bluuebunny/crossref_metadata_2025_split huggingface dataset:
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.
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

<i>International financial cooperation : First Securities International Congress,
June 5th, 6th, 7th, 8th and 9th, 1900, in Paris</i>
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.
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.
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

<i>Banking Institutions : We are concerned about your soundness :
Synthesis of the Senate finance Commission work group report</i>
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.
Banques universelles et intégration financière internationale
Authors: Scannavino Aimé 
Published: April 2013

Universal banks and international financial integration
As a result of global finance, the reflection on universal banks (i.e. : those embracing all types of banking businesses) is currently acquiring a major importance. This article aims at analysing this banking model, taking into account potential efficiency gains and risks that could be incurred by a large diversification in banking activities. The relationship established between universal banks and the corporate world will also be analysed. Finally, the changes in the legal framework which could be required by these institutions' widespread success will be carefully studied.
Le financement des systèmes de retraite dans les entreprises publiques : une comparaison européenne
Authors: Hamayon Stéphane 
Published: April 2013

Financing state-owned corporations pension schemes : a european comparison
The financial equilibrium of the wage-earners pension schemes is, and it is well- known, seriously in danger on the medium-long run. This remark is true for wage-earners of the private sector, but particularly for the employees of the public sector or members of schemes so called « special » which are based on the population of a single firm, basis much narrower and therefore much more fragile than the basis of the firms of the private sector, which transfers concerning retirement are managed collectively.
The opening of the markets and the emergence of a strong competition in sectors which were untill now almost monopolistic, sets in worrying terms the problem of the handicap constituted by the retirement costs for companies endowed with special schemes.
The purpose of this article is, on one hand to analyse the different solutions, envisaged or already adopted in some foreign countries (United Kingdom, Sweden, Spain, Germany) by firms operating in sectors traditionally allotted to public companies which are opening up to the competition (Post, Telecom, Rail, Electricity) and, on the other hand, to sum up the situation about the French special schemes.