PLIHON Dominique

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This thesis analyzes the production of financial regulation in the European Union after the 2007-2008 crisis. It is based on a global study of financial reforms introduced in the EU between March 2009 and November 2014 (n=51), as well as two case studies on the proposed Financial Transaction Tax (FTT) and the proposed structural reform of the banking sector. Our thesis shows that the global financial crisis has not led to a rethinking of regulatory liberalism at the European level. However, in the various reforms studied, we observe a shift from the Anglo-Saxon regulatory approach, which favors self-regulation of the financial sector, to an ordoliberal approach based on transparency and governance requirements in order to ensure "healthy" conditions of competition. The crisis has also led to two breakthrough measures being put on the agenda, the FTT and the separation of banking activities. However, our research highlights the structural power mobilized by the large universal banks in order to obtain the abandonment or suspension of the two measures. This structural power is institutionally based at the European and national levels.

This book is the last in a series of three volumes that aim to cover the main contemporary economic and social issues at the national, European and global levels. Their particularity is that they were conceived and written by specialists in these issues - academics and recognized researchers - for high school and undergraduate students. The texts gathered here are distinguished by three major qualities: each is a synthesis of the state of scientific knowledge . their clarity and readability make them accessible without compromising their rigor . their problematization gives meaning to the questions addressed and arouses the reader's interest. In order to better respond to questions about the world and our society, in particular those related to the multiple crises we are facing, the book has been updated and revised.

No summary available.

This book is the last in a series of three volumes that aim to cover the main contemporary economic and social issues at the national, European and global levels. Their particularity is that they were conceived and written by specialists in these issues - academics and recognized researchers - for high school and undergraduate students. The texts gathered here are distinguished by three major qualities: each is a synthesis of the state of scientific knowledge . their clarity and readability make them accessible without compromising their rigor . their problematization gives meaning to the questions addressed and arouses the reader's interest. In order to better respond to questions about the world and our society, in particular those related to the multiple crises we are facing, the book has been updated and revised.

The back cover states: "This book is the last in a series of three volumes that aim to cover the main contemporary economic and social issues, at the national, European and global levels. Their particularity is to have been conceived and written by specialists in these issues - academics and recognized researchers - for high school and undergraduate students. The texts gathered here are distinguished by three major qualities: each is a synthesis of the state of scientific knowledge . their clarity and readability make them accessible without compromising their rigor . their problematization gives meaning to the questions addressed and arouses the reader's interest. In order to better respond to questions about the world and our society, in particular those related to the multiple crises we are facing, the book has been updated and revised. The issues addressed in this volume: international trade . financial globalization . the actors of globalization . the challenges of European construction . the change of model in the euro zone".

This book is the last in a series of three volumes that aim to cover the main contemporary economic and social issues at the national, European and global levels. Their particularity is that they were conceived and written by specialists in these issues - academics and recognized researchers - for high school and undergraduate students. The texts gathered here are distinguished by three major qualities: each is a synthesis of the state of scientific knowledge . their clarity and readability make them accessible without compromising their rigor . their problematization gives meaning to the questions addressed and arouses the reader's interest. In order to better respond to questions about the world and our society, in particular those related to the multiple crises we are facing, the book has been updated and revised. [Editor's summary].

Organized like a classic textbook, this book successively addresses the functions of money, the mechanisms of money creation, the main theories, the conduct of monetary policy by central banks, the regulation of the banking system and practices, and the international monetary system. But it is the first of a new kind, since it takes a critical approach to the abstract and neo-liberal teaching of these issues that dominates faculties today. This textbook follows in the footsteps of Marx, Mauss, Keynes and Polanyi. Beyond the "technique" - which is presented with pedagogy - it shows how money is at the heart of the recurrent crises of capitalism. He thus invites citizens to take hold of monetary issues.

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We study the impact of the gradual liberalization process of the Chinese financial system on the foreign exchange market and the conduct of monetary policy in China. Our work focuses on four main reforms. In particular, two measures to liberalize cross-border financial flows, namely the launch of the Shanghai Free Trade Zone in 2013 and the creation of the Shanghai-Hong Kong Stock Connect in 2014. In addition, we are exploring the creation of a new channel for inbound flows with the opening of China's interbank bond market to a wide range of foreign investors in 2016. We also include the reform of the monetary regime in 2015. The novelty of our general approach lies in the granularity of the data used, as well as in the introduction of financial indicators to account for the increasing role of financial markets in the country's economic environment. We show that the new channels allowing the acceleration of two-way flows have not reduced the fragmentation between the onshore and offshore renminbi markets. On the contrary, they have led to increased tensions in the foreign exchange market. The results also suggest that only the Shanghai-Hong Kong Stock Connect and the opening of the bond market have had a significant impact on China's integration into the global financial system. Finally, we find that the Chinese central bank became more restrictive in adjusting the monetary base after the introduction of the Shanghai-Hong Kong Stock Connect. As the Chinese authorities have indicated that domestic economic objectives will remain their top priority, these results suggest that the reform process will remain gradual and cautious.

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The emergence of microfinance has been seen as a remedy for many of the social problems of poverty by virtue of its effectiveness in providing credit, improving social equity and reducing poverty levels. Millions of unbanked households below the poverty line have gained access to financial services through microfinance programs. However, the development of microfinance has not followed an identical model for all countries, and microfinance institutions (MFIs) have had varying degrees of success. Many of them still face major constraints in effectively providing profitable microfinance services. The expansion of microfinance programs remains a major challenge that hinders the development of the microfinance sector. This thesis aims to contribute to the current state of knowledge and research on the development and characteristics of the microfinance sector by analyzing the policy factors that may affect its development in the Vietnamese context by applying both qualitative and quantitative research methods.We will conduct a comparative analysis between financial innovation in Vietnam's microfinance system and two international benchmark models: Grameen Bank and Indonesia's Bank Rakyat (BRI) to determine what constraints limit the scale and scope of microfinance activities in Vietnam. We will also examine which types of microfinance models are appropriate: either for-profit commercial models or social microfinance projects. In addition, empirical analyses will be carried out using OLS and GMM techniques to examine the impact of the institutional environment as well as macroeconomic factors on the profitability of MFIs. The results provide evidence of persistent profitability and the existence of economies of scale in microfinance. Loan quality appears to be a key determinant of the profitability of MFIs in Vietnam. Our analysis also confirms the important role of the state as well as the decisive role in the self-innovation of microfinance institutions.

