bluuebunny/crossref_metadata_2025_split huggingface dataset:
La régulation de l’industrie pharmaceutique
Authors: de Mazières Christine , Paris Valérie 
Published: April 2013

La régulation de l'industrie pharmaceutique vise 3 objectifs : répondre aux préoccupations de santé publique, contenir les dépenses collectives de médicaments et assurer la compétitivité de l'industrie nationale. Le premier objectif concerne l'évaluation du rapport bénéfice/risque des médicaments tout au long de leur cycle de vie, le développement d'une information sur les médicaments indépendante des producteurs, ainsi que l'accessibilité aux nouveaux traitements. L'objectif budgétaire donne lieu à un système de contrôle des prix complexe, qui n'empêche pas une croissance soutenue des dépenses pharmaceutiques de l'assurance maladie ; la redéfinition depuis 1999 du panier de médicaments remboursables s'avère difficile à mettre en oeuvre, en raison de considérations industrielles. Enfin, les pouvoirs publics s'interrogent sur les moyens à employer pour rendre le territoire attractif pour les investisseurs étrangers et pour stimuler le développement de l'industrie nationale.
Classification JEL : I11, I18, L5, L65, O3
Politique de régulation et systèmes d'information
Authors: de Kervasdoué Jean 
Published: April 2013

Control policy and information systems
Does the Health Minister manage the health system ? Certainly, he is politically responsible for it, even though the constraints and controls on him are not the same as in the private sector. A management policy most often gives rise to an information system and control mechanism that allows its evaluation. This article analyses the interaction between information systems and healthcare control policies in France.
JEL classification : I18
Équilibres multiples et volatilité boursière
Authors: Challe Édouard 
Published: April 2013

Multiple equilibria and stock-market volatility
This paper surveys explanations of stock-market volatility based on multiple equilibria. This approach emphasises jumps from one equilibrium to the next as a major source of endogenous stock-market fluctuations. As those jumps are essentially disconnected from market fundamentals, they reflect the purely self-fulfilling nature of expectations formed by market participants. The paper starts by introducing the three forms of equilibrium multiplicity commonly used by macroeconomists (« coordination failures », « rational bubbles » and « steady state indeterminacy »), and then go on presenting and assessing their applications in the field of asset pricing.
JEL classification : D84, E44, G12
Dow Jones, CAC 40, SBF 120 : comment expliquer que le CAC 40 est le plus volatil ?
Authors: Jeffers Esther , Moyé Damien 
Published: April 2013

Dow Jones, CAC 40 and SBF 120 : why the CAC 40 is more volatile ?
The notion that the financial markets are inherently efficient is a theory widely accepted by many researchers and professionals. It puts into question methods that seek to predict the ups and downs of financial assets. The recent volatility of the financial markets has raised this question again and raised doubts as whether the markets are able to « correctly » value the stocks they list. We therefore analyse the Dow Jones, the CAC 40 and the SBF 120 from 1993 to 2003. Four interesting conclusions may be drawn from this analysis. First, all three indexes have become more volatile since 1996. Secondly, the Dow Jones industrial average is less volatile than the French indexes used in our study. Also the indexes are closely correlated, but there is a delayed reaction. Finally, we compare the two French indexes to each other and attempt to understand why the CAC 40 is more volatile.
JEL classifications : D84, G1, G12, G14
Volatilité des marchés boursiers et comportement des épargnants français
Authors: Séjourné Bruno 
Published: April 2013

Financial markets' volatility and French savers' behaviour
The latest stock market fluctuations are the most important financial disruption since the Second World War. These fluctuations occur in France while long term savings have been accumulated for retirement. These savings can be invested more or less straight on the stock exchange market. This assets' accumulation concerned in part individual shareholding. This democratization of shareholding implies to change analysis of behaviours during great volatility. This article deals with two problems : - What was individual savers' behaviour during the latest volatility period ? - Have households increased volatility or stabilized stock market ?
JEL classifications : D81, D82, E21, G1
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