HAUTCOEUR Pierre Cyrille

The last paper of the session was aimed at offering some insights from a later perspective. The researcher analysed and compared two market systems which coexisted in the 19th-century Paris Stock Exchange, the Coulisse (unregulated market) and the Parquet (strictly regulated), arguing for a complementarity of the two rather than a competition between them.

Today, economic history in France no longer enjoys the prestige it did in the days of Braudel and Labrousse, but far from being the refuge of a handful of nostalgics, it continues to renew itself. The result of an initiative by the CNRS, this book examines its current situation and its prospects for development: the weight of legacies, the crisis of paradigms, the relationship with other sectors of history and neighboring disciplines, ongoing projects, and emerging themes are studied by the best specialists. In addition, by going beyond France, it introduces works that are renewing economic history at the international level and that represent challenges for French historians. By doing justice to reductive stereotypes, it shows that economic history helps us to think about complexity and, by illuminating the present through the past, contributes to making the problems of our time intelligible - from financial crises to the rise of China, from the end of the countryside to the growth of inequality.

"Jacques Le Goff (1924-2014) was one of the great historians of his time. He was the author of an immense body of work, devoted for the most part to the history of the Middle Ages, which he renewed in depth. This book explores his ambitions, objects and approaches. It brings together the contributions presented on the occasion of a day of homage organized in January 2015 by the École des hautes études en sciences sociales and the Bibliothèque nationale de France. For the many readers of Jacques Le Goff, but also for his colleagues and their students, it will allow them to situate his work in the intellectual and scientific "moment" of the years 1960-1990, to take the measure of his international influence, and to recall the presence of the public man: a man who was always concerned with making the results of research known to a wider public, passionate about the media, but also a citizen committed to freedoms and a passionate defender of Europe under construction." [source: publisher's website]

No summary available.

This thesis studies the role and functioning of regional stock markets, and in particular the Lyon Stock Exchange, during the period 1800-1945. The framework of analysis used corresponds to the literature on competition between stock exchanges. The thesis is structured around five independent chapters or papers. Chapter 1 presents the conditions of the emergence of regional exchanges in their modern form in the mid-nineteenth century, nearly 40 years after the Paris exchange. Chapters 2 and 3 address the first point of the competitive dynamics among stock exchanges in France, i.e., competition over issuers, and provide two measures of financial development: the number of companies listed on each stock market between 1870 and 1913 and the number of IPOs over a shorter period, 1898-1909. Chapters 4 and 5 focus on competition in stock market activity, i.e., orders received by stockbrokers, government-appointed financial intermediaries. While chapter 4 is devoted to the period at the end of the 19th century and in particular to the crash of the Union Générale, chapter 5 focuses on the two world wars. These two chapters propose two measures of stock market volumes.

This thesis studies the monetary and fiscal policies implemented in England to finance the Napoleonic Wars (1793-1815). Using a historical case study, the effects of fiscal policy on the price level are elucidated. Changes in the public deficit affect the prices of certain assets and the general price level. This effect occurs through the central bank's balance sheet, when the latter buys public debt that agents assume is not backed by tax revenues.

No summary available.

This article compares the crises of the 1930s and 2008 on two points: on the one hand, the reactions of the authorities at the most acute moment of these two banking and financial crises, which differed greatly thanks to the experience acquired following the Great Depression, both in the United States and in Europe; and, on the other hand, the financial regulations put in place in reaction to the 2008 crisis. It shows that the set of regulations adopted during the Great Depression was progressively challenged from the 1950s to the 1990s, removing many inconsistencies or inefficiencies, but also recreating a significant fragility that was to manifest itself in 2008. Because of the political and scientific context, the long stagnation that followed 2008 has not (yet) given rise to such a significant regulatory movement.

