EDUCATION

The members and president of the jury warmly congratulate Hugo ORIOLA for his brilliant thesis defense which focuses on the direct or indirect impact of the actions of the central bank on the outcome of the elections.

RESEARCH

Why is it so difficult to reform pensions in France? A reflection by Anne Lavigne, Professor of Economics at the LÉO and Advisor to the COR from 2016 to 2022

RESEARCH

Economy in Orléans: the LEO and the future university campus will open on the Porte-Madeleine site in September 2025

leo

The Orléans Economics Laboratory is a host team at the University of Orléans.

It has about a hundred members, whose research covers three main areas of expertise:

Lab news

Latest publications

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The effects of resource-backed loans on deforestation: Evidence from developing countries

Yacouba Coulibaly


World Development - 2025-04

Summary not available.

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Optimal Green Policy-mix

Lise Clain-Chamosset-Yvrard, Nicolas Clootens, Daria Onori


2025-03-11

This paper highlights, in a voluntary very simple framework, why central bankers must consider environmental factors when determining monetary policy. To this aim, we propose a monetary overlapping generations (OLG) economy in which households derive satisfaction from both consumption and environmental quality. Production is viewed as a polluting activity that degrades environmental quality. Agents can improve environmental quality by engaging in environmental maintenance expenditures. In addition, the government can impose a carbon tax, though it may face constraints in doing so. The central bank determines the rate of monetary growth. We then characterize the inter-temporal equilibrium and the steady state. We show that the steady-state level of capital increases with the rate of money growth, while environmental quality exhibits an inverse U-shaped relationship with money growth. Money growth decreases the relative price of the environment. When income is low, increases in income lead to higher maintenance expenditures that more than compensate for new emissions. At higher income levels, however, the additional emissions from pollution are no longer offset by maintenance efforts. We then analyze welfare and the decentralization of the optimal steady state. We show that there is only one level of the money growth rate that is compatible with the first-best allocation. This specific level can achieve the first-best outcome only if the government sets the appropriate tax rate, which we characterize. When the government chooses a sub-optimal tax rate (e.g. due to some political acceptability constraint), a "constrained" optimal allocation can be attained if the central bank acts to compensate for the government's shortcomings. We therefore characterize the optimal money growth rate as a function of the carbon tax and other environmental parameters.

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Dynamic and spillover effects of armed conflicts on renewable energy in Subsaharan Africa

Alfred Nandnaba


2025-02-11

This paper analyzes the impact of armed conflicts on the renewable energy consumption in 46 Sub-Saharan African countries over the period 2000-2020. It uses a dynamic spatial econometric method to capture the spatial and dynamic effects of these conflicts on renewable energy consumption. Using the dynamic and spatial method of the Durbin model, the main results show that armed conflicts have a significant negative impact on renewable energy consumption. The effect is to 30.97% for the dynamic model against 31.28% for the non-dynamic model. The spatial effects of these conflicts show us that armed conflicts, through their contagion and spillover effects, have a significant and negative impact on renewable energy consumption in the region of 32.11%. The short- and long-term results are generally negative and significant. For heterogeneity, results show that the effect of terrorism is larger than the effect of other types of conflict. Moreover, the impact of armed conflict on renewable energy consumption is greater in the Sahel than in the rest of our sample. This article shows that the effect of conflict on the consumption of renewable energy passes through three main transmission channels : economic development, the increase in military spending as a result of conflict, to the detriment of green investment, and uncertainty, which penalizes investment and the production of renewable energy.

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Does income inequality influence health vulnerability to pollution? Evidence from France

Karine Constant, Marion Davin, Emmanuelle Lavaine


2025-02

This study investigates whether income inequality within a population influences the health effects of pollution. Specifically, we empirically estimate the causal impact of particulate matter (PM 10 ) on mortality in France, using wind direction as an instrumental variable, and explore how income inequality modifies this relationship. Our findings reveal a statistically and economically significant impact of pollution exposure on the mortality of individuals aged 50 or older, which intensifies in municipalities with higher levels of income inequality. More precisely, while the effect of PM 10 is not significant in municipalities with the lowest levels of disparities, it is significant for the others and increases with the level of inequality within the municipalities. The impact of PM 10 on the mortality of individuals aged 50 or older in the top 33% of municipalities with the highest inequality is up to twice as large as in municipalities with intermediate levels of inequality. This result is particularly striking given that it concerns a country like France, which has relatively low income inequality. To provide a comprehensive understanding of the potential underlying mechanisms, we develop a theoretical model and empirically test its predictions. We conclude that the observed variation in vulnerability to pollution across municipalities, stratified by inequality levels, could have been but is not attributable to differences in public health expenditure, pollution exposure (between and within municipalities), or poverty prevalence and intensity. Our results suggest that inequality plays a significant role in environmental health, worthy of further research.

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Do tariff reductions alleviate energy poverty? Evidence for Sub-Saharan African countries

Windbeneti Arnaud Zahonogo


Energy Policy - 2025-02

Summary not available.

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Assessing volatility persistence in fractional Heston models with self-exciting jumps

Bernard Desgraupes, Elena-Ivona Dumitrescu, Gilles de Truchis


Econometric Reviews - 2025-01-03

Summary not available.

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Research Documents

> All documents

Optimal Green Policy-mix

Lise Clain-Chamosset-Yvrard, Nicolas Clootens, Daria Onori


2025-03-11

Dynamic and spillover effects of armed conflicts on renewable energy in Subsaharan Africa

Alfred Nandnaba


2025-02-11

Does income inequality influence health vulnerability to pollution? Evidence from France

Karine Constant, Marion Davin, Emmanuelle Lavaine


2025-02

How do microfinance and economic development mutually support each other? A Panel VAR approach in developing economies

Mehdi Mahmoudi, Nicolae-Bogdan Ianc


2025

Does income inequality influence health vulnerability to pollution? Evidence from France

Karine Constant, Marion Davin, Emmanuelle Lavaine


2025

Financements intermédiés et fragilité en Afrique

Mohamed Coulibaly, Gregory Paulin Mvogo


2025

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