bluuebunny/crossref_metadata_2025_split huggingface dataset:
The euro zone’s major economic equilibria
Authors: Pansard Fabrice 
Published: April 2013

This paper presents the macroeconomic and financial balances in the euro zone at the end of the years ninety. The stability of the saving rate in the euro zone and the light increase of its investment rate implied during the last years a continuous degradation of the current account. This almost balanced position distinguishes sharply from those of the United States and from Japan. The financial account in the euro zone presents on the other hand some weakened characteristics, more exactly important capital outflows with regard to direct investments and the purchases of shares. The paper ends with some perspectives of long term : the demographic ageing should not modify the volume of saving in the euro zone ; on the other hand, the financial innovation, by allowing a bigger exhibition of the financial assets towards share markets, could exercise a more significant influence (wealth effect).
JEL classifications : E10, E20
European households’ financing tables
Authors: Grillet-Aubert Laurent , Mpacko Priso Auguste 
Published: April 2013

The European System of Accounts (ESA 95) created an homogeneous accounting framework and harmonised concepts for analysing households’ saving behavior in Europe. For the most publicised indicators, comparable data is thus presently available in most of the EU countries. Against this background, households’ financing tables present the equilibrium between households’ resources and uses. They provide with a global view on the degree of convergence of the rates of saving, credit, financial and non-financial investment in European countries. On the side of resources, the credit rate appears to be the main source of variability of accumulation rates across countries. As far as uses are concerned, financial investment rates explain most of the changes in household’ accumulation rates.
JEL classifications : E20, M41
Taxation of Savings in Europe : a multi-product comparison
Authors: Laurent Thierry , L'Horty Yannick 
Published: April 2013

The purpose of this study was to draw up an inventory of European taxation on income from savings products. The methodological difficulties were substantial : tax rules are very diverse from one country to another, and there is no standardised definition of savings products at an international level. Furthermore, in each and for each savings product, tax can vary in accordance with the characteristics of the individual, the household or the structure of their portfolio. The process of confronting these difficulties consisted of two consecutive stages :
- in the first stage, all products of the savings type were defined and the tax rules in force for each product in each country studied ;
- in the second stage, taxations were compared by calculating the effective marginal rates of levy for each category or product and in each country, based on a common methodology.
JEL classifications : E21, E62, H20, H30, H87
European life insurance markets
Authors: Boubel Aurélie , Séjourné Bruno 
Published: April 2013

This study deals with the development of European life insurance markets. We insist on the reasons for this development through diversification of products and delivery networks. Because of the amounts concerned, insurance companies play a major role in transforming households’ savings. We then compare the asset allocations of insurance companies with those of pension funds.
JEL classifications : E21, G11
What does the future hold for life insurance in Europe?
Authors: Cornu Jérôme 
Published: April 2013

The key drivers of growth in the European life insurance market are undisputed : the persistent need for additional protection against risks, the desire on the part of savers to optimize their return on investment, and the ability of banking channels to capture an increasing amount of life insurance business. Moreover, we need to rethink the indicators we use to measure growth in the life insurance market. Premium income no longer appears to be the best indicator, and actuarial reserves and net income are increasingly used as relevant indicators of growth trends. Three major factors could adversely impact the European life insurance market in the next few years. First, there is the recurrent issue of whether or not to harmonize the tax treatment of savings in Europe, the way insurers react to stock market volatility, and the present and future impact of long-term investment products.
JEL classifications : E21, G11, M41
Investment funds : a growing role in financing European economies
Authors: Leclair Alain , Pardo Carlos 
Published: April 2013

This paper provides a detailed analysis of the growth of the European funds industry and its success in catching up with its US counterpart. The article also asks whether the rise in equity and equity-oriented funds - one of the most noteworthy developments of the past decade - signals a profound cultural shift in attitudes towards risk or is just a passing fad. It further investigates whether savers might adopt a more « balanced » approach between fixed-income funds and more equity-oriented instruments in the medium term in light of the stock market tumbles of 2000/2001. In addition, the article tries to identify the external and technical factors likely to play a role in the European fund industry’s growth in the years ahead.
JEL classifications : E21, G11
Specialized investment funds in Europe
Authors: Davydoff Didier 
Published: April 2013

