Financial Regulation and Governance


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Research in finance:
When performativity leads to reflexivity

By Hélène Raineilli-Weiss
March 2019 - Gérer & Comprendre
To assess the impact of research in finance over the past sixty years, how to measure the effect of theories on practices, on the financial industry’s growth and, too, on the social norms and institutional arrangements that organize the realm of finance? This article’s principal contribution is to insist on the role of theory in the social construction of finance and on the necessity for financial theory ...
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Technology at the service of market oversight

By Iris Lucas
February 2019 - Réalités Industrielles
Several changes during the past few years have left marks on the financial markets: fragmentation, digitization, algorithmic high-frequency trading. Concomitant with a considerable increase in the volume of market data, these phenomena have pushed regulatory authorities to overhaul and modernize their systems for detecting violations. ...
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Post-crisis Regulation
of Asset Management

By Luca Enriques and Gérard Hertig
August 2018 - Réalités Industrielles
While asset managers’ behavior has not been among the root causes of the financial crisis, their industry’s size and structure have generated financial stability concerns among policymakers. Global regulatory bodies nowadays agree that asset management activities are “systemically important.” On the other hand, the growth in retail activities has prompted ...
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Financial crisis and depression:
Are there lessons to draw
from the Great Depression?

By Pierre-Cyrille Hautcoeur
August 2018 - Réalités Industrielles
This paper compares the crises of the 1930s and 2008 on two points: firstly, policymakers’ reactions at the height of these two banking and financial crises (reactions that differed substantially, notably thanks to the experience gained from the Great Depression in both the US and Europe); secondly, the financial regulations implemented in the wake of each crisis. ...
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Are banks and markets true alternatives
for financing the economy?
By Laurent Grillet-Aubert
and Pierre-Emmanuel Darpeix
August 2018 - Réalités Industrielles
In contrast with bank lending, financial markets theoretically allow for the disintermediated allocation of savings for investment. Post-financial crisis policies such as the Capital Markets Union (CMU), the reform of securitisation, expansionary monetary policies, etc., have bolstered the reliance on market-based financing, particularly for debt financing. ...
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The Capital Markets Union:
Background and Challenges

By Christian de Boissieu
August 2018 - Réalités Industrielles
The Capital Markets Union (CMU), together with the Banking Union, is a major programme of financial Europe. Its objective is to boost investment, growth, and employment through increased efficiency and deepened integration of European financial markets. This article will first review the CMU’s objectives, ways, and means, and will then touch upon the ...
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Luxembourg Green Exchange:
the meeting place
for ESG-conscious issuers and investors

By Chiara Caprioli
October 2017 - Responsabilité & Environnement
In September 2016, the Luxembourg Stock Exchange (LuxSE) launched a unique platform entirely dedicated to green bonds. It is called the Luxembourg Green Exchange (LGX). Such was the success of LGX that, following a strong market push, in May 2017, the platform expanded to also include bonds that finance social and sustainable projects. It has the potential to rewrite ...
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The rise of green bonds:
potential prospects and limitations

By Arnaud Berger
October 2017 - Responsabilité & Environnement
Since 2009, the issue of climate change has fuelled a global economic competition focused on the green energy markets. So-called “green” bonds, issued to finance projects with a positive effect on the climate and on the broader environment, have become emblematic of this new green energy market, which is impacting all energy-dependent economic sectors, led...
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The rochette affair (1908-1914):
accounting and a financial scandal

By Oussama Ouriemmi and Marie-Claire Loison
March 2016 - Gérer & Comprendre
The disclosure of a fraud orchestrated by Henri Rochette, one of the most powerful financiers in Paris, started a scandal. Rochette, once arrested, immediately reversed accusations and claimed that his enemies had hatched a plot. After investigations established that his arrest was arbitrary, the financial scandal became political and legal. The part of accounting ...
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The majority of the articles published here were translated from French to English by the Translation Centre of the French economy and finance ministries.
The remaining articles were translated by Noal Mellott.

Mise à jour le 28 juin 2019