bluuebunny/crossref_metadata_2025_split huggingface dataset:
Le financement de l'industrie : différenciation ou homogénéisation ?
Authors: De Bandt Olivier 
Published: April 2013

The financing of Industry : divergence or convergence ?
A comparative analysis of the financial structures of the industrial firms in Japan, Germany, United States, United Kingdom and France, from 1971 to 1983, enables to verify the main conclusions of the theories that show great differences among countries in the relations between finance and industry (banking selection methods, provision of venture capital...). Nevertheless History shows the succession of periods of convergence and divergence between countries and a new phase of international convergence seems to have taken place since the first quarter of the 80's. On the one hand, this is a consequence of the transformation of the industrial sector, in relation with productive and financial investment. On the other hand, there is a greater similarity in the methods of public intervention of the financial system, in favor of industry, as a consequence of deregulation.
Analyse du krach : le rétroviseur embué
Authors: Cicurel Michel 
Published: April 2013

An analysis ot the crash : the misted rear-view mirror
Six months after the crash of october, no consensus has emerged on the mechanics of the crash of the stock market and thus on predictions. Amongst the determinants of the crash, economic (the twin U.S. deficits), monetary (the dollar behavior and the break down of the Louvre Agreement), financial (the recovery of long term rates of interest), or instrumental (the new financial instruments), none must be considered to have provoked the crisis. All these determinants reproduces today exactly the pattern they showed at the time of the crisis, but the market are well-behaved. We have again the proof that the relevance of the usual criteria of stock market diagnosis and forecasting remains inadequate. The endogeneous mechanics of the "financial sphera" stand as a field who remains almost completely to explore.
EDI et gestion électronique des factures
Authors: Brisac Juliette , Hitti Abdallah , Nakache Gérard 
Published: April 2013

EDI and electronic invoice management
The development of Electronic Data Interchange (EDI) should have a major impact on inter-company relations and on the banking business. Transferring structured information in the form of standardised messages between different corporate software applications is now used by many firms in order to optimize their logistics (transport, inventory management, etc.). This kind of exchange, however, is now being extended to the area of financial management and is finding a highly favourable field of application in receivables management. The main interest of Electronic Invoice Management is to give greater security to customer accounts management and its development should help provide better control over payment terms. Yet the electronic management of financial information flows could lead to a much greater revolution in the form of "virtual banks". The time has now come for financial institutions to take full stock of what the consequences will be.
L'automatisation des back-offices de marchés ou la longue marche vers les autoroutes de l'information
Authors: Andrieu Philippe , Ravisé Jean-Pierre 
Published: April 2013

Back office automation : while waiting for the information highway...
Over the last ten years, back office departments have been obliged to face the consequences of market explosions both in terms of volume and creativity. Because of the increasing complexity of transactions, and their internationalisation, it is necessary to considerably change the role of these departments, from now on, by making them assume responsibilities concerning the supervision and follow up of operations. This implies that, within each institution, organisations and information systems should be reconsidered. Parallel to this, the development of international standardisation between different players and the implementation of over the counter practices usher in a new era for these departments which will, from now on, introduce new information highway possibilities.
Motivations économiques et financières des augmentations de capital : Une étude empirique sur le marché français
Authors: Sassenou Mohamed , Vai Christine 
Published: April 2013

Economic and financial reasons for capital increase : an empirical survey on the french market
Today, cash capital increase has become an essential way of financing a booming company. Theoretically, several explanations can justify this. We shall therefore try to see from an empirical point of view which are the economic and financial reasons that can make a company resort to these kinds of operations. Cash requirements and cash flow weakness are among the main reasons justifying this financing choice.
Le point de vue théorique
Authors: Rochet Jean-Charles 
Published: April 2013

The theoretical point of view
The banking theory has undergone a significant renewal over the last twenty years. The introduction of both the asymmetric information paradigm and the industrial economic tools has paved the way for the emergence of a true banking microeconomic theory, which has obviously focused on banking service pricing.
However, it is not easy to study this pricing, mainly because of economies of scale existing among major banking areas, such as : means of payment management, cash insurance, credits to economy and financial transformation. The traditional analysis of these activities (as well as justifications of banking regulations) relied on the existence of « technological » transaction costs and on the absence of developed financial markets. These assumptions are probably not adapted to the future banking world : are we going to see the development of diversified and specialised banks either on management of means of payment and liquidity, or on credit activity ? Some theoretical arguments lead us to think of a « reshuffling » of commercial banks as suppliers of multiple financial services, capable of satisfying the ever more complex needs of their customers.
Le coût du crédit : facteurs normatifs et conditions de marché
Authors: Ledoux Bertrand , Berrebi Laurent 
Published: April 2013

