bluuebunny/crossref_metadata_2025_split huggingface dataset:
Crise(s) asiatique(s) : leçons provisoires et premiers espoirs
Authors: Guillouët Alain 
Published: April 2013

Asian crisis : provisory lessons and first hopes
The succession of exchange market crisis that began in Thailand in July 1997 indicated more clearly now the double nature of « the » Asian crisis : classical crisis linked to an external desequilibrium, this crisis is especially explained by deep and structural weaknesses : the real estate overinvestment and the bad management of the banking system. When the markets realised the fragility of external balances and/or the real estate bubble burst, attacks against currencies appeared and bankruptcies were on the increase conducing to chain reactions. In numerous cases, the difficulties were accentuated by the weaknesses of the political system. After an unprecedented effort conduced by the international community and the IMF, the most acute phase of the crisis seems under control and the recovery of some countries is now under consideration. But, prudence must be observed : the perspectives remain uncertain because the crisis can not be considered as finished and because the future depends mainly on the Chinese stability pole.
Le financement des infrastructures de transport
Authors: Matheu Michel 
Published: April 2013

The financing of transport infrastructures
The transport infrastructures represent a considerable share of the public investment expenditures. Except in the air domain, the share paid by the user does not dominate their financing and the sharing out between taxpayer and user varies much according to sector. This is not surprising : the financing of transport infrastructures is not the concern of a unique policy. On the contrary, each means of transport (rail, road, river, etc.) have its own financing circuit, and the various circuits are very partitioned. Because of this situation, it remains difficult to organize the programming of the transport infrastructures according to one step by priority, even if significant progress were achieved during the recent time.
Infrastructures publiques et financement privé : le paradoxe de la rentabilité financière
Authors: Bonnafous Alain 
Published: April 2013

Public infrastructures and private financing : the paradox of financial profitability
The rationality of the decision to invest, is initially pointed out, according to whether it concerns the private sphere or the public sphere according to that it is based on an evaluation in terms of financial profitability or in terms of socio-economic profitability. One investment considered profitable from the viewpoint of public rationality, may be entrusted, for its realization as for its exploitation, to a private operator. In this case, the balance must be made between the advantages which can be obtained from the relative effectiveness of the private company and the public contribution required by the financial balance of the operation. A project, which has an insufficient financial profitability to be guaranteed on the only future receipts, asks an extra public financing which must carry effective profitability on an acceptable level for the operator. However, all equal things in addition, the requirements for effective profitability, and thus the public contribution required, are legitimately higher for a private company which is not leaned on public resources in the event of failure. It is because things are not necessarily equal in addition that the private operator can, however, release a higher social surplus. It remains that, on the basis of a financial simulation of an academic case, it is shown that the need for public financing is very sensitive to weak variations between profitability suitable for the operation and profitability guaranteed to the operator. That leads to this « financial profitability paradox » which suggests us that the recourse to the public sector is more suitable when this variation is reduced, but that the private operator can be attractive for operations of low profitability.
L'euro et les enjeux de la politique euro-méditerranéenne
Authors: Gasperini Eric , Praussello Franco 
Published: April 2013

The euro and stakes of the Euro-Mediterranean Policy
Since the Conference of Barcelona (1995) the Mediterranean policy of Europe, without to be called into question, mark a step. The creation of the euro will have for the economies of southern banks and east of the Mediterranean multiple and complex consequences. It is essential, for Europe as for these Countries of the South benefitting from the apparition of this currency, with a strong international vocation, to re-examine their economic and financial relations and to reactivate their co-operation. That can appear paradoxical in a context of financial liberalization that they have all adopted. It is true that current flows of northern bank to southern bank (assistances, financial operations, direct investments) remain, in spite of the efforts carried out, very insufficient. The euro can contribute to make evolve the financial relations and the interdependence could be very different. Without calling into question the sovereignty and the independence of the macroeconomic policies of the nations concerned, the constitution of a vast euro zone seems possible and desirable. It however requires the setting-up of a Regional Organization of Monetary and Financial Co-operation whose article traces the broad outline.
Régime de change et croissance économique en Méditerranée
Authors: Rizzo Jean-Marc 
Published: April 2013

