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International audience; We investigate the role of money in explaining the long run inflation in 12 CEE countries, using monthly data for the period 2004-2013. We use a panel cointegration approach and recently developed empirical techniques as the panel fully modified and the panel dynamic regression procedures. Beside the role of interest rate and economic growth rate in explaining inflation, our cointegration equation explores the role of broad money (M2) growth. We also look to the M2 components, namely M1 and the difference between M2 and M1. We find no cointegration relationship either for the broad money or for the narrow money. However, money created by the banking sector explains the inflation in CEE countries in the long run. This last finding characterizes the entire panel, the panel of the seven CEE countries candidates to the Euro area, but not the panel of Euro area members. The findings are robust regarding the consideration of the income velocity’s impact on the money in circulation.

International audience; A new metrics of competitive intensity is developed, measured by dummy variables. Application to the French football league.

International audience; The aim of this article is to investigate the determinants of attendance at French football Ligue 1 matches over the period 2008-2011 with an emphasis on examining the effect of competitive intensity before a match. Competitive intensity is measured by dummies that are function of the points difference for the home team in relation to ranks with sporting stakes. Eight match temporal horizons are chosen: the points difference makes possible a change in the standing during the next match, the two next matches… until the eight next matches. Besides, in Ligue 1, the fifth and sixth ranks are potentially qualifying ranks for the Europa League and become definitely qualified or not qualified ranks according to progress in the two French cups, for which the outcomes are known in the last part of the season. It explains that competitive intensity is measured both with only sure ranks and sure and potential ranks. Results show that competitive intensity has a significantly positive impact at the 5% level only from the horizon of the three next matches with only sure ranks but for all the horizons with sure and potential ranks. Moreover, when we take into account horizons in and not until a given number of matches, only the three first ones are significant at the 1% level with only sure ranks and only the two first ones with sure and potential ranks. Discussion, implications and avenues are drawn.

International audience; The present paper analyse the relationship between the volume of transactions with futures equity index products and the return volatility of their underlying assets. The study addresses the case of five stock markets, members of the Euronext.liffe: London, Paris, Amsterdam, Brussels and Lisbon. We employ a frequency domain analysis, using monthly data for the period 2001.09 – 2010.06, which allows us to identify the direction of the causality between the derivatives volume and the index return volatility. In addition, we test the relationship between the volume of futures contracts and both negative and positive shocks in terms of historical volatility of index return. Our results prove the frequency-causality only in case of Brussels financial market. For Lisbon the relationship exists, but it is not validated by the confidence level tests, while for London, Paris and Amsterdam, no causality can be observed. In case of Brussels, there is bidirectional causality at short and long run frequencies. The futures equity index volume Granger-cause the positive shocks in term of volatility at long run and the negative shocks at short run.

International audience; After the financial crisis burst out, a large number of European countries, especially the new members, focused on the EU funds absorption in order to restore their economic growth. The EU funds are considered an attractive tool for financing investment opportunities, in particular in times of crisis, when the private investments decrease. Nevertheless, little was done to empirically document their role in supporting economic growth on short-term, at macroeconomic level. Therefore, we perform a data panel analysis for the EU countries and we apply a system GMM estimator, in order to see to what extent the EU funds absorption rate impacts upon the short-term economic growth rate in the EU member states. We find that the absorption rate, either for the cohesion funds for growth and employment, or for the rural development funds, has no effect on the short-term economic growth rate. In addition, for both categories of funds, the impact of the absorption rate in the case of the net beneficiaries group is negative. However, these results lack in robustness as they are not confirmed for the new member states group.

International audience

International audience; The topology of emerging financial markets can be established either according to the usual criterion of geographical proximity, or according to a criterion of proximity of currency regimes. By explicitely considering the differences in currency regimes, and more specifically the differences in exchange rate regimes, the aim of this chapter is to analyse, firstly in analytical terms, the influence of proximity of currency regimes relative to that of geographical proximity in the process of integration which are operational on emerging markets. As for empirical evidence, we endeavour to identify these relations, like their evolutions since the beginning of the 1990s, and this for a sample of 22 countries distributed out of four emerging geographical regions (Asia, Latin America, CEECs, the Middle East). We show there is no particular evolution of the rate of integration, in terms of monetary proximity as well as in terms of geographical proximity. In addition, we show that the monetary influence dominates very largely the geographical one in the determination of the return for risk granted by the various national markets.

International audience; La topologie des marchés financiers émergents peut être établie soit selon le critère habituel de la proximité géographique, soit selon un critère de proximité du régime monétaire. En considérant explicitement les différences de régimes monétaires, et plus spécifiquement les différences de régimes de change, le propos de cet article est de rendre compte, d'abord en termes analytiques, de l'influence de la proximité des régimes monétaires relativement à celle de la proximité géographique dans les processus d'intégration à l'œuvre sur les marchés émergents. Sur un plan empirique, cet article s'attache aussi à identifier ces relations, ainsi que leurs évolutions depuis le début des années quatre-vingt-dix, et ce pour un échantillon de 22 pays répartis sur quatre pôles émergents (Asie, Amérique latine, PECOs, Moyen-Orient). Nous montrons alors qu'aucune évolution particulière du taux d'intégration, tant en termes de proximité monétaire qu'en termes de proximité géographique, n'est mise en évidence sur la période analysée. Par ailleurs, il ressort aussi que l'influence monétaire domine très largement l'influence géographique dans la détermination de la prime de risque accordée par les différents marchés nationaux.

International audience; Le concept d'intégration financière défendu dans cet article repose sur l'idée que l'intégration internationale des marchés financiers doit conduire à la réalisation de la loi du prix international unique du risque et implique que les différentes places ont des sensibilités relatives identiques à un ensemble informationnel commun. Un test d'intégration est alors proposé pour six pays : il montre que les marchés étudiés se sont globalement engagés dans un processus d'intégration depuis le milieu des années 80, ce qui se traduit aujourd'hui par l'absence de différentiels significatifs de primes de risque.