The European Securities Trading and Post-trading (Clearing and Settlement) Industries have recently experienced a vast movement of consolidation. This was encouraged by the European Commission, seeking to establish a single market for the trade of financialsecurities across the European Union,...

[fre] Cette note vise à mettre en place les principaux éléments d'une analyse microéconomique de systèmes publics d'assurance maladie. Après avoir mis en évidence les spécificités des dépenses de santé, nous essayons de montrer que le maintien de systèmes d'assurance maladie où le...

[fre] La plupart des pays développés ont connu, au cours de ces quinze dernières années, une baisse significative de la part du secteur public dans l'économie. Nous faisons ici le point des enseignements de la théorie économique sur les rôles respectifs des secteurs publics et privés...

[eng] Imperfect competition and banking strategy J.-C. Rochet. . We model banking competition through a sequential game, with three types of strategies : . - portfolio activities . - deposits and loans activities (medium run) . - physical investments (long run) . Our main results are the...

[eng] The monopolistic competition model and banking theory. . We show that the Salop [1979] monopolistic competition model can reveal very useful in banking theory. We first recall several of its recent applications to the modeling of competition between bank branches (Chiappori et ali [1992],...

The subprime crisis has shown that the sophisticated risk management models used by banks and insurance companies had serious flaws. Some people even suggest that these models are completely useless. Others claim that the crisis was just an unpredictable accident that was largely amplified by...

This research was conducted within the Paul Woolley Research Initiative on Capital Market Dysfunctionalities at IDEI, Toulouse. Support from the Europlace Institute of Finance is gratefully aknowledged. Many thanks to participants in the first conference of the Centre for the Study of Capital...

This research was conducted within the Paul Woolley Research Initiative on Capital Market Dysfunctionalities at IDEI, Toulouse. Support from the Europlace Institute of Finance is gratefully aknowledged. Many thanks to participants in the first conference of the Centre for the Study of Capital...

The article puts forward the view that the regulatory perspective on systemic risk should be changed drastically. The sub-prime crisis has indeed revealed many loopholes in the supervisory/regulatory framework for banks—in particular, the inability to deal with the too-big-to-fail syndrome and...

Using an exhaustive database on academic publications in mathematics, we study the patterns of productivity by world mathematicians over the period 1984-2006. We uncover some surprising facts, such as the absence of age related decline in productivity and the relative symmetry of international...