This thesis focuses on the relationship between the money and financial markets in France over the period 1880-1914. In particular, it examines the market for short-term loans. The thesis studies in detail two segments of this market: the advances on securities (secured short-term loans), and the deferment market (sale and repurchase agreements). The key intermediaries are the Banque de France, four major depository banks, regional banks, and the two stock market players: the Compagnie des agents de change and the Coulisse. The thesis is structured in three chapters. The first chapter deals with the introduction of a clearing house in the French deferral market, and studies the consequences of this introduction on counterparty risk. The second chapter deals with the monetary policy of the Banque de France between 1890 and 1913 and the role of the banking sector in the transmission of monetary policy itself. The third and final chapter deals with the financial crisis of 1914 in France.

We study the causes and the consequences of two regulatory changes affecting the competition between the transparent Parquet and the OTC-like Coulisse markets in Paris at the turn of the 20th century. First, we provide evidence supporting the interest group theory to explain regulatory changes. By using these changes as natural experiments, we show then that competition widens bid-ask spreads while monopoly makes them narrower. These results are in line with recent literature questioning the effects of “dark” competition: a transparent monopoly could be more effective than competition if the latter involves opaque markets.

This paper aims at explaining the changes in the number of bankruptcies during the second part of the 19th century and the beginning of the 20th. We firstly study these changes in the perspective of the evolution of the French insolvency law. we then introduce a geographic dimension that we show to be very relevant. We indeed observe that the court of the Paris district is more tolerant than the others. however, this kind of use of the law will spread in the other courts until the reform in 1889 that creates the judicial liquidation. The spatial analysis permits us to show that the changes in the law do not explain the total variations of the total amount of bankruptcies. The local practices, the way judicial agents act and the changes in the firms' strategies are also essential in the explanation.

Opening of the conference by Pierre-Cyrille Hautcoeur, president of EHESS, Guy Amsellem, president of the Cité de l'architecture et du patrimoine, and representatives of IRD, ANR and the City of Paris. Inaugural lecture by Achille MBEMBE (Witwatersrand University, Johannesburg) "Le monde-zéro : réflexions sur l'infra-humain".

The purpose of this thesis is to revisit, in the light of unpublished historical financial data, certain results of the economic history literature concerning the spread of the Great Depression to Europe, and more particularly to France. In particular, we seek to study the various international transmission channels - stock markets, banks and currencies - of this crisis and evaluate the respective roles they may have played in the spread of this crisis to the French financial markets. The different contributions we propose in this thesis are above all empirical and are based on a significant amount of work carried out upstream to collect and process original financial data, mainly from the archives of the Paris Stock Exchange. Several important results emerge from our work. Our analysis of the stock markets shows, first of all, that the American stock market crash of 1929 had a weak impact on the Paris stock market. Similarly, the French banking system as a whole resisted the banking crisis of the early 1930s rather well, due in particular to the high degree of specialization that characterized it at the time. Finally, we show that the level of financial integration between the United States, France and Belgium, through the study of bilateral relations between the equity markets of these three countries, tended to strengthen with the adoption by these countries of the gold exchange standard. This strong financial integration, coupled with the economic policy constraints associated with this monetary system, could thus explain how the Great Depression spread in Europe and why the economic crisis was prolonged in countries such as France and Belgium, compared to other major economies.

No summary available.

This paper aims at explaining the changes in the number of bankruptcies during the second part of the 19th century and the beginning of the 20th. We firstly study these changes in the perspective of the evolution of the French insolvency law. we then introduce a geographic dimension that we show to be very relevant. We indeed observe that the court of the Paris district is more tolerant than the others. however, this kind of use of the law will spread in the other courts until the reform in 1889 that creates the judicial liquidation. The spatial analysis permits us to show that the changes in the law do not explain the total variations of the total amount of bankruptcies. The local practices, the way judicial agents act and the changes in the firms’ strategies are also essential in the explanation.

The creation of the banks that became modern central banks spans the 18th century (the Bank of Amsterdam, the Sveriges Riksbank and the Bank of England) to the 20th century (the Federal Reserve System in the United States and many others). Founded in very different contexts, these banks have, at the outset, little in common.

