Teseo como fundador de la democracia se desarrolla esencialmente en los s.V y IV. Tanto una tradición como la otra sirven a los atenienses en distintos momentos de su historia para pensar, elaborar y cimentar en cl pasado mitico las características y los cambios políticos de su ciudad.
La régulation monétaire par les taux d'intérêt dans les principaux pays : justification et portée
Authors: Raymond Robert
Published: April 2013

Lors des dernières années, on a assisté dans de nombreux pays, et récemment en France, à une réduction du rôle joué par les instruments directs de la politique monétaire tels que l'encadrement du crédit, au profit d'instruments qualifiés d'indirects, et en premier lieu la manipulation des taux d'intérêt du marché monétaire.

Cette inflexion est largement commandée par le développement des marchés des capitaux, ainsi que par l'ouverture sur l'extérieur. Ces facteurs ont diminué l'efficacité que les contrôles quantitatifs ont pu avoir dans le passé : le développement et la diversification des marchés de titres ont créé des voies permettant de contourner l'encadrement du crédit monétaire et l'ouverture sur l'extérieur a rendu plus difficile que par le passé la déconnexion des taux d'intérêt nationaux par l'intermédiaire de contrôles quantitatifs. Simultanément, ces facteurs ont accru l'efficacité d'une action par les taux d'intérêt, complétée, dans certains pays, par le jeu des réserves obligatoires.

Cependant, si la régulation par les taux d'intérêt est devenue quasiment inéluctable et plus efficace, elle n'en soulève pas moins certaines difficultés, dont la principale tient à l'unicité du mode d'intervention (action sur les taux) pour atteindre deux objectifs : régulation de la masse monétaire interne, stabilité du taux de change. Sans nier ces difficultés, on peut penser que, si elle s'inscrit dans le cadre d'une politique cohérente au plan national et d'une coopération internationale active, une politique monétaire fondée sur les mécanismes du marché, bien comprise par les agents financiers et non financiers, paraît aujourd'hui la meilleure technique d'intervention.
Innovation financière et croissance économique
Authors: Abraham Jean-Paul
Published: April 2013

Financial Innovation and Economic Growth

Financial innovation is a recent notion but it lies well within the conceptual framework established by Schumpeter. Nevertheless, its effects on economic growth are indirect.

Financial innovation is a self-generating form of technical progress. It can be as disruptive as it can be enduring. It is induced as much by demand as by supply, it economises on manpower and it increases capitalistic intensity in the financial services sector. The transmission period of innovation is relatively short and practices are seen to be sensitive to regulatory and deregulatory measures.

Analysis of the Belgian legislation adopted in 1982 creating new financial products by way of fiscal innovation, points to the following conclusions: financial innovation underlies the growth of financial services modifying their production; competition is propitious to financial innovation but regulatory measures may also provoke innovation aimed at avoidance of these measures; the requirements of financial innovation essentially affect the growth of the computer and telecommunications sectors, innovation produces less direct after effects on the economy as a whole. When innovation results in reduced costs which are not retained in the financial services sector but are redistributed to its clients, this can influence economic activity and growth. However, this is true on two conditions only: that other growth factors come into play in enterprise simultaneously and that the general economic, social and legal environment be favourable. Financial innovation cannot be the sole motor of economic growth.
Les transformations des systèmes financiers
Authors: Lagayette Philippe
Published: April 2013

Changes in Financial Systems

Financial systems are substantially changing. Operations are increasingly diversified and internationalized. The financial function plays a growing part in firms and banks. In France, moreover, there is a change from adjustment by rate regulation and credit control to adjustment through market mechanisms.

Several reasons can explain such evolutions. New needs were generated by the crisis, and balance of payments deficits can be seen in other countries than before. The impact of technological innovation and of public policies should also be accounted for.

