Portail HAL Paris School of Economics (PSE)
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Recourir à la justice pénale pour se sauver du régulateur ? Un dilemme pour les avocats d’affaires
No full textInternational audienceThis paper highlights the fundamental role of business lawyers in the redefinition process of the traditional divide between administrative authorities and the criminal justice system. In contrast to the usual interpretation of Foucault’s thesis of differentiated management of illegalisms, this study reveals that the justice administered by regulatory agencies is not invariably favorable to defendants in cases of stock market violations. For their lawyers, turning to criminal justice can serve as a strategy to resist the dominance of the French stock market regulator in its authority to qualify such violations legally. This paper is based on the analysis of twenty-one semi-directive sociological interviews.Cette recherche met en évidence le rôle central des avocats d’affaires dans le processus de redéfinition de l’opposition traditionnelle entre les autorités administratives et la justice pénale. En décalage avec la lecture suggérée par la gestion différentielle des illégalismes, cette étude dévoile que la justice rendue par les autorités administratives n’est pas invariablement avantageuse pour les mis en cause du milieu financier. En effet, pour leurs avocats d’affaires, la justice pénale peut devenir un moyen d’échapper à la domination de l’Autorité des marchés financiers sur les opérations de qualification des illégalismes boursiers. Ce travail de recherche se fonde sur l’analyse de vingt-et-un entretiens semi-directifs
Workers as Partners: a Theory of Responsible Firms in Labor Markets
No full textWe study responsible firms that internalize incumbent-worker surplus in frictional labor markets. In a firm-level benchmark, responsibility creates an endogenous wedge in the effective marginal cost of labor—akin to a hiring subsidy in the firm’s first-order conditions—so it changes wage and vacancy incentives rather than only redistributing rents.The wedge is largest when outside options are weak and separations are rare, implying larger responsible wage premia in low-mobility environments and pointing to a countercyclical role for responsible wage setting. In a wage-posting model with on-the-job search, responsible firms occupy the upper tail of thewage distribution and can generate a segmented high-wage sector. In a DMP model with bargaining and endogenous tightness, responsible governance raises the value of unemployment and spills over to wages at profit-maximizing firms
Nuclear operations with a high penetration of renewables: the case of France
No full textNuclear and intermittent renewables (wind and solar) are generally regarded as the only scalable technologies producing low-carbon electricity. However, the extent to which these technologies can co-exist in a reliable power system depends on whether nuclear units can adjust their operations to renewable output fluctuations. Using hourly data from the French power system, we find that nuclear units are operated quite flexibly, and that the foregone energy production due to "load following" actions (relative to the counterfactual of operating at full capacity during load following events) is currently limited. However, we find that an additional load following event is associated with a slightly higher likelihood of a unit failure. We also find that unit-level minimum output constraints are binding more frequently as system-wide renewable generation increases, especially so for units most exposed to solar generation. In 2024, hours during which available nuclear flexibility was exhausted are associated with non-positive hourly day-ahead prices
The Pearl of the Empire? Private Capital and Concession Rubber in Indochina, 1910-1945
No full textIn this paper, we provide an estimate of "colonial returns" in the French Empire, using a case study on Indochinese rubber plantations between 1910 and 1945. While French colonial capitalism is often distinguished from British and Dutch cases as purely mercantilist and speculative, we show that capital investments and profits were sustained and long-lasting for a number of firms in this context. Relying on an exhaustive list of listed and non-listed companies, along with capital stock, equity prices, surfaces, tonnage, and labor usage, we explain how rubber became, in less than three decades, the colony's primary crop in export value. In doing so, this paper makes three contributions to the economic history of late colonialism. First, we provide a comparison to recent studies of "colonial returns" in South East Asia: as a late-comer to the industry, Indochina benefited from innovations implemented elsewhere, and remained insulated from global limitations on production during the 1920s and 1930s, along with a rise in the global demand. Second, we show that the main driver of capital flows was a new iteration of the concession regime -the mise en valeur -, which provided firms a lenient access to land and unfree, contract labor in exchange for strict equity and cultivation clauses. As a result, Indochinese plantations had much larger surfaces than elsewhere and a more limited share of smallholder production, but also experienced less speculation than in other parts of the Empire. Third, we show that much of the gains happened after 1935, following a massive support from the French government during the Great Depression and a shift of exports from France to the U.S. These gains persisted well into the war, following a wave of concentration at the benefit of a small number of firms; pointing to the long, postcolonial legacies of colonial capital
Quantifying the Trade Impact of SPS and TBTs with Product-level Structural Gravity