This thesis is articulated around two central questions aimed at explaining why and how complementarity between banks and specialized microfinance institutions (MFIs) should be organized in order to effectively finance development in the countries of the West African Economic and Monetary Union (WAEMU). The banking aspects of Gerschenkron's theory of economic catch-up are adapted to the context of the preponderance of the informal economy in the WAEMU. The empirical analysis shows that the banking and microfinance sectors in WAEMU are respectively resistant and underperforming - in terms of profitability and social impact - in empowering the MBC process. With respect to the implementation of MBC, the neoinstitutionalist framework of the hybridity of the firm is mobilized in order to integrate and clarify the role of the public authority with respect to private financial actors, including mobile banking. Furthermore, international "best practices" in microfinance also serve as empirical and typological references for WAEMU countries, with a view to indirect or direct public coordination of MBC.

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Globalization is probably the main characteristic of the world economy of the 21st century. It is reflected in particular in the integration through trade, financial and commodity markets. While such a context affects all types of economies in a very significant way, it should be emphasized that small open economies dependent on commodity exports, and open to global financial markets, are generally the most exposed. The Chilean economy has all these characteristics. It is in this context that this thesis explores the effectiveness of Chilean fiscal policy and the effects of commodity prices and international financial shocks on Chilean GDP and other important macroeconomic variables. To this end, an empirical approach based on vector autoregressive models is used.

The first chapter presents Islamic finance, its principles, products and institutions. The second chapter presents a comparison between the two banking systems, Islamic and conventional, based on a study of banking ratios and a principal component analysis. The third chapter aims at clarifying the different factors attracting customers to Islamic banks and shows that they are not limited to religious criteria to make their choice. The fourth chapter analyzes the intermediation margins of Islamic and conventional banks, using a dynamic panel approach (Arellano-Bond, 1991). It concludes that Islamic banks are characterized by higher margins. The fifth chapter examines, for both banking systems, the impact of regulatory pressure. It finds that both Islamic and conventional banks operating in the MENA region are characterized by capital levels already well above the regulatory minimum, and that regulatory pressure therefore has no impact on Islamic banks. This ineffectiveness of prudential regulation can be explained by the unsuitability of this regulation to the nature of the risk of these banks. Finally, the sixth and last chapter studies the relationship between capital and default risk. It finds that, in the MENA region, the probability of default is higher for Islamic banks.

The objective of this thesis is to study the growth and economic development of emerging countries through Foreign Direct Investment. Emerging countries adopt strategies to attract FDI, which then promotes the assimilation of the technological transfers they carry. These strategies are based on several points: increased regulation, establishment of a system of good governance, strengthening of macroeconomic stability, and development of infrastructure and human capital. We focus on MENA countries that have recently undergone profound political and social changes. These are countries that Western Europe would benefit from accompanying, to ensure the success of this transitional phase. This is why we take the example of the CEEC countries after the fall of the Berlin Wall and the Western European countries after the Second World War. From the 1980s onward, following the collapse of oil prices, which had major consequences on their fragile economies, MENA countries tried to diversify their economies. In the first chapter, we show the nature of the channels through which the effects of FDI on the growth of emerging countries are realized. According to recent theories of economic growth, the policies of attracting FDI carried out by emerging countries constitute a driving force for growth, as long as these countries possess human capital capable of absorbing the technologies and know-how conveyed by FDI. In the second chapter, we use various empirical methods to establish the determinants of FDI. Using regional comparisons, we focus, in particular, on the short-term institutional determinants. Based on a gravity model in the third and fourth chapters, we then highlight the key determinants of FDI in Central and Eastern European countries (CEE), as well as possible differences in the behavior of foreign investors towards the former EU-15 and the CEE countries, ten years after the enlargement of the European Community. We thus show a shift both in the geographical orientation of investors and in their motivations. We therefore do not observe a convergence of the determinants of the CEECs towards those of the EU-15. On the other hand, the effect of tax competition tends to spread in the strategies of firms from the CEEC to the whole of the European Union. This coincides with the onset of the crisis, which has led to greater volatility in FDI flows. In the fifth chapter, we analyze the long-term institutional determinants of FDI in the MENA region. We highlight a range of institutional indicators to identify their relative importance on FDI flows after controlling for macroeconomic determinants. We take into account the effects of economic downturns, mainly due to recessions and economic crises. Our results indicate that institutional indicators are positively related to FDI. Finally, in the sixth chapter, and for the same region, we examine the relationship between economic growth, FDI, exports, labor force and capital investment. As this relationship remains one of the most important issues in the economic literature, it is receiving renewed interest, mainly for MENA countries, which suffer from social, economic, and technological problems. Using the ARDL approach, we finally show that there is a cointegration relationship between these variables, both in the long run and in the short run.