After British investors at the beginning of the nineties, and American ones in the middle of the same decade, the launch of the euro led stock market investors of the euro area to start substituting a sectorial approach to the national one. During the period from 1996 to 2000, the share of sectorial funds - excluding property funds - increased to 9.5 % of overall equity funds in the euro area and reached more than 20% in Belgium, Ireland and Germany. Considering sector categories, sectorial fund’s growth over the period remains however strongly linked to the development of the new economy. Property funds, for their part, have gained more importance in Germany than in any other European country.
JEL classifications : E21, G11
Valuation of national wealth represented by unquoted shares : European harmonisation efforts and the state of play in France
Authors: Bardos Mireille , Chazelas Marc , Isnard René 
Published: April 2013

For decades, the valuation of unquoted shares has raised considerable difficulties for national accountants and national accounts users alike. While these shares represent huge amounts on the balance sheets of the main economic sectors, there is no objective way of determining their value in accordance with the general principles defined by international methodologies, as they are not priced on any stock exchange. The article describes first the early stages of French methodology and the harmonisation process in Europe, which resulted in the ESA 95. The second part assesses and compares, at a theoretical and practical level, different ways of interpreting the ESA 95 guidelines. The third part is devoted to a statistical survey which enables us to compare, at these levels, the various estimates of French assets in unquoted shares, for 1998 and 1999.
JEL classifications : E20, M41
Postsocialist Transformation
Authors: Kolodko Grzegorz W. 
Published: April 2013

The postsocialist systemic transformation is a historic process of gradual transition from centrally-planned socialist economy based on the domination of state ownership and bureaucratic regulation to capitalist free-market economy based on the domination of private ownership of the means of production and on liberal deregulation. It is an incredibly complex process, which depends on and has a bearing on factors of not only economic, but also social and political significance. Economically, the transformation consists of three parallel, interconnected processes : liberalisation and macroeconomic stabilisation ; institution building ; microeconomic restructuring. Only when these processes take place in an integrated fashion do we witness a systemic transformation, that is, the abolition of the old system and its replacement by a new one. The author analyses this concept in eastern economies.
JEL classifications : P20
Social Aspects of Transition
Authors: Snoy Bernard 
Published: April 2013

This article examines several aspects of the standard of living in transition countries and shows how developments have differed not only across the region but also across gender, age and social groups. The most striking feature is the substantial increase in mortality -particularly among adult males. While mortality rates have begun to fall in recent years, their dramatic increase in the first phase of transition was an indication of the extent of social upheaval. An examination of the incidence of poverty reveals that the poor are concentrated in households with many children and those dependent on pensions or other State benefits. The great challenge for governments in coming years is to provide an environment enabling these social groups to become integrated into the market economy and to design social protection mechanisms that are both well targeted and affordable.
JEL classifications : I00, P20
Encore de sérieuses zones d'ombre dans nos connaissances
Authors: Babeau André 
Published: April 2013

L’étude des comportements d’épargne et d’accumulation patrimoniale des ménages requiert un nombre considérable d’informations. Celles-ci doivent être harmonisées d’un pays à l’autre. Malgré les progrès effectués en Europe avec l’introduction du nouveau système de comptes, des lacunes importantes subsistent. Du seul point de vue macroéconomique, certaines de ces lacunes correspondent à des parties du cadre comptable qui ne sont pas encore documentées : absence d’informations sur les patrimoines non financiers, caractère incomplet des comptes de patrimoines financiers. Certaines lacunes débordent le cadre même des comptabilité nationales : transactions sur les logements anciens, remboursements d’emprunts, distinction dans les contrats d’assurance-vie entre les contrats à taux d’intérêt garanti et les contrats en unités de compte (unit linked).
Classification JEL : C82, E20, M41
La fiscalité de l'épargne en Europe : une comparaison multi-produits
Authors: Laurent Thierry , L'Horty Yannick 
Published: April 2013

