Publications of the Chair

Corporate Governance as a Key Driver of Corporate Sustainability in France: The Role of Board Members and Investor Relations

2018
Authors :
Patricia Crifo, Elena Escrig-Olmedo, Nicolas Mottis

This paper examines the relationships between corporate governance and corporate sustainability by focusing on two main components of companies’ governance structure: boards of directors and investor relations officers.

Economic and Environmental Implications of Hydropower Concession Renewals: A Case Study in Southern France

2018
Authors :
Federico Pontoni, Anna Creti et Marc Joëts

this article analyzes the effect of the re-assignement of the French hydropower concessions through a competitive public procedure. It is based on the exemple of the Aspe valley, where more than 100 MW of hydro capacity is installed.

Inventory growth cycles with debt-financed investment

2018
Authors :
Matheus R. Grasselli, Adrien Nguyen-Huu

We propose a continuous-time stock-flow consistent model for inventory dynamics in an economy with firms, banks, and households.

Is fair value accounting short-term approach? The views of respondents to the Green Paper on the financing of long-term investment

2018
Authors :
Samira Demaria, Sandra Rigot

This article seeks to investigate whether the fair value accounting may have short-termist bias on the financing of long-term investment.

Time-consistent stopping under decreasing impatience

2018
Authors :
Yu-Jui Huang, Adrien Nguyen Huu.

Under non-exponential discounting, we develop a dynamic theory for stopping problems in continuous time. Our framework covers discount functions that induce decreasing impatience. Due to the inherent time inconsistency, we look for equilibrium stopping policies, formulated as fixed points of an operator. Under appropriate conditions, fixed-point iterations converge to equilibrium stopping policies.

Economic networks: Heterogeneity-induced vulnerability and loss of synchronization

2017
Authors :
Michaël Ghil, Celian Colon

Interconnected systems are prone to propagation of disturbances, which can undermine their resilience to external perturbations. Propagation dynamics can clearly be affected by potential time delays in the underlying processes. We investigate how such delays influence the resilience of production networks facing disruption of supply.

Using Output-Based Allocations to Manage Volatility and Leakage in Pollution Markets

2017
Authors :
Guy Meunier, Juan-Pablo Montero and Jean-Pierre Ponssard

Output-based allocations (OBAs) are typically used in emission trading schemes to mitigate leakage in sectors at risk. Recent work has shown they may also help to stabilize prices in markets subject to supply and demand shocks. We extend previous work to simultaneously include both leakage and volatility.

Output-based allocations in pollution markets with uncertainty and self-selection

2017
Authors :
Guy Meunier, Juan-Pablo Montero, Jean-Pierre Ponssard.

The paper studies pollution permit markets in which a fraction of permits are allocated to firms based on their output. Output-based allocations, which are receiving increasing attention in the design of carbon markets around the world are shown to be optimal under demand and supply volatility despite the output distortions they may create. 

Debt and Investment in the Keen model: a Reappraisal of Modeling Minsky

2017
Authors :
Adrien Nguyen-Huu, Antonin Pottier.

We examine to which extent the Keen model (Keen 1995) is a faithful modelling of Minsky's Finance. We conclude that the Keen crisis has few Minskian flavours.

Global trends in metal consumption and supply element: the raw material–energy nexus

2017
Authors :
Cyril François, Gael Giraud, Fatma Rostom, Olivier Vidal

The consumption of mineral resources and energy has increased exponentially over the last 100 years. Further growth is expected until at least the middle of the 21st century. In order to meet this demand, more metals will have to be produced by 2050 than over the last 100 years, which raises questions about the...

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    • Conférence-débat « Quelle finance pour l’autonomie stratégique ? »

      1 July 2025
      09:00 - 13:00

      Dans un contexte international radicalement nouveau, l’Europe cherche à garder sa place dans l’économie mondiale et affirme sa volonté d’aller vers l’autonomie stratégique. Deux table-rondes discuteront du rôle du secteur bancaire et financier dans cette ambition, faisant dialoguer des représentants du monde financier, des experts et académiques, ainsi que des politiques et représentants du monde...

    • Séminaire sur la modélisation macroéconomique SFC environnementale

      30 September 2025
      14:00 PM - 17:00 pm

      Séminaire en présence d'Adam George (SOAS, University of London). Adam George présente un modèle macroéconomique SFC environnemental britannique intégrant émissions de CO2 et investissements verts de tous les agents économiques. Le modèle trimestriel analyse l'impact des politiques énergétiques selon le rapport capital vert/capital conventionnel. Quatre scénarios fiscaux verts sont testés (2022-2035) : taxe carbone, investissement...