Discutants: Hugo Oriola et Nabil Daher

Abstract: Malgré une intégration progressive des risques financiers d’origine climatique dans les discours des banquiers centraux et superviseurs financiers, les mesures pro-actives de verdissement du système financier restent timides. Parmi les propositions politiques soutenues par ces acteurs, le stress test climatique (STC) est défendu pour sa capacité supposée à atténuer les risques financiers climatiques. Développés en premier lieu dans un cadre européen ou le système financier est développé et complexe mais tendanciellement moins exposé au changement climatique que le reste du monde, cet outil a commencé à être utilisé dans des zones géographiques assez variées, notamment par le biais du NGFS (Network for Greening the Financial System). Dès lors, nous étudions dans cet article l’évolution de l’outil lors de son usage en dehors du cœur européen du NGFS. Par une recension des rapports de STC, nous analysons la manière dont ces exercices sont menés dans les banques centrales et superviseurs financiers à travers le monde. Nous observons les déterminants et les caractéristiques de la mise en place de STC. Tout d’abord ce travail fournit un état des lieux inédit des STC menés par des superviseurs ou des banques centrales. De plus, nous discutons de la pertinence de ces exercices pour atténuer les risques financiers d’origine climatique, en particulier dans les pays du sud. Nous concluons sur les difficultés de la mise en place du STC dans les pays du Sud. Les méthodes développées par le NGFS semblent peu adaptées aux enjeux rencontrés dans les pays les plus touchés par les effets du changement climatique.

Discutants: Olivier Renault et Moustapha Sarr

Abstract: Cet article étudie l'impact des sources d'information des risques d'inondation, des zones d'habitation sur les choix d'assurance et de prévention, et les déterminants de la disponibilité maximale à payer (WTP) pour s'assurer contre les inondations. Nous utilisons à cet effet des données d'une enquête de terrain de septembre 2022 auprès de 593 ménages en milieu urbain au Burkina Faso. Les résultats montrent que les sources d'information et la localisation sont des facteurs très importants dans l'explication des choix d'assurance et des choix de prévention. Nous montrons également que le seul fait d'être informé des risques d'inondation ne suffit pas à expliquer la disponibilité maximale à payer. Enfin, nos résultats indiquent que la perception des risques d'inondation, le recours aux réseaux informels et l’aversion au risque réduisent la WTP, alors que l’aversion à l’ambiguïté augmente la WTP.

Discussants: Rémi Generoso (sénior) et Nguyễn Tuấn (junior)

Abstract: Increasing climate variability is impacting the lives of people across the world drastically. The studies have warned that increasing fluctuations in weather will increase migration as households become unable to adapt. Internal migration is the most obvious choice because of its cheaper cost and fewer legal formalities. The risk of the more vulnerable and less able population is huge as negative income shock and wealth reduction will lead them closer to poverty because of the increasing frequency and intensity of climate variability. This study maps the quarterly individual-level Thai Labour Force Survey data from 1985-2000 to ERA5 Reanalysis climate data to analyse the impact of climate variability on internal migration in Thailand. The studies employ the Linear Probability Model to optimise migration decisions based on climate variability. Climate variability is measured by drought and floods dummy constructed using the Standardised Precipitation and Evaporation Index. The results suggest that the additional month of drought exposure increases the probability of migration.

co-écrit avec Paolo Melindi-Ghidi et Jean-Philippe Nicolaï

Discutants: Jean-Marc Zogheib et Florian Morvillier

Discutants: Quentin Hoarau, Marc-Antoine Faure

Abstract : "Latent profile analysis (LPA) is carried out to identify different behaviour of firms in the European Union Emissions Trading System (EU ETS). The goal is to identify profiles based on firms' transaction activity and not considering other characteristics, thus without any a priori bias on the type of behaviour a firm may have. This is especially relevant in the current context of suspicion of speculation in the market. The aim is to contribute to the debate on the potential detrimental role played by certain actors. Firm transaction behaviour is summarised using centrality and popularity indicators stemming from network theory. Estimated indicators include degree, strength, betweenness and eigenvector centralities, harmonic closeness and PageRank. Based on these indexes, LPA is performed to investigate the existence of different firm profiles and identify them. Firm characteristics are then added as covariates to explore the determinants of belonging to a certain group. Visualisation of the transactions network along with the estimation of indicators reveal that the network is highly polarised around a handful of financial firms that play the role of intermediary for compliance firms. The LPA further leads to the identification of three relevant profiles, with notably a "popular" profile characterised by extreme centrality values. Firm regulatory status and sectoral activity seem to be playing a significant role in determining profile assignment."

