Larefi Working Papers

From Larefi, Université Bordeaux 4
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1606: Convergence of bank competition in Central and Eastern European countries: Does ownership matter?

Ion Lapteacru

1604: On the consistency of the Z-score to measure the bank risk

Ion Lapteacru

1603: DISTANCE ET ACCÈS AU CRÉDIT BANCAIRE DES PME SOUS BÂLE III

Thomas Humblot

1602: Vertical Differentiation, Uncertainty, Product R&D and Policy Instruments in a North-South Duopoly

Julien Berthoumieu and Viola Lamani

1601: Foreign exchange investmentrules and endogenous currency crashes?

Louis Raffestin

1505: Technology Diffusion via Patent Collaborations: The Case of European Integration

Julien Berthoumieu

1503: The aim of this paper is to account for the observation that banks are both owners and clients of Multilateral Trading Facilities (MTFs) which were created in Europe after the implementation of the Markets in Financial Instruments Directive (MiFID). Using a duopoly model of two-sided markets, we show that banks' participation in MTFs crucially affects their objective function shape, pricing policy and profit. We show that when brokerage and trading activities are particularly important for banks' revenue compared to their profit as MTF operators, some market outcomes may emerge, whereby both MTFs include banks' interest as clients in their objective function. In these situations, although they earn negative profit as shareholders, banks benefit from lower fees as MTF's clients. This finally results in larger global revenue. This may explain why banks are at the origin of the creation of MTFs and why they maintain their stake despite negative profit

Delphine Lahet and Anne-Gaël Vaubourg

1502: Policy Instruments, Patents and International Technology Diffusion in a North-South Duopoly

Julien Berthoumieu

1501: International trade and structural change: a dynamic model of weak sustainability

Louis Dupuy

1406: Basel III and SME access to credit: Evidence from France

Thomas Humblot

1405: Source and host country volatility and FDI: A gravity analysis of European investment to Middle East and North Africa

Dalila Nicet-Chenaf and Eric Rougier

1404: Determinants of Global Liquidity Dynamics:a FAVAR approach

Marie-Louise Djigbenou

1403: Finance and international trade: A review of the literature

Anne-Gaël Vaubourg

1402: Chocs extérieurs et régimes monétaires en Asie du Sud-Est: une analyse DSGE

Ibrahima Sangaré

1401: In Search of the Banking Regulator amid U.S. Financial Reforms of the 1930s

Dominique Lacoue-Labarthe

1306: Contagion des crises de 1997 et 2008 en ASEAN+3: un modèle VAR structurel

Marine Coupaud

1305: Quels sont les enseignements de l'histoire du fédéralisme américain pour la zone euro actuelle ?

Dominique Jacob

1304: We study whether financial analysts' concern for preserving good relationships with firms' managers motivates them to issue pessimistic or optimistic forecasts. Based on a dataset of one-yearahead EPS forecasts issued by 4 648 analysts concerning 241 French firms (1997-2007), we regress the analysts' forecast accuracy on its unintentional determinants. We then decompose the fixed effect of the regression and we use the firm-analyst pair effect as a measure of the intensity of the firm-analyst relationship. We find that a low (high) firm-analyst pair effect is associated with a low (high) forecast error. This observation suggests that pessimism and optimism result from the analysts' concern for cultivating their relationship with the firm's management

Anne-Gael Vaubourg, Valdete Berisha-Krasniqui, Sébastien Galanti, Christophe Hurlin and Régis Breton

1303: Differential export taxes along the oilseeds value chain: a partial equilibrium analysis

Antoine Bouët, Carmen Estrades and David Laborde Debucquet

1302: Households heterogeneity in a global CGE model: Les effets des politiques de Quantitative Easing sur le taux de change: les enseignements de l’expérience américaine

Michel Dupuy

1301: Households heterogeneity in a global CGE model: an illustration with the MIRAGE-HH (MIRAGE-HouseHolds) model

Antoine Bouët, Valdete Berisha-Krasniqui, Valdete Berisha-Krasniqui, Carmen Estrades and David Laborde Debucquet

1205: Les indices composites sont-ils de bonnes mesures de la compétitivité des pays ?

Raphaël Chiappini

1204: Un réexamen de la relation entre commerce et Investissement Direct à l’étranger (IDE) à partir d’un modèle en panel dynamique Le cas de l’Allemagne, la France et l’Italie

Raphaël Chiappini

1203: Global excess liquidity and asset prices in emerging countries: a pvar approach

Sophie Brana, Marie-Louise Djigbenou and Stéphanie Prat

1202: Construire l’attractivité durable régionale: l’exemple de l’Aquitaine

Anne Musson

1201: International Trade and Sustainability: A survey

Louis Dupuy

1111: Should gouvernments be more permisive towards corruption ?

Pierre-Henri Faure

1110: A note of poor-institution traps in international fiscal policy games

Pierre-Henri Faure

1109: Which policy-mix to mitigate the effects of financial heterogeneity in a monetary union?

Cristina Badarau and Grégory Levieuge

1108: Assessing the Effects of Financial Heterogeneity in a Monetary Union: A DSGE Approach

Cristina Badarau and Grégory Levieuge

1107: Foreign Banks and the Stability of Foreign and Domestic Credit in CEECs

Sophie Brana and Delphine Lahet

1106: D’une crise à l’autre: Mesurer l’impact des prix alimentaires sur la pauvreté

Delphine Boutin

1105: Envoi de fonds et allocation du temps des enfants au Niger: L’effet indirect des chocs négatifs

Delphine Boutin

1104: Offshoring and export performance in the european automotive industry

Raphaël Chiappini

1103: Gouvernance territoriale durable via les PME: L’exemple de la région Aquitaine

Anne Musson

1102: Social Responsibility of the countries and their international trade: A gravitational approach

Jean-Marie Cardebat and Alexandru Dimitrescu

1101: Trade and investment in Latin America and Asia: Potential perspectives from further integration

Antoine Bouët, Valdete Berisha-Krasniqui, Valdete Berisha-Krasniqui, Carmen Estrades and David Laborde Debucquet

1008: Microcredit: an answer to the gender problem in funding?

Sophie Brana

1007: An assessment of variances and covariances of European SRI funds returns: does the intensity of extra-financial negative screening matter?

Yves Jégourel and Samuel Maveyraud