Jean-pierre Allegret
Université Paris Nanterre, SEGMI, Faculty Member
The purpose of this paper is to develop a joint analysis of the organizational and financial flexibility of the innovative firm. In this way, we complete by determinants linked to financing factors the choice between integration and... more
The purpose of this paper is to develop a joint analysis of the organizational and financial flexibility of the innovative firm. In this way, we complete by determinants linked to financing factors the choice between integration and inter-firms co-operative agreements. We deduce the superiority of co-operation to resolve the specialization-adaptability dilemma which faced the innovative firm.
Emerging economies, which have implemented since the end of the 80's a process of financial liberalisation, are confronted at the same time to banking crisis. The latter highlight the role played by the institutional framework in the... more
Emerging economies, which have implemented since the end of the 80's a process of financial liberalisation, are confronted at the same time to banking crisis. The latter highlight the role played by the institutional framework in the process of financial liberalisation. The objective of this paper is to go through the usual alternative too much/ too little market in order to explain that the success of any liberalisation process relies on the complementarity between market and intermediation. The point is that the solution to financial instability is to be found within the institutional dynamics in which emerging economies may benefit from intermediation in order to enforce the market process.
ABSTRACT The aim of this paper is to investigate oil price shocks' effects and their associated transmission channels on global imbalances. To this end, we rely on a Global VAR approach that allows us to account for trade and... more
ABSTRACT The aim of this paper is to investigate oil price shocks' effects and their associated transmission channels on global imbalances. To this end, we rely on a Global VAR approach that allows us to account for trade and financial interdependencies between countries. Considering a sample of 30 oil-exporting and importing economies over the 1980–2011 period, we find that the nature of the shock—demand-driven or supply-driven—matters in understanding the effects of oil price shocks on global imbalances. In addition, we show that the main adjustment mechanism to oil shocks is based on the trade channel, the valuation channel being at play only on the short run.
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... Dans cet article, nous avons adopté une perspective différente en montrant que les conditions de la viabilité des réformes financières résident dans la recherche de la complémentarité, et non dans l'opposition, entre le marché et... more
... Dans cet article, nous avons adopté une perspective différente en montrant que les conditions de la viabilité des réformes financières résident dans la recherche de la complémentarité, et non dans l'opposition, entre le marché et l'in-termédiation dans les pays émergents. ...
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ABSTRACT [eng] The purpose of this paper is to develop a joint analysis of the organizational and financial flexibility of the innovative firm. In this way, we complete by determinants linked to financing factors the choice between... more
ABSTRACT [eng] The purpose of this paper is to develop a joint analysis of the organizational and financial flexibility of the innovative firm. In this way, we complete by determinants linked to financing factors the choice between integration and inter-firms co-operative agreements. We deduce the superiority of co-operation to resolve the specialization-adaptability dilemma which faced the innovative firm. [fre] L'objet de ce texte est de développer une analyse conjointe des structures de gouvernance et de financement de l'entreprise innovante dans la perspective de compléter par des déterminants liés aux variables de financement le choix entre l'intégration et la coopération interentreprises. Nous en déduisons la supériorité de la coopération pour résoudre le dilemme de la spécialisation-adaptabilité auquel est confrontée l'entreprise innovante.
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ABSTRACT [eng] Speculative attacks and credibility of exchange rate regime: what policy-mix trade-off?. . Since the Asian and Brazilian exchange rate crises have occurred, the reaction of authorities has been the subject of an intense... more
ABSTRACT [eng] Speculative attacks and credibility of exchange rate regime: what policy-mix trade-off?. . Since the Asian and Brazilian exchange rate crises have occurred, the reaction of authorities has been the subject of an intense debate. Indeed, coping with a speculative attack, domestic authorities both increase interest rates and contract fiscal policy. It appears that such a combination of policy instruments is counterproductive. This paper analyses the credibility of the policy-mix used by authorities. But, opposite to traditional credibility models, fiscal policy is explicitly introduced in the loss function of the authorities. The model suggests that a restrictive fiscal policy is not necessary a credible decision to defence the exchange rate target. [fre] Les crises asiatique et brésilienne ont intensifié le débat relatif à la politique économique à mettre en œuvre par les autorités face à une crise de change. L'augmentation des taux d'intérêt accompagnée d'une politique budgétaire restrictive peut se révéler contreproductive eu égard à l'objectif de stabilisation du change. Cet article analyse la question de la crédibilité du policy-mix mis en œuvre par les autorités pour contrer une crise de change. La perspective adoptée se situe dans la lignée des travaux développés en termes de crise de crédibilité mais elle s'en démarque en introduisant explicitement la politique budgétaire dans l'analyse. Le modèle suggère qu'une politique budgétaire restrictive n'est pas nécessairement la décision la plus crédible.
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ABSTRACT An extensive literature stresses that currency misalignments are costly in terms of growth performance. However, these studies do not consider the direct and indirect effects of currency misalignments on other countries. In this... more
ABSTRACT An extensive literature stresses that currency misalignments are costly in terms of growth performance. However, these studies do not consider the direct and indirect effects of currency misalignments on other countries. In this paper, we analyze how misalignments of the dollar, the euro, and the renminbi affect their respective economies and those of their trading partners using a multi-country dataset GVAR model. Our model includes 15 advanced and emerging countries and uses quarterly data spanning the period 1980–2010. We find that misalignments significantly influence the world economy. We show that overvaluation and undervaluation shocks do not produce the same effects.