Exchange rate regime and economic growth in the mediterranean area
Inevitably, the monetary authorities of the mediterranean countries will wonder whether they have an incentive to peg their currency to the euro. If they use it as an instrument of anti-inflationary policy or as a mean to achieve credibility, this choice can be beneficial. But, what about a growth target ? Yet, to date, relatively few studies examine the potential for exchange rate regime non-neutrality in terms of growth and the answer remains ambiguous. This paper asks if the exchange rate regime does really matter when growth is a priority. The case of the Mediterranean area is analysed and compared to those of the Latin American and south-east Asian countries.
Les enjeux du rattachement des monnaies du Maghreb à l'euro
Authors: Cales Marie-Noëlle 
Published: April 2013

The stakes of Maghreb currencies peg to euro
This paper investigates some of the stakes which weight upon Maghreb monetary strategies. The euro birthday and the perspectives of euro-Mediterranean free trade area constitute two opportunities which allow Maghreb countries to consider a revision in their exchange rate policies. The necessary modernization of financial and banking systems and the risk of maginalization facing East Oriental European Countries suggests a broader transparence of exchange rate policies. Starting from different peg experiences, we explicit the stakes of euro as an anchor for Maghreb currencies. We show that a nominal crawling peg presents a double advantage : not only it induces fiscal and monetary discipline, but also it does that without worsening foreign trade.
L’euro et le système monétaire international
Authors: Lelart Michel 
Published: April 2013

The euro and the international monetary system
The euro is now the single currency of the European Union. The euro has an international dimension, which can lead to dramatic changes to the international monetary system. But will the euro become a competitor to the dollar ? One cannot say how long it will take, but it is very likely that the euro will become a serious actor in the international monetary system. Finally, what will be the behaviour of the International Monetary Fund towards euro ?
Les grandes sociétés par actions et les compagnies coloniales de l’Europe des temps modernes du XVI-XVIIe siècle
Authors: Thiveaud Jean-Marie 
Published: April 2013

Incorporated companies in Europe in the sixteenth and seventeenth century
International trade development in the sixteenth century led to the development of a new company structure. In northern Europe, more and more joint stock companies were created. Meanwhile, government involvement in industry and trade became more and more important. This article primarily compares changes in England and France, and deals with the well-known bankruptcy of John Law, a bold and pioneering character.
La place de Paris dans la finance internationale au 19e siècle
Authors: Arbulu Pedro , Vaslin Jacques-Marie 
Published: April 2013

Paris as a financial centre in the XIXth century
In the XIXth century, Paris is a dominant international financial centre. In the second half of the XIXth century, many foreign projects get financing on the Paris market. This success can be explained by financial reasons.
JEL Classification : N23
A quoi ressemblera le marché financier du futur ?
Authors: Fawcett Amelia 
Published: April 2013

What will the financial market of the future look like ?
It will be open and transparent, networked and totally connected, « T-0 », straight through, « 24x7 » fast and cost-effective. Online connectivity will be common and necessary for families all over the world, and power will rest in the hands of the consumer not producers. It will enable customers to get information and products/services they want, when they want them and how they want them. Players in this market will be obsessed with client service, globally networked, collaborative, nimble, technologically « cutting edge » and capable of responding and adapting to rapid change.
JEL Classification : O33
L’industrie des services financiers : nouvel environnement, nouveaux enjeux
Authors: Landau Jean-Pierre , Tricou Jean 
Published: April 2013

L’industrie des services financiers est en rapide mutation. L’évolution de l’environnement concurrentiel, lié à la mise en place de l’euro et à l’émergence d’Internet, obligent les banques à modifier leurs stratégies. En particulier, un vaste mouvement de fusion et de croissance externe, justifié par la course à la taille et le développement hors du marché domestique, est à l’oeuvre dans toute l’Europe. Dans ces conditions, une nouvelle conception de la place financière bancaire apparaît.
Classification JEL : G29
La localisation des activités de banque d’investissement
Authors: Fleuriet Michel 
Published: April 2013