This financial "new deal" raises quite a few questions. Is the development of the financial system an obstacle to economic growth? And is today's financial system intrisically instable? Finally, are these mutations going to be reversible or irreversible?
Monnaie et finance en Allemagne Fédérale
Authors: Coudert Virginie
Published: April 2013

Currency and Finance in West Germany

With a new interest rate policy now taking place in France, a look at West Germany's experience can be interesting, since this kind of regulation has been in use there for decades. The german financial sector is led by big banks which deal on money markets as well as on credit market and within big compagnies, so that german monetary policy can work by acting on bank liquidity only. In using quantitative instruments the Bundesbank has complete control over interest rates, and is able to separate interest rates evolution from monetary policy when necessary. However, as can be seen in the last few years, there are some difficulties, for this kind of policy in handling domestic liquidity when strong capital movements happen.
L'emploi au cœur de la mutation bancaire
Authors: Moussy Jean-Pierre
Published: April 2013

L'environnement, dans lequel s'exerce l'activité des banques, se modifie substantiellement. Ceci résulte de l'effet conjugué de mutations d'ordre macroéconomiques, financières, technologiques ou/et touchant l'offre de services. De plus, un certain tassement des volumes et l'accroissement de la concurrence conduisent à considérer que la période de forte croissance bancaire des années 1960-70 est maintenant derrière nous. Dans ces conditions, il est primordial de bien évaluer la situation. Il est d'autant plus nécessaire de le faire que, sur une période d'une dizaine d'années, un certain nombre d'évolutions touchant l'emploi sont d'ores et déjà perceptibles : tant sur le niveau que sur la structure. En réalité, l'emploi - et, l'activité bancaire, tendent par leurs caractéristiques à se rapprocher, de plus en plus, de l'industrie. Dans cette période d'intenses mutations, l'essentiel est, à mes yeux, de tenir compte de ce que nous pourrions appeler « les effets de rythme ». Pour cela, il convient de réaliser une régulation qui s'appuie sur la négociation avec les partenaires sociaux. Cette négociation devrait pouvoir se nouer utilement sur les deux sujets, essentiels, suivants : la gestion prévisionnelle, concertée, des effectifs à moyen terme (à un horizon de 3/5 ans), la formation. Ces deux points sont indissociables mais le traitement des aspects formation, des personnels actuels comme des nouveaux embauchés, sera déterminant pour permettre qu'une réponse positive soit trouvée à la fois, aux inquiétudes des salariés comme à la mutation de la « nouvelle industrie bancaire » de l'an 2000.
La globalisation des marchés de capitaux
Authors: Haberer Jean-Yves
Published: April 2013

Apparu dans les années soixante-dix, épanoui dans les années quatre-vingt, le marché global des capitaux fait se rencontrer, sur l'ensemble des marchés, toutes les formes de capacité et de besoin de financements. Il n'est pas né de décisions gouvernementales, mais de la pression des besoins et de l'optimisation de la concurrence, grâce à l'accélération technologique de l'information, aux innovations financières, à la déréglementation, etc. Ses acteurs permanents : environ cent banques internationales, deux cents grands investisseurs internationaux, trois cents multinationales industrielles et commerciales, et les grandes signatures de quelques dizaines d'États et d'organisations internationales. Les ordres de grandeurs des transactions s'expriment en centaines de milliards de dollars. L'opinion des quelques dizaines de milliers d'opérateurs peut faire la crise globale de ce marché global, à l'égard duquel le rôle des banques centrales est devenu marginal. Hors FMI, les pays industriels se sont dotés d'un système financier dépourvu de toute autorité centrale.
Variables patrimoniales dans les décisions d'investissement et de consommation
Authors: Artus Patrick
Published: April 2013

Investment and consumption choices and wealth variables

The content of the different theories which shows a link between wealth variables and actual choices is recalled : life cycle, intertemporal substitution, ricardian neutrality, for consumption ; debt-equity ratio, new equity issues and indebtness, profitability effects and Tobin's q, for investment. Then, we assess the trench and foreign econometric works which may be used to confirm the theorical models and to evaluate the intensity of the links between wealth variables and actual choices.
Assurance-dépôt et réglementation bancaire
Authors: Dermine Jean
Published: April 2013