Credit cost : standard factors and market conditions
The Governor of the Bank of France has recently stated that in France, at present, credit pricing is not entirely reflecting the cost of its different components and that market regulations are not operating satisfactorily. Based on this assertion, this article deals first with four main elements taking part in credit cost assessment : financial resources, management charges, risk cover and earmarked capital. For each of them, some problems related to cost measurement are being dealt with. Secondly, some specificities of competition mechanisms on the credit market are being analysed, be they typical of the market in general or purely French mechanisms. These specificities enable to explain the reasons why a credit selling price may, at least on a temporary basis, not entirely reflect its cost. This analysis also leads to some comments on macroeconomic consequences of credit underbilling and on the necessary, but not sufficient, conditions for a better working of regulation on the credit market.
Des taux anormalement bas ?
Authors: Ullmo Yves 
Published: April 2013

Le développement de campagnes de publicité pour les particuliers, de prêts aux entreprises à des taux inférieurs au seuil de rentabilité et dans certains cas à ceux des placements sans risque de durée équivalente, constitue une concurrence destructrice qui joue finalement au détriment des emprunteurs et fragilise le système bancaire. L'extension au secteur bancaire de la réglementation générale de la concurrence (revente à perte) ou de la jurisprudence sur la concurrence déloyale ne peut constituer un remède pour des raisons à la fois pratiques et de principe. La spécificité des banques, c'est-à-dire la gestion du risque, en l'espèce de crédit, conduit à retenir une démarche à objectif prudentiel. Celle-ci devrait s'exercer par la mise en place, à la demande des autorités prudentielles, de systèmes de contrôle interne des différentes catégories de risque, et par le contrôle, par ces autorités, de l'existence, du fonctionnement et de l'efficacité de ces systèmes de contrôle interne.
L'analyse économique conduit à retenir comme critère de taux anomalement bas, servant de référence dans le contrôle interne, le coût d'opportunité, c'est-à-dire le taux du placement sans risque de durée équivalente à celle du crédit, majoré d'une prime de risque minimale correspondant au risque moyen encouru. Cette recommandation, formulée dans un rapport du Conseil national du crédit, s'est traduite par une lettre du Gouverneur de la Banque de France, Président de la Commission bancaire au Président de l'AFEC, suivie d'une instruction d'application de la Commission bancaire.
Le régime des retraites des fonctionnaires civils avant la loi de « budgétisation » du 8 juin 1853
Authors: Thiveaud Jean-Marie 
Published: April 2013

Civil servants' pension scheme, back to the june 1853 budgeting law
Social debate in France is bringing the question of civil servants' pension scheme back to discussion. The current system guidelines were set up in 1853. It seemed interesting to go back to the beginning of this scheme, which was created at the start of the French Revolution, in 1790, and to consider the different models applied until 1853. We will thus be able to see the recurring difficulties in negotiation and arrangements, as well as the variety of solutions worked out, among which the most interesting one is probably that which foreshadows modern pension funds, the technical choice range between self-contributory pension scheme and distributory pension scheme, etc. However, one issue has remained unchanged : civil servant's pension scheme is the solidarity symbol between the Government and its agents. Hereupon, all compromises can be easily devised.
La responsabilité du chef d'entreprise dans la société
Authors: Guth Wilfried 
Published: April 2013

Le chef d'entreprise occupe une position sociale importante et peut exercer une influence toute particulière dans tel ou tel domaine de la société. Cette position et cette influence ont pour contrepartie certains devoirs mais aussi des responsabilités vis-à-vis de la société tout entière.
Pourtant, aujourd'hui encore, une question demeure.
Le chef d'entreprise doit-il seulement s'acquitter de sa tâche dans l'entreprise et au-delà faire preuve d'une certaine réserve, ou au contraire, son horizon dépassant le champ de l'entreprise, exercer son influence sur la société, tout en gardant à l'esprit les responsabilités qui sont les siennes ?
Autour de cette question, c'est un ensemble de réflexions sur le rôle du chef d'entreprise dans la société qui sont développées dans cet article.
La coopération internationale entre autorités de contrôle bancaire
Authors: Fort Jean-Louis 
Published: April 2013

Face à l'internationalisation des activités bancaires, les autorités de contrôle ont renforcé leur coopération dans le double but d'assurer une surveillance efficace des banques et d'harmoniser les conditions de concurrence. Au niveau international, le Comité de Bâle sur le contrôle bancaire, créé dès 1975, constitue la principale structure de coopération des autorités de surveillance bancaires. Le concordat de Bâle organise la répartition des responsabilités et les échanges d'informations entre contrôleurs des groupes bancaires d'envergure internationale ; il a élaboré pour ceux-ci les normes minimales d'adéquation des fonds propres. Au niveau européen, la réalisation du marché unique bancaire, fondé sur les principes de la reconnaissance mutuelle et de la surveillance par le pays d'origine, s'est accompagnée d'une harmonisation poussée des conditions d'exercice de l'activité bancaire et de réformes institutionnelles favorisant
les échanges d'informations prudentielles, ce qui assure à l'ensemble un fort degré de convergence. L'évolution des marchés et l'essor des conglomérats financiers appellent néanmoins une coopération entre les autorités de surveillance responsables des établissements de crédit, des entreprises d'investissement et des compagnies d'assurance.
L'organisation de la coopération entre institutions privées : le cas de l'Institut de Finances Internationales
Authors: de Lattre André 
Published: April 2013