No full textNon-tariff measures (NTMs), especially sanitary and phytosanitary (SPS) measures and technical barriers to trade (TBTs), have become crucial components of climate, industrial, and regulatory policy, impacting the majority of global trade. However, quantifying their effects on trade is challenging because NTMs are usually non-discriminatory and challenging to identify in standard gravity frameworks. Using a multistage structural gravity estimation strategy combined with a control-function correction for endogeneity, we estimate the trade elasticities and ad valorem equivalents of NTMs at the HS6 level for over 5,000 products. Our results reveal significant heterogeneity in NTM trade costs, especially in environmentally relevant sectors, such as clean technologies and electric vehicles. These estimates can inform regulatory impact assessments and general-equilibrium analyses of climate-aligned trade policies
Le congé de paternité, prolongé et modulable, est largement adopté par les pères
No full textInternational audienceLa réforme du congé de paternité en 2021 a allongé sa durée et assoupli ses modalités. La part de pères prenant ce congé continue à augmenter, notamment chez ceux qui y avaient le moins recours comme les indépendants, les salariés en contrat à durée déterminée, les pères moins diplômés. La présence des pères au moment de la naissance se généralise et dure plus longtemps. Cependant, les contraintes professionnelles et financières restent un frein à la prise du congé. Même s’ils restent minoritaires, les pères qui prennent le congé « en solo », alors que la mère a repris le travail, sont de plus en plus nombreux
L’avenir de la ressource en eau face aux changements climatiques dans les Pays de la Loire: Rapport spécial Eau
No full textEn Pays de la Loire, les évolutions climatiques transforment profondément le cycle de l’eau. La hausse des températures, l’augmentation de l’évapotranspiration et la modification du régime des précipitations accentuent les déficits estivaux, fragilisent la recharge des nappes et renforcent les tensions sur les cours d’eau. Dans le même temps, les risques d’inondation et de submersion demeurent, tandis que la qualité de l’eau reste un défi majeur pour les milieux et l’alimentation en eau potable.Ces effets ne s’expriment pas de manière homogène sur le territoire régional. Selon les bassins versants, les caractéristiques géologiques, l’occupation des sols et l’intensité des usages, la disponibilité de la ressource et les marges d’adaptation varient fortement. Derrière une apparente abondance, des déséquilibres structurels s’installent, rendant certains territoires plus exposés aux pénuries, aux conflits d’usages et aux dégradations écologiques. Une question centrale s’impose alors : comment adapter la gestion de l’eau sans aggraver les vulnérabilités existantes ?Ce rapport du GIEC des Pays de la Loire propose une analyse scientifique de l’avenir de la ressource en eau dans la région. Il éclaire les mécanismes à l’oeuvre, documente les vulnérabilités territoriales et identifie les leviers d’action mobilisables. Il rappelle que l’adaptation ne peut se limiter à des réponses ponctuelles, mais qu’elle suppose une transformation durable des pratiques, fondée sur la sobriété, la protection des milieux et une gouvernance capable d’anticiper les évolutions à venir
Le contrat d'engagement jeune - jeunes en rupture : une évaluation quantitative
No full textCe rapport propose une analyse quantitative du dispositif « Contrat d’engagement jeune – Jeunes en rupture » dans le cadre du programme « Contrat d’engagement jeune » (CEJ) mis en place en 2022 et remplaçant la Garantie Jeunes. Ce rapport complète ainsi l’analyse de l’impact du CEJ sur les trajectoires des bénéficiaires, réalisée simultanément
A Model of Economic Growth and Biodiversity
No full textThis paper develops a macroeconomic growth model that integrates biodiversity as a productive input via its role in water regulation, a key ecosystem service. Land-use decisions drive biodiversity loss, which reduces water availability and, hence, productivity across all sectors.Using global input-output data, I estimate production functions that incorporate water and land as environmental inputs. Quantitatively, internalizing biodiversity's contribution to water supply leads to a significant reduction in land conversion, with about half of this optimal reduction attributable to the impact on industrial and service sectors, not just agriculture. Although GDP slightly declines, long-term welfare improves thanks to higher consumption and a more sustainable reliance on natural capital. The reallocation from produced to natural capital lowers investment requirements. The framework highlights biodiversity's macroeconomic value and its relevance for optimal land-use policy.</p
Optimal Land Use and Pollution Abatement under Discounting: A Spatiotemporal Analysis with State Constraints
No full textWe develop a rigorous spatiotemporal framework that incorporates ecological state constraints and reversible pollution dynamics with fertile land as the sole bounded production input. Using an extended Pontryagin Maximum Principle and generalized Kuhn-Tucker conditions, we characterize the structure of optimal solutions across discounting regimes. Thus, this paper investigates optimal strategies for land use and consumption under varying time discount rates in spatial settings. Under low discounting, the system supports sustainable dynamics, avoiding excessive consumption and enabling full restoration of fertile land. Fertility restoration is local in the heterogeneous case and global in the homogeneous case. In contrast, high discounting leads to boundary behavior, partial degradation, or irreversible loss, depending on critical thresholds. We derive explicit solutions when space is homogeneous. In heterogeneous settings, we construct hybrid solutions where the system transitions from a finite-horizon control problem to a structured long-run regime. Our results provide analytical benchmarks and highlight the pivotal role of time preferences in shaping long-term environmental and economic outcomes. This work contributes to the literature on spatial growth, optimal control with state constraints, and sustainable resource management under ecological limits