This text reproduces my contribution to the colloquium Les banques centrales, la nation et les Etats of the Mission historique de la Banque de France organized on March 14-15, 2012 and published by O. Feiertag and M. Margairaz: Les banques centrales et l'État-nation, Les presses de Sciences Po, 2016, pp. 27-48 In accordance with the task I was asked to perform at the colloquium, this article attempts to situate the individual contributions within the literature on central banks and the nation in the 19 th century. It therefore refers to the other contributions in this volume for more details.

This thesis aims to deepen the understanding of child labor in Côte d'Ivoire (1985-2002). It is divided into four parts. The first part resituates the problematic nature of the definition of child labor and highlights, through the use of statistical data, the working conditions to which children are exposed on the plantations. The second part explores the family dynamics of child labor. It analyzes the interactions between the labor offers of adults and children operating within households, and arrives at a fundamental result: the very strong complementarity between women's and children's work. The third part explores the nature of the links that unite the destinies of women and children, by exploiting the contributions of anthropology. The final section examines the impact of institutions on children's well-being, and offers a brief economic policy assessment of child labor. This thesis concludes that child labor is neither the result of household economic poverty alone, nor of systematically exploitative enterprises. While the role of poverty remains undeniable, it is its multiple components (economic, social, access to fundamental rights, etc.) that are at issue, and institutional imbalances are also decisive, whether it be the lack of coordination inherent in legal pluralism, or the inefficiencies of the institutional arrangements in force (the adult labor market in particular), which are likely to be transferred, sometimes indirectly, to children.

This paper aims at giving an explanation of the changes in the number of bankruptcies during the second part of the 19th century and the beginning of the 20th. We firstly study the evolution of the French insolvency law and then we introduce some regional aspects. We indeed observe that the court of the District of the Seine is more tolerant than the others. however this kind of use of the law will spread in the other courts until the reform in 1889 that creates the judicial liquidation. The special analysis permits us to show that the changes in the law do not explain the total variations of the total amount of bankruptcies. The local practices, the way judicial agents act and the changes in the firms' strategies are also essential in the explanation.

No summary available.

This text offers conclusions from the colloquium organized at the Sorbonne by Katia Béguin on July 2 and 3, 2012 and published in 2015. This colloquium focused on the articulation between state construction and the development of fiscal or financial resources of modern states since the sixteenth century.

No summary available.

When faced with a run on a "systemically important" but insolvent bank in 1889, the Banque de France pre-emptively organized a lifeboat to ensure that depositors were protected and an orderly liquidation could proceed. To protect the Banque from losses on its lifeboat loan, a guarantee syndicate was formed penalizing those who had participated in the copper speculation that had caused the crisis bringing the bank down. Creation of the syndicate and other actions were consistent with mitigating the moral hazard from such an intervention. This episode contrasts the advice given by Bagehot to the Bank of England to counter a panic by lending freely at a high rate on good collateral, allowing insolvent institutions to fail.

No summary available.

Why are greenhouse gas emissions not controlled? The thesis interrogates the toolbox of neo-classical economic analysis and asks the question: how does economic theory form an inadequate mental framing of the climate problem? The thesis identifies shifts in the history of resource economics and shows a recurrent neglect of the material substrate of production. The production function, the preferred tool for modeling technical constraints, is based on a misunderstanding, as the Cambridge controversy taught. Cost-benefit analysis, the only supposedly non-normative approach, is preferred to deal with climate change, even if it means modeling unknown relationships. The damage function extrapolates from shared prejudices, and the repeated controversies over discounting highlight the inconsistency of the current macroeconomic framework. The analysis of a contemporary article makes explicit the functioning of this casual relationship to reality: the loose links between the mathematical structure of a model, the words used to describe it and its numerical results give extraordinary margins for interpretation. The relationship between economic system, ideology and academic discipline is studied through the prism of two symbols, homo economicus and the market. The inadequacy of economic theory to deal with climate change has a deeper root in the current market-centered organization of Western societies. The blocking effects can be seen both in the sociological phenomenon of climate skepticism and in the construction of the carbon market.