Cooperation organization between private institutions : The Institute of International Finance case
The Institute of International Finance was created by private banks which, since 1983, have decided to harmonize their efforts in the fields of documentation, reflection and negotiation in order to deal with the crisis involving developping countries' debt. This flexible institution, located in Washington DC, has contributed to solving problems caused by international debt over the 80's. Today, it is focusing on new subjects of concern, such as : derivatives, prudential ratios, emerging markets...
Adapter la régulation aux marchés : l'avis d'un spécialiste
Authors: de Saint-Aignan Patrick 
Published: April 2013

Les marchés financiers se sont développés de façon considérable au cours de ces vingt dernières années. L'auteur, Président de Morgan Stanley SA à Paris, fondateur et ancien Président de l'International Swaps and Derivatives Association, s'interroge sur la réponse que doivent donner les régulateurs dans ce contexte de mondialisation accrue. Après avoir examiné les avantages et inconvénients de l'harmonisation, il envisage une voie intermédiaire entre l'uniformisation forte des standards internationaux et le développement non coordonné des régulations nationales. Il propose une approche commune de la régulation qui pourrait se développer dans les domaines suivants : renforcement de la notion de superviseur de référence, adoption de mesures du risque comparables par types de risques plutôt que par produits, promotion de lignes directrices pour le contrôle interne, efforts de mise à jour des principes comptables et amélioration de
l'information financière.
Définir la déontologie financière
Authors: Eliet Guillaume 
Published: April 2013

Defining a financial code of ethics
For many years now, the words « moral », « ethics », « deontology » have made an appearance on the financial scene. Being aware of the ethical requirements of their activity, many financial institutions have set up an in-house team of deontologists in charge of defining and controlling professional behaviour. New standards have been applied, which are not only composed of codes of behaviour, but also of work done by regulators and even legislators. These heterogeneous texts and the systematic use of the deontology concept by market participants have brought about some confusion in jurist's minds, which until today have been unable to legally define this idea. This article aims at presenting this situation and proposing some areas of reflection.
Prix du risque et rationalité
Authors: Munier Bertrand 
Published: April 2013

Price of risk and rationality
The price of risk is a notion which people often perceive as a vague one. Yet, the relevant concept is a very precise one, which the theory of rational decision making has developed for a quarter of a century, as this survey article recalls. Economic theory as well as financial theory suggest evaluating techniques of risky projects which are consistent between themselves and are consistent too with the price of risk concept. Opposite opinions emerge now and then, but contain errors, as the article argues and explains in the light of recent results of specialized research. Nevertheless, practical as well as theoretical considerations have lead to generalizations of those concepts based on experimental research on rationality under risk and on the development of markets, in particular of financial markets. The aim of this article is to present such generalizations without rejecting the bulk of theoretical achievements in this domain.
Le risque bancaire : un aperçu théorique
Authors: Chiappori Pierre-André , Yanelle Marie-Odile 
Published: April 2013

Banking risk : a theoretical approach
This article proposes a brief survey of the theoretical literature about banking risk. First of all, we analyse risks related on one hand to the structure of bank assets, and on the other, the nature of their liabilities. We conclude that the specificitiy of banking risks mainly comes from the interactions between both sides of the balance sheet. In order to illustrate this point of view, we particularly study two problems : the forms of inter-banking competition and the danger of a destructive competition, and the bank's risk-taking behaviour.
Défaillance des marchés financiers et risque systémique
Authors: Aglietta Michel 
Published: April 2013

Financial markets' failures and risk of system
In the recent years, very various financial and derivative markets have been hit by a succession of disorders. In this paper, we review different periods during which volatility and liquidity problems have increased significantly, with potential repercussions likely to result in a risk of system.
Converging lessons can be drawn from these various episodes as regards the origins of risk of market. Three main factors stand out, that may have aftereffects : a destabilizing dynamics of prices under conditions of stress, the difficulties to estimate credit risk and the vulnerability to an illiquidity crisis.
There exists parades to market risk. The more important are the use of an internal model of risk evaluations for elaboration of prudential rules, the authorities' recommandations regarding the appropriate disclosure of the market risk and credit risk characteristics, the elaboration of catastrophe scenari and more constraining capital requirements to market risks.
Produits dérivés, contrôle des risques et réglementation
Authors: Jouini Elyès 
Published: April 2013