Fund investment in the equity of unlisted companies has become a major institution of 21st century capitalism. This thesis constitutes an in-depth study of the developments and characteristics of investment funds operating in China. It is applied within the framework of institutional analysis and follows the logic of the variety of capitalisms while using a multidisciplinary method. We develop a comparative study between Chinese, French and English funds based on the institutional differences among the business models of the three countries. Our analysis shows that the specificity of China's economic development is mainly linked to the role of the Chinese state, the importance of guanxi in the business sphere and the great complexity of the market created by the "dependency path". As a result, for investment funds in China we notice a stronger influence of the Chinese state, the extensive impact of guanxi, the more diversified use of information sources, the more limited choice of financial tools, and the preference of Chinese entrepreneurs to keep control of their firms. Our econometric analysis indicates that labor market rigidity, economic openness, and taxation on profits have the greatest impact on fund activity and that, compared to France, England, and the United States, China has larger coefficients on GDP growth, consumption growth per household, political stability, and infrastructure.

This thesis aims to rehabilitate the circuitist analysis of economic crises. This theory has been largely supplanted since the end of the "glorious thirties" by neo-liberal thinking, but even the most recent models emanating from this thinking have not been able to prevent or cure the crisis we are experiencing. We therefore consider the theory of the circuit, of which Marx and Keynessare eminent representatives, as being much more capable of apprehending the current crisis. We establish a dichotomy in economic analysis between circuit analysis and liberal analysis, which we also call in this thesis "market analysis". We will show how this analysis is constructed and how its assumptions are developed. This work also carries out an empirical analysis. We will show, in the light of circuit theory, the consequences of neoliberal policies on economic dynamics. These trade and financial liberalization policies were supposed to lead us towards a general equilibrium of full employment. However, they have, on the contrary, led to the generalized imbalance of underemployment. The conclusions of this thesis in terms of economic policies are in favor of a reasoned and concerted protectionism at the international level, as well as in favor of controlling the financial system so that it finances the accumulation of capital by non-financial corporations.

This thesis presents a series of theoretical studies sharing a common methodology: the use of consistent stock-flow models. Based on the failure of the traditional economic analysis tool, DSGE models, I attempt to show what are the main drawbacks of these models, which include both methodological problems and the omission of some crucial aspects of reality (e.g. the role of money and financial markets). In the first chapter of this thesis I show why consistent stock-flow models offer a more accurate vehicle for understanding modern economies. These reasons, which are related to a higher concern with realism, accounting accuracy, and the interaction between different economic agents and social institutions, explain why consistent stock-flow models were successful in detecting the instabilities that were building up in the years before the outbreak of the global financial crisis. After explaining the motivation for studying macroeconomic dynamics through coherent stock-flow models I present three chapters in which these models are adapted to the study of some specific real-world problems, which have been and still are relevant and have a privileged place in the political agenda. In the second chapter, I study some of the different alternatives for the reform of the international monetary system that have been proposed since the end of the Second World War. Starting with a model that describes the current state of affairs, it is shown how this model can be modified in order to examine how each of the alternative solutions might work. These solutions include options that have been widely debated for decades, such as the introduction of the SDR (the currency issued by the IMF) and the bancor (the international currency that Keynes proposed, with the creation of an international clearing house). After building the models, simulation exercises are conducted. These experiments show how each solution could provide a better global environment for the development of international economic relations. In particular, it is found that the establishment of a clearing house as Keynes proposed would not only be beneficial in reducing global imbalances, but also it could produce a high level of effective demand in a global scale.

The Middle East and North Africa (MENA) region has witnessed institutional and financial reforms aimed at promoting economic development. While traditional theories focus on capital accumulation and technical progress as fundamental explanatory factors of economic growth, the work giving rise to the "new institutional economics" has emphasized the major contribution of institutional development to economic growth. The objective of this thesis is to understand the role of institutional quality and banking regulation in explaining financial development and economic growth in MENA countries since the 1980s. Using appropriate econometric modeling, the thesis seeks to answer the following three main questions: What role do institutional quality and banking regulation play in explaining variations in capital, risk and banking efficiency in the MENA banking system? Is there a significant effect of institutional development on banking and economic development? To what extent can cross-country differences in economic performance be explained by institutional factors? The main findings of the thesis are that: (i) institutional quality has a significant effect on capital, risk taking and efficiency of banks operating in the MENA region. (ii) banking regulation has a positive and significant effect on banking development, and there is a positive and significant interdependence between economic development and banking development. (iii) the effect of institutional quality on countries with low economic growth on average is stronger than the effect on countries with high economic growth.

The unprecedented scale of the 2007-2008 financial crisis has given rise to a vast literature devoted to the analysis of the phenomenon of Shadow Banking, which is considered to be the main culprit of the banking and financial debacle of the Great Recession, without providing a comprehensive understanding. The objective of this thesis is, using a positive approach, to study the roots and dissect the Shadow Banking phenomenon, which is essential to identify its complexity, establish a global understanding and understand its central role in the financing of the economy and money creation. Before being normative, this study requires above all a positive approach that must present facts and mechanisms from an analytical point of view. To this end, this work contributes to the existing literature by proposing a progressive approach that exposes the tools of the supposed migration of banking risks off the banks' balance sheets and disentangles the truth from the fantasy in an in-depth reading of the issues at stake in shadow banking. In this logic, the first chapter of this thesis focuses on what seemed to be at the origin of the 2007-2008 crisis, namely the circulation of assets and risks of banks through the sale of bank credits. It is established that the transfer of banking assets in its modern form has been a reality for more than forty years, weakening the hypothesis of a recent phenomenon guilty of the original sin leading to the crisis, this burden seeming to devolve upon securitization. The second chapter of this thesis is thus devoted to the study of securitization, and more particularly its origins and mechanisms. Like the sale of credit, the hypothesis of a recent phenomenon is quickly dismissed by the rich and long history of the securitization process, which spans over four centuries. In contrast to a nascent and uniquely American phenomenon, securitization reveals European and ancient roots that are far from being devoid of a certain instability. On the other hand, it is a fact that the modern form of securitization owes its pattern to the American public sector which, by its choice to privilege commitments over the holding of assets, has maintained the mirage of a Midas blessing supposed to allow the creation of quality ex-nihilo. If this fable is far from being sustainable, the fact remains that securitization can be a virtuous process of quality and yield distribution made possible by the reduction of information asymmetries, accompanied by a significant improvement in the liquidity of financing. However, it is still the preferred medium for banking regulatory arbitrage made possible by the wait-and-see attitude of regulators. Finally, in light of these necessary insights into the tools of modern finance, the third chapter of this thesis is devoted to the study of shadow banking. After exposing and denouncing the clichés, it offers a reading of the phenomenon that goes beyond the simple fantasy of a parallel banking system hidden in the shadows by proposing a reading that progressively leads to questioning the shift of the financial system towards a dynamic of intensive collateralization. This multiplication of insurance then finds its paroxysm in the emergence of a new monetary hierarchy, with central banks abandoning their prerogatives to the private sector: for nearly a century, banks have had the capacity to create money, which has gradually been ceded to shadow banking. This third chapter calls for further reflection on the place of the bank in the financial system and on the future of money creation, which is increasingly escaping from central bankers.