Depuis 1998, la France compte plus de banques étrangères que de banques françaises. Beaucoup d’entre elles sont des banques d’investissement. Cet article examine les raisons qui peuvent amener une banque d’investissement à s’installer dans un marché géographique donné. L’auteur retient trois facteurs. En premier lieu l’histoire, qui explique la place en Europe de Londres où ont eu lieu les premières émissions importantes d’actions et d’obligations. Le second facteur est la localisation des clients, qu’ils soient émetteurs ou investisseurs ; l’auteur pense toutefois que les activités de trading peuvent être localisées n’importe où. Le troisième facteur est le modèle utilisé par les banques d’affaires pour leur stratégie de croissance. Ce modèle appelé « stratégie tubulaire » se caractérise par le développement d’un segment déterminé des activités de la banque d’affaires qui génère à son tour un autre segment en synergie avec le premier. Ce modèle de croissance incite les banques à installer leurs activités près de leurs clients. L’auteur illustre son propos avec la banque HSBC, deuxième au classement mondial des banques. Ce modèle explique aussi la forte présence des banques américaines en Europe et des banques non françaises en France. La conclusion mentionne brièvement l’impact des nouvelles technologies sur la localisation des banques d’investissement.
Classification JEL : G24, R38
Gestion : Paris peut-il être le « Boston de l’Europe » ?
Authors: Bollon Pierre 
Published: April 2013

Cet article défend l’idée selon laquelle, même si Euronext ne devait pas réussir à devenir la première entreprise de marché en Europe, Paris pourrait jouer le rôle du « Boston de l’Europe » en matière de gestion de capitaux pour le compte de tiers. L’exemple américain montre en effet qu’il est possible qu’un grand nombre de sociétés de gestion ne soient pas installés là où est la place boursière dominante. Cela implique une mutation rapide du marché intérieur : en France, si l’épargne est abondante, elle reste très insuffisamment tournée vers les actions, et est trop orientée à court terme. Enfin, pour offrir un écosystème favorable, Paris doit insister sur plusieurs points : un système de formation et de recherche performant, un réseau cohérent de professions associées, un cadre réglementaire et fiscal attrayant, un contrôle strict et compétent.
Classification JEL : G23
Rapprochements transfrontaliers de sociétés cotées en Europe : le critère de choix du marché de référence
Authors: Caradet Bertrand , Herbet Jérôme 
Published: April 2013

Cross border mergers of european listed companies : the choice of a reference marketplace as a relevant criterion
The recently observed multiplication of cross-border merger transactions among companies listed on European stock exchanges invites one to wonder about the future of the listing of the stock of the absorbing or newly-created company. In this regard, when entering into a strategic analysis regarding the structure and modalities of a contemplated cross-border merger transaction between listed companies, the choice of the market place to be retained as the future reference market for the stock of the absorbing or newly created entity should not be considered meaningless. Such a choice should be an integral part of the legal and practical elements to be taken into account in order to determine the optimal structure to retain. It appears that the choice of a future reference marketplace itself depends on a number of parameters, among which are the typology of the current or sought after shareholding structure or the general environment of the financial place to be retained. When conducting such an analysis, it appears the Paris market place seems perfectly suited to become the reference market place for a number of recently merged companies.
JEL Classification : K22
Interview avec Michel Prada
Authors: Prada Michel 
Published: April 2013

Michel Prada : Interview
Michel Prada is in favor of the so-called « twin peaks » regulation, such as it is developed in France. In this system, market regulation and financial intermediaries regulation are clearly separated. This doesn’t prevent the two regulators to cooperate efficiently. Michel Prada is opposed to a european SEC : it is however essential to organise a real and active cooperation between national regulators.
Classification JEL : G18
Le rôle des agences de notation : Une interview d’Alison Le Bras
Authors: Le Bras Alison 
Published: April 2013