Deposit Insurance and banking regulation

The increasing competition with non-banks, the entry of banks into new markets, the single European market and the october 1987 stock market crisis raise important issues concerning the scope and content of banking regulation. Are governments responsible for the stability of financial markets and, if yes, at what level ? How to structure banking regulation and should it cover non-banking institutions ? Does European financial integration raise specific issues and, finally, what are the effects of the stock market crisis on the banking sector ? Does it reinforce the need for public intervention ? These are the questions examined by the author who starts by developing an analysis of the market imperfections calling for public support. The major conclusions of the paper are that the deposit insurance systems recently developed by several countries are unlikely to promote stability which is mainly assured by the lender of last resort function of central banks. This function is justified, provided that appropriate private or public mechanisms are put in place to control risk taken by financial institutions.
Marchés de l'assurance communautaires : Perspective 1992
Authors: Dickinson Gerard M.
Published: April 2013

L'avancée sur la voie de la régionalisation entraînera des changements structurels majeurs sur les marchés de l'assurance au sein de la Communauté européenne au cours des années quatre-vingt-dix. La politique adoptée par les gouvernements au plan national et au plan de la Communauté exercera une grande influence sur la nature de ces changements et sur la croissance potentielle des marchés de l'assurance. Les tentatives qui visent à créer un marché commun de l'assurance auront un grand effet sur les modalités du changement. Mais la croissance du marché régional de l'assurance dépendra plus des décisions politiques prises au niveau national. Si les gouvernements admettent qu'il y a place pour une plus grande coopération entre l'État et le secteur privé de l'assurance, notamment dans les domaines du soutien des revenus, avant et après le départ à la retraite, et des soins médicaux, cela aiguillonnera le développement de marchés national et régional plus larges. Une telle politique procurera d'autres avantages en garantissant que des ressources financières suffisantes seront disponibles pour satisfaire ces besoins sociaux et économiques croissants.
Réflexions sur la déontologie des activités financières
Authors: de la Bruslerie Hubert , Gizard Bruno
Published: April 2013

Comments on financial activities deontology

The strengthening of financial deontology is a collective decision to be taken by all the agents of the financial market. The step must respect the commercial skillfulness of the most dynamic investors, which is a factor of progress and be founded on the clearness and competitivity concepts, for, in the financial services field, the customer must be satisfied, whoever he is : Institutional investor, company or individual saver. The heading principles should be the following : a professional body would have the fundamental function to role institutional and individual issues in the field of deontology and to enforce these rules, but indirectly rather than directly.

The internal control must be developed and the financial practices must be controled inside the companies themselves. The external control of banking and financial authorities would be one of general supervision of financial institutions and markets.
L'Acte bancaire européen : objectifs et conséquences
Authors: Zawos George S. , Burgard Jean-Jacques
Published: April 2013

The European banking act

The second banking coordination directive (European banking act) which was proposed by the European Communities commission is the centrepiece of a strategy based on the treaty of Rome and the White paper. It appears at a crucial moment for the banking and financial european and international markets. This instrument aims at the creation of a unified banking market, based on the principle of mutual recognition of standards regarding the financial stability of banks and a single banking licence valid throughout the Community. Besides enhancing competition, this directive reinforces the rules of prudential supervision by harmonising the essential licencing conditions. It is thus closely linked with a series of community initiatives in the field of prudential supervision (own funds, solvency ratio, large exposures and deposit guarantee schemes) and the process of liberalisation of capital movements. This new strategy will have important repercussions on the financial market structure of the member states.
Réforme de la politique d'émission et de gestion de la dette publique en France (1985-1987)
Authors: Pons Jean-François
Published: April 2013

Reform of the French public issues and debt management policy (1985-1987)

The author explains and analyzes the latest reform of the French public issues and debt management policy. This policy, which is mainly concentrated on negotiable instruments, modernize the different issuing methods and create new products. Within the framework of the reform, a network of "Treasury securities professionals" has been set up.

The paper includes also many statistical series on the recent trend of public debt and an international comparative analysis.
Comment les technologies affectent-elles les marchés boursiers ?
Authors: Théodore Jean-François
Published: April 2013

How does technology affect stock markets ?

