bluuebunny/crossref_metadata_2025_split huggingface dataset:
Rentabilité bancaire : l'expérience américaine
Authors: Szymczak Philippe 
Published: April 2013

Banking profitability : the American experience
Since 1980, American commercial banks suffer from a strong worsening of their profitability and their rate of mortality is increasing. This paper, based on the exploiting of general and sectoral accounting data, analyses the signs, the modes and causes of this erosion of bank performances. The American banks are very heterogeneous and, mainly, the small western US banks have had more difficulties. On the other hand, the worsening of the banking profitability is not the result of a reduction of global margins but of an increase of operation costs and especially of a lower quality of the commercial bank assets. At last, the worsening of banking performances is the result of many changes acting together. Macro- economic shocks, for instance, as well as sectorial deflations and regional recessions have a great importance. Thus, the worsening of banking performances seems to be one of the costs of disinflation. On other side, the structural changes in the American financial system contributes already to the reduction of net margins and to the unavoidable concentration of the American financial system. The worsening of the commercial bank performances would be only partly reversible.
Technologies pour la finance à l'horizon 2000
Authors: Gresser Jean-Yves 
Published: April 2013

Technologies for finance towards the year 2000
The recent history of technologies is highlighted by the convergence of telecommunications' computer technology widely accepted since the end of the 70's, that of the media, of network computing, from Videotext to "information highways" through EDI and the arrival of knowledge related technologies. The year 2000 is near. The major trends are already known. Whereas miniaturisation and PC's and servers' upgrading are easy to forecast, the power games and big infrastructure inertia make the future of networks, already widely developed, more uncertain. Technology refocuses on the individual or the group (company, market, community of interests). Customer or partner bonds are strengthened. Distance is no longer a hurdle for information. "Cyberspace", that is : virtual reality, is Twenty First Century America. Calculation speed, new modelling and representing ways bring about a better perception of situations (risks, markets), therefore, a better reactivity and more adequate products. The crucial point for financial institutions lies not so much on the access to technologies but on the access to the right person or the right information, at the right moment and at a reasonable cost. Foreseeing technological evolutions, evaluating their use to strengthen the existing bonds or to create new ones, consolidating existing markets or creating new ones are strategic challenges ; as well as the arrival of new trades, embracing technological know- how, and the disappearance of some traditional jobs. This is shown by three examples : from financial instruments dematerialization to electronic trading ; quantitative finance tools ; access to information and knowledge.
L'impact des réseaux sur les banques et l'économie bancaire
Authors: Sitruk Hervé 
Published: April 2013

Les réseaux telecom modifient le paysage bancaire. Leurs apports sont dans une large mesure bénéfiques, mais ils peuvent conduire aussi à une forte désintermédiation. Ainsi les réseaux ont permis de créer la banque étendue avec les réseaux d'agences et les distributeurs de billets, la banque à domicile, les services électroniques aux entreprises. Les réseaux autorisent également une décentralisation des opérations mais aussi des décisions. En interne, les réseaux ont modifié les méthodes de traitement bancaire, et de ce fait ont influé sur le métier de banquier, le faisant passer d'une gestion traditionnelle des stocks à une gestion des flux, permettant d'espérer de nouvelles formes de recettes. Cependant, les réseaux favorisent le développement de divers phénomènes « prédateurs » visant à réduire le rôle de la banque ou à capter les flux bancaires et financiers.
Cette concurrence est généralement issue d'acteurs non bancaires qui cherchent à rentabiliser leurs investissements en terme de réseaux et de traitements et qui s'interposent entre le banquier et ses clients, voire entre banques. Par ce biais, ils influent aussi sur la tarification bancaire et sur la mobilité bancaire de la clientèle. Mais ce comportement n'est pas celui de tous les acteurs non bancaires, et particulièrement, certains opérateurs de télécommunication privilégient la coopération avec les banques. La question qui se pose alors est celle du rôle respectif des acteurs bancaires et non bancaires, et des éventuelles coopérations voire des alliances qu'ils peuvent réaliser entre eux.
De la monnaie électronique à l'invention de la monnaie d'électron : en Lydie au VIIe siècle avant Jésus-Christ
Authors: Thiveaud Jean-Marie , Piron Sylvain 
Published: April 2013

From the electronic currency to the invention of the electron currency : In Lydia in the 7th. century before Christ
At the origin of banking and financial technologies, that is : around 7th C.B.C., the first coins were minted by stamping precious metal. More than 2000 coins have been found, dating back to the 630-600 period, according to some researchers, although the exact dating is difficult to know. Currency innovation also coincides with the invention of writing, mathematics, calendar, astronomy and philosophy. Most of these coins are of royal origin and the lion is the most common figure, since it represents the royal glorification. Their genesis is associated with a sovereign's act for war expenses, and soldiers and mercenaries'pay. Before and after the first Lydian minted coins, ingots have been used for commercial exchanges in the Near East ; even now, there are still in use. The first coin distribution appears to be like the share of glory, a « supremacy's talisman ». But, as soon as they were put in circulation, their magical power was transformed into purchasing power. By using metal coins, people are able to pass from the single and essential purchasing act to the double purchase and sale transaction.
Équilibre économique et tarification des moyens de paiement
Authors: Castel Michel 
Published: April 2013

