JDE 2012 : Résumés des contributions

Résumés des contributions à la JDE 2012

(par ordre de passage)

 

  

  

  

  

1ère session : Stratégies d’acteurs et choix de politiques publiques

 

 

Market Approval and Strategic Interactions between Neighbouring Countries

 

Joël AKA

Laboratoire GAEL-INRA

 

This paper analyses the strategic interactions between European countries concerning market approval of drugs and pesticides by mutual recognition. This last one may create competition among countries, which through this system, are interdependent, leading them to act strategically. In order to tackle this issue, we focus on both welfare maximising and fees maximising by using a model with a single multinational firm that wishes to introduce a single “good or bad” product that generates value in the market where it is introduced and two countries which must review this product. Firstly, where countries target accuracy rates and no fees are charged, we find that, mutual recognition (welfare) strictly dominates No Mutual Recognition. If countries target welfare, then No Mutual Recognition dominates mutual recognition when fees are set to zero. Next, when the regulator optimally sets a high fee and so attracts only good firms, we also show, the welfare from a fee system without mutual recognition is higher than a system that simply maximises welfare but charges no fee. Finally, Mutual recognition and a system where the countries only maximise fee income net of the cost of review results in lower fee and either laxer review or stricter review, depending on a low or high prior belief.

 

JEL classification: L51, L65

Key words: welfare maximizing, fees maximizing, mutual recognition, review process

 

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Liberalization of Metering Activities and Competition in a Smart Meters Deployment Context: the Case of Germany

 

Claire Bergaentzlé

PhD Student in Economics at EDDEN-LEPII CNRS

Phone: +33 (0)4.56.52.85.87, Fax: +33 (0)4 56 52 85 71,

E-mail : Claire.bergaentzle@upmf-grenoble.fr

 

Overview

This paper aims at analysing the challenges arising from liberalized metering activities when adopting Smart Grid (SG) technology in Germany, viewed from a regulator perspective. It proves that no efficient smart meters deployment can be realized if last resort obligations and public service missions are hold back on this activity by regulated utilities. German energy policy is among the most ambitious worldwide in terms of greenhouse emissions’ cuts and integration of renewable energy sources (RES). Its strategy is definitely turned towards enhanced efficiency through an increased use of TIC in its industrial process. This energy policy, when applied to power industry, results in two main enterprises: networks expansion, to introduce growing capacity of RES. And development of CCS techniques to reduce the level of emissions of its thermal-based generation mix (BMWi 2010). If this strategy is mainly supply-side oriented and included in a traditional centralized view of the industry, recent incidents in Fukushima’s nuclear power plant drove Germany to update its carbon reduction strategy. Anticipated phase out of nuclear reactors in 2022 involves a higher recourse of thermal generation plants and threatens to damage the efforts engaged by carbon reduction policies. In such a context a SG strategy and a greater participation of demand-side and deployment of smart meters has become a growing interest over the last few months to both ease balancing operations and peak shedding. However, the particular architecture of German electricity’s value chain appears to be a constraint on the adoption of smart metering infrastructures (BNetzA 2010). Indeed, Germany is one of the few countries that decided to liberalize its metering activities. Since 2008, independent suppliers compete with regulated distribution network operators (DNOs), which are still in charge of ensuring their last resort obligations in this activity (§36 & §38, EnWG). In this approach, we differentiate SG technology integrated on low voltage grid, which aims at activating DNOs operations only, from SG technology dedicated for the activation of demand thanks to smart meters and automated metrological communication infrastructures. If a massive deployment of smart meters has not been decided yet in Germany, the growing need to turn to demand-side solutions has led to an increasing pressure put on the authorities to design the right set of incentives dedicated to both low voltage grid and now, to suppliers. In other words, German authorities should adopt a dual regulation intended on the one hand for regulated DNOs on strict network investments, and on the other hand for independent suppliers and metering infrastructures investments. However, the current legal status of regulated utilities that compete alongside independent suppliers on metering activities seems to be a key aspect of the important uncertainty borne by the actors. Indeed, according to German legislation, regulated utilities must provide consumers some public service missions that in a smart meters deployment context reveal to be a constraint. This is particularly true when, as mentioned by the German Green Book on “Smart Grid and Smart Markets” (BNetza2011), a real SG will be achieved only through generalized usage of TIC on distribution grids and a large deployment of smart meters.

