bluuebunny/crossref_metadata_2025_split huggingface dataset:
Retraite et fonds de pension : Les apports possibles des expériences étrangères au débat français
Authors: Laverge Élisabeth 
Published: April 2013

Après plusieurs décennies d'un fonctionnement satisfaisant des régimes français de retraite en répartition, les perspectives socio-démographiques sont désormais défavorables en raison du vieillissement de la population conjugué avec une montée significative du chômage.
Ce phénomène n'est pas propre à la France. La mise en perspective du cas français avec celui d'autres pays, eux aussi dans une phase de transition démographique, peut être riche d'enseignements : la présentation des systèmes de retraite des États-Unis, du Chili, du Japon et de Singapour permettra de dégager un certain nombre de facteurs et d'évolutions à verser au débat actuel
sur le système de retraite français.
La viabilité d'un système de retraite par répartition n'est pas innée, elle est le résultat d'une exigence permanente de pilotage à long terme. Le caractère financier et social des problèmes de retraite induit une responsabilité forte de l'Etat. Le fonctionnement d'un dispositif de fonds de pension n'est pas spontanément efficient et doit être aussi piloté. Il n'y a pas lieu d'opposer la répartition à la capitalisation. Chaque système présente de l'intérêt mais doit être encadré et évalué de manière régulière - et le rôle des pouvoirs publics est à cet égard crucial - de façon à permettre la
meilleure protection des affiliés et le fonctionnement d'une économie assise sur
la confiance dans le long terme. de retraite des Etats-Unis, du Chili, du Japon et de Singapour permettra de
dégager un certain nombre de facteurs et d'évolutions à verser au débat actuel
sur le système de retraite français.
La viabilité d'un système de retraite par répartition n'est pas innée, elle est le
résultat d'une exigence permanente de pilotage à long terme.
Le caractère financier et social des problèmes de retraite induit une responsabilité
forte de l'Etat.
Le fonctionnement d'un dispositif de fonds de pension n'est pas spontanément
efficient et doit être aussi piloté.
Il n'y a pas lieu d'opposer la répartition à la capitalisation. Chaque système
présente de l'intérêt mais doit être encadré et évalué de manière régulière - et
le rôle des pouvoirs publics est à cet égard crucial - de façon à permettre la
meilleure protection des affiliés et le fonctionnement d'une économie assise sur
la confiance dans le long terme.
La gestion financière à long terme : Spécificité de la gestion des fonds de retraite
Authors: Zaouati Philippe 
Published: April 2013

La création de fonds de pension aura d'importantes conséquences sur le métier de la gestion de capitaux en France. L'allongement considérable de l'horizon de gestion des fonds, la nécessité de fournir une prestation sûre et transparente, les relations avec des organismes paritaires et le rôle croissant des consultants sont autant de paramètres qui influent directement sur le fonctionnement interne des sociétés de gestion.
Quelles sont les conséquences spécifiques nécessaires à la gestion des fonds de retraite ? Comment les professionnels de la gestion vont-ils s'organiser face au défi qui les attend ? Comment vont se mettre en place les relations avec les autres intervenants : gestionnaire technique et administratif, garant des régimes, actuaires-conseils ?
En apportant une réponse à ces questions, l'objectif de cet article est finalement d'ébaucher progressivement le portrait du gestionnaire idéal.
L'information comptable et financière et le risque de crédit aux entreprises
Authors: Sauvage François 
Published: April 2013