Economic equilibrium and pricing means of payment
The management of bank money payments has become a full scale industry, handling more than ten billion transactions each year. Like all industry, it has become more capital intensive and more sensitive to new products, such as electronic payment. The competition for the management of means of payment and the related banking products and services has grown increasingly keen. This business is a loss-maker for banks in all countries, but especially in France. And it continues to be so, in spite of productivity gains and substantial increases in the charges for some services. This is because of the weak growth of sight deposits over the last ten years and the fall in nominal rates with the end of inflation. This article starts by pointing out that bank money payment instruments resemble both commercial and publicly-owned goods. It then presents the economic justification for interbank fees proposes seven principles for fair pricing. It then deals with the broader issues, setting the principles for a new balance in the management of means of payment. The current system, set up in the 1960s, gives rise to cross-subsidization on a wide scale and provides little incentive to improve services for different types of customers. It is increasingly out of step with today's economic realities.
Recyclage de l'épargne, développement industriel et actionnaires de référence
Authors: Buchet Philippe , Huveneers Christian 
Published: April 2013

The role of professional shareholders for investment
Are saving flows channelled efficiently by relying only on Financial Markets or do stable shareholders (stakeholders) have to complement the Market ?
Financial savings are not invested to a large extent in equities (risk capital). The Stock Exchange and portfolio theories do not necessarily meet the needs of industrialists. Henceforth, professional stakeholders have a role to play in order to attract and « federate » small shareholders into industrial projects.
The paper also makes the proposition that equities and long term debts may have a common long-run time horizon. Professional shareholders are the ones who can provide simultaneously equities and debt : either Universal Banks of the German type (which hold large shares of equity in some of their clients' capital) or Groups formed by a holding company with an affiliated bank (preferably an investment bank).
Conversion-réduction de dette dans les Pays en Voie de Développement (PVD) : Bilan théorique et impacts macro-économiques
Authors: Ory Jean-Noël 
Published: April 2013

Debt conversion schemes and buybacks in less developed countries (LDC's) : macroeconomic effects in theory and practice
The aim of this paper is double : the first one is to realize a theoretical synthesis about several market innovations used by Less Developed Countries (LDCs) to reduce their external debt. The analysis is particularly developed for buybacks and debt equity swaps. In theory, the utility of these experiences for LDCs is not proved. At first, effective debt relief is not sure. Secondely, the effect on investment is difficult to analyze. At last, there is a monetary risk. After few years, it is possible to develop an empirical approach. If statistic tests do not allow to confirm one single theory, and give diversified results, they tend to prove that several countries have benefited from these debt relief experiences.
La coopération financière internationale : des exigences de l'harmonisation à une éthique de l'altérité
Authors: Saint-Geours Jean 
Published: April 2013

International financial cooperation :
from harmonization requirements
to otherness ethics
As an introduction for this issue, Jean Saint-Geours insists on the need for international cooperation in a global network organized finance. He describes different forms that such a cooperation can have (search of a consensus while respecting sovereignty, implementation of international regulations, harmonization of national regulations) and more precisely develops the principles of cooperation among stock exchange regulators. Finally, the author stresses some less technical aspects of international financial cooperation : search of reliability, participant's sociological homogenization, harmonization of ways of thinking, and above all acceptance of a cooperation ethics based on otherness.
Réseaux bancaires et financiers : une coopération multiforme sur fond de concurrence exacerbée
Authors: Bressand Albert 
Published: April 2013

Banking and financial networks : a multidimensional cooperation within a background of fierce competition
Electronic finance is now going hand in hand with classical finance, within a wide « network of networks » whose strategic, human and informational components are thoroughly tied up. It is from the back-office that networks have made their appearance on the financial scene, as a series of logistics tools. But the « network cycle » contains two other stages : that of value- added services, and that of new market architectures. Banks as well as stock markets have fully reached this third stage, which is characterized by disintermediation and re-intermediation. Networks can be viewed as a three-dimensional relationship vehicle, that is : contact (provided by infrastructure), contract (provided by infostructure), and the sense of community that flows from the infoculture proper to each network. There are four types of strategic configurations that characterize cooperations : cooperative structure, « club », leader-network, and third-party network. Special emphasis has been given to the role of club and to the need of a more strategical attitude which stems from it for big cooperatives, such as SWIFT, Euroclear or CEDEL. Different cooperations settled around networks based for example on the MATIFG-DTB model already have a key role in the European monetary and financial integration, and 1996 and 1999 deadlines will see the strengthening of this dynamics.
La notation et le marché obligataire primaire en France
Authors: Hubler Jérôme , Raimbourg Philippe 
Published: April 2013

