International Journal of Accounting, Finance, Auditing, Management and Economics
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Les Réseaux Sociaux améliorent-ils le Bien-être ? Justification par la Théorie Économique
No full textIn a world marked by a constant increase in the number of users of social networks, which constantly impact all dimensions of social life, it is important to ask, how do these networks impact users' well-being. The aim of this article is to provide an adequate answer to this question through a conceptual analysis, drawing on two fundamental approaches to well-being: the Easterlin paradox and Sen's capability approach. When applied to the context of social networks, these two approaches yield two different results. Easterlin’s perspective suggests a negative impact of social networks on well-being through the social comparisons they generate, coupled with the strengthening of material aspirations. Regarding Sen's approach, it assumes a favorable effect of social networks on well-being, conveyed by the opportunities and freedom of choice that these platforms provide, which can be translated into functionings and capabilities. The originality of this article lies in the fact that this subject has not been widely investigated, and it is the first article to apply the Easterlin paradox and Sen's approach to the context of social networks. We conclude that both perspectives are relevant for the analysis of the impact of social networks on well-being. Therefore, we consider that particular importance must be given by government authorities to establish necessary technological infrastructures to the fight against the digital divide, in order to ensure equal access to the opportunities that social networks offer. These measures must be accompanied by awareness-raising initiatives regarding the risks posed by these social platforms.
JEL Classification: I31 - 033
Paper type: Theoretical Research Dans un monde marqué par une constante augmentation du nombre d’utilisateurs des réseaux sociaux, qui ne cessent d’impacter toutes les dimensions de la vie en société, il est important de se demander, comment ces réseaux impactent le bien-être des utilisateurs. L’objectif de cet article est de fournir une réponse adéquate à cette question à travers une analyse conceptuelle, qui mobilise, deux approches fondamentales en matière de bien-être : le paradoxe d’Easterlin et l’approche des capabilités de Sen. Appliquées aux réseaux sociaux, ces deux approches produisent deux différents résultats. La perspective d’Easterlin suggère un impact négatif desdits réseaux sur le bien-être par le biais des comparaisons sociales qu’ils suscitent, couplées avec le renforcement des aspirations matérielles. Quant à l’approche de Sen, elle suppose un effet favorable des réseaux sociaux sur le bien-être, véhiculé par les opportunités et la liberté de choix que présentent ces plateformes, et qui peuvent se transformer en fonctionnements et en capacités. L’originalité de cet article réside dans le fait que ce sujet n’a pas été largement investigué, et que c’est le premier dans son genre qui applique le paradoxe d’Easterlin et l’approche de Sen au contexte des réseaux sociaux. Nous concluons que ces deux perspectives sont pertinentes pour l’analyse de l’effet des réseaux sociaux sur le bien-être. Nous envisageons ainsi qu’une importance particulière doit être accordée par les autorités gouvernementales à la mise en place des infrastructures technologiques nécessaires à la lutte contre la fracture numérique, en vue d’assurer un accès équitable aux opportunités que présentent les réseaux sociaux. Ces mesures doivent être accompagnées par la conduite d’actions de sensibilisation aux risques que présentent ces plateformes sociales.
Classification JEL : I31 - 033
Type de l’article : Article théorique
La réussite entrepreneuriale : Exploration de l'importance des compétences sociales et du capital social
No full textWhat explains the differences in entrepreneurial success among individuals? In an effort to answer this question, numerous initiatives have sought to identify and evaluate the factors shaping such success. These initiatives have primarily focused either on the entrepreneur, examining personal traits, human capital, motivation, and social skills, or on external factors such as support structures, environmental context, and social capital. In this regard, entrepreneurship research has highlighted that entrepreneurs’ social skills influence the development of their social capital and, subsequently, their entrepreneurial success.
The objective of our study is to contribute to the existing literature on social skills and social capital in the field of entrepreneurship by examining the role of entrepreneurs’ social skills and social capital in their entrepreneurial success. To achieve this, we conducted a qualitative survey among a sample of ten entrepreneurs from the Fès-Meknès region. This investigation allowed us to reassess the most relevant categories of socio-relational abilities that play a key role in leveraging favorable social capital and, consequently, increase the chances of entrepreneurial success.