Pauline Bucciarelli, sous la direction de Emmanuel Hache et Valérie Mignon "Modélisation du recyclage des matériaux des technologiques bas-carbone et impacts sur les prix des métaux "
Souleymane Cisse, sous la direction de Cécile Couharde "Changement climatique et marchés des matières premières agricoles
Basile Clerc, sous la direction de Laurence Scialom et Alexandre Chirat "Economie politique du contrôle des prix "

Co-auteur: Ludovic Julien.
Discutants: Rémi Oddou (sénior) et Ben Vieira Kouassi (junior)

Abstract: In this note, we investigate the effectiveness and the optimality of fiscal policies in the strategic bilateral exchange framework of Gabszewicz and Grazzini (JPET, 1999). We notably propose to test the robustness of the following result: endowment taxation with transfers can implement a first-best allocation in Cobb-Douglas, linear and CES strategic bilateral trade. Through an example in which the preferences of traders are represented by quasi-linear utility functions, we show that endowment taxation with transfers implements a Pareto-optimal allocation, while taxation without transfer does not. Indeed, the optimality of endowment taxation with transfers is robust for a larger class of utility functions, including the quasi-linear utility function, which is often used to represent the preferences of agents in public economics.

Discutants : Harouna Sedgo (junior) & Blaise Gnimassoun (sénior).

Abstract: In this paper, we focus on an overlooked determinant of business cycle synchronization namely the migration. We consider the African countries as sample over the period 1990-2019 subdivided in six periods of each five years. Rely on pooled OLS IV estimates, wefind a positive effect of migration intensity among African and ECOWAS countries on their output co-movement. Second we show that remittances channel usually tested in the literature also enhances synchronization.

Discutants: Christophe Blot et Florian Morvillier
Abstract : This paper contributes to the literature on fiscal policy and inflation. In particular, it estimates the effect of fiscal rules on inflation for a panel of 79 countries over the period from 1985 to 2021. To achieve this end, we use propensity score methods in order to deal with potential endogeneity issues. Our estimates show that the adoption of fiscal rules leads to a decline in inflation in the whole sample. Nevertheless when splitting according to different characteristics, we are unable to conclude for advanced countries and for countries whose central banks are not credible. These results are robust to different specifications.

Discutants : Phu Nguyen-Van (sénior) et Claire Mollier (junior)

Abstract : This paper examines the acceptability of different public policies aimed at limiting negative externalities. The paper explores the impact of experience from a policy trial, cultural worldviews, and the policy acceptability of bans and taxes. The authors conduct a laboratory experiment with participants facing a negative externalities game and introducing public policies in the form of taxation and quantity regulation policies. The participants are asked to vote for or against the implementation of the policy after experiencing a policy trial. The results indicate that acceptability varies across different policy instruments and that experience from a policy trial can influence acceptability. The study also finds that cultural worldviews impact the acceptability of different policies.

Discutants : Olivier Renault (sénior) et Maria Montoya Villalobos (junior)

Abstract:

In this study, we use a lab experiment to investigate individuals' reactions to defeat. In an attempt to understand if men dislike competing with women, this study analyzes men's willingness to compete again, against a high-performing woman. Using a strategic method, our research seeks to elicit men’s and women’s behaviors in a repeated competition context. Meanwhile, we investigate different reactions when giving the participants hypothetical information about the points gap with their opponent. Our results show that men are more reluctant to compete against a man (than a woman) when being defeated by a large point gap. Women, on the other hand, do not base their decision to compete again on the gender of their opponent.

Discutants : Nadine Levratto (sénior) et Simon Lang (junior)

Abstract : Defining a fair and transparent measure of carbon leakage risk is primordial to effectively tackle carbon leakage without undercutting the impact of climate policies. This paper proposes a new approach to measure the risk of carbon leakage, and applies it to the steel and cement industries. The micro-founded hypothetical monopolist test (or SSNIP) is applied at a country-product level to delineate the relevant market for each of these industries. A gravity model is used to estimate technical substitution elasticities at the product level, from which own- and cross-price elasticities are derived and used as inputs in the hypothetical monopolist test. The results from this analysis point to steel markets being delimited at the national level, while the relevant market for cement seems to include several countries, including some outside the EU for clinker.