Cet article propose une méthode simple pour calculer les taux marginaux d’imposition effectifs (TMIE) associés aux revenus de l’épargne. La méthode est appliquée à onze pays européens et aux États-Unis sur sept familles de produits d’épargne pour les fiscalités en vigueur en 2001. On montre ainsi que les réformes des années quatre-vingt-dix n’ont pas suffi à impulser une convergence des fiscalités nationales en Europe. Des différences importantes subsistent entre les pays pour des produits similaires et entre les produits pour un même pays. L’usage de la progressivité des prélèvements apparaît également peu cohérente au niveau européen : des fiscalités progressives existent pour des produits différents dans des pays différents, que le niveau des impôts y soit faible, moyen ou élevé.
Classification JEL : E21, E62, H20, H30, H87
Quelles perspectives pour l'assurance-vie en Europe ?
Authors: Cornu Jérôme 
Published: April 2013

Development of Life Insurance in Europe
The article entitled « The European Life Insurance Markets » is very interesting because of information it presents and the analysis of life insurance development. The studied data are collected by the European Board of Insurance (Comité Européen des Assurances). This article tries to explain difficulties to collect data and presents additional information.
JEL classifications : E21, G11, M41
L'évaluation des fonds propres des sociétés non cotées
Authors: Dietsch Michel , Weill Laurent 
Published: April 2013

The Evaluation of the Equity of all Non-Listed Companies
The aim of this study is the evaluation of the equity of all non-listed companies in five big countries : France, Germany, Italy, Spain, United Kingdom. This work contributes to a better knowledge of the value of the wealth of households, held as such equity. We present a homogeneous measure of the accounting value of equity of non-listed companies, based upon the use of extensive databases, private (Amadeus, Osiris) and public (Bach). The evaluation shows a very large amount of equity for non-listed companies in Germany. France, Italy and the United Kingdom follow with quite similar levels, Spain owning a lower amount. The evaluation then leads to amounts of equity for non-listed companies in accordance with the economic importance of each country, but also with the kind of financial system more or less oriented towards financial markets.
JEL classifications : E21, E22, G10
Banques mutualistes et systèmes financiers : une analyse comparative Allemagne, Grande-Bretagne, France
Authors: Labye Agnès , Lagoutte Christine , Renversez Françoise 
Published: April 2013

Selon la littérature récente, les banques mutualistes seraient caractérisées par un objectif d’utilité sociale par opposition à l’objectif de rentabilité des banques ordinaires. Nous confrontons cette perspective à l’analyse des banques mutualistes de trois économies européennes (allemande, britannique, française) qui présentent chacune de fortes spécificités. Dans ces trois cas les banques mutualistes représentent des parts significatives du chiffre d’affaires bancaire et une rentabilité comparable à celle des banques ordinaires. La rentabilité des banques mutualistes va ainsi à l’encontre de l’analyse d’Allen et Gale (1995-2000) qui avancent que le statut mutualiste implique des coûts d’emploi plus lourds que ceux du secteur commercial. Les banques mutualistes étudiées constituent une particularité du système financier européen dont l’évolution récente ouvre des perspectives favorables.
Classification JEL : G21, L2
Le statut de coopérative est-il source d’efficacité dans le secteur bancaire ?
Authors: Gurtner Emmanuelle , Jaeger Mireille , Ory Jean-Noël 
Published: April 2013