A must-read bestseller, Frederic Mishkin's book presents an economic analysis of the financial systems within which central banks conduct monetary policy in their countries. It also outlines the economic functions of commercial banks and other financial intermediaries, both from a national and international perspective. The book owes its success to two essential qualities: a unified analytical framework based on a small number of fundamental economic principles, set out in simple terms; and a remarkable pedagogy based on simplified formalization, with explanatory tables and diagrams. Faithful to the approach of the original book, the French edition has been the subject of an impressive adaptation work. This 10th edition is an opportunity to develop a comparative analysis of the United States and the European Union: the euro-dollar exchange rate, the liquidity crisis, the French banking system, conflicts between EU and national authorities, the evolution of regulation and supervision. simplify the presentation of monetary policy strategies and regimes: domestic aspects are studied in part IV and international aspects in part V . deepen the study of financial crises and introduce the shadow banking system: the role of securitization in the collapse of financial asset prices, bank rescues, the deflation of financial leverage and the credit crunch . to explain the action of central banks in the face of the economic crisis: their share of responsibility, the measures adopted and the challenges they face (in particular the monetary authorities of the Eurozone in response to the banking and debt crisis) . to present a framework of analysis renewed by the recent work of the New Keynesian Economics: the impact of monetary policy decisions on macroeconomic equilibrium In addition, all the figures have been updated to provide the reader with the most recent information possible. Finally, thanks to some 400 questions and problems, the reader can test his or her knowledge and put it into practice [Source: 4th cover].

This dissertation is a synthesis of publications made between 2005 and 2012 as well as working papers. It is organized around three axes: issues related to the Paris Club, articles about the Gibrat law and works around the History of the Banque de France. The first axis includes two papers published in the Bulletin de la Banque de France: one on the evaluation of the HIPC initiative (Heavily Indebted Poor Countries, Mechanisms and Elements of Evaluation, Bulletin N°140, August 2005) and the second on the modeling of debt buybacks within the Paris Club. The latter paper was in two forms (general public: Modélisation et analyse des mécanismes du Club de Paris de rachat de créances par prépaiement, with Laurent Daniel, Bulletin N° 152, August 2006, and research: Pricing the implicit contracts in the Paris Club debt buybacks with Laurent Daniel, working paper, December 2007). The second axis concerns the validation of Gibrat's law, with the publication of three articles (French butchers don't do Quantum Physics in Economics Letters, Vol. 103, May 2009, Pp. 101-106 .

A growing body of research in economics and in business and economic history has shown the key role of bankruptcy and insolvency law on business organization, firms' governance, and entrepreneurial choices. Most research, however, has focused on the formal aspects of laws, and still little is known on how various systems worked in practices. This paper fills this gap in the literature analyzing the functioning of bankruptcy procedures in four main European economies (Italy, France, England, and Germany) between ca.1880 and 1914. Using an original data set and descriptive statistics on length, organization, and return of procedures, the paper shows how the aim of attracting debtors was more successful in the less regulated English system, but how the protection of creditors' rights was more efficiently pursued in France and Germany. Italy appears as the absolute worst performer.

This paper aims at presenting an historical perspective on some of the major questions raised by Hyman Minsky and his recent followers, in particular about the instability of banking practices and the diffusion of the "originate and distribute" model under the domination of securities markets. We will argue that, when dealing with these issues, one must take great care at distinguishing what is actually new and what is recurrent. Financial innovation is nothing new. Risk taking through financial innovation is not new either. Banks have been innovating constantly over the last centuries, and many of their practices that we consider as "traditional" have not always been so, and result from a long process involving trials and errors, each error usually resulting in excessive risk-taking and waves of failures. We point out that markets have survived these crises when they have been able to organize and build the institutional structure allowing the various interests involved to become consistent with each other.