JEL classification: L26
Paper type: Empirical ResearchQu'est-ce qui explique les différences de réussite entrepreneuriale entre les individus ? Dans le but de répondre à cette question, de nombreuses initiatives ont cherché à identifier et évaluer les facteurs qui façonnent cette réussite. Ces initiatives se sont principalement concentrées soit sur l'entrepreneur lui-même, en scrutant ses traits de personnalité, son capital humain, sa motivation et ses compétences sociales, soit sur des facteurs externes tels que les structures de soutien, le contexte environnemental et le capital social. Dans cette optique, la recherche en entrepreneuriat a révélé que les compétences sociales des entrepreneurs exercent une influence sur le développement de leur capital social et leur réussite entrepreneuriale subséquente.
L'objectif de notre étude est de contribuer à la littérature existante sur les compétences sociales et le capital social dans le domaine de l'entrepreneuriat en examinant le rôle des compétences sociales et du capital social de l'entrepreneur dans sa réussite entrepreneuriale. Pour ce faire, nous avons mené une enquête qualitative auprès d'un échantillon de dix entrepreneurs de la région de Fès-Meknès. Cette enquête nous a permis de réévaluer les catégories les plus pertinentes d'aptitudes socio-relationnelles qui jouent un rôle clé dans l'exploitation d'un capital social favorable et augmentent ainsi les chances de réussite entrepreneuriale.
Classification JEL : L26
Type de papier : Recherche empiriqu
Innovation managériale et performance des employés de front office : rôle médiateur de la formation dans les PME de services de Souss-Massa
No full textThis research examines the influence of managerial innovation on front office employee performance in service SMEs in the Souss Massa region of Morocco, exploring the mediating role of staff training. In the Moroccan economic environment characterized by intense competition and high uncertainty, service SMEs, which represent more than 95% of the regional economic fabric, face significant challenges to maintain their competitiveness. Souss Massa, as the second economic hub of Morocco, presents an entrepreneurial landscape dominated by service SMEs that significantly contribute to the regional economy. The study tests four main hypotheses on a sample of 54 SMEs from various service sectors (restaurant/hospitality, commerce, financial services, business services, personal services, and transportation/logistics) using Partial Least Squares Structural Equation Modeling (PLS-SEM). Results show that managerial innovation has no significant direct effect on front office employee performance, but operates indirectly through staff training (β=0.743, p<0.001), which significantly enhances performance (β=0.610, p=0.002). This complete mediation (indirect effect=0.453, p=0.005) highlights the strategic importance of aligning managerial innovation initiatives with appropriate training policies to maximize performance outcomes in service SMEs. Managerial innovation explains 55.2% of the variance in training, and together, these two variables explain 39.0% of the variance in employee performance. These findings enrich our understanding of the underlying mechanisms between managerial innovation and employee performance, while emphasizing the importance of training as an essential vector for the effective appropriation of managerial innovations, particularly in the context of emerging economies where SMEs often have limited resources.
Classification JEL: M53
Paper type: Empirical research.Cette recherche examine l'influence de l'innovation managériale sur la performance des employés de front office dans les PME de services de la région Souss Massa au Maroc, en explorant spécifiquement le rôle médiateur de la formation du personnel. Dans un environnement économique marocain caractérisé par une concurrence intense et une forte incertitude, les PME de services, qui constituent plus de 95% du tissu économique régional, font face à d'importants défis pour maintenir leur compétitivité. L'étude teste quatre hypothèses principales sur un échantillon de 54 PME de différents secteurs de services (restauration/hôtellerie, commerce, services financiers, services aux entreprises, services à la personne, et transport/logistique) en utilisant la modélisation par équations structurelles basée sur les moindres carrés partiels (PLS-SEM). Les résultats révèlent que l'innovation managériale n'influence pas directement la performance des employés de front office, mais agit indirectement à travers la formation du personnel (β=0,743, p<0,001), qui améliore significativement la performance (β=0,610, p=0,002). Cette médiation complète (effet indirect=0,453, p=0,005) souligne l'importance stratégique d'articuler les initiatives d'innovation managériale avec des politiques de formation adaptées pour maximiser la performance dans les PME de services. L'innovation managériale explique 55,2% de la variance de la formation, et ensemble, ces deux variables expliquent 39,0% de la variance de la performance des employés. Ces résultats enrichissent la compréhension des mécanismes sous-jacents entre innovation managériale et performance des employés, tout en mettant en évidence l'importance de la formation comme vecteur essentiel pour l'appropriation efficace des innovations managériales, particulièrement dans le contexte des économies émergentes où les PME disposent souvent de ressources limitées.