Is the cooperative ownership structure a factor of efficiency in banking firms ?
Some economists, especially American, consider that cooperative banks operate inefficiently, and that they will disappear. Using the same analysis than these authors, we try, in this paper, to explain the good performances of cooperative banks in France, comparing to stock banks. The relevant criterion which allows to set apart cooperative banks from stock banks is the ownership structure, and not the existence of a common bond. We then develop the consequences of the cooperative ownership structure of financial institutions. Cooperative banks appear to be able to compete efficiently with stock banks, even if the aim of the organisation is not the maximisation of the profitability for the capital owners.
JEL classifications : G21, L2
L’évolution récente et l’avenir du mutualisme dans le domaine de la santé en France
Authors: Le Scornet Daniel 
Published: April 2013

The recent evolution of mutual health insuring in France
In France three actors - mutual firms, contingency fund and insurance companies - complete the French Sécurité sociale benefits. They play a major role for the evolution of the whole system of social welfare and health. For a long time, we believed that the State played the most important role, we now notice that each of present actors has a strategic position. Even if they seem to be marginal, what their role can be decisive on the set’s evolution. In the health field, the mutual solidarity logic is determining for all the system.
JEL classifications : G22, L2
Cotation en Bourse et perspectives européennes : la cas du Crédit Agricole : interview
Authors: Carron René , Bastide Pierre 
Published: April 2013

Quotation on the stock exchange and European perspectives : the case of the Crédit Agricole
This interview of René Carron, President of the Fédération Nationale du Crédit Agricole, and Pierre Bastide, General Secretary of the Fédération Nationale du Crédit Agricole, explains the listing of the Crédit Agricole on the stock exchange, on December 14th, 2001. They also analyse the tools of growth for a mutual firm. René Carron and Pierre Bastide comment on the perspectives offered by this transformation, the problems of governance and the possible links with other companies.
JEL classifications : G21, G19, L2
Les taxes environnementales : un instrument d’incitation ou de financement ?
Authors: Barde Jean-Philippe , Cournede Boris 
Published: April 2013

Environmental taxes : an instrument of incentive or of financing ?
The need to implement effective and environmentally efficient environmental policies is becoming more and more crucial, notably in the fight against climate change. In this case, the « mechanisms of flexibility » envisaged by the Kyoto Protocol are precisely aimed at introducing an economic logic that is intended to respond to this requirement for efficiency. Thanks to their potential for static and dynamic efficiency, the « economic instruments » for the protection of the environment are considerably developed amongst the industrialised countries. The last decade has seen a growing use of environmental taxes. Similarly, within the framework of negotiable permits, if the initial allocation of licences is carried out by sale, this then becomes a quasi-fiscal approach. This article sets out to analyse these economic instruments.
JEL classifications : H21, H23, Q01
Les « permis d’émission négociables » et la titrisation des autorisations administratives
Authors: Giulj Sylvie 
Published: April 2013

Cet article revient sur les mécanismes de mise en oeuvre du protocole de Kyoto, plus particulièrement les « permis d’émission négociables ». En effet, la Commission européenne prévoit la mise en place d’une réglementation dès 2003. Ainsi a-t-elle adopté, le 23 octobre 2001, une proposition de directive-cadre « relative à la mise en place d’un système d’échange de droits d’émission de gaz à effet de serre », et favorisé la réalisation d’études portant sur les mécanismes dits « d’application conjointe » et de « développement propre » (mécanismes permettant aux États industrialisés de transférer entre eux des permis d’émettre, ou d’obtenir des permis supplémentaires en raison des transferts de technologie opérés au profit des pays en voie de développement), ainsi que les méthodes de mesure et de contrôle des émissions.
Classification JEL : K32, Q01, Q25
Assurance et environnement
Authors: Lallour Guy 
Published: April 2013

Bien que l’assurance des risques d’atteinte à l’environnement ne soit pas obligatoire aujourd’hui en France, elle apparaît de plus en plus nécessaire à bon nombre d’entreprises. Elle leur permet de financer non seulement les dommages ou les pertes d’exploitations qu’elles peuvent subir du fait d’une pollution sur leur lieu d’exploitation ou du fait d’événements extérieurs, mais aussi, de couvrir la responsabilité qu’elles encourent en cas de pollution dont elles seraient les responsables réels ou supposés. En termes économiques, cette branche d’assurance est encore très jeune. Le but de cet article est d’expliquer comment les assureurs peuvent aider les industriels à se protéger tant par des garanties d’assurance que par une saine prévention des risques.
Classification JEL : G22, Q01
La gestion française de portefeuilles et l’environnement
Authors: Vigier Michel 
Published: April 2013