 

Method

In this analysis, we compare the German’s approach with the UK’s, who decided a full deployment of smart meters to its retail customers and also liberalized its metering activities in 2003 which grants him a broader experience in regulating such an organization. First it is important to understand Germany’s energy policy and the issue that fast growing low voltage connected intermittent RES imposes on the networks, in terms of balancing operations. Germany’s policy has to be compared with UK’s policy who values SG technology as a way to ease competition on the retail market, and a way to complete their strategy to make suppliers the unique intermediary between consumers and the rest of the system. Afterwards this paper highlights the SG solutions for both the UK and Germany, and the different benefits of a retail competition centred approach on the one hand and of an RES integration centred approach on the other hand. At last it reveals the regulatory issues regarding SG adoption in a liberalized metering activities context in these two cases and stresses the organization solution adopted by the UK to highlight the fact that last resort obligations can difficultly be maintained if one wants to get the greater benefits of smart meter and smart grids technology solution. 

 

Results

Through this comparison, the paper reveals that both countries are facing similar issues to adopt SG technology on the supply part of the value chain despite very different former targets. Indeed, in both cases, two elements seem to appear as a priority that needs to be tackled by the regulator. First, interoperability of smart metering infrastructure becomes the key element to the success of the integration of SG technology. Mandating a compulsory replacement of meters incurs a high risk of sunk costs for operators. On the one hand recovery of regulated assets sunk costs must be addressed for utilities, and on the other hand, interoperability must avoid meter anticipated replacements occurring with supplier switch. Second, authorities must conceive an appropriate regulatory framework to guarantee the access to metering data to both utilities and suppliers and to insure the coordination between supply and transmission grid. In other words, one centralized data platform must guarantee its independency towards both regulated and independent parties and should be set under the responsibility of the authorities and thus avoid information retention observed with the opening of the Britain metering market (Littlechild, 2005). However, when widening our focus on a more integrated frame (i.e. that contains both low voltage grid and supply side), the study reveals that integrated SG adoption’s issue has led to two opposite directions. The UK who completely withdrew its last resort obligations from regulated utilities does not face any regulatory constraint and thus abolished any potential distortion of competition regarding smart meters deployment. Government already published a deployment plan where suppliers are the only entities responsible for a complete replacement of actual electricity (and gas) meters by 2019. Conversely, this maintain of public service obligation appears as a major obstacle to legally mandate a smart meters deployment in Germany. This legal status induces a weak visibility for the actors involved and the first intents of German government to support smart metering activities development failed because of this unclear separation between regulated and independent suppliers.

 

Conclusion

 In a liberalized metering activities context, the obligation of last resort service provider, which is assumed by utilities, appears as an obstacle to effectively adopt the right incentives bound to regulated and independent actors and leads to inefficiencies and inertias. Moreover, the paper points out the fact that either technological barriers coupled to sunk costs or competitive locks in are more than likely to appear if both regulated and competitive actors are bound to deploy smart metering equipments. Indeed, according to the level of minimal functionalities fixed by the authorities that would apply to regulated companies, and the lifetime of smart meters, a “low level” of functionalities would result in technological barrier and high sunk costs. The smart meters installed by utilities would in this case remain in consumer premises for at least 20 years if this consumer doesn’t decide to get better equipment. Innovative offers would thus develop slower and reduce the benefits expected from the SG. At last, even with higher switching rate of supplier and higher penetration of more advanced smart meters, an important replacement of not yet obsolete devices would translate into high sunk cots and a loss of welfare. On the other hand, “high level” functionalities set for regulated companies would bring competitive offers to develop at the margin and consequently attract niche consumers. As a consequence, and in this context of unbundling, emphasizing technological benefits would deteriorate competition and emphasizing competition would imply a potential low benefits smart meters deployment. Whatever the future decisions of the German regulator, it seems that conserving the actual architecture is not compatible with an efficient smart meters deployment.

 

References

BNetzA, 2011, „Smart Grid“ und „Smart Market“ Eckpunktepapier der Bundesnetzagentur zu den Aspekten des sich verändernden Energieversorgungssystems Bonn, im Dezember 2011.

BNetzA, 2010, Monitoring Report: Monitoring Report documents high degree of reliability of power supply, November 2010. BMWi, 2010, Energy Concept for an Environmentally Sound, Reliable and Affordable Energy Supply 28. September 2010.