Alison Le Bras se dit favorable au recours par les banques à la notation externe des agences pour l’évaluation de leurs risques sur une partie de leurs portefeuille, mais souhaite que le dispositif bâlois soit plus précis dans la méthode de mixage des différentes formes de notations. Elle ne considère pas que sa responsabilité se trouvera accrue vis-à-vis de sa clientèle par suite de l’utilisation de ses notations par les banques. Alison Le Bras estime qu’il est peu probable que le nouvel Accord se traduise par un accroissement de la réglementation formelle des agences de notation. Selon lui, le plus important est la réglementation informelle, découlant de la discipline du marché, qui constitue le fondement principal de la crédibilité des agences de notation.
Classification JEL : G28
La titrisation : une mise en perspective
Authors: de Boissieu Christian 
Published: April 2013

Securitization : a global look
This paper studies the development and diversity of securitization in the most developed countries. It is useful to resort to the differences between -on and off -balance sheet securitization operations in order to compare the anglo-saxon countries to Continental Europe. The same split is also relevant when studying the links between counterparty risks and market risks and the issue of the ultimate bearer of the risk. The article also deals with the regulatory dimension of the securitization process, focussing on two aspects : 1) the necessity to adopt a new European directive regarding the securitization process, in order to find a better balance between the logic of competition and the logic of cooperation.
2) the outlook for securitization in the light of the new Cooke ratio.
La titrisation des actifs : le point de vue d’un émetteur
Authors: Wright Vernon , Dunn Thomas 
Published: April 2013

Asset Securitization, An Issuer's Perspective
Because of the many benefits of securitization, the global securitization market continues to experience a healthy level of expansion and remains an important source of funding for MBNA and many other financial institutions. There are many factors that contribute to the success of the global securitization market as well as specific securitization programs. MBNA, as an issuer believes that the most significant factors are :
- Senior management commitment
- Strategic approach with a clearly defined mission
- Strong asset performance
- Active interaction with all securitization Stakeholders
- Dedicated internal resources
- Most importandy, the investor is absolutely fundamental to the success of any securitization program.
JEL Classification : G19
La valeur ajoutée de la notation dans les opérations de titrisation
Authors: Roseau Isabelle , de Cormis Jean-Pierre , Yomtov Carole , Schoder Rupert , Mazataud Paul , Caminades Jean-Yves 
Published: April 2013

Aujourd'hui, les investisseurs institutionnels sont confrontés à des titres financiers d'une complexité accrue, provenant d'une famille d'émetteurs connus ou inconnus, présents à la fois sur leur marché domestique et sur les euro-marchés. Ils utilisent un référentiel simple, indépendant, précis et universel pour analyser le risque de crédit : la notation. Cet article tente de démontrer la valeur ajoutée de la notation des opérations de titrisation en décrivant comment le processus de notation fournit ce référentiel. En France, notation et titrisation ont été liées dès l'origine par la loi du 23 décembre 1988 qui prévoit l'obligation de notation pour tout titre émis par un véhicule de titrisation français - Fonds Commun de Créances - faisant l'objet d'un appel public à l'épargne. Concernant à l'origine essentiellement le secteur des prêts à la consommation, la titrisation sur l'Hexagone a été appliquée par la suite aux prêts hypothécaires pour s'étendre aux cartes de crédit puis aux prêts à des professionnels de l'immobilier ainsi qu'aux PME/PMI. L'année 1999 s'est caractérisée par une période d'exceptionnelle activité, tant pour les opérations de titrisation à long terme que pour les programmes de Titres Courts Adossés à des Actifs (TCAA).
Dans un contexte de complexité accrue des structures, l'agence de notation permet à l'investisseur de mieux reconnaître les points-clés d'une opération de titrisation et les éléments d'appréciation des actifs. La notation finale représente pour lui un niveau absolu en termes de risque reflété par la perte attendue, et relatif par rapport à d'autres transactions.
En ce qui concerne l'émetteur, l'agence de notation joue un rôle d'expert en menant une analyse fine du risque de crédit des titres émis lui permettant de
déterminer le support de crédit adapté à ses objectifs de notation. L'agence de notation intervient alors comme un élément d'aide à la décision dans le cadre d'une opération de titrisation lui permettant d'optimiser sa gestion financière ainsi que sa rentabilité économique.
Classification JEL : G19
L’arrangeur, conseiller du cédant
Authors: de Cormis Jean-Pierre , Roseau Isabelle 
Published: April 2013