Traditionnellement, l’industrie française de la gestion de valeurs mobilières apparaît monopolisée par les grandes banques et compagnies d’assurances, dont les interrogations en matière d’environnement apparaissent relativement faibles. Or, on note une préoccupation croissante de gestion « éthique » ou « socialement responsable », dont l’environnement constitue un critère majeur de jugement. Deux lois récentes, intègrent ces nouvelles exigences. On peut toutefois s’interroger sur l’engagement réel de la finance parisienne en matière de gestion éthique, compte tenu de ses relations privilégiées avec les entreprises et des faibles moyens d’évaluation mis en oeuvre. Plus probablement, ce sont les salariés / épargnants / citoyens qui porteront des revendications d’investissement socialement responsable, et notamment de respect d’un environnement qui les concerne directement.
Classification JEL : G39, Q01
Les mutations de l’intermédiation bancaire dans les pays de l’OCDE : nouveaux revenus, nouveaux métiers
Authors: Saïdane Dhafer 
Published: April 2013

La déréglementation et l’innovation ont libéré des forces considérables qui continuent à influencer le mode de fonctionnement des banques et leur restructuration. Tous les systèmes financiers semblent glisser d’un système dominé par les banques vers un système dominé par les marchés. Les conséquences sont importantes tant au plan pratique qu’au plan théorique. L’intermédiation traditionnelle est déclinante. La banque devient une entreprise de services et de gestion des risques adossée au marché des capitaux. Nous caractérisons ici les évolutions des banque françaises depuis un demi-siècle, plus particulièrement leur réorientation stratégique à travers la déformation de leurs revenus. L’étude s’appuie sur des comparaisons internationales entre les pays de l’OCDE. Elle met en évidence l’affaissement de l’activité traditionnelle et identifie les nouveaux revenus et les nouveaux métiers.
Classification JEL : G21
La trop faible intégration des marchés obligataires publics de la zone euro
Authors: Artus Patrick 
Published: April 2013

Les écarts de taux entre émetteurs souverains dans la zone euro ne résultent pas de l’absence de solidarité entre les émetteurs ou de différences dans les situations macroéconomiques ou de solvabilité budgétaire. Ils viennent d’habitudes et de comportements irrationnels dans les moments de flight to quality. Le caractère « non économique » de ces écarts de taux a deux conséquences ; la discipline de marché ne joue pas : ce n’est pas parce qu’un pays a un déficit ou une dette publique plus élevés qu’il paye un taux d’intérêt plus élevé ; le marché obligataire public européen n’est pas unifié, ce qui est un grand handicap par rapport au marché américain. Comparer l’encours total de dette publique aux États-Unis et dans la zone euro n’a donc pas beaucoup de sens.
Classification JEL : E43, E6, G15
Cible de niveau de prix versus cible d'inflation : état des lieux et perspectives
Authors: Aubert Ludovic , Eyssartier Didier 
Published: April 2013

Price level versus inflation targeting : achievement and challenges
Should a central Bank target the inflation or rather the price level to maximise the social welfare ? This article analyses this question which is essentially set in a new keynesian framework, characterised by nominal rigidities and rational anticipations. First, this article exposes inherent mechanisms to the two types of target. Then it gives an outline of the stakes on which the studies on this subject mainly focused. The authors introduce then the notion of credibility of the monetary policy into a new keynesian environment, a good understanding of which is necessary for the intuition of the results on the choice of the target. Finally, the discussion is widened by introducing various additional aspects susceptible to be more effectively resolved under a price level targeting.
JEL classifications : E5, E52.