L'information comptable et financière est un souci partagé par les banques et, de façon croissante, par les entreprises, qui encourent des risques en accordant des délais de paiement à leur clientèle.
Malgré certaines limites, l'importance et la richesse de l'information comptable doivent être soulignées. L'information extra-comptable est également fondamentale pour la mise en place de bases de données et la sélection du risque. Les sources de l'information, abondantes et variées, peuvent être externes, publiques ou privées, mais aussi internes, au sein de chaque entreprise utilisatrice. La transparence de l'information est satisfaisante en France, mais elle est en butte aux menaces du secret des affaires et d'une absence de réciprocité internationale.
Les fournisseurs d'informations doivent affronter des contraintes liées aux spécificités de leur marché et à la sophistication croissante des produits. En particulier il est fait de plus en plus appel aux dernières innovations de l'informatique, des télétransmissions et à des systèmes de score qui synthétisent un jugement porté à partir d'éléments statistiques.
Le devenir du FASB
Authors: Dufils Pierre , Lopater Claude 
Published: April 2013

The outlook of FASB
1996 has been a very difficult year for the FASB (the American Financial Accounting Standards Board) because of many reasons. To begin with, at national level it has been criticized for being too lenient as regards American companies and then, at international level, its leadership is gradually losing ground and being outstripped by another regulating body, the IASC (International Accounting Standards Comitteee).
Which will then be its role within this new, rather hostile, environment ? It is yet too early to know it in advance. However, the FASB has designed a comprehensive strategic plan listing detailed objectives to meet and actions to carry out so as to keep its leading role both in the United States and world-wide.
La décision de prêt bancaire comme signal imparfait sur l'emprunteur
Authors: Vilanova Laurent 
Published: April 2013

Deciding on loan granting, an imperfect signal of the borrower's creditworthiness
This article deals with the apparent paradox between financial literature highlighting the role of information transmission on banking decisions and court decisions that underline the weaknesses of such a signal. Many surveys show that decisions on loan granting send new information about the borrower and have an influence on the strategy adopted by other company partners (shareholders, other creditors, business partners, etc.). However, in some cases, information given is imperfect. It is therefore necessary to question the degree of control performed by banks as well as the criteria chosen for loan granting decisions. We thus show that decisions on loan granting do not depend exclusively on the borrower's quality. This alternate explanation helps to understand court decisions condemning banks which had overly supported companies obviously deemed to failure.
Perspectives de l'assurance vie
Authors: de La Martinière Gérard 
Published: April 2013

Life insurance outlook
This article recalls the extraordinary success of life insurance investments in France and aims at explaining the reasons for this success. Some figures show the progression of this kind of investment : « life insurance »* in 1996 accounted for almost 70 % of French household investment flows against 20 % in 1987, and over 25 % of their financial assets against 10 % ten years before. 45 % of French households today hold a life insurance contract on an individual basis, against a little less than 60 % holders of a « Livret A » savings book. France ranks third at world level for insurance premiums collected (after the United States and Japan) and first at European level. The fiscal reason has not been the only one that contributed to such a success. Life insurance meets investors' security needs : security against declining returns in French distribution pension system, and also against the risk of a longer life span ; a security that one wishes to transfer to one's children through an inter-generation solidarity, and also a security against the dependence risk during « the fourth age ». To conclude with, the Author recalls the future of life insurance, which although uncertain, remains promising. Notwithstanding, he points out some financial risks (i.e. : life interest risk, asset/liability management inadequacy) which sometimes are not enough taken into account by life insurance product managers.
* Life insurance : in the French context means a long-term savings plan.
Actions françaises : interactions entre la gestion de portefeuille et la négociation en bourse
Authors: Demarchi Marianne , Thomas Solenn 
Published: April 2013

French Equities : interactions between Portfolio Management and Trading
This paper relates the main findings of a survey of major institutional fund managers active in French equities on their investment process, their trading practices and their expectations regarding the trading procedures on the Paris Bourse. More specifically, this survey analyses the interactions between portfolio management and trading. French institutions, like US and UK investors, are very concerned about the quality of execution of their orders. Aware of the impact on portfolio performance of the various trading costs arising from execution, investors implement trading techniques consistent with their type of management and which are likely to reduce execution costs. Value managers are medium-sized institutions. They are the most « patient » traders and tend to delay trades to improve execution. Quantitative managers are the smallest institutions. They are the most « unpatient » traders and trade most of the time in the central order book, using orders likely to generate rapid execution such as market orders. The largest institutions apply « mixed » investment strategies (value-based and quantitative strategies ). Their demand for immediacy is average and they use more than others the immediate execution facilities offered by brokers to trade their large orders.
La transformation du système financier et la crise contemporaine : Le mode de régulation financière dans le capitalisme japonais
Authors: Nabeshima Naoki 
Published: April 2013