Les pertes récentes liées à l'utilisation de produits dérivés révèlent des problèmes de contrôle de ces opérations au sein même des entreprises et des institutions financières. La complexité croissante de ces produits, qui font l'objet d'une innovation permanente, rend leur maîtrise difficile. Le manque de transparence sur ces opérations rend encore plus délicate la surveillance opérée par l'extérieur et la protection des intérêts des actionnaires, des salariés, des contreparties... Pourtant, ces produits peuvent certes être générateurs de risques macroéconomiques mais permettent également d'améliorer l'efficience des marchés en permettant une meilleure allocation des ressources et des risques.
L'accumulation récente d'erreurs de manipulation liées à l'utilisation de ces produits plaide en faveur d'une réglementation accrue. Pourtant, un cadre réglementaire trop strict pourrait nuire à l'efficience du marché et brider le moteur de l'innovation. Au regard de ces réflexions, une adaptation du contrôle prudentiel est-elle nécessaire ?
Finance et Société. Table ronde à l'occasion de la présentation du « Rapport moral sur l'argent dans le monde 1996 »
Authors: Lagayette Philippe , Ploix Hélène , Charkham Jonathan P. , Pelletier Robert , Roma Giuseppe , Izraelewicz Erik 
Published: April 2013

How to re-establish confidence between society and finance ? How can we do away with fear in the face of the « tyranny » of financial markets, of changes in the banking system, and of the growing separation between finance and real economy ? In order to answer to these questions, the « Association d'Économie Financière » has organized a round table, on the occasion of the third edition of their « Moral Report on Money in the World ».
Based on questions raised by this annual collection of analysis and contributions by specialists from different fields, some financial market players have started to reflect upon matters related to money dealing and dysfunctioning.
Debating about a general subject « Finance and Society », participants have raised sensitive questions : corporate governance, the shift to « Euro », the war against money laundering, markets transparency, the assumption of an ethical chart for financial institutions world-wide.
Frequently reminded of their duties and responsibilities, financial players have recommended a better reciprocal knowledge and understanding between finance and society.
A.L.
Une introduction à l'étude de la rentabilité des établissements de crédit en France
Authors: Avouyi-Dovi Sanvi , Boutillier Michel 
Published: April 2013

An introduction to the profitability study of French credit institutions
The current difficulties of the banking system make it necessary to better assess banking profitability. Different profitability measures are calculated and discussed based on harmonised Profit and Loss Statements. Besides, a tentative explanation of profitability indicators is made through the estimation of a simplified model. This retrospective article provides an analysis of banking performance over the 1980-1995 period. On the other hand, as the study was centred on aggregate indicators, some current problems affecting the French banking system - provisions for certain risks, real estate crisis - are only briefly mentioned. However, this study succeeds in underlining the particularities of the French banking system.
La question de l'emploi dans les banques
Authors: Cossalter Chantal 
Published: April 2013

Employment in the banking sector
From the point of view of employment, the banking sector is today characterised by continuous staff reduction. This situation dates back to the middle of the 80's, but its magnitude is slight when compared to the major changes in banking activities which began long before that period. In the face of crucial changes in their environment, credit institutions have implemented new tools enabling them to react quickly to new production and exchange conditions, thus doing away with forecasts which once viewed « the banking sector as tomorrow's steel industry ». The author describes these evolutions taking into account their length, complexity and context, while emphasizing problems met as regards human resources and solutions provided.
Un point sur le financement de la retraite
Authors: Gaudemet Jean-Philippe 
Published: April 2013

Quatre ans après le constat dressé par le Livre Blanc sur les retraites du gouvernement de M. Rocard et deux ans après la loi du 22 juillet 1993 par laquelle le gouvernement de M. Balladur mettait en place une réforme des retraites du Régime Général, tandis que d'autres mesures étaient prises dans les régimes complémentaires, il était nécessaire de dresser un premier bilan. Tel a été l'objet du rapport du Commissariat général au Plan, « Perspectives à long terme des retraites », publié en octobre 1995 à la Documentation française, dont on trouvera, en ouverture de ce numéro, la synthèse des principales conclusions :
si les mesures prises contribuent à consolider les régimes par répartition du secteur privé, les perspectives financières restent sombres au-delà de 2005 et les régimes spéciaux font face à des situations dégradées ; par ailleurs, compte tenu de la parité fragile atteinte, en moyenne, par les niveaux de vie des actifs et des retraités, le souci de l'équité suppose un suivi attentif des évolutions à l'oeuvre. Dans ce contexte, l'épargne-retraite peut apporter un complément utile, à condition de ne pas perturber la consolidation engagée des systèmes par répartition.