JEL Classification : M53
Type du papier : Recherche Empirique
Réseaux sociaux internes et gestion des connaissances au Maroc : revue critique de la littérature et perspectives de recherche
No full textThis article offers a narrative review of the literature dedicated to the use of Internal Social Networks (ISNs) in Knowledge Management (KM), with a particular focus on the Moroccan context. Drawing on a body of both theoretical and empirical studies, from national and international sources, the analysis identifies the factors that facilitate the integration of ISNs within organisations, as well as the specific obstacles encountered in culturally hierarchical environments. The findings reveal that while ISNs are widely adopted in industrialised countries to catalyse organisational innovation, their uptake in Morocco remains limited, hindered by cultural resistance, vertical organisational structures, and technological shortcomings. The article highlights the scarcity of context-specific empirical research and underscores the absence of a theoretical framework tailored to local dynamics. Based on this analysis, recommendations are made to encourage the adoption of ISNs, particularly through the development of a more collaborative organisational culture, technological investment, and the formulation of contextualised theoretical models. Finally, the study proposes a conceptual framework intended to guide future empirical research on the relationship between ISNs and knowledge management performance in Morocco.
JEL Classification: D83
Paper type: Theoretical Research Cet article propose une revue narrative de la littérature consacrée à l’usage des Réseaux Sociaux Internes (RSI) dans la gestion des connaissances (Knowledge Management - KM), avec un focus particulier sur le contexte marocain. En mobilisant un corpus d’études théoriques et empiriques, tant nationales qu'internationales, l’analyse identifie les facteurs favorisant l’intégration des RSI dans les organisations, ainsi que les obstacles spécifiques rencontrés dans les environnements à forte hiérarchisation culturelle. Les résultats révèlent que, tandis que les RSI sont largement adoptés dans les pays industrialisés pour catalyser l’innovation organisationnelle, leur diffusion reste marginale au Maroc, entravée par des résistances culturelles, des structures organisationnelles verticales et des carences technologiques. L’article met en évidence le manque de recherches empiriques contextualisées et souligne l’absence d'un cadre théorique adapté aux dynamiques locales. À partir de cette analyse, des recommandations sont formulées pour encourager l’adoption des RSI, notamment à travers le développement d’une culture organisationnelle plus collaborative, l’investissement technologique et l’élaboration de modèles théoriques contextualisés. L’étude propose enfin un cadre conceptuel destiné à orienter les futures recherches empiriques sur les liens entre RSI et performance en gestion des connaissances au Maroc.
Classification JEL : D83
Type de l’article : article théorique
Smart Farming and Agribusiness Enhancement: Integrating Artificial Intelligence and the Internet of Things
No full textThrough the research is to look to the role of artificial intelligence and Internet of things in smart farming. The aim is to promote modern agriculture by improving efficiency, crop yield, and the sustainable use of resources.
The combination of rich literature review with the use cases and field- level deployment of the AI and IoT based agri technologies. The study looks at applications like crop disease prediction using convolutional neural networks. It also examines IoT-enabled smart irrigation systems and unmanned aerial vehicles to monitor fields and collect data in real time.
The investigation reveals that AI or artificial intelligence models of high accuracy can identify crop diseases, predict yield, and automate decision-making in farm management. Networks (soil sensors, weather stations and satellites) will enable real-time monitoring of short-term weather and thus, spatial and temporal application of inputs. The combination of these technologies improves the productivity, reduces the water and fertilizer usage and minimizes the environmental damage.
This study presents a rich synthesis of AI and IoT applications in agriculture and both together can revolutionize agro-based systems. It deals with existing problems such as compatibility of data, infrastructural limits at rural places, and scalable deployment models. The research adds to the knowledge base on digital agriculture and offers evidence-based insights for relevant policymakers, researchers, and agribusiness stakeholders.
Classification JEL: Q13, Q16, O33.
Paper type: Theoretical ResearchThrough the research is to look to the role of artificial intelligence and Internet of things in smart farming. The aim is to promote modern agriculture by improving efficiency, crop yield, and the sustainable use of resources.
