Credit markets and the propagation of monetary policy shocks

This paper analyzes the propagation of monetary policy shocks through the creation of credit in an economy. Models of the monetary transmission mechanism typically feature responses which last for a few quarters contrary to what the empirical evidence suggests. To propagate the impact of monetary shocks over time, these models introduce adjustment costs by which agents find it optimal to change their decisions slowly. This paper presents another explanation that does not rely on any sort of adjustment costs or stickiness. In our economy, agents own assets and make occupational choices. Banks intermediate between agents demanding and supplying assets. Our interpretation is based on the way banks create credit and how the monetary authority affects the process of financial intermediation through its monetary policy. As the central bank lowers the interest rate by buying government bonds in exchange for reserves, high productive entrepreneurs are able to borrow more resources from low productivity agents. We show that this movement of capital among agents sets in motion a response of the economy that resembles an expansionary phase of the cycle.

Les trajectoires des footballeurs africains à la lumière de la mondialisation

Depuis la promulgation de l'arrêt « Bosman  » en 1995, le nombre de joueurs expatriés recensés dans les principaux championnats européens a considérablement augmenté. Cet article montre que cette augmentation a surtout concerné les joueurs originaires d'Afrique et d'Amérique latine. Leur mobilité intervient dans un contexte très spéculatif au sein duquel de nombreux intermédiaires interagissent pour construire les canaux migratoires permettant aux joueurs de circuler à travers différents pays. Les trajectoires idéales - typiques de joueurs africains en Europe - permettent d'illustrer les logiques sociales, géographiques et économiques à la base de ces flux. Since the "Bosman" law in 1995, the number of expatriate players in the best European leagues has strongly increased. This paper shows that this increase has above all concerned players from Africa and South America. The mobility of these footballers occurs in a highly speculative context in which numerous intermediaries intervene to build up the migratory channels that allow players for circulating between many countries. The ideal-typical career paths of African footballers in Europe permit to illustrate the social, geographic and economic logics underlying flows.

Propagation connectivity of random hypergraphs

We study the concept of propagation connectivity on random 3-uniform hypergraphs. This concept is inspired by a simple linear time algorithm for solving instances of certain constraint satisfaction problems. We derive upper and lower bounds for the propagation connectivity threshold, and point out some algorithmic implications.

Les délits commis par les employés dans les secteurs commercial et financier : certaines formes de la criminalité économique à la lumière d'une étude de victimisation et de prévention dans les entreprises du canton de Genève

Summary: Victims of crime are not only physical persons. Firms also experience some different forms of victimization either from outsiders or front employees. Crimes committed inside the firm are various: theft, embezzlement, fraud, fraudulent management, money laundering, vandalism etc. Assessed damage could be considerable. But in general, most of the criminological studies relating to victimization have been interested in individuals as victims. In Switzerland, to date, research on firms'victimization is simply rare and traditional research methods such as victimization survey, self-reported delinquency or controlled experiments are not very much utilized in Swiss white-collar crime studies. Thus, in order to improve the situation, we have decided to start a victimization study on white-collar crime committed in firms of the canton of Geneva. To narrow the field of research, our project seeks to apprehend white-collar crime as a series of offences committed by employees inside the firm, by fraud or deceit, aiming at an illegitimate enrichment. The phenomenon of white-collar crime perpetrated has been evaluated by examining the presence of risk factors and prevention strategies. Furthermore, the correlation between the victimization rate and some aspects of vulnerability has also been investigated. Using data collected from the victimization survey carried out in 2005, some of the key research questions are the following: - which are the types of offences committed? - Which types of measure of prevention are the most efficient to prevent such offences ? - Which type of business is more vulnerable? - Which are the risk factors? - Which is the profile of the authors? - Which are the motivations?, etc. Findings show that companies which valorize their employees and pursue a transparent management style suffer a lower victimization rate. Further, the retail sector seems to be more affected than the financial sector and big firms are more vulnerable.