Energiewirtschaftsgesetz (EnWG) § 36 Grundversorgungspflicht and § 38 Ersatzversorgung mit Energie. Littlechild S. 2005, Smaller Suppliers in the UK Domestic Electricity Market: Experiences, Concerns and Policy Recommendations. 29 June 2005.

 

Keywords: Smart meters deployment, Germany, Regulation, Incentives, Las resort obligations.

 

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Pôles de compétitivité, incertitude et adoption de technologies génériques

 

Jean-Jacques Iritié

 

Doctorant en sciences économiques à l’Université de Grenoble

et au Laboratoire GAEL-INRA.

Email:jean-jacques.iritie@grenoble.inra.fr

 

Les pôles de compétitivité ou clusters d’innovation sont au cœur de la nouvelle politique industrielle française. Ils ont pour objet de favoriser un environnement propice `a l’innovation à fort potentiel technologique, source de compétitivité et de croissance. L’objectif de ce papier est d’analyser l’effet de ce dispositif industriel sur l’adoption de technologie générique dans une situation d’information imparfaite. Pour ce faire, nous développons un modèle de relation verticale, décrite sous forme d’un jeu en quatre étapes, entre un secteur amont fournisseur d’une technologie générique innovante et un secteur utilisateur aval. Le secteur aval ignore la qualité et la profitabilité de cette innovation technologique. On modélise la mise en place du pôle de compétitivité comme un accroissement, pour la firme aval, de la probabilité de recevoir un signal relatif à la qualité de l’innovation, et on montre que : (1) le dispositif des pôles de compétitivité influence le choix de la qualité du bien générique en amont, (2) améliore le niveau d’investissement en R&D de la firme aval ainsi que son niveau d’utilisation du bien générique de qualité haute, (3) enfin, permet l’alignement des incitation à innover des secteurs amont et aval et améliore le bien-être social lorsque les technologies amont et aval sont de haute qualité. Tous ces résultats théoriques sont en faveur de l’amélioration de la compétitivité des entreprises membres du pôle du compétitivité et de la croissance économique locale.

 

Mots clés : Pôle de compétitivité, information imparfaite, signal parfait, adoption, technologie générique.

 

JEL Classification : L00, O30, R10

 

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2e session : Innovations et territoires dans le secteur agricole

 

 

User-Driven Innovations in Agriculture: the Case of Participatory plant Breeding

 

Idyle ABDOURAHMAN DJAMA

et Stéphane LEMARIÉ

  

Laboratoire GAEL-INRA

UPMF Grenoble

 

Context

The purpose of this article is to explore French organic farmers’ role in plant breeding research. Plant breeding had been integrated in the farming activities since the very beginning of agriculture. After WWII, a powerful seed industry originated and has since entirely taken over this activity. This industry produces rather standardized products which may not adequately meet the specific needs of some small markets such as organic agriculture. For about 10 years, projects of plant breeding, driven by farmers, have been developed through participatory plant breeding (PPB) projects.

 

Purpose and research question The purpose of this study is to understand the conditions of the emergence of PPB, the rationale behind these projects and the motivations of the actors. We base our analysis on the user-driven innovation theoretical framework to answer three research questions: why do actors get involved in these innovation projects? What kind of products do they want to develop? How are they organized to succeed in it?

 

Literature gap Since von Hippel’s seminal book (1988)1 an important body of research has explored userdriven innovations. Empirical evidence on the crucial role of users in innovations has been provided in fields as diverse as sports, medical instruments or open source softwares but not on agriculture. We highlight the features agricultural user-driven innovations have in common with others and we analyze the specific characteristics of PPB. The contribution of this paper is also to enrich the user-driven literature by incorporating results of the environmental management field: we show that involving users in agricultural research may be part of the solution to environmental issues.

 

Methodology and data To explore this subject, we conducted multiple case studies. This allows the exploration of recent and complex issues answering to the “how” and “why” questions (Yin, 2004)2. Multiple and contrasting cases are designed to enhance robustness and to allow inter and intra-case analysis. We study four participatory plant breeding projects. Each project consists in a network of about 30 farmers, mainly working on the breeding of one crop in collaboration with associations and scientists from public research organizations. The four cases differ in the crop species, the type of actors, the geographical area and the duration of the project.  Data were collected through 20 in depth-interviews (based on semi-structured interview guideline), an extensive analysis of specialized literature and meetings and seminar observations over a 2-years period. Qualitative data were collected about the actors’ motivations, the heterogeneity of their needs and the stickiness of information about these needs. We explored the qualitative differences between farmers’ varieties and plant breeders’ varieties. We studied how much participants value the innovation community, the innovation process and the importance of the political context.