The objective of this thesis is to contribute to the improvement of the valuation of corporate bonds, in particular by trying to draw lessons from the recent economic and financial crisis. In order to achieve this objective, we propose an approach based on credit spreads. We start, in the first chapter, with an analysis of the main existing valuation models, which we reformulate from the point of view of spreads and simulate numerically. We show that, despite the attractive features of structural-type models, they have several shortcomings that can be misleading, especially in a crisis context. In the second and third chapters, we focus on empirical spreads, which we analyze during the subprime and eurozone crises. Through: (i) descriptive analysis, (ii) principal component analysis, and (iii) statistical regression analysis, we shed light on several factors affecting spread movements that are not captured by existing models. Among these factors, we show: (i) that the wave of bank bailouts during the crisis had a significant effect on credit spreads, and (ii) that the size of a firm also has an effect on its spreads. Based on these empirical results, in a fourth chapter we propose a contribution to the structural modeling of corporate bonds, which takes into account the possibility of firms to negotiate a bailout in case of distress. Using this model, we manage, on the one hand, to reproduce the empirical observations of lower spreads for higher bailout probabilities (as is the case for large banks), and on the other hand, to fill several gaps in existing models, such as simple bankruptcy mechanisms, or low credit spreads for short maturities.

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As Michàl Kalecki points out, the publication of the General Theory highlighted the impact of taxation on economic growth. The General Theory, especially in chapter XXXVI, highlighted the beneficial effects that taxation can have on society, but without really developing the important macroeconomic aspects. It was Kalecki (1937-1944) who really brought out the macroeconomic properties of taxation in the short term, by studying how changes in the tax structure influence redistribution and macroeconomic dynamics. However, the question of tax incidence has been dealt with mainly by the standard approach, in which taxation is observed from the point of view of its disincentive effects on supply factors. This observation is not exceptional if we take into account the academic stance taken by economics since the effectiveness of Keynesian policies was called into question and the development of ideas on incentive issues in the early 1980s, particularly those relating to individual activity behaviour. We have to go back to the 1920s to find an analytical description of a theory of tax incidence. At that time Pigou was asked by a young mathematician named Ramsey: What structure of property taxation could minimize the loss of welfare at a given revenue level?

This article provides insight into the future of financial markets and regulation in order to define what would be the best strategy for Europe. To preserve financial stability, Europe has to choose between financial opening and independently determining how to regulate finance. Among the five scenarios we defined, three achieve financial stability both inside and outside Europe. In terms of market efficiency, the multi-polar scenario is the best and the fragmentation scenario is the worst, since gains of integration depend on the size of the new capital market. Regarding sovereignty of regulation, fragmentation is the best scenario and the multi-polar scenario is the worst because it necessitates coordination at the global level which implies moving further away from respective national preferences. However, the more realistic option seems to be the regionalisation scenario: (i) this level of coordination seems much more realistic than the global one. (ii) the market should be of sufficient size to enjoy substantial benefits of integration. Nevertheless, the "European government" might gradually increase the degree of financial integration outside Europe in line with the degree of cooperation with the rest of the world.

If the literature on inflationary bias of the New Classical School, through the concepts of credibility and transparency, led to the independence of central banks, its critique by the New Keynesian School reduced it to an instrumental independence and highlighted the role of its governance, the importance of its relationship with the political sphere for the legitimacy of its action, as well as the essential role of the Monetary Policy Councils (MPC).Both in theory and in practice, this institutional framework that reflects governance shows a Central Bank that is not separate from politics but rather in relationship with it. Insofar as monetary policy decisions are taken by a MPC, governance also concerns its organization and the procedures for making the decision. The objective of this thesis is to analyze, in light of recent developments, governance at the BCEAO and the BEAC, which are the central banks covering the two monetary unions in the franc zone, namely the WAEMU for the former and the CEMAC for the latter. This thesis also aims to show that the sustainability of these two monetary unions depends on better governance and the need for fiscal federalism within them, which implies stronger political union. However, we highlight the obstacles that make it very difficult to achieve this final stage of integration.

With the return of financial cycles and the subprime crisis, the literature has re-emphasized the macroeconomic influence of financial factors. Starting with the credit market, it has essentially developed with the financial gas pedal theory (Bernanke and Gertler [1989], Bernanke, Gertler and Gilchrist [1999]) based on the hypothesis of asymmetric information. This thesis proposes to complete this literature by considering the case in which the supply of credit is expressed in a situation of radical uncertainty and to revisit this theory by proposing, based on some of its limitations, another financial acceleration mechanism that is more macroeconomic in nature. This mechanism then allows us to improve our understanding of the role of the credit market in explaining economic fluctuations and to reinterpret economic policy recommendations.