The combination of rich literature review with the use cases and field- level deployment of the AI and IoT based agri technologies. The study looks at applications like crop disease prediction using convolutional neural networks. It also examines IoT-enabled smart irrigation systems and unmanned aerial vehicles to monitor fields and collect data in real time.
The investigation reveals that AI or artificial intelligence models of high accuracy can identify crop diseases, predict yield, and automate decision-making in farm management. Networks (soil sensors, weather stations and satellites) will enable real-time monitoring of short-term weather and thus, spatial and temporal application of inputs. The combination of these technologies improves the productivity, reduces the water and fertilizer usage and minimizes the environmental damage.
This study presents a rich synthesis of AI and IoT applications in agriculture and both together can revolutionize agro-based systems. It deals with existing problems such as compatibility of data, infrastructural limits at rural places, and scalable deployment models. The research adds to the knowledge base on digital agriculture and offers evidence-based insights for relevant policymakers, researchers, and agribusiness stakeholders.
Classification JEL: Q13, Q16, O33.
Paper type: Theoretical Researc
Digitalization’s Hidden Challenges in Moroccan SMEs: A Roadmap for Leadership and Sustainable Resource Management
No full textThis study examines the hidden costs of digitalization in Moroccan SMEs, focusing on continuous training, cybersecurity, technological obsolescence, and change management. Using a quantitative survey of 53 SMEs and multiple regression analysis, it assesses the impact of these costs on profitability and business sustainability.
Findings indicate that training and cybersecurity expenses significantly reduce profitability, while technological obsolescence and poor change management exacerbate operational inefficiencies. Neglecting these factors may hinder growth and limit digital scalability.
Despite the sample size limitations, the study underscores the need for strategic cost management. SMEs are advised to adopt forward-looking budgeting to enhance resilience in an increasingly digital market. Future research could expand the scope of other regions and industries.
JEL Classification: D83; M15; O33.
Paper type: Empirical researchThis study examines the hidden costs of digitalization in Moroccan SMEs, focusing on continuous training, cybersecurity, technological obsolescence, and change management. Using a quantitative survey of 53 SMEs and multiple regression analysis, it assesses the impact of these costs on profitability and business sustainability.
Findings indicate that training and cybersecurity expenses significantly reduce profitability, while technological obsolescence and poor change management exacerbate operational inefficiencies. Neglecting these factors may hinder growth and limit digital scalability.
Despite the sample size limitations, the study underscores the need for strategic cost management. SMEs are advised to adopt forward-looking budgeting to enhance resilience in an increasingly digital market. Future research could expand the scope of other regions and industries.
JEL Classification: D83; M15; O33.
Paper type: Empirical researc
Education as a Catalyst for Innovation and Sustainability in Smart Territories: A Pillar of Morocco’s 2030 Energy Transition and Its Implications for Sustainable Development Goals
No full textThis study evaluates renewable energy education in Morocco and highlights its pivotal role in the country’s 2030 Energy Transition Project and Sustainable Development Goals (SDGs). Qualitative data from 40 expert interviews and quantitative data from a survey of 1,323 university students reveal key gaps in early education, insufficient teacher training, and limited public engagement. Results show that while higher education offers relevant programs, primary and secondary curricula lack integration of renewable energy topics. The study proposes targeted pedagogical reforms, enhanced teacher training, and stronger community engagement to bridge these gaps and accelerate Morocco’s energy transition.
Classification JEL: O44
Paper type: Empirical ResearchThis study evaluates renewable energy education in Morocco and highlights its pivotal role in the country’s 2030 Energy Transition Project and Sustainable Development Goals (SDGs). Qualitative data from 40 expert interviews and quantitative data from a survey of 1,323 university students reveal key gaps in early education, insufficient teacher training, and limited public engagement. Results show that while higher education offers relevant programs, primary and secondary curricula lack integration of renewable energy topics. The study proposes targeted pedagogical reforms, enhanced teacher training, and stronger community engagement to bridge these gaps and accelerate Morocco’s energy transition.
Classification JEL: O44
Paper type: Empirical Researc
The Potential of Green Crowdfunding for Financing Eco-entrepreneurship in Morocco: A Narrative Literature Review
No full textFaced with environmental challenges and the need to support a transition to a green economy, Morocco is exploring innovative solutions to finance green entrepreneurship projects. Among these solutions, green crowdfunding is emerging as a promising one, allowing citizens to involve themselves in ecological initiatives and fund green projects and activities.