Rating and the french primary bond market
A linear multiple econometric study has been carried out in order to show and analyse the caracteristics of the relationship between the risk premium required by markets when issuing bonds and bond rating in France over the 1987-1993 period. These analyses show significant differences in risk premiums according to their rating. Moreover, they show that this relationship is unstable over time (1991 appears as a turning point), that it changes considerably according to the issue amount, and finally that it shows some differences according to the rating agency.
Le « discount brokerage »
Authors: Le Grand Olivier 
Published: April 2013

Le « discount brokerage » permet aux particuliers d'effectuer des transactions sur les valeurs mobilières en direct, sans intermédiaire, sans délai et à moindre frais. Il élargit une offre autrefois limitée à celle des courtiers traditionnels qui assurent, pour des frais plus élevés, les choix d'investissement pour le compte de leurs clients.
À l'avenir, le développement des deux formes de courtage ira probablement de pair. En rendant plus accessible un grand nombre de valeurs mobilières, titres en direct et fonds collectifs, le « discount brokerage » contribue à rendre plus complexe l'offre de placements financiers. Il renforce ainsi l'attrait du courtage traditionnel pour des investisseurs épris de simplicité, notamment pour la population plus âgée des pays développés.
Épargne et équité entre les générations
Authors: Marchand Christophe 
Published: April 2013

L'article met en perspective la dégradation de la situation financière des États dans les pays industrialisés, en intégrant le passif constitué des quasi « droits à retraite » des régimes de retraite par répartition. Pour en apprécier la portée en termes d'équité entre les générations, il reprend des critères classiques d'équité utilisés en économie du bien-être, le critère utilitariste et le critère « contractualiste » développé par le philosophe américain John Rawls. L'article montre que, contrairement à la thèse avancée par John Rawls, le critère utilitariste permet d'apprécier l'équité ou l'inéquité d'une distribution donnée du bien-être ou de l'effort d'épargne entre les générations successives. Au regard du critère utilitariste, le niveau d'épargne « équitable » pour la génération présente est le niveau d'épargne « utile », c'est-à-dire celui qui maximise la somme des consommations possibles de l'ensemble des générations nées ou à naître. Ce niveau d'épargne est atteint, dans le modèle néo-classique de croissance, lorsque le taux d'intérêt réel est égal au taux de croissance « naturel » de l'économie (« règle d'or » de l'accumulation du capital). Dans le modèle néo-classique, l'accélération du progrès technique ou de la croissance démographique accroît le niveau d'épargne « équitable » puisqu'il rend plus efficace une augmentation de l'épargne ou de l'investissement. L'article revient sur divers épisodes de l'histoire économique de l'occident qui tendent à indiquer un comportement « utilitariste » des populations : l'épargne et l'investissement augmentent lorsque le progrès technique ou la croissance de la main-d'oeuvre « utile » s'accélèrent. Mais tel n'est pas le cas aujourd'hui. Malgré l'accélération du progrès technique, avec la révolution de l'informatique et des communications, et malgré l'augmentation de la main-d'oeuvre utile, avec la mondialisation, l'effort d'épargne n'augmente pas dans les pays industrialisés.
Il est vraisemblablement inférieur au niveau recommandé par la règle d'or. On peut interpréter ce phénomène de deux manières : soit les générations présentes sont contractualistes, soit elles sont utilitaristes mais ne se sont pas rendues compte qu'elles lésaient les générations futures en laissant s'accumuler les dettes publiques.
Le yen, monnaie de facturation ?
Authors: Hada François , Sahel Benjamin 
Published: April 2013

The Yen : a billing currency ?
This study deals with the following question : how may one estimate the potential demand for a given foreign currency by firms ? A model is proposed for doing this by examining the relative share in external trade of transactions denominated in the concerned foreign currency. The problem of foreign-currency demand is of particular relevance for the yen. This is because the yen plays a relatively minor role for invoicing purposes although it is rather widely held as a reserve currency, for instance in the South-East Asia region. Instead, firms appear to often select the US dollar, notably for their transactions with Japanese counterparts.
The results derived from the proposed model permit to investigate the effects of general market conditions, as well as the effects of the depth and liquidity of the local foreign exchange market. This is based on a simulation exercise whereby average foreign exchange transaction costs are aligned on a chosen international reference.
Directions for future research should include the examination of the impact of monetary co-ordination between countries in the South East Asia region, if one would take into account strategic interactions between economies with respect to the choice of a reference invoicing currency.
L'évolution du marché primaire actions en France et son impact sur l'organisation des banques
Authors: Guillaume Jean-Marie 
Published: April 2013