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Globalization does not wait. International relations of all kinds have multiplied over the past thirty years with the liberalization of trade, the reduction of transport costs and new information and communication technologies. The book analyzes the reform of monetary and financial systems, already at the heart of the agenda, but also the regulation of trade, an area where there is a lack of direction and where strong priorities such as the ecological transition are slow to take hold. Liberating the future requires that developed countries get out of a double lock-in. The first is that of their companies, prisoners of a financialization that leads them to favor short-term profits, and the second is that of their heavily indebted governments, which, like Moliere's doctors, only swear by austerity. The world is too integrated for the emerging countries to take over alone. It is imperative to find a world arrangement that liberates both. It is to explore these paths that this book sets out.

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In this contribution we trace that recurrent pattern of financial crisis and institutional reform shaping the European integration project through its key chapters to arrive at the sovereign-debt crisis of the euro-zone which has already seen huge bail-out packages for three countries (Greece, Ireland, Portugal) as well as the introduction of several new crisis-management mechanisms. By taking a historical approach we can identify the structural flaws besetting the single-currency project from its inception and illustrate how they morphed into the different facets of a systemic crisis in the face of an asymmetric shock from the US-centered “subprime” crisis in 2007/08.

The back cover states: "At a time when the social and solidarity economy seems to be an alternative to the general gloom, this book offers a global analysis of the mutations in the modern economic and financial system in order to understand the emergence and the urability of solidarity finance. It offers a wide and richly documented description of solidarity finance experiences in countries of the North and South, putting into perspective the organizational forms taken by the actors. What are the issues and mechanisms driving this new economic reality? Who are the actors and how do they operate? How sustainable is it? What are the impacts, the contributions, the limits and the potentialities? These are the questions that are answered in this clear and well argued book, written by a specialist in the field.

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Following the onset of the current financial crisis since 2007, issues related to banking instability and institutional factors have attracted the attention of researchers and practitioners. The main objective of this thesis is how to develop a financial system that promotes economic growth while maintaining financial stability. In general, the main findings show that: (1) institutional quality plays a crucial role in explaining disparities in economic and financial performance of emerging and/or developing countries, (2) the favorable impact of strengthening institutional quality on banking stability is affirmed, (3) the effect of banking instability on the relationship between financial development and economic growth is transitory since banking instability affects financial development in the short term only, and (4) the complementarity between classical techniques for predicting banking difficulties, namely discriminant analysis, and modern techniques linked to machine learning such as neural networks.

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The history of financial markets is marked by recurrent scandals and crises. The one that started in 2007 and its aftershock in 2010, which turned into a public debt crisis, raises major questions about the advantages and disadvantages of the global financial system. The objective of this thesis is to analyze the existing anomalies in the stock markets. We seek to answer the following questions: Is the theory of efficient markets still true? What are the anomalies? How can we explain the sources of dysfunction and the deviations of prices from their fundamentals? What are the consequences of these dysfunctions on the dynamics of stock prices? Our contribution lies in the explanation of the dysfunction of stock markets through the study of their microstructure. We also draw on behavioral finance and the Keynesian theoretical framework. In addition, we analyze the theory of financial market efficiency and the standard empirical approaches that test it. We then examine the limitations of this theory and the anomalies observed in the market, while proposing both micro and macro explanations. Finally, we justify the use of non-linear processes to understand stock price dynamics.

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This book is the last in a series of three volumes that aim to cover the main contemporary economic and social issues at the national, European and global levels. Their particularity is that they were conceived and written by specialists in these issues - academics and recognized researchers - for high school and undergraduate students. The texts gathered here are distinguished by three major qualities: each is a synthesis of the state of scientific knowledge . their clarity and readability make them accessible without compromising their rigor . their problematization gives meaning to the questions addressed and arouses the reader's interest. In order to better respond to questions about the world and our society, in particular those related to the multiple crises we are facing, the book has not only been updated and revised, but also enriched by new contributions. (publisher's summary).

This book is the last in a series of three volumes that aim to cover the main contemporary economic and social issues at the national, European and global levels. Their particularity is that they were conceived and written by specialists in these issues - academics and recognized researchers - for high school and undergraduate students. The texts gathered here are distinguished by three major qualities: each is a synthesis of the state of scientific knowledge . their clarity and readability make them accessible without compromising their rigor . their problematization gives meaning to the questions addressed and arouses the reader's interest. In order to better respond to questions about the world and our society, in particular those related to the multiple crises we are facing, the book has not only been updated and revised, but also enriched by new contributions.

This paper provides a snapshot of the current state of central banking doctrine in the aftermath of the crisis, using data from a questionnaire produced in 2011 and sent to central bankers (from 13 countries plus the euro zone) and economists (31) for a report by the French Council of Economic Analysis to the Prime Minister. The results of our analysis of the replies to the questionnaire are twofold. First, we show that the financial crisis has led to some amendments of pre-crisis central banking. We highlight that respondents to the questionnaire agree on the general principle of a 'broader' view of central banking extended to financial stability. Nevertheless, central bankers and economists diverge or give inconsistent answers about the details of implementation of this 'broader' view. Therefore, the devil is once again in the details. We point out that because of central bankers' conservatism, a return to the status quo cannot be excluded.

