One of the most influential “lessons” of the moral hazard theory in health economics is that cost sharing can reduce health spending without damage on health status. This “lesson” has been enormously influential on policy makers. This paper shows that this theoretical and empirical...

The concept of need plays an essential role in defining legitimate health inequalities. The debate on equity in healthcare policy has so far evolved independently of the philosophical discussions of need. This article draws on moral and political philosophy in order to develop a conception of...

This paper defends two related ideas: pure market and capitalist economies are different economic societies; neither can be adequately represented by theories of value but both can be accurately distinguished by a monetary approach. Within the framework of a simple modeling, we propose a...

In this paper, we rely on panel cointegration techniques to estimate the equilibrium exchange rate of the CFA Franc according to the BEER approach (Behavioural Equilibrium Exchange Rate). Examination of the CFA Franc estimated misalignments revealed that flexibility for the CFA zone in terms of...

In this paper, we revisit the link between currency misalignments and economic growth by taking into account the foreign currency-denominated debt dynamics (except French Franc and euro) for the CFA zone countries over the period 1985-2011. Relying on a BEER approach and using panel...

The central bank’s possibility to sustain the specie standard was largely affected by both the financial development and its internationalization. The increased foreign debt denominated in foreign currencies forced the central bank to engage in more disciplinary monetary policy. The developed...

In this paper, we study the development of mobile payments as an innovation in developed countries. In particular, we introduce five cooperation models that have emerged or could emerge between banks, mobile network operators, and payment systems, for the development of this new payment method....

We study the role played by coin experts, called moneychangers, in the metallic money system. To do that, we introduce intermediaries that can expertise and certify coins into the VeldeWeber and Wright’s (1999) model of commodity money with imperfectly recognizable coins. We show under which...

This paper analyzes the influence of successive crises, including the recent European sovereign debt crisis, on banks’ equity returns for 11 countries. Our data span the period December 14th 2007-March 8th 2013 that encompasses different episodes of economic and financial turmoil since the...

The location of financial activities is traditionally characterized by a great deal of inertia. However, the boom in new information and communication technologies, the globalization of economies and the 2007-08 financial crisis have considerably modified the geography of finance. Financial...