Le marché primaire actions a connu en France de profondes mutations depuis la fin des années 80, mutations rendues nécessaires par l'augmentation des volumes à placer (privatisations...).
Sous l'impulsion des autorités de marché et des professionnels, les techniques de placement ont en effet fortement évolué pour se mettre aux normes internationales. Les placements essentiellement franco-français et à prix arbitrairement pré-fixés ont ainsi laissé la place progressivement à des placements internationaux dont le prix est fixé à l'issue d'une période de sondage approfondi du marché (prémarketing) et dans lesquels les allocations sont effectuées après construction active d'un livre d'ordres institutionnels mondial (bookbuilding).
L'évolution des techniques de placement a conduit les banques françaises intervenant sur le marché primaire des actions à adapter leurs organisations pour tenir compte du nouveau contexte.
Les principaux intervenants du marché ont ainsi développé considérablement leurs équipes de « recherche » et de ventes institutionnelles, une nouvelle fonction, la Syndication Actions, faisant parallèlement son apparition aux cotés des équipes traditionnelles de montage d'opérations primaires pour permettre une gestion active des placements d'actions.
L'évolution des relations entre émetteurs, intermédiaires et investisseurs
Authors: Bourne Anthony 
Published: April 2013

The evolution of the relationship between issuers, intermediaries and investors
Changes are taking place in the tripartite relationship between issuers (and vendors), intermediaries and investors.
As a result of automation and greater sophistication among issuers and investors, the role of investment banks in lead managing offerings is being de-mystified and de-mythologised.
However, this is unlikely to lead to full scale disintermediation but rather to a more sharply defined role for intermediaries where their added value is clear and indisputable. There will always be a place for judgement, long experience in the markets and in-depth knowledge of the needs and desires of the ultimate buyers of securities.
La place de la France sur le marché primaire des actions
Authors: Mayoux Jacques 
Published: April 2013

France on the primary market
Attractiveness of the French market is important even if, by its capitalisation, Paris is a secondary market. This paper indicates the necessary conditions Paris must provide to conserve its attractiveness. If technical conditions are important, it is the power and the dynamism of firms based in France and their decided orientation to financial markets that principally will maintain the attractiveness of Paris. But, continental banks should be very active facing international banks in order to prevent delocalisation of « raw material » and a concentration on a larger market : London or Frankfort for instance.
Policy mix : Histoire d'un concept et retour sur l'histoire des théories qui l'ont précédé
Authors: Thiveaud Jean-Marie 
Published: April 2013

« Policy-mix » : history of a concept and history of its preceding theories
The policy-mix concept is quite new since it appears in the economic literature at the beginning of the sixties with Mundell analysis. We present in a first part the innovative nature of this analysis and recall the numerous debates which animate very regularly economical sciences ; the last debate is in that sense, the impact in terms of economic policies of the Economic and Monetary Union to come. Anyhow, one can wonder on an eventual anteriority of this concept. In a second part, we try to estimate, by looking back till the beginning of the XXth century, if the points of view developed by past economist about monetary policy and directed economy do not anticipate the theories of their successors.
Les déterminants de la présence bancaire étrangère en France
Authors: Bassouamina Jean-Marie 
Published: April 2013

The determinants of the presence of foreign banks in France
This paper examines the determinants of the presence of foreign banks in France over the period 1982-1996. The paper uses a model developed by Grosse and Goldberg (1991), Ursacki et Vertinsky (1992) to test the determinants of the number of foreign banks in France according to their country of origin. The empirical results indicate that the size of the banking sector in the Foreign country it cornes from and the foreign trade with France are, positively correlated with the number of Foreign banks present on the French market. Geographic distance is negatively correlated with the presence of Foreign banks in France. Foreign direct investment in France does not explain the number of foreign banks present in France.
Pratiques budgétaires des bénéficiaires de minima sociaux : capacités cognitives, vécu émotionnel de l’assistance et qualité des relations bancaires
Authors: Guérin Isabelle 
Published: April 2013

Welfare benefits and household-money management practices : cognitive abilities, emotions and bank relationships
This paper explores the ways in which people who depend from welfare benefits differ in their experience of household-money management practices. We identify three kinds of practices : « rational », « ascetic » and « revenge » and suggest three explanations. First, cognitive abilities appears to be a determining factor, especially within a context of uncertainty. Second, to be financially dependant induces different kinds of emotions : guilt, revenge or indifference ; and these emotions affect management practices in two ways : elasticity income of welfare benefits and social comparison through consumption. Third, quality of bank relationships need to be considered. Instrumental or conflictual relations, control or subordination feeling, but also confidence and proximity : different kinds of relationships are identified which both shape and results from personal path.
JEL Classification : I30