Discutants: Carl Grekou (sénior) et Emmanuelle Faure (junior)

Abstract: The aim of this paper is to investigate the links between strategic metals - which are crucial in the transition to a low-carbon economy - and foreign investment flows. To this end, we consider a panel of 20 strategic metals and 110 countries over the 1997-2020 period. Using a battery of panel data estimations to ensure the robustness of our results, we find that there is no FDI-resource curse for the strategic metals production. Strategic metals have a very strong force of attraction on foreign investments, which has many implications for both the economic development and geopolitical weight of the different producing countries.

Discutants : Chouaib Jouf (senior) et Mathilde Dufouleur (junior)

Abstract: "This paper analyses the impact of the low-interest rate environment on the profitability of 37 life insurance companies operating in France over the 2009-2018 period. Our empirical analysis suggests that Monetary Policy has a significant impact on profitability. This result holds after controlling for macroeconomic and financial conditions and different life insurers-specific characteristics. Accounting for the heterogeneity of life insurers, the paper sheds light on the asymmetrical impact for smaller companies. The article further examines the influence of the solvency position of life insurers on profitability and issues policy recommendations for regulators to mitigate the influence of the low-yield environment, particularly on smaller insurers."

Co-auteur: Laurent Ferrara

Discutants : Thomas Chuffart (sénior) et Stéphane Matton (junior

Abstract: We construct indicators of the attention paid by US monetary policymakers to the international situation. We apply natural language processing techniques to minutes of the Federal Open Market Committee. We discuss the channels through which foreign economic conditions can impact US monetary policy and their relative importance in Fed discussion. By adding these text-based indicators to a standard forward-looking Taylor rule, we derive a quantitative measure of the external influences on decisions made by the US Federal Reserve. Our results show that when international matters are discussed at greater lengths, the Fed is more accommodating than what would be suggested by the Taylor Rule.

Auteurs : Jean-Charles Bricongne, Mathilde Dufouleur

Discutants: Elena Dumitrescu (sénior) et Pablo Aguilar Perez (junior)

Abstract:

This paper sheds new light on law and finance in the post-crisis period by studying the impact of insolvency regimes on non-performing loans. Using a novel database on European transparency exercise data over 2015-2020, our results, based on fixed effects panel specifications, provide an innovative view of the impact of economic and institutional factors on the quality of banks’ loan portfolios. They confirm and capture more precisely the influence of economic cycle indicators like the GDP growth rate and unemployment and shed new light on the importance of the insolvency framework in discussions about loan quality. Unlike prior studies, the specification used, which varies destination at bank level, makes it possible to disentangle the impact of macro factors, institutional quality and bank characteristics. The impact of insolvency regimes, is found to be favourable for bank non-performing loans and, more broadly, for financial stability.

Discutants : Valérie Mignon et Morel Tien

Abstract :
L’objectif dans ce papier a été de remédier au manque de la littérature en analysant le rôle de la migration bilatérale dans la stabilité du taux de change bilatéral et de dériver du modèle de régression des indices de Zone Monétaire optimale (ZMO) initialement développés par Bayoumi et al, 1997 pour un élargissement de la zone Union Economique Monétaire Ouest Africaine (UEMOA). Les résultats mettent clairement en évidence le rôle majeur joué par la migration bilatérale dans la stabilité du taux de change bilatéral et des indices qui diminuent au fil du temps pour les pays membres et non membres de la zone UEMOA. Ce qui traduit des signes de convergence mais tous les pays de la Zone Monétaire d’Afrique de l’Ouest (ZMAO) ne peuvent pas intégrer la zone UEMOA ou du moins participer à la monnaie unique car l’asymétrie est encore élevée pour certains pays.