Changes in information technologies - in the form of increased computing power, greater inter-computer communication capabilities, the explosion in micro-computer use, information digitisation, multi-media - have seen the widespread use of computer technology in over-the-counter markets and on organised stock exchanges. Technology could be instrumental in bringing different market models together, centralising or organising them around market-makers, by allowing certain features to spin off one model onto another. Technology enables transaction costs to be reduced and large volumes of operations to be processed. It raises the critical and problematic question of market security, on regulatory and legal as well as technical levels. It can also call into question the traditional balance of relations between the main categories of actors : the market companies, the jobbers and the investors.
Technologie et risques dans les marchés financiers
Authors: Garabiol Dominique
Published: April 2013

Le développement des marchés est dû à l'importance des déséquilibres économiques plus qu'à la sophistication des technologies. Mais celles-ci façonnent leur architecture. Les progrès technologiques ont conduit à la généralisation des négociations décentralisées et continues. Améliorant théoriquement leur efficience, cette architecture accentue concomitamment les risques de liquidité des marchés. La fragilité systémique des marchés financiers s'explique, de façon ambiguë, par les risques soit de ruptures de leur continuité, soit d'emballements chaotiques qui nécessitent d'introduire volontairement de telles ruptures. L'accroissement des volumes, facilité par les gains de productivité, conduisent par ailleurs à une accentuation des risques de livraison et de contrepartie tandis que le montant des investissements nécessaires constituent un risque financier significatif pour les intervenants. Les progrès technologiques affectent également leur gestion interne. L'informatique des salles de marchés, la gestion des positions, sont plus performantes mais les risques opérationnels s'en ressentent. La conception de produits complexes est aussi facilitée, ce qui peut conduire à mésestimer les risques liés au caractère virtuel des hypothèses utilisées. A contrario, le contrôle des risques bénéficie des progrès technologiques, mais la compréhension, au-delà des lois statistiques, de leur nature réelle reste un enjeu crucial.
Les nouvelles techniques financières et la gestion des crédits
Authors: Laurent Jean-Paul
Published: April 2013

New financial techniques and loan management

Over the past few years, new loan products for private customers and small - and medium-sized companies have been developed and three main trends can now be identified : the development of loans with financial options, the increasing modularity of loans and the fine-tuning of loan insurance schemes, particularly in the area of insurance covering unemployment. This has greatly extended the gamut of services offered to customers of financial institutions and is linked to the development of more flexible management methods. Financial institutions will now be forced to take into greater account the phenomena of anti-selection. These recent developments cast a different light on the matter of banking competitivity and have basically come about due to the irreversible changes in financial techniques and information technology.
Tarification des moyens de paiement : un point de vue théorique
Authors: Chiappori Pierre-André
Published: April 2013

Tarification of banking services : a theoretical viewpoint

Banking activities in France have experienced, since the mid-eighties, an important wave of deregulation and a simultaneous increase of competition. However, two important aspects - interests paid on deposits and pricing of checks - have escaped this evolution. We investigate the theoretical implications of this situation. We argue, in particular, that regulation of deposit rates is partly responsible for some current weaknesses of French banks, in terms of industrial structure and tarification policies.
La tarification des crédits
Authors: Jacolin Luc , Paquier Olivier
Published: April 2013

Credit pricing

Credit pricing, and more significantly credit risk pricing, has taken on greater importance with the current slowdown in lending and the rapid increase in the solvency risk on resident borrowers since 1990. The credit risk working group set up by the French National Credit Council (Conseil national du crédit) has dealt with credit pricing issues, such as the remuneration of risk and the prevention of cross-subsidization of banking activities or borrowers. The group's work has highlighted an essential problem, which is ensuring sufficient credit pricing during the different phases of the business cycle. Several reforms could improve the credit risk pricing to avoid systematic under-charging, particulary in times of strong economic growth. These reforms include more accurate risk assessment, tighter monitoring of abnormally low lending rates and flat-rate loan-loss provisions based on the average exposure of credit institutions, regardless of fluctuations in the economy.
La fixation du prix des produits d'épargne
Authors: Vogel Hervé
Published: April 2013