This article examines green entrepreneurship and the challenges it faces, highlighting the issue of financing, in Morocco and around the world. It also explores the potential and advantages of green crowdfunding for financing green activities. To do so, this study adopts a narrative literature review approach, particularly suited to interdisciplinary and emerging topics such as green crowdfunding. This approach allowed integrating existing knowledge on eco-entrepreneurship and green crowdfunding by referring to scientific articles and institutional reports, particularly within the Moroccan context.
Therefore, first, we discuss the concepts of "eco-entrepreneurship" and "green crowdfunding" as well as the emerging links between them. Second, we identify the potential of green crowdfunding for financing eco-entrepreneurship in Morocco and suggest that, although green crowdfunding can play a crucial role in the development of the country's eco-entrepreneurship, additional efforts are needed to raise public awareness, develop a suitable regulatory framework, and encourage partnerships between the public and private sectors.
JEL Classification: L26
Paper type: Theoretical Research Faced with environmental challenges and the need to support a transition to a green economy, Morocco is exploring innovative solutions to finance green entrepreneurship projects. Among these solutions, green crowdfunding is emerging as a promising one, allowing citizens to involve themselves in ecological initiatives and fund green projects and activities.
This article examines green entrepreneurship and the challenges it faces, highlighting the issue of financing, in Morocco and around the world. It also explores the potential and advantages of green crowdfunding for financing green activities. To do so, this study adopts a narrative literature review approach, particularly suited to interdisciplinary and emerging topics such as green crowdfunding. This approach allowed integrating existing knowledge on eco-entrepreneurship and green crowdfunding by referring to scientific articles and institutional reports, particularly within the Moroccan context.
Therefore, first, we discuss the concepts of "eco-entrepreneurship" and "green crowdfunding" as well as the emerging links between them. Second, we identify the potential of green crowdfunding for financing eco-entrepreneurship in Morocco and suggest that, although green crowdfunding can play a crucial role in the development of the country's eco-entrepreneurship, additional efforts are needed to raise public awareness, develop a suitable regulatory framework, and encourage partnerships between the public and private sectors.
JEL Classification: L26
Paper type: Theoretical Research 
De la contrainte à l’opportunité : les ERP comme levier de résilience organisationnelle pour les PME
No full textIn an increasingly unstable economic environment—marked by successive health, geopolitical, and energy crises—small and medium-sized enterprises (SMEs) are facing a growing imperative for organizational resilience. Constrained by structural limitations—limited resources, dependency on key actors, and low procedural formalization—SMEs must nonetheless demonstrate agility, operational continuity, and the ability to adapt rapidly. This article explores the role of Enterprise Resource Planning (ERP) systems in this context: can they evolve from being perceived as a technological constraint to becoming a strategic lever for resilience?
Drawing on a multidisciplinary literature review—at the crossroads of information systems, organizational management, and resilience theory—this work first examines the historical and cultural barriers to ERP adoption in SMEs, such as high initial costs, perceived rigidity, and resistance to change. It then highlights how, under certain conditions, ERP systems can be transformed into infrastructures for organizational learning, provided they are contextually adapted, flexibly configured, and integrated into a reimagined governance framework.
By structuring information, automating key processes, and offering real-time cross-functional visibility, ERP systems support rapid decision-making and enable the agile reconfiguration of operations. They thus become a technological foundation for dynamic resilience. The article also sheds light on the inherent tension between technological standardization and the operational flexibility that SMEs require. Its main contribution lies in reframing the role of ERP systems—not as imposed or static tools, but as catalysts for agility, robustness, and collective intelligence in environments shaped by uncertainty.
Classification JEL: M15, O33, D83.
Paper type: Theoretical ResearchDans un contexte économique instable, marqué par l’enchaînement de crises sanitaires, géopolitiques et énergétiques, les PME se trouvent confrontées à un impératif de résilience organisationnelle. Soumises à des contraintes structurelles fortes - ressources limitées, dépendance aux acteurs clés, faible formalisme - elles doivent néanmoins faire preuve d’agilité, de continuité opérationnelle et de capacité d’adaptation rapide. Cet article propose d’interroger la place des ERP (Enterprise Resource Planning) dans cette dynamique : peuvent-ils passer du statut de contrainte technologique à celui de levier stratégique de résilience ?
