bluuebunny/crossref_metadata_2025_split huggingface dataset:
Le rôle des assureurs dans les financements de projets
Authors: Reboul Laure 
Published: April 2013

The role of the insurers in the financing of projects
The financing of projects was essential during the last twenty years as the solution of a very great number of infrastructures projects. The concept of balance of the risks is very quickly appeared essential to the success of these operations and the insurers thus became essential partners. However, the transfer of risks, certainly necessary, remained insufficient relative to the needs of this new activity. The world of insurance, and in particular the brokers, then developed programs of risk management. These programs are today very effective tools which bring modern solutions to which have the right to expect industry and finance.
L’impact de l’Union monétaire européenne sur la zone méditerranéenne
Authors: Arjona Roman , Steinherr Alfred 
Published: April 2013

The impact of European monetary union on the Mediterranean area
The creation of the European economic community is the most important economic fact of this second half of the twentieth century. This article aim is to present some consequences of the introduction of the euro principally on the Mediterranean area. We think that the introduction of the euro will have very important consequences on the countries of the Mediterranean area, so close to the EEC. The EEC constitutes the most important market for the Mediterranean countries and will exert on them important attraction phenomenon. The actually observed integration process, founded on trade, will be stimulated by the liberalisation of financial and commercial regime of these countries and will strength the existing financial relations. We expect that euro will replace dollar in the Mediterranean area as the financial instrument, as the reference currency, and the commercial currency. Main countries concerned by this profound evolution are analysed ; we shed light in this paper on Cyprus and Malta because of their small size, and on Morocco, Tunisia and Turkey because of the structure of their foreign trade.
Taux de change réel et croissance : Perspectives pour une zone euro en Méditerranée
Authors: Lahrèche-Revil Amina 
Published: April 2013

Real Exchange Rates and Growth, Some Prospects for a Euro Zone in the Mediterranean Area
The coming of the euro will force South Mediterranean Countries (SMCs) to define their exchange rate policy with respect to the new currency. This paper examines their real exchange rate policy vis-à-vis the euro. The theoretical framework allows for an underdevelopment trap, that can be overcome thanks to a temporary variation in the real exchange rate. The long run growth rate can therefore be modified through a temporary exchange rate movement. The empirical analysis shows that, given their level of development, SMCs could use their real exchange rate to grow more rapidly. This would not necessarily adversely affect their European partners. Hence, SMCs should, above all, prevent any real overvaluation of their currencies.
La localisation des activités financières vue d’Allemagne
Authors: Monteils Jean-François 
Published: April 2013

Cet article revient sur certaines spécificités allemandes concernant la localisation des activités financières. Le succès de la bourse de Francfort, en partie imprévisible, n’a pas levé certains freins à la globalisation des activités financières, malgré la volonté d’internationalisation de la bourse allemande. Une des forces de la Place de Francfort est d’avoir vu très tôt la nécessité d’alliances, même si les résultats n’ont pas été à la hauteur des ambitions.
Classification JEL : R38
Régulation et développement des places financières
Authors: Champarnaud François 
Published: April 2013

Le métier de régulateur consiste en un dosage permanent entre protection des investisseurs et compétitivité des places financières. Il s’agit de veiller à la sécurité des intermédiaires, à la qualité des produits et à la performance des systèmes. Au niveau de la coopération internationale, plusieurs organismes ont été mis en place, en particulier l’OICV. L’objectif est de renforcer la coopération entre les places, d’harmoniser les normes comptables et de faciliter la lutte contre la fraude.
Classification JEL : G18
Le point de vue d'un expert en notation à propos des places financières : une interview de François Veverka
Authors: Veverka François 
Published: April 2013

Interview
In this interview, F. Veverka presents the factors that can influence an issuer in its choice of a financial centre ; The two most important factors are the depth of the market, and the quality of research. Fiscal aspects, for instance, don’t seem that important.
JEL Classification : G23
Les places internationales d’assurance
Authors: Mérieux Antoine 
Published: April 2013

