[eng] Financial intermediations on a glogal market Olivier Passet The multiplicity of global financial market models leads to a juxtaposition of partial representations which are hardly reconcialable. This paper emphasizes how the level of aggregation and the frequency of observations influence...

[eng] The « Soft Landing » of the Americain Economy : Toward a New Regulation Scheme of the Monetary Policy Anton Brender, Florence Pisani Looking at US monetary policy from 1950 onwards shows it has seldom been pre-emptive. Without any visible inflationary pressures the Fed, howerer, raised...

[eng] The future of public pensions in the seven major economies Thierry Chauveau, Rahim Loufir In most OECD countries, the financing of the current public Pay-As-You-Go (PAYG) pension system may become quite worrisome due to the likely ageing of the population. This article provides an analysis...

[eng] Public deficits in Europe : causes, consequences, or remedies to the crisis ? Jerome Creel Henri Sterdyniak European countries have recently undergone the conjunction of high interest rates in relation to growth rates and substantial public deficits, which has made the burden of public...

[eng] Social justice, inequality, exclusion Mireille Elbaum Throughout the sixties and seventies in France, the question of ine- quality was at the very core of the social debate over the distribution of the fruits of growth. Since the beginning of the eighties, the very idea of combating...

[eng] Japan : the doubts of a creditor Olivier Passet The industrial production downturn since April underlines the weakness of Japanese growth. It is in line with the lack of strength of private demand and the reduction public stimulus at the end of 1994. The Japanese government has counted on...

[eng] Common Currency, Decentralization and Inflation : is the « Westphalian Model » relevant ? Marc Flandreau Is there a systematic relation between the organization of the decision making process within a monetary union and the average inflation rate that this union tends to produce ? More...

[fre] On trouvera dans cette chronique trois analyses comparatives internationales et deux présentations de tendances françaises : • La nouvelle baisse de la nuptialité et de la fécondité en Europe met en évidence une convergence ; après une forte baisse entre 1960 et 1985, selon des...

[fre] Les années récentes ont été marquées par le triomphe des marchés et la mondialisation croissante des échanges de marchandises et des flux de capitaux. Mais les marchés sont versatiles : leur mimétisme les conduit à des phases d'engouement excessif suivies de replis brutaux. Les...

[eng] The Puzzle of lost Consumption Loic Cadiou The procyclical movement of the household savings rate has reinfor- ced the slowdown of the French economy from 1990 to 1993. This movement was both substantial and unexpected, since households' beha- viour usually smoothes domestic demand...