Fondé sur une revue de littérature pluridisciplinaire, croisant les apports des systèmes d'information, du management des organisations et de la théorie de la résilience, ce travail examine dans un premier temps les freins historiques et culturels à l’appropriation des ERP dans les PME : coûts initiaux élevés, rigidité perçue, résistance au changement. Il met en évidence que ces systèmes, lorsqu’ils sont contextualisés, paramétrés avec souplesse, et intégrés à une gouvernance renouvelée, peuvent devenir des infrastructures d’apprentissage organisationnel.
En structurant l’information, en automatisant les processus clés, et en offrant une visibilité transverse en temps réel, l’ERP soutient la prise de décision rapide et favorise une reconfiguration agile des opérations. Il devient ainsi un socle technologique de résilience dynamique. L’article souligne les tensions inhérentes entre la logique de standardisation technique et le besoin de flexibilité opérationnelle propre aux PME. La contribution principale consiste à requalifier l’ERP : non plus perçu comme un système imposé ou figé, mais comme un catalyseur d’agilité, de robustesse et d’intelligence collective dans des environnements marqués par l’incertitude.
JEL Classification : M15, O33, D83.
Type du papier : Recherche Théoriqu
Corrélation entre le contexte économique et l'intensité des biais cognitifs au Maroc
No full textThe traditional economic models is facing limitations based on perfect rationality, behavioral finance highlights the decisive impact of cognitive biases in financial decisions, particularly during periods of economic instability. This article studies how economic fluctuations - crises and speculative bubbles - modulate the intensity of these biases in Morocco, a context marked by high informality, unequal access to financial information, and the growing influence of social networks. Drawing on the theoretical frameworks of Kahneman (2011) and Shiller (2000), as well as empirical data from Moroccan institutions (HCP, 2020; Bank Al-Maghrib, 2020), the study analyzes the predominance of biases such as loss aversion, the availability effect, overconfidence and the herd effect, as a function of economic cycles.
In Morocco the structural and cultural factors play a major amplifying role, exacerbating cognitive distortions in the absence of reliable information and widespread financial education. Economic crises and phases of speculative growth thus only accentuate irrational behavior, compromising long-term economic stability.
This work proposes concrete recommendations for mitigating the impact of cognitive biases, notably by strengthening financial education, improving economic transparency and implementing appropriate regulatory mechanisms. By mobilizing an interdisciplinary approach combining behavioral economics and institutional analysis, the article aims to contribute to greater cognitive and financial resilience in Morocco facing the economic cycles.
Classification JEL : D81, G01, G40, G41, O16
Paper type : Theoretical ResearchFace aux limites des modèles économiques traditionnels basés sur la rationalité parfaite, la finance comportementale met en lumière l'impact décisif des biais cognitifs dans les décisions financières, en particulier en période d'instabilité économique. Cet article étudie comment les fluctuations économiques — crises et bulles spéculatives — modulent l'intensité de ces biais au Maroc, un contexte marqué par une forte informalité, un accès inégal à l'information financière, et une influence croissante des réseaux sociaux. En s'appuyant sur les cadres théoriques de Kahneman (2011) et Shiller (2000), ainsi que sur des données empiriques issues d'institutions marocaines (HCP, 2020 ; Bank Al-Maghrib, 2020), l'étude analyse la prédominance de biais tels que l'aversion aux pertes, l'effet de disponibilité, la sur confiance et l'effet de troupeau, en fonction des cycles économiques.
Le cas marocain révèle que les facteurs structurels et culturels jouent un rôle amplificateur majeur, exacerbant les distorsions cognitives en l'absence d'une information fiable et d'une éducation financière généralisée. Crises économiques et phases de croissance spéculative ne font ainsi qu'accentuer les comportements irrationnels, compromettant la stabilité économique à long terme.
Ce travail propose des recommandations concrètes pour atténuer l'impact des biais cognitifs, notamment par le renforcement de l'éducation financière, l'amélioration de la transparence économique et la mise en place de dispositifs de régulation adaptés. En mobilisant une approche interdisciplinaire entre économie comportementale et analyse institutionnelle, l'article entend contribuer à une meilleure résilience cognitive et financière du Maroc face aux cycles économiques.
JEL Classification : D81, G01, G40, G41, O16
Type du papier : Recherche Théoriqu