Discutants: Francisco Serranito (sénior), Djeneba Drame (junior)

Abstract :

This paper revisits the crucial issue of global imbalances and focuses on the determinants of the current account gaps between eurozone Member States. We conduct robust estimations of the current account balances for a panel of ten euro area economies and construct a measure that allows us to diagnose why some countries have started to diverge from the eurozone mean in the last two decades. Our findings show evidence of remaining differences in countries’ economic development, meaning that real macroeconomic convergence has failed in the zone. Price and cost competitiveness, as well as fiscal balances, have also participated in this growing macroeconomic divergence. Overall, while the European authorities cannot influence the part of the gaps due to demographic factors, the role of fiscal redistribution and investment at the euro area level could help achieve macroeconomic convergence..

Discutants : Quentin Hoarau (sénior) et Paul Maillet (junior)

Abstract:

Variable and renewable energy (VRE) sources lie at the core of the European energy decarbonating and independence strategy. A larger share of renewable generation requires flexibility options to cope with intermittency and production uncertainty. Among the flexibility solutions, energy storage has become increasingly interesting because of its versatility and recent high costs reductions. In this paper, we investigate the development potential of energy storage solutions as future dispatchable assets to compete with existing fossil fuel power plants. We propose a novel analysis in the light of the recent energy and geopolitical crisis, which might help the understanding of where Europe stands today in its path towards energy independence. We use a stochastic competitive optimization framework, calibrated on the current Western Europe power system, to derive the market value of new storage technologies and their impact on the price structure. We estimate the long-term equilibrium of flexibility capacities under different renewable horizons, CO2 prices and vehicle-to-grid (V2G) trajectories. We subsequently analyze incremental revenues and costs due to the presence of storage on the wholesale market and their distributions among renewable firms, conventional power plants and electricity consumers. We find evidence that, without additional support policies, the development of stationary storage remains moderate and located in a few countries of interest, mainly because of fierce competition from gas facilities. The contribution of V2G is predominant as it accounts for a large part of the new storage capacity. Finally, we highlight a detrimental effect of new storage on the revenues of fossil fuel power plants and a significant and positive effect on solar and wind revenues, making the case for a smart design of support public policies that integrates the transfers storage operates between market firms.

Zoltán Szücs sous la direction d’Eric Langlais et de Benjamin Monnery : "Le rôle de la police municipale dans la satisfaction des attentes de la population parisienne en termes de tranquillité publique"

Gagnie Pascal Yebarth sous la direction de Ludovic Julien : "Politiques publiques et externalités dans les jeux stratégiques de marché"

Marie Raude sous la direction de Marc Baudry : "Filling the gap between the financial and economic approaches to the EU ETS : analysing hedging behaviour of market players"

Simon Lang sous la direction de Lionel Ragot : "Scénarios d’électrification des procédés pour décarboner l’industrie manufacturière française à l’horizon 2050 : enjeux technologiques et dynamique multisectorielle"

Nicolas de Roux sous la direction de Laurent Ferrara: "Nouvelles approches pour la prévision macroéconomique et financière au temps du Big Data"

Discutants: Capucine Nobletz (junior) et Arthur Thomas (sénior)

Discutants : Olivier Renault (sénior) et Louise Ella Desquith (junior)

Discutants: Nadine Levratto (sénior) et Aliénor Cameron (junior)

Discutants: Carl Grekou (senior) et Rémy Odry (junior)

Discutants: Paolo Melindi-Ghidi (discutant sénior) et Olivier Kayser (discutant junior)

Discutants : Mounir Amdaoud (sénior) et Esther Raineau-Rispal

Discutants : Christophe Blot (sénior), Lorenzo Garlanda-Longueville (junior)

Discutants : Edouard Civel (sénior) et Valentin Laprie (junior)

Discutants : Marc Baudry (sénior) et Pierre Pora (junior)

Discutants : Pauline Gandré (sénior) et Capucine Nobletz (junior)

Discutants : Victor Court (sénior) et Milien Dhorne (junior)

Discutants : Magali Dumontet (sénior) et Paul Malliet (junior)

Discutantes : Valérie Mignon (sénior) et Elizavetta Dorinet (junior)

Les discutants seront Phu Nguyen-Van (senior) et Mathilde Aubouin (junior)

Discutants : Olivier Musy (sénior), Jérôme Deyris (junior)

Discutants : Benoît Chèze (sénior), Maria José Montoya Villalobos (junior)