A must-read bestseller, Frederic Mishkin's book presents an economic analysis of the financial systems within which central banks conduct monetary policy in their countries. It also outlines the economic functions of commercial banks and other financial intermediaries, both from a national and international perspective. The book owes its success to two essential qualities: a unified analytical framework based on a small number of fundamental economic principles, set out in simple terms; and a remarkable pedagogy based on simplified formalization, with explanatory tables and diagrams. Faithful to the approach of the original book, the French edition has been the subject of an impressive adaptation work. This 10th edition is an opportunity to develop a comparative analysis of the United States and the European Union: the euro-dollar exchange rate, the liquidity crisis, the French banking system, conflicts between EU and national authorities, the evolution of regulation and supervision. simplify the presentation of monetary policy strategies and regimes: domestic aspects are studied in part IV and international aspects in part V . deepen the study of financial crises and introduce the shadow banking system: the role of securitization in the collapse of financial asset prices, bank rescues, the deflation of financial leverage and the credit crunch . to explain the action of central banks in the face of the economic crisis: their share of responsibility, the measures adopted and the challenges they face (in particular the monetary authorities of the Eurozone in response to the banking and debt crisis) . to present a framework of analysis renewed by the recent work of the New Keynesian Economics: the impact of monetary policy decisions on macroeconomic equilibrium In addition, all the figures have been updated to provide the reader with the most recent information possible. Finally, thanks to some 400 questions and problems, the reader can test his or her knowledge and put it into practice [Source: 4th cover].

The thesis studies the policy of the Banque de France from 1945 to the early 1970s, during the "Trente Glorieuses" period. While the image is often presented of a passive central bank acclimatizing to inflation and responding to the orders of fiscal policy, the exploitation of the Bank's archives as well as the use and construction of new data allows us to question this assumption and to show, on the contrary, how the action of the central bank on the French economy during the "Trente glorieuses" was decisive, both in maintaining an average inflation rate and avoiding financial crises, and in facilitating access to credit and thus favoring growth. To understand this action, it is necessary to see that the policy of the Banque de France was characterized by two distinctive features: it was deliberately not carried out by means of interest rates but was based on direct control of quantities, and secondly, monetary policy, credit policy and banking regulation were merged. This study of economic history combines several analytical tools. First, it offers an institutionalist approach to monetary policy, including the history of economic and political ideas and the history of practices. It then uses numerous econometric techniques, notably time series and panel techniques, to estimate the impact of these policies on the French economy. Finally, it proposes a theoretical model of a central bank practicing quantity rationing and maintaining a non-equilibrium interest rate.

This thesis proposes an analysis of the French banking system during the Belle Époque. Drawing on a dense literature in banking microeconomics, it develops the idea that an environment poor in quantitative information gives local banking institutions a key role in the development of economic activities. In particular, the greater ability to manage private information leads local and regional banks to finance investment and innovation in small and medium-sized enterprises, which was essential in France at that time. In addition, the "regionalist" turn taken by the Banque de France seems to have favored access to credit for local actors and helped the integration of the capital market. The proximity of Banque de France branches to local bankers appears fundamental to the success of this policy.

The history of monetary unions is still a relatively unexploited field in economics. However, it can be a rich source of information. The main interest of this thesis is to present a historical and quantitative analysis of the phenomena of monetary union since the 19th century (five experiences of monetary union are studied here: the Latin Union, the Candinavian monetary union, the Franc-CFA zone, the Monetary Union of the Eastern Caribbean and the Monetary Union of the Eurozone), which further substantiates the relevance of the institutionalist argument that the traditional theory of optimal currency areas is neither "positively" nor "normatively" satisfying. Therefore, the orthodox theory must be abandoned in favor of a conception of money as a sovereign institution. This calls for a multidisciplinary approach to monetary unions, with particular emphasis on the conceptual tools developed in the framework of International Political Economy. On this basis, we have analyzed the possibilities of monetary unions in the world, and in particular in MERCOSUR, distinguishing at the regional level, on the side of the "supply of a monetary regime" as well as on the side of the "demand for a regime", the forces capable of supporting (or hindering) the accomplishment of the MERCOSUR monetary union project. This is the second major point of interest of this thesis.