La localisation des activités d’assurance, trop souvent passée sous silence dans la problématique de la place financière, est présentée dans cet article, qui met l’accent sur la nouvelle concurrence rencontrée à l’heure actuelle dans ce secteur par Londres. C’est le cas tout particulièrement des Lloyds, qui connaissent de nouvelles pertes et ont perdu depuis quelques années d’importantes parts de marché au profit d’autres places et notamment les Bermudes.
Classification JEL : G22
La recherche en finance de marché
Authors: Davydoff Didier 
Published: April 2013

La recherche en finance de marché est un facteur d’attraction pour une Place financière. La comparaison avec la recherche américaine et la recherche britannique montre qu’il y a en France une recherche de qualité, capable par exemple de mobiliser des outils mathématiques ou statistiques sophistiqués. Mais la recherche française est tributaire, comme d’ailleurs une grande partie de la recherche mondiale, des réseaux de diffusion et d’évaluation basés aux États-Unis. Le processus de sélection des revues et des conférences américaines, même contesté, présente l’avantage, pour les chercheurs américains d’organiser un véritable marché des travaux de recherche et donc de faciliter leur financement. Mais l’influence de ce marché dépasse les frontières américaines. La recherche française souffre en outre de maux qui lui sont propres : le cloisonnement excessif des filières, l’insuffisance des incitations financières pour les chercheurs et l’insuffisance de moyens des laboratoires. La Place de Paris pourrait contribuer à diminuer ces deux derniers handicaps.
Classification JEL : A23
Recherche académique et places financières : la relation nécessaire
Authors: Thiry Bruno 
Published: April 2013

Cet article se propose de donner quelques éléments d’analyse sur les relations qui peuvent exister entre des grandes écoles de gestion et une place financière, quand elles sont proches sur le plan géographique. Le cas de la City, et de trois écoles phares (LES, LBS et CUBS) est abordé ici. L’auteur conclut sur les enseignements que peut en tirer la Place de Paris, et sur les mesures à mettre en oeuvre en France : mise en places ou développement de chaires, de fonds de recherche...
Classification JEL : A23
Le Forum of European Securities Commissions (FESCO) : une première réponse aux besoins de régulation du marché unique des services financiers
Authors: Demarigny Fabrice 
Published: April 2013

Fesco (Forum of european securities commissions) : a preliminary answer to regulatory needs in the european markets of financial services
This article describes the role of Fesco. It allows regulators to express their viewpoints to european authorities, and to establish standards. Fesco has concentrated its actions on four issues : financial operations, market organisation, financial intermediaries, and market integrity.
Classification JEL : G18
Réglementation des retraites privées : le cas du Royaume-Uni
Authors: Davis E. Philip 
Published: April 2013

Regulation of private pensions : a case study of the UK
There are three economic justifications to the regulation of pension funds : information assymetries, a too important market power, and externalities (due to systemic risk). In this article, the author thinks that the English regulation is adequate.
Classification JEL : G23, G28
Les modèles d’assurance des dépôts. Présentation du nouveau système en vigueur en France
Authors: Mathérat Sylvie , Oung Vitchett 
Published: April 2013

Deposit insurance
Although deposit insurance schemes are theoretically redundant with capital adequacy standards, experience showed that a system combining both approaches was necessary in maintaining financial stability. Applications of regulations on the subject vary in countries concerned. As regards deposit insurance schemes however, models implementing risk related premium - more effective but more costly to maintain - are developing. The new French deposit insurance scheme is in line with this trend, by establishing deposit insurance premia which are based not only on deposits but also on the level of risk specific to each credit institution. The level of risk is determined by different parameters which are solvency, profitability, risk diversification and transformation.
Classification JEL : G28
L’assurance des dépôts, un instrument de la régulation bancaire
Authors: Morel Christophe-Alain 
Published: April 2013