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To limit the systemic potential of future financial crises, it is necessary to strengthen the macro-prudential dimension of regulation. In this thesis, we propose the following four avenues for the construction of a more robust macro-prudential framework: i) detect decisions that play a decisive role on the level of risk of the bank and its exposure to financial crises. ii) use an aggregate leverage indicator to detect runaway credit supply. iii) introduce a form of Prompt Corrective Action in Europe whose detection signals would be composed of information on the capital and liquidity of banks. iiii) find the best way to fight against the moral hazard risk of systemic financial institutions. The results of this work are as follows: 1) the combination of an aggressive leverage policy and a financing policy largely oriented towards short-term markets is the determining factor in identifying vulnerable banks. 2) The aggregate leverage indicator we constructed has a fairly high predictive power and can therefore be used as a tool for detecting financial crises. 3) Information on liquidity risk seems to be a good complement to capital ratios to detect vulnerable banks and trigger supervisory intervention in the framework of a European Prompt Corrective Action. 4) the most relevant solutions to solve the moral hazard problem associated with systemic institutions seem to be those that aim at simplifying the structure of banks in order to facilitate their resolution.

Employee savings is nowadays at the heart of the news. The government wants to boost consumption and is looking for solutions to the problem of pensions. Companies are trying to motivate their employees and build loyalty. Employees want to maintain a certain purchasing power, while building up savings. Employee savings also concern trade unions, which see it as a way to consolidate their position within companies while giving a more supportive dimension to these schemes. Finally, the banks that promote these schemes also use them as tools to develop their market share. The objective of this thesis is to show the usefulness of employee savings schemes for each of these actors, to study their limits, interactions and their place in contemporary capitalism.

Peripheral countries have specificities in the dynamics of their exchange rates and interest rates and in the conduct of their economic policy that are not generally considered by orthodox economic theory. This thesis argues that these specificities derive, in particular, from an asymmetry characteristic of the global economic configuration, namely, monetary asymmetry. The International Monetary System is hierarchical according to the capacity of each of the national currencies to perform the functions of money at the international level. According to the capacity (or inability) to perform their functions in the international arena, currencies are (or are not) holders of what is called in this thesis "currency liquidity." This international liquidity of currencies directly influences the characteristics of their demand. In the case of peripheral currencies (internationally illiquid), this demand requires a premium for the illiquidity of the currency (or of the asset denominated in that currency), which determines higher interest rates than those in the central countries. Moreover, this demand will be more or less sensitive to the level of confidence of global agents (or to the international preference for liquidity), which will determine the stability or instability of capital flows to these countries. Any instability in these flows exerts a pressure that tends to increase the volatility of exchange rates and, given the importance of this rate in the peripheral countries, to cause major problems for the conduct of their national economic policy.

The resumption of mergers between European banking groups has raised questions about the justifications for a move towards pan-European banking consolidation. This research is part of the attempts to analyze the logic of pan-European banking mergers and acquisitions (M&A) by examining the relevance of the arguments of the traditional analysis of this process. In a perspective of renewal of the concepts of analysis of these banking strategies, the classical sources of value creation are questioned, particularly in the case of pan-European banking M&A. This criticism is at the heart of our problematic. We therefore seek to better understand the logic of cross-border bank mergers in the EU by taking into consideration the specificities of these operations and the evolution of the conceptual framework of the analysis of the banking business. We propose an analysis grid of the determinants of cross-border M&A in the EU that allows to focus the analysis on two main criteria by referring to their respective theoretical frameworks. The first criterion for analyzing these banking strategies concerns the geographical aspect related to the markets of transnational expansion. The second criterion is related to the nature of the banking business of the parties involved in a cross-border M&A operation. The idea is to evaluate the relevance of the strategies of diversification of banking activities and geographical type in the European case. The contribution of our study is to validate this grid by adopting three different approaches. First, we propose to apply this grid to the European case within the framework of an analytical approach of the two criteria at the same time. Second, we would like to empirically evaluate the theoretical framework of each criterion for analyzing the reasons for cross-border M&A of EU banks separately by considering two empirical trials. In the first trial, we analyze the determinants of pan-European bank consolidation activity from a macroeconomic approach. The main idea is to identify certain countries and their characteristics that will affect the trend of cross-border bank M&A in the EU. This identification allows us to test the internationalization hypotheses in the European case. In the second essay, we empirically assess the relevance of the performance arguments by considering a microeconomic analysis of the strategic logics of cross-border M&A on a sample of the main EU banks. Our empirical tests allow us to highlight the two criteria for analyzing the reasons for cross-border and pan-European M&A while considering their strategic logics of diversification.

The multiplication of financial crises in emerging countries has revived the debate on capital controls. This paper seeks to highlight the role played by the free flow of capital in international financial instability and to justify the need to introduce controls. To what extent will control policies be effective in sanctioning the most volatile capital? To answer this question, we review the theoretical foundations of financial instability. We then analyze the different experiences with controls in the emerging countries studied and present the empirical work on the effectiveness of controls. Finally, to assess the effectiveness of controls, we construct a control index for each country. Then, based on panel data econometrics, we empirically test the effectiveness of controls on economic growth, FDI and portfolio investment for 18 emerging countries for the period 1990-2007.

During the 2000s, the United States benefited from a historically unprecedented transfer of savings. This thesis proposes to study the consequences of this phenomenon of "global imbalances" for Europe. First, we highlight a British cycle of global imbalances (1815-1944) during which Europeans largely benefited from savings transfers and an American cycle (since 1944) during which they only marginally participated. Using a theoretical model, we show that the British cycle is marked by a "current account - foreign investment - investment income" loop that allowed European countries to consume more than their income while continuing to increase their holdings of foreign assets and thus their rents. During the American cycle, the model indicates that the accumulation of global imbalances is the result of the growth strategies of the United States, Asia and OPEC, and implies for Europe: (I) a slowdown in growth. (II) an appreciation of the euro . (III) a small impact on the current account. Using a structural VAR model, we empirically confirm these three theoretical results for the euro area. Finally, we show from the theoretical model that by adopting a growth strategy driven by domestic demand, Europe could have countered these adverse effects. A panel study of the cointegration relationship between the balance and the budget balance indicates that fiscal policy could have been an effective lever, especially in the euro area countries.