Pricing savings products

The pricing of banking services and products has become a major concern of strategical importance for French financial institutions. Given its specific responsability as a community savings collector, the Caisse d'Épargne Group (Savings Banking Group) has been carefully considering its approach of this subject since 1993. After thinking about savings pricing, it has emphasised the link between pricing and banking business areas or roles - manager, authorized agent, trustee - determined by the structure of savings collected, as well as by numerous factors - positioning, competition, regulatory environement... - all of which are contributing to pricing determination. Competitive moves as well as a better consumer's economic culture are placing today the « pricing » component in the forefront of the financial institutions' marketing-mix.
Le cycle global de l'immobilier, 1985-1994 : ses causes et ses leçons
Authors: Renaud Bertrand
Published: April 2013

The 1985-1994 global real estate cycle : its causes and consequences

The rapid emergence of a global financial system in the late 1980s working together with financial liberalization and deregulation was signaled in the real estate sector of most OECD countries, and some middle-income NIE countries, by unusually strong booms followed by exceptionnaly sharp and protracted real estate busts. What were the international and domestic forces behind these synchronous cycles ? These very strong real estates cycles reflected important structural and macro-economic changes. They have had a triple impact on the real estate industry itself, on the banking system that financed it, and often on the more heavily indebted household sector. We can draw useful lessons by probing the unappealing trilogy of « bad policy, bad banking, and bad luck ». After an examination of the causes of the global cycle, this paper gives special attention to the lessons for the banking sector.
Les externalités des systèmes de paiement : questions pour l'Europe
Authors: Schoenmacker Dirk
Published: April 2013

Externalities in payment systems : issues for Europe

The fast growing volume of financial and commercial transactions settled through large value payment systems has raised supervisory concerns. The article focuses on the externalities in payment systems and the appropriate role of the Central Bank in preserving the stability of the financial system. A conceptual framework is developed to analyse some key features of the main settlement systems. In net settlement, participants send payment messages throughout the day but only settle their net positions at the end of the day. The major risk is that a failure to settle by one bank may lead to settlement failures of others due to unexpected liquidity shortfalls and, thus, may trigger a systemic crisis. To prevent such a systemic crisis, the Central Bank may feel compelled to support the failing participant and will then become effectively the implicit guarantor of the system. To avoid their exposure in the payment system, Central Banks have been implementing risk reduction policies. A rigorous way of eliminating credit exposure is designing a gross settlement system without daylight exposures. But banks need then collateral or reserves before making payments. A lack of liquid funds could lead to settlement delays and, even worse, to a gridlock of the system, a new externality. Finally, the implications of payment systems for banking supervision and monetary policy are examined against the background of the role of a prospective European Central Bank. appropriate role of the Central Bank in preserving the stability of the financial system. A conceptual framework is developed to analyse some key features of the main settlement systems. In net settlement, participants send payment messages throughout the day but only settle their net positions at the end of the day. The major risk is that a failure to settle by one bank may lead to settlement failures of others due to unexpected liquidity shortfalls and, thus, may trigger a systemic crisis. To prevent such a systemic crisis, the Central Bank may feel compelled to support the failing participant and will then become effectively the implicit guarantor of the system. To avoid their exposure in the payment system, Central Banks have been implementing risk reduction policies. A rigorous way of eliminating credit exposure is designing a gross settlement system without daylight exposures. But banks need then collateral or reserves before making payments. A lack of liquid funds could lead to settlement delays and, even worse, to a gridlock of the system, a new externality. Finally, the implications of payment systems for banking supervision and monetary policy are examined against the background of the role of a prospective European Central Bank.
Les Banques françaises face aux baisses des taux
Authors: The Van Nguyen
Published: April 2013

Les banques ne restent pas passives devant la baisse des taux. Leur comportement est même crucial dans les mécanismes de transmission de la politique des taux sur les variables économiques et financières. Nous présentons ici une discussion sur le comportement des banques françaises face à la baisse des taux, en comparant les deux périodes : 1984-1986 et 1992-1993. En utilisant un modèle conceptuel d'analyse des positions de taux d'un bilan bancaire, on peut montrer que, en raison des changements réglementaires et des innovations intervenus depuis 1984, la gestion de la position de taux du système bancaire pendant les deux dernières périodes de baisse des taux a été très différente : une action sur les sensibilités des taux débiteurs en 1984-1986, une recomposition des bilans en même temps qu'un recours accru aux instruments de marché en 1992-1993. D'une manière générale, les banques v de dépôt sont soumises à une exposition structurelle à la baisse des taux, et cette exposition est d'autant

plus grande que les taux administrés sont insensibles, comme cela a été le cas en 1993.
Coopération financière internationale : le 1er Congrès international des valeurs mobilières les 5, 6,7, 8, 9 juin 1900, à Paris
Authors: Thiveaud Jean-Marie
Published: April 2013