Deposit insurance, an instrument of banks regulation
After reminding of the economic justifications of bank regulation, this paper pays particular attention to one of the instruments of this regulation, the deposit insurance. While offering a protection to the depositors, the deposit insurance would allow to prevent bank runs and thus reduce the occurrence probability of a systemic crisis. We present the features of such a scheme identified as « optimal » in the academic literature in the sense that they avoid moral hazard and adverse selection phenomena. Thus, ideally, the system should be public and compulsory for all banks ; the guarantee should be limited and all-in price ; the premium paid by the banks should directly depends on each bank’s risk level.
Classification JEL : G28
Rôle et caractérisation de l’analyse financière
Authors: Breton Gaétan , Schatt Alain 
Published: April 2013

The importance and characteristics of financial analysts
Financial analysts play a crucial role in a dynamic version of market efficiency. They process huge quantities of information including accounting numbers which importance is not yet clear due to the heterogeneity of analysts decision process. The value of their recommendation and forecasts is also no evidence. In summary, the work of financial analysts have some value which however is often obliterate by transaction costs.
JEL Classification : G29
Le prêteur en dernier ressort international
Authors: Figuet Jean-Marc 
Published: April 2013

The international lender of last resort
The financial markets globalization is characterized by contagious financial crises. The crisis internationalization justifies the definition of a new financial architecture. The emergence of an international lender of last resort is one of the main elements of this new architecture. The internationalization of the lender of last resort function is necessary to take note of the new financial environment. The question about the existence of an international lender of last resort can be dealt in two parts. In the first part, we examine the determinants of the lender of last resort function at the national level. A comparison between theory and practice is proposed. This analysis leads us, in the second part, to study the emergence and the conditions of intervention of the international lender of last resort. In the light of recent financial crisis, the best solution is to coordinate national central actions through the impetus given by the Bank of international settlements.
JEL Classification : F34, F42, E44
Microfinance dans les pays du Sud : quelle compatibilité entre solidarité et pérennité
Authors: Guérin Isabelle 
Published: April 2013

Microfinance in the developing countries
The current emphasis on financial sustainability can not be dissociated from the solidarity issue. This paper utilizes case studies to explore the compatibility between sustainability and solidarity. With regard to the risks issues, group lending schemes seems to be the best solution. A high degree of social connectedness facilitates action, coordination, effective sanctions and reduction of transaction costs. But empirical evidences give some insights on the conditions under which groups perform well or badly. With regard to the costs issues, two alternatives are considered : self-management programs and partnerships between financial institutions and associations. In the first one, sustainability and solidarity are joined together. In the second one, they are dissociated.
JEL Classification : D63, O16
Vente à perte dans le secteur bancaire et avantage concurrentiel des banques mutuelles et coopératives
Authors: Jaeger Mireille 
Published: April 2013

La question posée dans cet article porte sur l’existence d’un avantage concurrentiel éventuel bénéficiant aux mutuelles ou coopératives bancaires, vis-à-vis des banques à statut de sociétés anonymes (banques-SA). Cet avantage tiendrait à la possibilité qu’ont les mutuelles de ne pas rémunérer leurs fonds propres au taux du marché, du fait des péréquations qu’elles peuvent effectuer entre leurs partenaires, sociétaires, emprunteurs, déposants, qui sont souvent confondus et sont l’objet de subventions croisées. On démontre alors que pour optimiser la situation de ses sociétaires, une mutuelle doit annuler la rémunération de ses fonds propres pour diminuer le plus possible le taux des crédits qu’elle leur consent. Ce taux correspond à un tarif de vente à perte pour les banques-SA, contraintes de s’aligner pour conserver leurs parts de marché, mais incapables à ce tarif, de rémunérer normalement leurs actionnaires. En France, cet avantage concurrentiel des mutuelles, qui en pratique est relativement limité, n’a pas provoqué de bouleversement dans les parts de marché du crédit. Il semble se traduire plutôt par une accumulation de réserves libres en capital, qui les place en position stratégique favorable dans les opérations de restructuration.
Classification JEL : G21, L13
What Prudential Surveillance for the Financial Services Industry?
Authors: Plihon Dominique 
Published: April 2013

