Mercredi | 2014-04-09 B103 Asma BEN SAAD-LAKHAL L’impact de l’immobilier sur la conjoncture économique, pendant les conditions favorables tout comme lors des crises, se diffère d’un pays à un autre. Les caractéristiques économiques, les spécificités institutionnelles,l’intervention des autorités et les conditions de financement propres à chaque pays conditionnent le poids de l’investissement résidentiel dans l’évolution économique. Dans ce papier, nous nous intéressons à la contribution de l’investissement résidentiel Français autour de la période de ralentissement mesuré par la méthodologie de […]

Mardi | 2014-04-08 Sully 5 Jean DUBE – Diègo LEGROS This paper addresses the possible problem related to using strictly spatial modelling techniques for spatial data pooled over time. For these data, such as real estate, the spatial dimension is present, but subject to constraints related to temporal dimension. Three empirical examples are presented to investigate the impact of neglecting the temporal dimension in spatial analysis and to show how such an approach overestimates the pattern of spatial dependence, and […]

Mardi | 2014-04-01 Sully 5 Djamel KIRAT – Ibrahim AHAMADA – Mouez FODHA Pas d’article, SLIDE

Mardi | 2014-04-01 Sully 5 E. COURTIAL – Christelle GARROUSTE Energy prices and environmental policies influence more than ever employment trends across the world. The purpose of this paper is to develop a strategy to enhance the employability of French graduates in a eld that is both a key driver and a signifi cant target of these new trends, namely Earth Sciences. The aim is to provide French universities with a predictive tool to adjust e fficiently their skills’ supply […]

Mardi | 2014-03-25 Salle des thèses Stéphanie COLLET – Kim OOSTERLINCK The impact of sovereign debt repudiation is relatively well documented. The market reactions to warnings regarding a repudiation have however never been investigated. Are organized protests and the threat of a possible future repudiation perceived as credible by the markets? This paper analyzes the case of the Russian 1906 loan. Protests were staged against the loan which was viewed by the opposition to the autocratic tsarist regime as a […]

Mardi | 2014-03-25 Salle des thèses Stéphanie COLLET “Unfair” sovereign debts, used, for instance, to suppress a rebellion, may be declared “odious” and not be repaid once the former regime is overthrown. Bondholders may there-fore require a premium to compensate for the higher default risk due to the potentially odious character of these debts. On the basis of an original database of Cuban bonds, the paper shows the existence of a risk premium of at least 200 basis points which […]

Mardi | 2014-03-18 salle des thèses Francesco DI COMITE – Antonella NOCCO – Gianluca OREFICE In this paper we develop a three-country monopolistic competition model with variable elasticity of substitution and vertical linkages to study the impact of trade liberalization on trade creation, trade diversion and labor market outcomes. This framework allows us to identify a source of gain from trade often neglected in the literature: cost savings on capital investments. Our model is empirically motivated by the observation that […]

Mardi | 2014-03-11 salle des thèses Lung-fei LEE – Xingbai XU This paper examines a Tobit model with spatial autoregressive interactions. Weconsider the maximum likelihood estimation for this model and analyze asymptotic properties of the estimator based on the spatial near-epoch dependence of the dependent variable process generated from the model structure. We show that the maximum likelihood estimator is consistent and asymptotically normally distributed. Monte Carlo experiments are performed to verify finite sample properties of the estimator.

Mardi | 2014-03-04 salle des thèses Oscar BERNAL – Jean-Yves GNABO – Grégory GUILMIN This paper contributes to the Eurozone debt-crisis literature by analyzing the role of economic policy uncertainty (EPU) on risk spillovers. Our two-step estimation procedure rst applies the CoV aR approach developed in Adrian and Brunnermeier (2011) on data over 10 EMU countries between Q4/2008 and Q2/2013 to estimate the extent to which distress within one country a ects risk at the Eurozone level. Second the CoV […]

Mercredi | 2014-02-19 B103 Hadi KHALIL Dans le modèle financier traditionnel reposant sur l’intermédiation bancaire, le processus de création de liquidité par l’intermédiation des bilans des banques était particulièrement facile à identifier. Dans cet article, nous analysons la relation simultanée entre la variation du capital des banques et leur processus de création de liquidité ou leur exposition au risque de liquidité. Pour ce faire, le test de causalité de Granger, dans le cadre d’un modèle à deux équations simultanées, est […]