In the paper, we deal with the unexpected effects of new regulations and supervision and provide recommendations to ensure their effectiveness. New regulations essentially aim at strengthening the solvency and the liquidity of financial institutions. However, some technical aspects of these...

We measure the commonality in hedge fund returns, identify its main driving factor and analyze its implications for financial stability. We find that hedge funds’ commonality increased significantly from 2003 until 2006. We attribute this rise mainly to the increase in hedge funds’ exposure...

The aim of this paper is to build and estimate a macroeconomic model of credit risk for the French manufacturing sector. This model is based on Wilson's CreditPortfolioView model (1997a, 1997b); it enables us to simulate loss distributions for a credit portfolio for several macroeconomic...

In this paper, we investigate the performance-growth relation of French mutual funds. Using panel techniques, we find that capital inflows to French past top performing funds are not as strong as expected. This result suggests that there exist barriers to investment, that may come from the fact...

We uncover technological standardization as a microeconomic mechanism which is vital for the implementation of new technologies, in particular general purpose technologies. The interdependencies of these technologies require common rules (“standardization”) to ensure compatibility. Using...

Our study aims at assessing the actual importance of the two main channels usually contemplated in the literature through which upstream sector anticompetitive regulations may impact productivity growth: business investments in R&D and in ICT. We thus precisely try to estimate what are the...

ICT productive performances have slowed down since the beginning of the 2000s, before the current crisis. This diagnosis could be due, at least partly, to some statistical mis-measurements of ICT improvements. Nevertheless, improvements in ICT performances will probably be positively impacted,...

Numerous economic studies have highlighted that ICT investment expenditure appears to be greater in the field of services, and above all in certain activities such as financial services and wholesale trade, than in industry. This analysis examines whether the investment data compiled by national...

Studies of firm-level data have shown that there is a huge dispersion of productivity across firms even when industries are narrowly defined. So there is a significant opportunity for the least productive firms to catch up to the most productive. The formers’ convergence could therefore...