This article deals with two sets of questions : what should be the fundamental principles of prudential regulation ? And : is there an optimal form of prudential regulation ? What should be the role of central banks ? Should there be one and only institution (as in UK with the FSA) ? The answer depends on the way you consider markets : if there is indeed imperfection, public regulation should be important.
JEL Classifications : G18, G20
Prudential Control: Private Rule in the Regulation of Global Finance
Authors: Chavagneux Christian 
Published: April 2013

The rules established by the Basel Committee on Banking Supervision do not seem to provide the condition for a safe international financial system. After the creation of an international public rule, the Cooke ratio, in the 1980s, financial supervisors have left to the private sector the authority to write the new regulatory standards of the 1990s. The new rules ended up with a weaker quality of risk supervision. In spite of that result, the Basel Committee is now following the same logic in credit risk operations. Paradoxically, this contribute to make international finance a zone of international ungovernance.
JEL Classifications : G28
Regulating Financial Conglomerates
Authors: Visnovsky Frédéric 
Published: April 2013

The international debate on financial conglomerates is expected to lead to the adoption of a European Directive on conglomerates in the near future. The unique characteristics of the banking and insurance sectors call for such a Directive to be based on preserving the rules that apply to each sector and the specialized agencies charged with supervising each sector. The new directive should ensure that regulation better takes into account that certain conglomerates are structured, it should set forth universal rules for assessing the risks borne by conglomerates, and it should reinforce existing principles for coordination and information-sharing between sectoral supervisors.
JEL Classifications : G20, G28
Deposit Insurance as a Tool for Banking Supervision
Authors: Morel Christophe 
Published: April 2013

After reminding of the economic justifications of bank regulation, this paper pays particular attention to one of the instruments of this regulation, the deposit insurance. While offering a protection to the depositors, the deposit insurance would allow to prevent bank runs and thus reduce the occurrence probability of a systemic crisis. We present the features of such a scheme identified as « optimal » in the academic literature in the sense that they avoid moral hazard and adverse selection phenomena. Thus, ideally, the system should be public and compulsory for all banks ; the guarantee should be limited and all-in price ; the premium paid by the banks should directly depends on each bank’s risk level.
JEL Classifications : G28
Le gouvernement d’entreprise : évolution en France depuis le rapport Viénot de 1995
Authors: Charléty Patricia 
Published: April 2013

À l’origine des réflexions sur le thème du gouvernement d’entreprise se trouvent des questions suscitées par l’évolution des marchés financiers, le développement des opérations de fusions-acquisitions et le rôle joué par les fonds de pension. La vague d’OPA hostiles des années 1980 a provoqué d’intenses débats dans le monde anglo-saxon à propos du corporate governance. Ce texte expose ce qu’il en est en France depuis le rapport Viénot de 1995.
Classification JEL : G23, G34, K29, L20
De la « pension governance » à la « corporate governance » : la transmission d’un mode de gouvernement
Authors: Montagne Sabine 
Published: April 2013

From Pension Governance to Corporate Governance
This article compares corporate governance with the relationships between pension funds and investments managers. Corporate governance can be viewed as a consequence of the pension industry reorganisation, which occurred in the 1970s and 1980s, in so far as corporate governance borrows the same organisational principles. The history of this inheritage has three steps. Firstly, new rules have governed pensions funds since 1974. These rules have been a strong incentive to transfer the investment decision to investment managers. Secondly, at the same time and partially because of this transfer, these investment managers reorganised their decision-making process. Third, the consequence is that these investment managers, as shareholders, changed their relationships to the managers of the corporate firms.
JEL classifications : G23, G30, K29, L20
Le développement de l’assurance-vie en France : analyse et implications pour le système financier et le gouvernement d’entreprise
Authors: Boutillier Michel , Pansard Fabrice , Séjourné Bruno 
Published: April 2013