The transformation of the financial system and the contemporary crisis
This paper tries to characterize the financial system which supported the accumulation regime in the postwar Japanese economy, and to explain the role of the financial system in the transformation of the accumulation regime after the 1970's. The Japanese postwar « financial mode of regulation » consists of the following three elements : interventions and regulations by the financial authorities, the structure of corporate finance, and the structure of corporate governance. By using these elements, the author aims at shelding light on the financial aspect of the « company-ism regulation » in the postwar Japanese economy and considers possibilities for reforming the financial system to construct a new growth regime.
L'assurance japonaise : colosse aux pieds d'argile ou phénix ?
Authors: Bollon Pierre , Brahin Philippe 
Published: April 2013

Japanese insurance, an idol with feet of clay or a phoenix ?
Until a couple of months ago, Japanese insurers were envied and even feared by their competitors in other countries, mainly on account of the Japanese market size and also the almost total control they exerted on the market. But, today some doubts have cropped up, at least in the field of life insurance, that seem to be justified by a major company's recent failure.
After having presented the Japanese insurance market, this article analyses the reasons for the difficulties encountered by life insurance operators and the mechanisms having led to this situation.
It also teaches a lesson for global insurance markets as a whole : importance of asset/liability management ; sensitivity to the financial evolutions and to general economic policy measures ; quality and kinds of interference of government control systems related matters, unbalances triggered by competition distortions, risks and, finally, international trade.
Les fonds de pension au Japon : Capitalisation et régulation : Autres temps certes, mais à quand d'autres moeurs ?
Authors: Estienne Jean-François 
Published: April 2013

Japanese pension funds
French newspapers have duly echoed the misfortunes known by some Japanese pension funds. This article gives an outline of pension schemes in the second largest world economy, in particulary emphasizing pension funds and their current situation. Among factors likely to have an influence on current funds future performance, there are government regulation on financial sector (flexibility), the drastic drecrease in financial assets performance (financial bubble implosion), and the change in relationships between « sponsoring » companies and financial service providers. However, relationships between companies and providers may have other interests, of strategic nature, than the mere financial performance of funds entrusted by pension funds.
Comportements d'épargne dans les six grands pays en 1996
Authors: Quéron Agnès , Séjourné Bruno , Vernet Sylvette 
Published: April 2013

Savings behaviour in the six major countries in 1996
In spite of the will to reduce public deficits shown by all six major countries, the need of G6 global economies financing has increased by 34 billion dollars in 1996. Such a deterioration of Saving /Investment ratio is due to the new cut in Japanese current surplus. Conversely, Italy and France have strengthened their lending positions over this period, despite a lesser contribution from households than in 1995. Given that, while Anglo-Saxon household saving effort has lightly increased in 1996, within a context of appreciation of their actual income, household saving rates have decreased in all the other four countries.
La crise monétaire en Asie du sud-est
Authors: Sellier Cécile , Pillon Patrick 
Published: April 2013

Les faisceaux d'indices que certains économistes, dont Paul Krugman, ont
identifiés comme des signes précurseurs des crises de change, étaient pour la plupart décelables en Asie du Sud-Est depuis quelques années : croissance du crédit intérieur supérieure à la demande de monnaie, financement des déficits courants par des capitaux à court terme spéculatifs, politiques budgétaires expansionnistes, appréciation des taux de change nominaux... Pourtant, dans une large mesure, la crise monétaire de l'été est apparue comme une surprise, et nul n'avait sans doute prévu son ampleur ni sa durée : l'analyse des signes précurseurs énoncés plus haut a en effet été brouillée par la mauvaise qualité de l'information économique, et par la sous-estimation du facteur politique dans le déclenchement et l'installation de la crise.
L'impact de la crise financière sur les pays d'Asie du Sud-Est dépendra de la gravité des signes annonciateurs et de la rapidité d'adaptation des politiques économiques au nouveau contexte.
Marchés émergents d’Asie du sud-est : un décollage sous contrainte
Authors: Sellier Cécile 
Published: April 2013