 

Results One part of the results confirms literature’ hypotheses: users innovate to get products tailored to their specific needs (not provided by the market). The market failure can be explained by the heterogeneity of users’ needs and the stickiness of information about these needs (von Hippel, 2005)3. In addition, innovation communities appear to be crucial in PPB projects. Developing different products and taking part of the innovation process turns out to be critical factors for PPB whereas in the literature, these are only secondary motivations. Farmers are very concerned with the environmental and nutritional aspects of their varieties and they value the fact to learn and to control the innovation process. Finally, specific characteristics were identified. New actors, such as researchers and group coordinators, turn out to be important. Users develop environmental friendly varieties - local varieties adapted to the specific needs of farmers enabling the reduction of inputs use. PPB projects are coupled with political struggle to induce changes in the regulation framework (property rights and market approval).  

 

Keywords: users-driven innovation, agriculture, sustainability

 

Notes

1 von Hippel, E. (1988) The Sources of Innovation. New York: Oxford University Press.

2 Yin, R. (2009) Case Study Research – Design and Methods (4th edn). Thousand Oaks, CA: Sage Publications.

3von Hippel, E. (2005) Democratizing Innovation. Cambridge, MA: MIT Press.

 

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Au carrefour de l’écologie industrielle et du SYAL, premiers jalons pour la construction d’un Agro-ESTP

 

Renaud Metereau

Doctorant allocataire au CREG EA 4625, UPMF

renaud.metereau@upmf-grenoble.fr

Tél : 04 76 82 57 64

 

Catherine Figuière

Maître de conférence, HDR, CREG EA 4625, UPMF

Catherine.Figuiere@upmf-grenoble.fr

Tél : 04 76 82 57 31

 

Le débat sur la réduction de la pauvreté dans les PED est actuellement renouvelé par l’approche en termes de « souveraineté alimentaire » [IPC, 2006]. Cette dernière se distingue de la « sécurité alimentaire » [FAO, 2006] notamment  par les moyens qui sont mis en place pour assurer la satisfaction de ce besoin élémentaire qu’est l’alimentation des populations. C’est, en effet, sur une base territoriale que le projet de souveraineté alimentaire envisage d’y répondre. Les différents objectifs de ce projet intègrent par ailleurs des préoccupations issues des trois dimensions du développement durable (DD) [Vivien, 2004].

L’approche du DD retenue ici se situe en anthropocentrisme [Sachs, 1980] et en durabilité forte [Daly, 1991], tout en accordant une place centrale au territoire comme espace de mise en œuvre [Theys, (2002)]. Elle s’avère donc fortement congruente avec le projet de souveraineté alimentaire.

Certains pays d’Amérique Latine, dont l’Equateur et le Nicaragua, ont déjà amorcé des réformes législatives et institutionnelles favorables à l’affirmation de la souveraineté alimentaire [Chiriboga, 2009]. Dans ce cadre, de nouvelles initiatives semblent pouvoir émerger, qui constitueraient des innovations en termes de stratégies de développement.

Dès lors, l’objectif de cette communication est de poser les premiers jalons d’une réflexion originale sur l’organisation productive du secteur agroalimentaire qui combine approche territoriale et écologie industrielle (EI) [Allenby et Cooper, 1994 ; Cohen-Rosenthal, 2000 ; Ehrenfeld, 2000]. En effet, il existe de nombreux travaux « croisant » agroalimentaire et territoire (notamment les propositions portant sur un Système Agroalimentaire Localisé, Syal) [CIRAD-SAR, 1996 ; Fourcade et al., 2010 ; Rodriguez-Borray et Resquier-Desjardins, 2006] et quelques auteurs ont déjà réfléchi au possible rapprochement entre l’écologie industrielle et une approche territoriale (en premier lieu, l’école de la proximité) [Beaurain et Brullot, 2011 ; Deutz et Gibbs, 2008]. En revanche, nous n’avons pas identifié à ce jour de recherche combinant explicitement les trois dimensions : secteur agroalimentaire, EI et approche territoriale. Si le terme d’écologie « industrielle » peut a priori être porteur d’ambiguïté, on montrera que les fondements de ce projet sont aisément transposables au secteur agroalimentaire.