Life Insurance in France : Implications on Financial System and Corporate Governance
For twenty years, French household have more and more in life insurance’s savings. This article deals with the consequences of this phenomenon on structures of the financial system and properties of corporate governance.
JEL classifications : E21, G30
Gouvernement d’entreprise et innovation
Authors: Rubinstein Marianne 
Published: April 2013

Corporate Governance and Innovation
Any attempt to address the relationship between corporate governance and innovation needs to distinguish the organisational and the institutional level of analysis. At the organisational level, the economic literature doesn’t give any response, as theories of the firm focusing on governance issues (whether it is shareholder or stakeholder model) fail to take into account the innovation process. At the institutional level, the author argues that the « short-termism bias » of outsider systems is not a convincing argument in favour of insider systems and that these two different corporate governance structures may help or hinder different types of innovations and investments.
JEL classifications : G30, D29, O31
Les restructurations bancaires : un processus de rattrapage
Authors: Plihon Dominique 
Published: April 2013

Les mouvements de restructurations dans les secteurs de la banque et de la finance sont, en grande partie, attribuables au processus de globalisation financière qui oblige les établissements bancaires et financiers à s’adapter pour demeurer compétitifs. Ces restructurations s’avèrent alors proches de celles poursuivies dans les autres secteurs industriels. Tout en profitant principalement aux actionnaires, et dans une moindre mesure aux usagers, elles ont un impact défavorable sur l’emploi. En effet, les causes de ces restructurations reposent principalement sur la recherche d’une taille critique et d’un pouvoir de marché, de l’efficacité et d’économies d’échelle. Ces profondes mutations posent donc la question du futur modèle de banque et de sa supervision par les autorités de tutelle.
Classification JEL : G21
Y a-t-il une réponse collective possible face à un risque individuel d'exclusion bancaire ?
Authors: Boutin Marie-Eve 
Published: April 2013

Is there a possible collective reply to an individual risk of banking exclusion ?
Is it possible to talk about the banking exclusion without considering the collective responsibility of the financial sector with regard to this risk above all individual ? Concerning the European legislation, this article makes public aware of a necessary compromise between the application of competition rules and the protection of a social cohesion. From concrete examples of six countries (Germany, Austria and Sweden, Great-Britain, United States, Finland), this article shows :
- the importance for every actors of the financial sector to take account of the risk of financial exclusion, for fear of breaking a social tie
- the necessary participation of the private sector to each people’s bancarisation
- the organisation of competition rules which guarantees the largest and the most accessible supply
- a caution and a real ability of anticipation required for long term solutions.
JEL classifications : G21
Discussion sur l'article « Système financiers et régimes de croissance »
Authors: Plihon Dominique 
Published: April 2013

Cette article soulève quelques interrogations relatives aux réflexions de M. Aglietta. En ce qui concerne le contrôle exercé sur les entreprises, comment distinguer le contrôle par le marché boursier et le contrôle direct par les actions effectué par les investisseurs institutionnels ? Par ailleurs, l’auteur pose la question de savoir si la finance globalisée est compatible avec des cohérences sociales et territoriales très différenciées. Enfin, M. Aglietta propose de distinguer les actionnaires majoritaires et les actionnaires minoritaires suivant leurs objectifs. Cette distinction est-elle véritablement pertinente ?
Classification JEL : G15, G32
La transition a été globalement un succès et l'élargissement est une opportunité pour l'Europe
Authors: de Larosière Jacques 
Published: April 2013

Transition has been an Overall Success and Enlargement is an Opportunity for Europe
The process of transition is an overall success. If we look at the way in which macroeconomic balances have been largely restored and consider inflation rates, budgetary discipline and monetary stability, it can be seen that the trend is very positive. With respect to structural elements, it can also be said that it has been a success. These results have been accompanied by a thoroughgoing redirection of trade flows from east to west. This is one of the most substantial changes in modern economic history. For these reasons, enlargement is an opportunity for Europe. It is important, not to compare per capita income, but to examine the state of structures and of the institutional and legal environment that provides a potential for sustainable growth. And financial stability and macro-economic discipline should be included in that environment.
JEL classifications : F15, P20