In this paper, we introduce a new structured financial product: the so-called Life Nominal Chooser Swaption (LNCS). Thanks to such a contract, insurers could keep pure longevity risk and transfer a great part of interest rate risk underlying annuity portfolios to financial markets. Before the...

Cet article aborde brièvement la relation entre croissance et environnement dans l'histoire de la théorie économique (des physiocrates aux néo-classiques) et situe cette relation comme un thème dans le développement de la littérature en économie environnementale. Il expose ensuite de...

Whether competition helps or hinders small firms' access to finance is in itself a much debated question in the economic literature and in policy circles, especially in the developing world. Economic theory offers conflicting predictions and empirical contributions provide mixed results. This...

We study the valuation of variable annuities for an insurer. We concentrate on two types of these contracts that are the guaranteed minimum death benefits and the guaranteed minimum living benefits ones and that allow the insured to withdraw money from the associated account. As for many...

This paper investigates the impact of banks' political connections on their ability to collect deposits under two different deposit insurance regimes (blanket guarantee and limited guarantee). We estimate a simultaneous equations model of supply and demand for funds using quarterly data for...

Il s'agira dans un premier temps de rendre compte de la diversité des parcours de formation à partir de la génération des sortants de formation initiale en 1998. Le deuxième temps de la contribution sera réservé à l'analyse de l'efficacité des parcours de formation à travers une mise...

This paper analyzes the impact of exchange rate variability on the economic specialization of European countries. Two theoretical approaches are used: the first one, advanced by Krugman (1991), underlines that the monetary integration is favouring the specialization of countries members of an...

L'essentiel de ce travail consiste en une enquête auprès des entreprises de plus de cinq salariés du secteur des transports routiers de marchandises. En guise de préambule l'auteur rappel brièvement les conditions dans lesquelles s'est réalisée cette enquête auprès des entreprises de...

We provide exact relations giving the probability of individual and coalitional manipulation of three specific social choice functions (Borda rule, Copeland rule, Plurality rule) in three-alternative elections when the notion of self-selectivity is imposed. The results suggest that the Borda...

This paper provides an empirical analysis of the evidence of carbon leakage from the European primary aluminium industry during the first 6 ½ years of the European Union Emissions Trading Scheme (EU ETS). The findings suggest that while rising electricity prices in several major producer...