International financial cooperation : First Securities International Congress,

June 5th, 6th, 7th, 8th and 9th, 1900, in Paris

It is in June 1900 that the first Securities International Congress was organized on the occasion of the Paris Universal Exhibition. Almost one century afterwards, this event shows at the same time the triple characteristic of reflecting the significant growth of securities during the 19th Century, announcing the major breakthroughs that have highlighted the 20th Century, and also already asking questions as regards cooperation, regulation and international financial harmonization. The presentation of these five Congress days with sometimes very lively discussions shows how important even today remain some of these issues.
Délais de paiement et mesures du risque client
Authors: Dietsch Michel , Kremp Elizabeth
Published: April 2013

L'objet de cette étude est de présenter différentes mesures du risque client à partir de l'observation des délais de paiement et du solde crédit interentreprises. Au cours de la période 1990-1994, le ralentissement de l'activité favorise la montée du risque client. On vérifie l'existence d'une relation inverse entre la volatilité des délais et l'évolution du chiffre d'affaires. Mais le rôle des facteurs économiques et financiers s'est renforcé, modifiant le partage du risque client entre entreprises. Ainsi, les très petites entreprises et les petites PME supportent aujourd'hui une part plus importante du risque crédit client. Les grandes entreprises ont, au contraire, allégé la charge que représente ce crédit. La période étudiée a été marquée par un effort dans la gestion du risque client, sans remettre en cause l'existence du crédit interentreprises comme principale forme de financement à court terme pour une majorité d'entreprises.
Le capital investissement face au risque d'illiquidité
Authors: de Fréminville Paul
Published: April 2013

Capital investment and the risk of illiquidity

After a brief survey of the role of capital investment in France, this papers analyses the risk of illiquidity which occurs when the investor is unable to hand over as planned a holding in a company that he has been supporting for many years. Financial techniques used by investors to protect themselves against this risk are then presented, along with a study illustrating the influence of these practices on capital investment profitability. One should underline that the main cause of illiquidity for capital investment is linked to the very scarcity of the capital invested in this market, and to the still unsufficient liquidity of the stock markets for equities in France, and more generally in continental Europe.
Que valent les options cachées ?
Authors: Boulier Jean-François
Published: April 2013

What are hidden options worth ?

Advance redemption, loan right, power of redemption, possibility of extension, all this are examples of hidden options : a designation which may seem misleading. These options are not at all hidden ones, but they are part of a variety of banking and insurance products which we are analysing on the French market. Instead, they share some typical characteristics of options, even if the comparison with derivative products negotiated on the financial markets enables to distinguish some differences. The article shows that the evaluation of these options remains a difficult task to perform mainly because it requires the modelling of customer's behaviour. It is nevertheless necessary to take into account their value when billing services, as well as regards financial and balance-sheet management. In fact, their small « issue » value (some 0,3 % in the case of early redemption) hides strong potential variations. As all derivatives products, these options have a high gearing.
Les marchés financiers et l'emploi
Authors: Tietmeyer Hans
Published: April 2013

L'emploi est devenu, en Allemagne comme dans tous les pays industrialisé&s d'Europe, le principal défi de notre époque et l'on impute bien souvent à ce que l'on désigne par « Marchés financiers » une part au moins de responsabilité, directe ou indirecte, dans les problèmes de l'emploi.

L'auteur met en évidence l'importance des marchés financiers pour la croissance et l'emploi. Il tente également de faire le point sur la question des liens existants internationalisation des marchés financiers et commerciaux et les problèmes de sous-emploi.
Problématique des relations entre l'euro et le dollar
Authors: de Boissieu Christian
Published: April 2013

L'objet de cet article est d'aborder deux aspects des relations entre le futur euro et le dollar. Le premier aspect concerne les taux de change. Quels éléments vont conditionner le cours de l'euro vis-à-vis du dollar à partir de 1999 ? Y a-t-il, à ce sujet, des motifs d'inquiétude pour les agents micro-économiques ?