This thesis is devoted to the study of the impact of French and American macroeconomic announcements on the French equity market. The approach followed consists in combining theoretical and empirical approaches in order to empirically highlight the economic transmission channels through which macroeconomic announcements can act on stock markets. The first part consists in studying the impact of announcements concerning the real economy on the main characteristics of the stock market, namely profitability and volatility. According to the results obtained, the impact of macroeconomic announcements involves a revaluation - sometimes simultaneous - of the various theoretical components of stock market profitability. Moreover, the impact of the announcements is not only a direct effect on the French stock market, but also the result of a transmission of volatility from the American market to the French market. The second part is devoted to the study of the impact of Fed and ECB monetary policy announcements on the French stock market, according to financial cycles. According to the results obtained, the reaction of the French stock market is more marked during periods of decline than during periods of increase. Moreover, it turns out that the impact of US monetary policy on the French stock market is partly mediated by the risk premium. This thesis has thus provided new results compared to the literature and has shown that the impact of macroeconomic announcements on stock markets is complex and requires going beyond classical event studies.

The importance of institutions in the process of economic development has been emphasized for over a century by Schmoller, Veblen and Commons. Since the beginning of the 1980s, there has been a resurgence of institutionalist currents in the face of the difficulty of the neoclassical current in explaining the failure of development policies drawn from its theoretical corpus. It is in this context that the New Institutional Economics analyses appeared, seeking to include in economic policy recommendations variables that do not belong entirely to economics, such as political institutions (elections, constitution, democracy...). This thesis starts from the observation that Africa and South-East and East Asia had almost the same level of economic development in 1960. It then sets itself a triple objective: to understand the analyses and concepts of institutional economics, to study, with the help of an institutional comparison, the reasons why Asian countries have experienced economic development while African countries have sunk into underdevelopment? Finally, with the help of statistical and econometric methods, verify the links between institutions and economic development. We hypothesize that institutions are key factors in economic development. Three central questions underlie the different chapters of our work. These are: understanding how institutional analysis came into being, defining the notion of "institution" and its derivative concepts, how institutional change takes place, and understanding the theoretical scope of the institutional economics toolkit. Answers to these questions presuppose knowledge and mastery of the major currents of institutional economics, from Veblen, Schmoller and Commons to North, Williamson, Greif and Rodrik.

The importance of the economic and social role of financial inclusion has forced most governments in continental Europe and in Anglo-Saxon countries to address the issue of retail banking access. Comparing the paths taken by the United States and France is the focus of this research. The aim of this research is to give an account, without claiming to be exhaustive, of the political and institutional solutions in force in these two countries, while attempting to identify the main orientations in order to find a basis for them. The first objective was to make the public systems implemented through information asymmetries intelligible. While this approach has made it possible to appreciate the meaning and scope of some of them, it has proved insufficient in terms of the readability it offers of the process of exclusion of individuals from banking and, more broadly, in terms of its representation of intermediation and the financial relationship. The second objective sought to explain the magnitude of the differences observed in these two countries through a reflection on money. The analysis of its social significance and access, based on the idea of its social inscription and by means of a parallel comparison of the different representations of poverty, constituted an additional step in the interpretation of the facts observed, linked to historical and "societal" data. These have added coherence to the overall picture of the different forms of public action, considered from the point of view of their legislative framework, but also from the point of view of the nature and role of other actors in access to financial services.

Since Wicksell (1898), the natural rate of interest has been defined as the level of the real interest rate consistent with stable inflation. This thesis, articulated around four essays, proposes to re-examine the concept of the natural rate from a historical perspective and to evaluate the practical utility, for monetary policy, of empirical estimates of this rate. The first article is devoted to Henry Thornton (1760-1815), often presented as a precursor of the Wicksellian model. Three empirical studies follow. The first estimates the natural interest rate in the euro zone using the Kalman filter. The second uses the same model to assess through simulations whether the uncertainty surrounding these estimates is such that it should discourage the central bank from taking them into account. Finally, the last essay examines the information content of the gap between the observed real short rate and the estimated natural rate for some key macroeconomic variables.

The project of this thesis is to propose an economic reading of the various facets of contemporary phenomena of financial liberalization, financial instability, the return of large-scale banking crises, and the slowdown and fluctuations of economic growth. In the context of this new global economic order, the problematic of the thesis is to understand the origins of the current dilemma of banking stability and long-term growth in the face of financial liberalization in emerging economies. On the one hand, openness has allowed these countries to achieve productivity gains by diversifying the means of financing the economy and reducing intermediation costs. On the other hand, it has created a threat of banking system instability and macroeconomic volatility. Thus, the purpose of this thesis, based on the experiences of financial openness in emerging countries, is to re-examine the relevance of liberalization policies for these countries. The analysis attempts to assess the contribution of financial liberalization to banking crises and to approximate its effects on long-term growth. Based on the central assumption that rapid, poorly chained and insufficiently supervised liberalization is detrimental to banking stability and growth, the aim is to define the appropriate policy of openness for these countries so that they can limit the risks and reap the maximum gains.

This thesis refutes the idea that employee savings can become a mechanism for regulating financial capitalism. Historically, employee savings have been part of a liberal vision. Employee savings are an instrument for making wages more flexible, which is similar to forced savings. It undermines the pay-as-you-go pension system and serves as a support for capitalization. The development of capitalization is not necessary. On the contrary, it is the result of a change in the social balance of power. The savings funds managed by the employees do not manage to emancipate themselves from the dominant logic of financial return and to constitute a sufficient constraint for companies to improve their social and environmental behaviour. Employee share ownership is rather a factor of entrenchment of managers and does not allow improving corporate governance in the sense of a better balance between stakeholders.