On défendra l’idée que, dans une stratégie de développement territorial, l’intégration des principes de circularité de l’EI aux « démarches Syal » ouvre la perspective d’une nouvelle forme d’organisation systémique territorialisée de la production. Dans un contexte de mondialisation fortement défavorable à la paysannerie pauvre [Mazoyer, 2001], l’ancrage local des très petites à moyennes entreprises de l’agroalimentaire peut être un vecteur de sortie de la pauvreté [Torres Salcido, 2010]. Ajoutant à cela l’impératif de durabilité des systèmes agroalimentaires [Dufumier et Lallau, 2010], l’intégration EI/Syal est alors présentée comme une opportunité opérationnelle d’endogénéisation, en amont, d’une dimension environnementale dans les programmes de développement. Une première ébauche d’un outil pour l’organisation socio-économique de la production en milieu rural peut dès lors être proposée : l’Agro-ÉcoSystème Territorial de Production (Agro-ESTP).

 

Mots clés : Développement Durable, Ecologie Industrielle, Système Agroalimentaire Localisé, Territoire, Souveraineté Alimentaire.

 

Classification JEL : L23, Q57, Q18, R11

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Des mutations de l’emploi dans le secteur agricole, des politiques pour le développement  de l’agro- écologie  au Brésil1

 

Karin Berlien Araos

Mail : kberlien@hotmail.com.

Doctorante à 4ème année de thèse,

CREG, UPMF, Grenoble 2

 

Le sujet de cette recherche est d’analyser comment le réseau de production, commercialisation et associativité ECOVIDA au sud du Brésil, a développé  stratégies de travail liées à la distribution spatiale,  à la reconversion économique des territoires, et de quelle manière ces variables ont devenu dans formes institutionnelles. En même temps, nous avons analysé l’implication de ces variables au niveau du rendement économique des unités de commercialisation, ainsi que la défense du travail et la taille de celui-ci.

Ainsi que le Brésil est le cinquième plus grand pays du monde et  possède  la plus importante superficie agricole de la planète  mais  enregistre aussi de la  plus mauvaise répartition des terres, avec un GINI de 0,81. La formation des réseaux d’agro écologie au Brésil est le résultat de l’histoire des mouvements  sociaux et de récupération agraire2 qui  surgissent  à la fin des années 70 et au début des années 80 pour remettre en question  le modèle de la « Révolution Verte »3, la concentration de la terre et du revenu, la pauvreté et la misère qu’impliquent la migration vers la ville et l’abandon des campagnes et pour promouvoir la création de la loi des agro toxiques, en autres.

Nous avons étudié les stratégies qui ont rendu possible la reproduction de l’activité dans la région dans le temps,  les améliorations de la qualité de vie pour les agriculteurs et aussi pour une partie de la population, comme aussi la création durable d’emploi et de revenus d’une partie de la population rurale. Et comme ces territoires et ses marchés d’origine locale et populaire, ont été transformés dans les lieux de construction d’une société différente, basé sur une démocratie participative et décentralisée, avec une emphase sur l’autonomie de ses membres.

Comme il est important de souligner, la particularité de cette expérience locale d’agro écologie. Où sont les stratégies de développement des communautés, elles-mêmes, celles qui ont le potentiel validé socialement, culturellement et historiquement, pour la reproduction de ces espaces de travail, reconversion et attention de la terre et des ressources naturelles individuelles et collectives. Ainsi qu’ils permettent de dessiner la complexité des relations communautaires, productives et économiques, comme être aussi une expérience de référence et d'échange pour d'autres communautés agricoles, et pour las politiques publiques de développent de travail agricole.

 

Notes

1Cette recherche a été faite avec le financement de la Bourse Explora, pendant l’année  2010-2011 en collaboration avec l’Université Fédérale du Paraná.

2Certains mouvements sociaux emblématiques de la campagne des années 80 : Commission Pastoral de la Terre, Mouvements des Travailleurs sans Terre, Mouvement des Femmes Travailleuses Rurales, Mouvement Syndical Cutista, etc.