La capitalisation des bourses d'Asie du Sud-Est a été multipliée par 6 en dix ans, et représentait fin 1996, 400 milliards de USD. Ces marchés, de taille différente selon les pays, présentent des caractéristiques communes : surreprésentation parmi les émetteurs des secteurs bancaires et immobiliers, concentration de l'activité.
Le caractère inachevé de leur développement explique que l'impact de la perte de confiance des investisseurs ait eu un impact si spectaculaire en termes de capitalisation et de performances depuis le début de l'année. L'hypertrophie du marché d'actions par rapport au compartiment obligataire, la faible liquidité de ces marchés et le caractère incomplet de leurs infrastructures les a rendus vulnérables et a amplifié l'effet des premiers mouvements de retrait. Le redressement de ces marchés, grâce à une meilleure intégration des acteurs étrangers, reste une des priorités du développement harmonieux de la région.
La Bourse de Paris et les compagnies financières entre marché primaire et marché à terme au XVIIIe siècle (1695-1794)
Authors: Thiveaud Jean-Marie 
Published: April 2013

Paris Stock Exchange and financial companies. Between primary market and forward market at the XVIIIth century
The XVIIIth century was characterised by an important development of the financial activity. We present in a first part the financial crisis and the turbulence that affected the French financial market between 1695 and 1715, due to the huge expansion of heterogeneous papers. The Law System proposed to reduce the problems relating to the important debt created by Louis XIV is then analysed. After the failure of the Law System, the question concerning the creation of a financial market, framed by the public authority and advantageous to the economy was posed. This questioning conduced to the creation of the Paris Stock Exchange in 1724. From 1780 to 1789, the development of financial activities, the implication of the financials and politicians in the public life proposed some analogies with nowadays in the sense that they represent what we call now the primary market.
Le marché primaire : existe-t-il une taille critique ?
Authors: Jacob Michel 
Published: April 2013

Primary markets : is there a critical size ?
The will to become and, subsequently, the ability to remain a credible actor in the primary markets for equity and fixed income securities must be predicated on the following capabilities : the underwriting, research and distribution of securities. Overcoming these significant barriers to entry and to competitive positioning requires heavy investments in terms of human resources and analytical instruments for research. Hence, when considering revenues generated by these activities, it is hardly surprising that the main beneficiaries are the largest, top-tier investment banks - as confirmed in league tables.
Notwithstanding this generally accepted truth, there is nonetheless an opportunity for smaller institutions to participate in the primary markets, albeit in a more modest capacity, in the IPO segment.
Politique budgétaire et union monétaire : existe-t-il un arbitrage entre fédéralisme et restrictions budgétaires ?
Authors: Von Hagen Jürgen , Eichengreen Barry 
Published: April 2013

Policy Mix and monetary union : is there a tradeoff between federalism and budgetary restrictions
The Maastricht Treaty on Europe Union features an Excessive Deficit Procedure limiting the freedom to borrow of government participating in the European monetary union. One justification is to prevent states from over-borrowing and demanding a bailout which could divert the European Central Bank from its pursuit of price stability. We challenge this rationale. Using data from a cross section of federal states, we show that there is no association between monetary union and restraints on borrowing by sub-central government. There is however an association between fiscal restraints and the share of the tax base under the control of sub-national authorities.
The implications for the EU are direct. That EU member states control their own taxes should strengthen the hand of authorities seeking to resist pressure from a bailout. In the longer run, however, borrowing restrains may weaken the financial position of Brussels, transferring bailout risk from the member states to the EU itself.
Services bancaires de proximité : les banques locales sont-elles spéciales ?
Authors: Mayoukou Célestin , Ruffini Pierre-Bruno 
Published: April 2013