Discutants : Jean-Philippe Nicolaï (sénior) et Nicolas Destrée (junior)

Discutants : Noémi Berlin (séniore) et Charles Davenne (junior)

Discutants : Denis Carré (sénior) et Aurélien Quignon (junior)

Discutants : Pauline Gandré (sénior) et Alphonse Noah (junior)

Discutante séniore :Sophie Harnay
Discutant junior : Maxime Duval

Discutants : Benjamin Monnery (sénior) et Julie Tréguier (junior)

Discutants : Christophe Boucher (sénior) et Joseph Yapi (junior)

Discutants : Elena Dumistrescu et/ou Gilles de Truchis (sénior) et Charles Emmanuel Teuf (junior)

Les discutants seront Fabrice Tricou (senior) et Lorenzo Garlanda (junior)

Les discutants sont Florian Morvillier (junior) et Cécile Couharde (sénior)

Discutants : Olivier Renault (sénior) et Fanny Claise (junior)

Discutants: Saïd Souam et Aurélien Quignon.

Discutants : Nadine Levratto (sénior) et Florent Dubois (junior)

Les discutants seront Hamza Bennani (sénior) et Jérôme Deyris (junior)

Discutants : Rémi Generoso (sénior) et Charles Emmanuel Teuf (junior)

Les discutants seront Marc Baudry (sénior) et Julien Bergeot (junior)

Les discutants sont Nadine Levratto & Saïd Souam (séniors) et Valentin Lignau (junior)

Discutants: Hamza Bennani et Baptiste Bridonneau

Discutant : Benjamin Monnery

Les discutants : Benjamin Monnery (sénior) et Julien Bergeot (junior).

Discutants : Pauline Gandré (sénior) et Jérôme Deyris et (junior)

Discutant senior : Benjamin Egron - discutant junior : Gaëtan Le Quang

Discutant sénior : Dramane Coulibaly & discutante junior : Elizavetta Dorinet

Discutants: Antonia Lopez Villavicencio et Yao Axel Ehouman.

Les discutants sont Lionel Ragot (sénior) et Dakri Morel Oswald Tien (junior).

Discutants : Olivier Renault (sénior) et Louise Ella Desquith (junior)

Co-écrit avec Pierre-André Jouvet et Julien Wolfersberger

Discutants : Dramane Coulibaly (sénior) et Harouna Sedgo (junior)

Discutants: Clément Bonnet (Université de Montpellier) et Arthur Thomas (Université de Nantes)

Discutant : Frédéric Lantz (IFP School - sénior) + Pierre Cayet (junior)

Discutants: Benjamin Monnery (sénior) et Julien Salin (junior)

Discutant: Christophe Boucher, Sandrine Lecarpentier

Discutants : Elisabeth Tovar (sénior) & Florent Dubois (junior)

Discutants: Benjamin Monnery en senior et par Aurelien Quignon en junior

Discutants: Nadine Levratto (senior) et Charles Emmanuel Teuf (junior)

Discutants : Uctum Remzi (senior) et Benjamin Egron (junior)

Discutants: Olivier Renault et Eléazar Zerbo.

Discutants: Johanna Etner (senior) et Anicet Kabre (junior)

Discutants : Olivier Renault (senior) et Lesly Cassin (junior)

Discutants : Lionel Ragot et Stellio Del Campo

Pour les discutants :

Zouhair Aït Benhamou (junior)

Les discutants sont Cécile Couharde (senior), Ange Joseph Yapi (junior)

Les discutants sont Remzi Uctum (senior), Gaëtan Le Quang (junior).

Discutants : Christophe Boucher (senior) et Pierre Durand (junior)

Discutant senior : Gilles de Truchis
Discutant junior : Florian Morvillier

Discutant : Dramane Coulibaly

Discutant: Axel Ehouman

Discutante sénior : Cécile Couharde

Discutant junior : Maxime Charreire

Discutant : Hamza Bennani

Discutant : Chistophe Boucher

Discutants: Elena Dumitrescu et Hamza Bennani

Discutant : Saïd Souam

Discutante: Magali Dumontet

Discutant: Stellio Del Campo

Discutante : Sophie Bienenstock

Discutante: Dominique Meurs

Discutant: Hamza Bennani

Discutante: Karine Constant