3La Révolution Verte est le produit du développement économique post seconde guerre mondiale, basé sur un modèle agricole à grande échelle, la monoculture, l’utilisation intensif de produits chimiques synthétiques, agro toxiques et un  fort degré de mécanisation. Initialement ce modèle s’est présenté comme une solution au problème de famine des pays en voie de développement. Cependant, les effets négatifs sont apparus rapidement, intoxication d’agriculteurs par les agro toxiques, le coût élevé et la dépendance que génère le système et enfin la détérioration de l’écosystème, entre autres.  

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3e session : Instabilité financière, vers de nouveaux processus de régulation ?

 

  

Structural Variance in Macroeconomics of Developing and Developed Countries: Implications for Growth, Development and Stability

 

Saadia IRSHAD

Doctorante, 3ème anneé

CREG – UPMF, Grenoble

Mail : saadirsh@gmail.com

 

Macroeconomics was primarily conceived and meant for industrial nations which were later on adopted by developing countries (mainly newly-freed colonies of those industrial countries) without any significant alterations. In particular, conservative macroeconomic theories and models based on contractionary fiscal and monetary policies put too much stress on inflation, and too little on growth, employment and the effect on poor. In addition, more open and liberalized capital markets, thanks to globalization, make developing countries experience added economic volatility than developed countries, which make the significance of stabilization particularly relevant. Unfortunately, much of the advice given to developing countries i.e. ‘one-size-fits-all’ approach, failed to identify the differences between developed and developing countries, resulted in crises in Asia and Latin America during most of the 1990s. The objective of this paper is to highlight those differences which result in varying effects of similar micro and macroeconomic policies in developing and developed countries.

Getting insights from Stiglitz et al., (2006), it is recognized that although basic macroeconomic aggregates and variables are similar, however, relationships and causalities between them need consideration for context and setting. Structural characteristics of developing and developed countries are different from each other; sources of growth, relative importance of agriculture vs. industrial and services sector, significance of physical capital investment, scope of financial institutions and institutional arrangements for handling risk, degree of openness of capital markets etc., all have their implications which are discussed at length in this paper. Keeping these variances in view, it is established that effectiveness of macroeconomic tools available to policymakers also differ between developing and developed countries: quantum of tax revenues and their sources, proportion on investment in total public expenditure, outreach of policy instruments, depth of financial markets etc. This paper has presented all of these aspects which influence the effectiveness of policy instruments in developing and developed countries. While arguing about these variances, particular attention has been given to incomplete capital and financial markets; capital flowing into countries in good times and flowing out in bad times established the link between the liberalization of these markets and instability and growth.

 

Key Words: Macroeconomics, Capital markets, Liberalization, Stability, Developing countries

 

JEL Codes: E52, E60, F36, F43, G18

 

Selected References

1. Alba, Pedro, and A. Bhattacharya, S. Claessens, S. Ghosh, and L. Hernandez (1998), ‘Volatility and Contagion in a Financially Integrated World: Lessons from East Asia’s Recent Experience’, World Bank Policy Research Working Paper, 2008

2. Nayyar, Deepak (1998), ‘Short termism, Public Policies and Economic Development’, Economies et Sociétés, 32/1: 107-18

3. Nayyar, Deepak (2002), ‘Globalization and Development Strategies’, in John Toye (ed.), Trade and Development: New Directions for the twenty-first century (Cheltenham: Edward Elgar)

4. Stiglitz, J. E., Ocampo, J.A., Spiegel, S., Ffrench-Davis, R., and Nayyar, D. (2006), ‘Stability with Growth: Macroeconomics, Liberalization and Development’, New York: Oxford University Press

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Le système monétaire et financier mondial depuis Bretton Woods : une accentuation des asymétries dans le cadre  d’analyse « centre-périphérie »

 

Juan Barredo Zuriarrain

Laboratoire CREG, UPMF, Grenoble

 

La théorie mainstream, que l'on trouve dans les principaux manuels universitaires et aux fondements des politiques économiques contemporaines, met l'accent sur le marché comme la seule institution garantissant l'allocation optimale des ressources dans un cadre de relations horizontales entre les agents homogènes qui y participent. La recette principale à proposer aux gouvernements est, par conséquent, « laissez-faire » le marché au détriment de l'intervention publique, que ce soit au niveau local, national ou dans les relations entre des agents de différents pays. L'une des hypothèses de base nécessaire pour aboutir à ce résultat, c'est l'existence d'une symétrie au sein des relations économiques entre les agents. Opposés à cette orthodoxie, à la tête de laquelle on trouve l'équilibre général néoclassique, des courants de pensée hétérodoxes portent leur réflexion sur la nécessité de prendre en compte l'existence de certaines asymétries pour bien comprendre les phénomènes économiques actuels. Les théoriciens du « système-monde » considèrent qu'il existe une série de facteurs qui renforcent une dynamique de « centre-périphérie » entre les pays intégrés au sein de l'économie globalisée.