Le second aspect se rapporte au rôle international de l'euro et aux perspectives d'un rééquilibrage du système monétaire international. Quelles ambitions raisonnables peut-on avoir en la matière ? Le rôle international et la valeur externe d'une monnaie ne sont pas indépendants l'un de l'autre, mais, pour la clarté du débat qui s'ouvre déjà en Europe sur ces questions, il importe de les analyser successivement.
Les marchés financiers face à l'Union monétaire
Authors: Hannoun Hervé
Published: April 2013

The changeover of financial markets to the euro at the beginning of 1999 will require a technical response to set the ground rules. But the

essential element within this clear-cut operational and legal framework will be the strategic response of the market players and institutions involved.

The first part of the article deals with the changeover of the markets to the euro in 1999, showing that preparations for the technical side of the operation are well under way with a view to making an immediate switch fort all transactions. The second part of the article considers the changes that Monetary Union may bring for Europe's financial markets and looks at the advantages that the Paris markets may build on to flourish in this new and more competitive environment.
Droit, économie, monnaie, finances dans le regnum Francorum. Petite chronique des temps mérovingiens
Authors: Thiveaud Jean-Marie
Published: April 2013

The absurd polemic with, over the last couple of months, has occurred around Clovis commemoration offers the opportunity of proposing a more objective reading of economic, financial and legal data belonging to the history of the Regnum Francorum, between the fall of the Roman Empire and the come back of the Carolingian Empire. Over approximately four centuries, during which elements provided to History were both rare and rudimentary, not only the outline of what was to become France, but also the probably partial préfiguration of Europe have taken from. A mixture of traditions and cultures, passion and resistance have transformed a broad territory along the years. The Latin-Anglo-Gallo-German marriage has been forced by wars before being established by the Church during those couple of obscure and mythical centuries. The economy has suffered, the currency has shrunk but, in spite of appearances, the situation has not only been as dramatic as it has been most frequently said, but has also contributed to lay the foundations of a new political, economic, financial and legal order ; if only our modern concept of order could answer to disruptions and disorders which have characterized these periods.
Banques : votre santé nous intéresse. Synthèse du rapport du groupe de travail de la Commission des finances du Sénat
Authors: Mauro Frédéric , Robert Fabrice
Published: April 2013

Banking Institutions : We are concerned about your soundness :

Synthesis of the Senate finance Commission work group report

Being aware of the important difficulties in the French banking system, the Senate Finance Commission has set up a work group chaired by M. Alain Lambert (UC political group, from the Orne department).

Their conclusion is alarming : France is undergoing its most serious

banking crisis since the 2nd. World War. It is harder for France than

other countries to overcome this situation, which leaves its banking

sector in a weak position. This crisis is all the more worrying since

the most affected players are those internationally oriented.

This is a structural crisis. It is directly related to the fact of preventing

the consequences resulting from reforms introduced in the 80's. By

exerting a higher competitive pressure either internally or externally

and, in a structural way, between banks and financial markets, these

reforms should have finally led to the disappearance of weaker

players and banking sector restructuring. On the contrary, pushed

by competitive pressures and unable to make necessary adjustments,

the banks have raced for acquiring size and universal bank status.

This had led to a serious management error. In such a context,

competition distortions have had a negative impact.

To solve this situation, the task force suggests doing away with

regulations that put a curb on the banking business. It also proposes

to harmonise the banking business practices by eliminating

competition distortions which are no longer justified in a standard

context. But, above all the task force proposes to put an end to the

sector's sclerosis organized by the State. The idea is, on one hand, to

stop refunding - a practice which is only justified in the case of

viable institutions - which has been systematized by applying the

rule of resort to « reference shareholders » (article 52, first paragraph

of the banking law). On the other hand, the idea is to organize the

complete withdrawal of the State from this competitive sector :

banks are no longer an economic policy tool. By doing this, the State

will not be in any case prevented from defining priorities as regards

general interest. It will be thus able to finance its priorities without

affecting competition on the market.