The arrangers as advisors of the originators
Securitisation may achieve different purposes : raising finance, balance sheet liquidity, credit risk management, capitalrelief, or supporting business expansion. The arrangers advise on the design of the structure to meet the originator's priorities.
The French regulatory framework allows to obtain the desired goals using various techniques. They have to reconcile different constraints depending on the objective sought by the originator : the features of the assets, the appropriate accounting and regulatory treatment, the requirements of other participants involved in the transaction : the rating agencies, investors, insurers and liquidity providers. A successful transaction involves taking the management of the fund into account at the very early stages in order to ensure its long term viability.
JEL Classification : G19
Évolution et déterminants de la crédibilité de l’Union Monétaire Européenne durant la phase de transition : une étude comparative France, Italie et Grande-Bretagne
Authors: Bellando Raphaelle , Pfister Servane , Pollin Jean-Paul 
Published: April 2013

Dans cet article, nous nous intéressons à la crédibilité qu’accordaient les marchés financiers à l’entrée de certains pays (France, Italie et Grande-Bretagne) dans l’Union monétaire européenne, au cours de la période de transition. Pour ce faire, nous calculons un indicateur égal à l’écart de taux implicites en 1999 et en 2002 entre le pays et l’Allemagne. Après avoir examiné le profil temporel de ces écarts dans les années 1990, nous tentons d’en expliquer les variations. Pour la France, la crédibilité du projet de monnaie unique semble fondée sur le coût que le pays a accepté de supporter en termes d’emplois et de croissance perdus. Dans le cas de l’Italie, l’effort à consentir s’exprimait essentiellement par référence à l’Allemagne, ce qui tend à prouver que le processus de convergence s’est identifié en réalité à un alignement sur la situation allemande. Pour la Grande-Bretagne dont l’entrée n’est plausible qu’à l’horizon 2002, l’effet des variables est inversé : tout se passe donc comme si les marchés avaient considéré que l’entrée de la livre dans l’euro ne pouvait se concevoir qu’à condition que son coût économique ne soit pas trop élevé, ce qui ne fait que refléter les préférences affichées dans le discours de politique économique britannique.
Classification JEL : E43, F15
The Development of a European Prudential System
Authors: Aglietta Michel , Scialom Laurence , Sessin Thierry 
Published: April 2013

Financial markets are integrating fast with the advent of the euro. To cope with accrued competition, financial intermediaries have developed mergers. Credit and market risk are so correlated it poses problem to prudential regulation. This article proposes some ways of reforms.
JEL Classifications : G28
How Should the Powers of Regulatory Authorities be Established in Terms of Law
Authors: Frison-Roche Marie-Anne 
Published: April 2013

The financial authority, independent of the government and with quasi executive, legislative and judicial power, is like a monster in the French political system, but it could not be another way : the market regulator does not depend on the government because the latter, means of Treasury, is also an actor on the market. The principle of impartiality must prevail, but we need to find a new type of legitimacy to root the Authority’s power. It could come from the market itself. The foundation would be the contract between market and Authority. But the Authority must be able to overturn the will of the place, indeed to serve other interests. We can propose a legitimacy by rhetorical logic : the financial Authority may exercise its power legitimately because it is the arena which receives the arguments of different interests, adjudicates them, and would take decisions based on proof of objective and public reasonings. This third objective body would create Law from within the market. The failure to establish this would destroy the Authority’s legitimacy.
JEL Classifications : G18, G20