Are local banks special ?
Local banks have a small size and offer a limited scope of services. Being located near their customers (individuals, small and medium size firms) is their main, or even single competitive edge. Location factors are usually viewed as the core explanation of local banks' market power and differentiation advantages. This paper puts forward another explanation for differentiation : the bank's reputation (defined as the capability to offer high quality services and to raise confidence, thus allowing for long lasting customer relationships). The paper examines successively proximity and reputation, and then articulates these two concepts, in order to identify the specificity of local banking.
Les monnaies parallèles : évaluation et enjeux théoriques du phénomène
Authors: Blanc Jérôme 
Published: April 2013

Parallel money : appraisal and theoretical stakes of the phenomenon
Parallel money consist of means of payment and units of account employed beside the national currencies in the internal relations of contemporary States. An inventory shows 465 cases of parallel money in 136 States on a recent period (1988-96). This gives evidences of their use even in financially stable economies and of their great variety. A short typology of the phenomenon shows the type of paramonies which consist of means of payment or units of account intended to be employed in a limited range of purposes and by a limited range of agents only. Hence the phenomenon of parallel money leads to a reappraisal of the very conceptual basis of the monetary theory. These evidences lead to question the way the economic theory considers such a phenomenon and especially the present analysis of parallel money. Some sorts of parallel money are the outcome of some attempts to put into practice theories tending to reform the monetary organization of the society. Moreover, the current analysis of the currency substitution develop portfolio approaches that make difficult to analyze the use of means of payment and units of account, and they only allow to analyze the use of foreign currencies as parallel money. The analysis of hyperinflation show some ways to think money differently but parallel money are still considered as fringing situations. The permanence and the variety of the phenomenon are still to take into account, so this text outlines the ways to a critical reappraisal of the money concept. Money appears to be both a wide range of instruments not confined to the instruments of the national currency, and a system of payment including the monetary instruments. Money appears finally to be a principle of debts solution. Then this text outlines the ways to a general schema of monetary uses of which parallel money would be an integrant part. The analysis of the social structure, centred round the concept of pay community and monetary groups, allows to think parallel money as normal, permanent and various instruments used by the agents.
Le comportement financier des migrants maliens et sénégalais de France
Authors: Ababacar Dieng Seydi 
Published: April 2013

Financial behaviour of Mali and Senegalese migrants in France
In this paper we study from former works and interviews the financial behaviour of Mali and Senegalese migrants living in France. Their behaviour depends on sociocultural more than economical reasons and is characterised by an heterogeneousness which depends on matrimonial status on the one hand, and on the other hand on the hope to return in the own country.
Le financement des infrastructures par la Bourse de Paris au XIXe siècle
Authors: Arbulu Pedro , Vaslin Jacques-Marie 
Published: April 2013

The Paris stock exchange financing of the infrastructure in the XIXth century
The private societies provide the emerging countries with infrastructures and utilities. In these countries, privatization of the utilities seems a modern answer to solve their problems of recurrent budget deficit and excessive sovereign debt. In this paper, we show that France, witch is an emerging country in the 19th century, choose this « modern » solution. We indicate that the financing of the infrastructures with the private saving has contributed to the development of the Stock Exchange of Paris. Nevertheless, the presence of states remains necessary to ensure the good quality of the public utilities and to guaranty the return of the spare of the shareholders.
Calcul économique et financement des infrastructures
Authors: Gérard-Varet Louis-André , Rychen Frédéric 
Published: April 2013

Economic evaluation and the funding of infrastructure projects
We study the meaning of the economic evaluation of public infrastructure projects. We point out the difficulties that arise when we try to assess the costs and the benefits. We deal also with the impact of the level of decision (centralized, decentralized) on the nature of the evaluation process.