 

L'objectif de ce travail est de montrer que le système monétaire actuel, depuis ses bases théoriques et politiques, aide au renforcement de cette dynamique centre-périphérie, en privilégiant les pays émetteurs des principales devises et au préjudice des pays « périphériques ». En effet, l'architecture monétaire actuelle oblige les pays en développement à devenir créanciers des pays du centre économique, à fixer leur politique monétaire en fonction de celle des principales devises et à subir l’instabilité financière intrinsèque aux mécanismes de crédit international imposé par les capitaux du « centre ».

 

Afin d’aboutir à cet objectif, nous diviserons notre travail en deux grandes parties. Dans la première, nous analyserons la prise en compte des symétries et asymétries parmi certains courants de pensée économiques. Puis, dans la seconde partie, nous expliquerons pourquoi les relations monétaires internationales actuelles peuvent être considérées comme des relations asymétriques dans le cadre du système-monde actuel.

 

Mots clés : Système Monétaire International, centre-périphérie, financiarisation, asymétrie

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Regulatory Challenges in the Aftermath of the GFC 2007

 

Shazia GHANI

PhD Student (3rd year)

Centre de recherche en économie de Grenoble

UPMF, Grenoble

Email: shaziaghani@gmail.com

 

 

My PhD thesis investigates the Effects of the global financial Crises (GFC) of 2007 on the Emerging Market Economies and the Architecture of Regulatory Framework to have more stable financial markets. This study aims the financial instability and re-regulation within the theoretical framework of Minsky. His “Financial Instability Hypothesis” is compared with the neoclassical approach of “Efficient Market Hypothesis” and it is argued that “self-regulations” of financial markets have failed and systemic regulatory reforms are required to cope efficiently with future episodes of crisis. Core insight of the Minsky’s framework is that stability and stabilization breed fragility and loss of system resilience, his approach thus considers the persistence and ubiquity of financial instability as the result of an endogenous process that is a structural characteristic of financing the growth process in a capitalist economy. Even in the presence of the perfect operation of markets, Minsky’s approach suggested that the financial system would become increasingly exposed to financial disruption and, eventually, a systemic breakdown in the form of a financial crisis.

It is widely accepted that mistakes in the regulation and supervision of financial markets were essential to the eruption of the crises of 2007. A common point in the current economic debate is the determination of what institutional framework is able to assure a sustainable dynamism to the economy. Many proposals began to surface and the IMF, the World Bank and the G-20, among others, have been issuing since the beginning of the crisis various reports1, manuals, and papers about how to ensure greater stability in the financial system, pursuing transparency and regulation reforms. A common perception in all these reports is the acknowledgement that regulation and supervision in the advanced economies was clearly too lax in recent times and that there needs to be considerable rethinking leading to much strengthened, and perhaps, intrusive regulation and supervision in the financial sector. If crises keep repeating themselves, it seems reasonable to argue that policy makers need to carefully consider what they are doing. There is clear recognition of serious regulatory and supervisory failures.

In this aim the article is based on the chapter 4 of my thesis and is divided into four sections. After the brief introduction, in first section we will discuss the orthodox and heterodox views on such crisis and regulatory reforms. Section two will give a critical assessment of the regulatory reforms taken so far (Dodd- Franck Act, 2010 and the Basel III). Here we try to prove that the reforms introduced so far have an orthodox agenda and are not sufficient to avoid a new crisis. Section three would consists of a brief presentation of the pre-crisis scenario i.e. deregulation acts taken between 1980 and 2000. Section four contains our considerations regarding macroprudential approach to the reforms. In our view macro-prudential approach should be the linchpin of reforms agenda by the policy makers because during the 2007 financial turmoil, micro-prudential regulations have revealed their weaknesses, ineffectiveness and pernicious effects. Last section concludes the paper.

 

Keywords : Financial Regulation, Financial Crises, Macro Prudential Policy

JEL Classification: L51 ;G12 ; E42, G38

 

Note

1De Larosière Report, Group of 30 Report, The Geneva Report, The Turner Review and the G20 Report etc.

 


 

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