The functions of Islamic banks do not differ too much from those of the universal banks existing in Germany or Japan. However, they do not resort directly to monetary borrowing but only through goods and services. Thus, they do not impose a fixed interest rate (Riba) on their clients, but their financing is done, on the one hand, through goods and services against fixed repayments (Murabaha, Ijara) and, on the other hand, through financing contracts based on profit and loss sharing (Musharaka, Mudaraba). These banks do not limit themselves to the role of financial intermediaries, they also carry out direct investment operations. The various operations of Islamic banks are carried out in accordance with Islamic law (Sharia). The majority of Islamic banks exist in an unfavorable environment, characterized by bureaucracy, corruption, etc. These problems aggravate the asymmetry of information and property rights, which puts Islamic banks in a difficult uncompetitive situation before conventional banks in particular, because Islamic banks incur more risk in investment operations. This explains the recourse of these banks to short-term financing (quasi-debt) such as Murabaha, instead of Musharaka and Mudaraba contracts (quasi-equity). Despite all this, Islamic banks are growing considerably and are a real competitor to conventional banks in countries that are populated by a majority of Muslim people, including Yemen, thanks to the effect of the religious factor.

The theoretical literature on financial markets emphasizes that, faced with the increase in competitive pressures determined by the evolution of financial systems, stock exchanges are forced to make major changes in order to defend and even increase their market shares. This phenomenon seems particularly marked in the European Union. Moreover, theoretical research questions the stock market configuration that may emerge from this competition. Consequently, the questions we will answer are: what is the role of competition in the evolution of stock market models? What are their success factors? What factors can explain a strong centralization of financial activity or the coexistence of relatively developed exchanges? We consider this issue from a historical perspective, starting with the study of the Genoa and Milan stock exchanges in the Giolitan era. The Italian case is particularly interesting because it offers an example of radical change in the hierarchy and configuration of the stock exchange system. We show, first, that market models are determined less by competition between exchanges than by competition between categories of operators within each market. Second, we highlight the role of market model heterogeneity in explaining the centralization and fragmentation of financial activity. Finally, the regulatory burdens imposed on participants and the price discovery process play a key role in differentiating markets and explaining the hierarchy between exchanges.

This thesis studies the prudential regulation of banks under the new Basel Accord. The first chapter examines the foundations of bank capital regulation and its evolving dimension. The second chapter cautions against the regulatory use of credit rating agencies. The empirical results indicate the existence of sectoral biases in the rating practice of these agencies. They also point out that their prudential role leads to asymmetric regulatory treatment among banks located in countries with different levels of development. The third chapter suggests that the different credit risk models can be brought together in a unified framework and that their risk estimates are comparable. The fourth chapter simulates capital dynamics under the new Accord to analyze its pro-cyclical effects. Proposals are made to limit the effects of such dynamics on banking behavior. The last chapter proposes a moral hazard model. It argues that the new Accord mitigates banks' reckless risk taking in the presence of inadequately priced deposit insurance.

This work seeks to measure and explain the forms of financing of French companies listed on the Paris stock exchange between 1890 and 1939. The individual census of the financial operations of these companies shows in a new light the contribution of the stock market to the financing and allows a more thorough explanation. Thanks to an original method of measuring self-financing, it is shown that the market's share in the financing of listed companies reached its maximum in the 1920s. This increase is combined with an increase in the share of equities in external financing, at the expense of bonds. Finally, this transformation benefited mainly industrial companies that had previously had difficulty accessing the stock market. The stock market is therefore an effective accompaniment to the second industrial revolution. An analysis of time series and cross-sectional data shows that financial microeconomics does not explain this transformation. Indeed, the increase in taxation or in the costs of the mandate counteract it without really slowing it down. On the other hand, this theory does explain the allocation of capital between firms. These results are all the more interesting because, unlike most studies on this subject, we have individual and precise indicators of agency costs and a non-accounting measure of self-financing. Macroeconomic and institutional arguments better explain the long-term evolution of financing forms. Before 1914, merchant banks and stockbrokers succeeded in reducing savers' distrust of the stock market, and in increasing the number of investors.