The objective of this thesis is to empirically analyze misalignments in the U.S. stock market and to examine their impact on price dynamics, volatility and the conduct of monetary policy. The first chapter shows that the expected long-run risk premium is influenced by structural changes in the economy and not only by the course of the business cycle. In the second chapter, we show that temporary deviations in the long-run relationship between the earnings ratio and inflation have significant predictive power on future stock price movements. Chapter 3 examines the nature of the adjustment that takes place between stock prices and their fundamentals. Chapter 4 examines the impact of misalignments on the volatility of stock returns. Chapter 5 examines the relationship between household consumption, disaggregated wealth and monetary policy.

This work aims to show the limits of linear models derived from the asset market approach - most often used in the study of exchange rate determination - and to contribute to the proposal of alternative models in an essentially heuristic approach. To do so, we start from two essential questions: the first concerns the opposition between linear determinist models and stochastic models and the second is the micro-macro transition. The first question, dealt with in chapter i, is reflected on the one hand by the study of two representative models of the asset market approach (the Dornbusch model and the portfolio model), and on the other hand by the study of stochastic processes used in financial analysis (the arch type models and Brownian motion). The first chapter concludes, on the one hand, by asserting the insufficiency of the stochastic approach in terms of non-stationarity, and on the other hand, by the impossibility of studying financial exchange rate series by linear determinist models. This leads to the question of the possibility of explaining exchange rate instability by non-linear determinist models, which calls into question the traditional assumptions about the behavior of agents, in other words, the assumptions of rational expectations and market efficiency. The idea implicit in these assumptions is the homogeneity of agents' expectations, while the opposite idea, that of information heterogeneity, implies non-linearity and constitutes a problem that falls under the micro-macro transition, discussed in chapter ii. This chapter discusses the theoretical and empirical factors conditioning the validity of the two hypotheses in question, as well as the criticisms from the point of view of the bounded rationality and mimetic approaches. Since these approaches fail to account for the problem of information heterogeneity, since they use tools derived from classical determinism, which is the very basis of the hypotheses we wish to challenge, we turn, in the third chapter, to the proposal of an alternative form of analysis - that of chaos theory - by making its connection with the analysis of complex dynamic systems. The criticism made in the first two chapters of this paper is not sufficient to justify this proposal.

The objective of this paper is to analyze the structure of the French mutual fund industry and to study the behavior of financial institutions competing in this industry over two periods: 1989, a year of expansion, and 1995, a year of contraction of the mutual fund market. Our database consists of 162 management institutions offering 823 mutual funds in 1989 and 130 institutions offering 759 mutual funds in 1995. For each of these sicavs we have information on assets under management and management fees. For 1995 we also have information on the assets under management and operating costs of 806 mutual funds managed by 144 institutions. Based on this information, we model a five-product quadratic cost function. From this cost function, we first verify that the predominance of banks (80% of assets) in the mutual fund market does not result in a competitive cost advantage. Second, by measuring economies of scale and scope, we conclude that the optimal institution in terms of costs is a medium-sized institution (from CHF 3.9 billion to CHF 8.4 billion) and offering all five categories of mutual funds. This conclusion raises the problem of explaining the non-optimal behavior of large management companies. This leads us to examine whether the mutual fund market is contestable. We conclude that in 1989, the large institutions did not abuse their market power, but in 1995, the French mutual fund market seems less contestable.

The purpose of this paper is to show that the transformations of the competitive environment of banks, cause and consequence of the recent financial and monetary changes, have contributed to exacerbate speculative activities at the national and global level and to increase the risk of a systemic crisis. In the first part of the thesis, an analytical theoretical approach is developed based on the contributions of Keynes and other heterodox authors who highlight the importance of money and banking for the understanding of economic dynamics in a world of uncertainty and irreversibility. The specific nature of banking competition and the effects of banking behavior on the stability of the economy are emphasized in an approach that takes into account the special role of banks in the modern capitalist economy where these private profit-oriented institutions are responsible for the creation of money. For this reason, banks are subject to strict state regulation, but they always try to escape from it. There is thus an insurmountable contradiction between the banks' relentless quest for value and the regulators' goals of stability. Because of the dual and dialectical nature of banks, bank competition is at the center of financial instability and credit dynamics. Driven by competitive logic, banks act in ways that amplify the financial instability that is part of the capitalist economy. In the second part, these theories are used in the analysis of the mutations of the bank in the 1980s and 1990s. This thesis attempts to show that the recent evolution of banking has not led to a higher stage of financial development of the capitalist economy. In a context of financial deregulation associated with government policies of "competition" (in the neoclassical sense of the term), banks have adopted certain competitive strategies that have led to a greater fragility of some national banking systems and have also favored the rise of speculative activities at the expense of the financing of productive investment.

From an analysis of international financial integration - understood here as a process of internationalization of capital leading to an international capital market - which is based on a double method, empirical and historical, the present work has sought to determine, through the ages, the factors explaining the emergence of such a process. This same work has also sought to characterize the importance of this process by assessing its various consequences on the economies of a number of countries. In the end, this work highlights the problems and challenges that the emergence of such a process can generate for the countries in question. From this analysis, one main lesson emerges: regardless of the period, 1870-1914 or 1980-1993, any process is born of the existence of disequilibria within and between countries. It then develops thanks to financial deregulation measures, and its sustainability is paradoxically ensured by different forms of regulation. The present work begins with a detailed empirical analysis of these processes. It then asks whether these processes have led to the emergence of an international capital market, if not a global one, i.e. a perfect financial integration. The answer to this question lies in an in-depth analysis of the positive and negative consequences of international financial integration. Estimates of these consequences constitute possible theoretical measures of the degree of financial integration achieved by countries. The results of these estimates show an increase in the degree of financial integration during these two periods, but no real global market seems to have emerged.